What is a listing agreement and what does it cover?
A listing agreement is a contract between you and a real estate brokerage that authorizes the agent to market and sell your property. It typically covers the listing price, commission, length of the agreement, what services are included, and what happens if the home sells or the contract is terminated. Reading it carefully ensures you […]
What is a seller’s net sheet?
A seller’s net sheet is a simple estimate that shows your likely net proceeds after all major costs are deducted from the projected sale price. It typically includes commissions, closing costs, taxes, and your mortgage payoff so you can see an approximate “walk-away” amount. Agents often update this throughout the process so you can compare […]
What is an exclusive right-to-sell agreement?
An exclusive right-to-sell agreement gives one brokerage the exclusive right to represent you and earn a commission if the property sells during the contract period—no matter who finds the buyer. This is the most common listing type and usually motivates the agent to invest heavily in marketing, since they’re protected if the home sells. It […]
How does selling affect my income taxes?
If your gain is fully excluded under capital gains rules, you may not owe federal income tax on the profit from your primary residence. However, you might still need to report the sale on your tax return, and selling rentals or second homes can trigger different capital gains and depreciation recapture rules. State income tax […]
Can I deduct real estate agent commissions on my taxes?
You generally don’t deduct agent commissions as a separate expense on your tax return, but they do reduce your taxable gain. Commissions and many selling costs are added to your “selling expenses,” which lowers the net sales price used to calculate capital gains. This can help reduce or eliminate the amount of profit subject to […]
What happens to my mortgage when I sell my home?
At closing, your mortgage is paid off from the buyer’s funds, and any remaining money after costs becomes your net proceeds. Your lender sends a payoff amount that includes principal, interest, and any fees due through the payoff date. Once paid, the lien is released from the property, and you’re no longer responsible for that […]
How do I handle a short sale?
A short sale happens when you owe more on your mortgage than your home is worth and you need your lender’s approval to sell for less than the balance. You’ll typically submit financial hardship documentation and a complete offer package so the lender can decide whether to accept the short payoff. Because short sales are […]
How do I sell a home on a cul-de-sac?
Cul-de-sac homes are often highly desirable because of reduced traffic and a more private feel. Highlight safety for kids, quieter streets, and community vibe in your marketing, with strong curb appeal to showcase the setting. Use wide exterior shots that show the cul-de-sac layout and any extra lot width or parking benefits.
How do I sell a home with an easement on the property?
Easements are common, but buyers need to understand what they allow and where they are located. Provide a copy of the recorded easement and, if possible, a survey or simple map showing its location and impact. Explain whether it affects access, utilities, or neighbor use, and price the home to reflect any limitations or benefits.
How do I sell a home with title issues?
Title issues must be resolved or clearly addressed before a smooth closing. Work with a title company and real estate attorney to identify the problem (old liens, missing heirs, boundary disputes) and create a plan to clear or insure around it. Disclose the issue, build realistic timelines into the contract, and understand that some buyers […]