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Frequently Asked Questions About Selling


  


We would love to assist you in selling your condo! We have compiled a list of many of the frequently asked questions and answers for your convenience.

If you have a question that is not included on our list, please just give us a call 314-414-0080 or email us 

What is a listing agreement?
The listing agreement is a legal agreement of instructions and responsibilities between you and the real estate brokerage hired to represent you in the sale of your property.   The listing agreement will detail the term, commission to be paid, any cooperating commission to be offered, and the list price


Does ClaytonCondos.com cooperate
with area agent?


Yes, we offer a portion of our real estate commission to agents that provide a buyer for your property.  We can also show you any property listed in the MLS.  

What is a Seller’s Agent?

A seller’s agent is an agent that represents the seller’s interest in a real estate transaction.

What is a Buyer's Agent?

A buyer’s agent is an agent that represents the buyer’s interest in a real estate transaction.   

How does the Buyer’s Agent get paid? 

 

Should a buyer’s agent produce the buyer for your property, we split a portion of our commission with them.   

What is an Agency Disclosure?

Missouri State law requires that real estate agents provide a document stating whom they represent.   The form notifies you of the various forms of real estate agency available, the agent will indicate which agency he if offering.  This notification does not obligate you to work with any particular broker or agent.


How much is my condo worth?

Your ClaytonCondos.com agent will prepare a comparative market analysis (CMA) for your condo and help you determine the best pricing strategy for your situation.  Keeping up on the Clayton market and latest trends is something we take serious.

Should I get a home inspection prior to placing my property on the market?

Although it is not necessary to sell your condo, obtaining an inspection prior to placing your condo on the market can take some of the stress out of the selling process.  An inspection can point out issues that you may not be aware of and will allow you to address concerns ahead of time, eliminating possible objections from prospective buyers.

How can I prepare my condo for sale?

First, try to take an objective look at your property.  View it through the eyes of a prospective buyer.  Your ClaytonCondos.com agent can help you decide what repairs or improvements to make prior to placing your property on the market.  

What is staging?

Think of staging as getting your property all dressed up for a night out on the town.  Your want your condo to look its very best because it’s competing against many other properties including newly built condominium developments and the objective is to get yours to stand out to prospective buyers.  Buyers that pay the most are looking for a property that makes them say “Wow, this is it!”  Your ClaytonCondos.com agent can help stage your property, as well as recommend a professional staging company.

Should I remove my pets?

If at all possible, pets should be removed or contained.  Pets never help sell and often detract from or interrupt the showing.  Many potential buyers have allergies to cats and/or dogs.

What do the abbreviations on my
agent’s business card mean?

Missouri agents are required to take 12-hours of continuing education every two years to maintain their real estate license.  Many REALTORS® take additional courses to increase their knowledge and expertise in a certain topic or specialization.  The acronyms refer to the designations, certifications, and affiliated associations.   Here are some you may have seen:

ABR – Accredited Buyer’s Representative
CRS – Certified Residential Specialist
e-PRO – Internet Professional
GRI – Graduate REALTOR® Institute
MAR – Missouri Association of REALTORS®
NAR – National Association of REALTORS®
SRES – Senior Real Estate Specialist

When is the best time to put my condominium on the market?

Prime selling seasons in St. Louis are traditionally early spring and early fall.  Homes show better when trees and flowers are blooming or when the trees are filled with brilliantly colored leaves.  However, there are more properties on the market creating more competition and possibly extending the selling process.  With all that being said, a condo in prime showing condition, priced at a competitive price, and that is properly marketed will almost always sell successfully no matter the time of year.  We recommend you base your decision on when to sell on your individual needs and circumstances rather than the time of year.  Contact us if you would like to discuss your options.    

 

 

What is the MLS?

The Multiple Listing Service (MLS) is a database of properties listed for sale with participating brokers.  You benefit because the 12,000+ REALTORS® in the Greater St. Louis area cooperate to get your property sold.

Does ClaytonCondos.com participate in the Multiple Listing Service (MLS)?

Yes.  We are members of the St. Louis Board of REALTORS®. We offer a portion of our commission to cooperating agents if they provide a buyer for your property.  It’s a win-win situation, your property is seen by area agents and exposed to more buyers and agents can easily access information on properties listed thus making it easier to do their job.

What is a Seller's Disclosure Statement?

In the Greater St. Louis region REALTORS® provide their clients with a Seller Disclosure Form to fill out and provide to prospective buyers.  The form has questions relating to condition, age, and pertinent details on your property.   Being truthful, and as complete and accurate as possible is the best policy and will help eliminate the chance of disputes down the road and help avoid future litigation. 

What does IDX mean?

IDX is an acronym for Internet Data Exchange.  This is a very powerful tool that we use to help further increase exposure of your property.  Bottom line, if a buyer is searching one of the 200+ participating local broker’s websites they will have access to information on your property including photos and virtual tours.   For example:  A buyer will be able to view information on your condo while searching ColdwellBankerGundaker.com.  Not all real estate brokerages use this great tool.

How important is the condition of my property?

Depending on your priorities and circumstance it may be crucial.  Sellers looking to maximize the sale price need to have their properties in tip-top shape.  If however, you are looking for a short selling time, and are not interested in addressing deferred maintenance and repairs you may wish to sell your property in an "as is" condition.  Your ClaytonCondos.com agent can help guide you through this decision.

Am I required to have an occupancy inspection prior to selling? 

Requirements vary from community to community, currently owner of condominiums in Clayton are not required to have an inspection.  However, if your condo is located in another community an inspection might be required. 


Is it best to leave the house for showings or open houses?

As a rule, yes.  It is much easier for an agent to show your condo to prospective buyers without you being present.  Buyers will be able to better envision themselves living in the unit and to honestly discuss their likes and dislikes. Your absence will also allow the agent to direct the buyer’s attention to the features and benefits that may appeal to that particular buyer. 


What is a Home Warranty?

A home/condo warranty provides coverage for homeowners when their home's mechanical systems or appliances break down due to normal wear and tear.  The plan covers the cost of repairing the system or appliance, less an applicable deductible.  The standard term of a policy is one year and can be renewed.    

Why should I offer one?

Home warranties boost the chance of a successful sale and can reduce the chance the buyer will run into problems after closing, giving them confidence and peace of mind.  You also receive the added benefit of protection during the listing period.  The home warranty is paid for at the time of closing, so you don’t have any initial out-of-pocket expenses.


Should I buy or sell first?

This question confuses many homeowners.  The best answer is it depends; do you need the equity built up in your present home to help fund your next home purchase?  If so, you’ll need to sell first, write in a house sale contingency into the purchase agreement, or obtain a bride loan.  If the equity is not needed, it’s simply a matter of personal preference.  We will be happy to discuss your situation, review your options and help you make the best decision regarding the purchase or sale of your home.

What is a short sale?

A short sale occurs when the net proceeds from the sale of a property are not enough to cover the sellers’ mortgage and closing costs, such as property taxes, and the real estate commission.  Many times the seller is unable to cover the difference.   Some sellers may be in default on their mortgage payments and headed for foreclosure or bankruptcy.  Others may have bought in a seller’s market or refinanced removing large amounts of equity, now finding themselves upside down due to a downward market change.   Your ClaytonCondos.com agent can help answer your questions if this is your current situation. 

 


 

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