Seller FAQs

  • What is a Seller's assist? A "seller assist" is a feature of many loan programs, used to help a buyer pay for some of their closing costs. A seller's assist helps both Buyer & Seller make it to the closing table. Most Buyers prefer not to deplete their savings account after he/she has just bought a new home, or would like to avoid paying "Private Mortgage Insurance" (PMI) so they choose to utilize the sellers assist.
  • How can a home warranty benefit me? A home warranty usually provides coverage for the home owner while the property is on the market, then transfers to the buyer for one year of coverage beginning on the closing date. A home warranty can provide peace of mind for buyers concerned about the high cost of repairing or replacing systems or appliances. A warranty can make your home stand out from other listings.
  • What is the difference between a home inspection and an appraisal? A home inspection is for the buyer, and an appraisal is for the lender. Home inspections are intended to protect the buyer from purchasing a home with structural defects and/or other major problems. Whereas, an appraisal is meant to protect the lender from paying more than the house is worth.
  • What are the dangers of overpricing? When a property is overpriced, windows of opportunity are missed.  Interest is at its highest when a property is initially placed on the market. When a property is priced above market value, the excitement and number of showings are greatly reduced.
  • Am I required to disclose defects? Sellers are required to disclose all known material defects about the property being sold, and encouraged to disclose anything that may affect a buyer's opinion of the property. A Material defect is a problem with a residential real property or any portion of it that would have a significant adverse impact on the value of the property or that involves an unreasonable risk to people on the property. Some real estate transfers, such as estate transfers, new construction transfers and transfers that are a result of a court order are exempt from the real estate disclosure law.