Military Law, Military Law Advice, Ask a Lawyer - Air Force Times

What you should know before selling your home

Dipping into the mail bag this week ...

Q. What should we consider before we put our house on the market?

A. There are several things to think about before putting the “for sale” sign on your front lawn. One of the first decisions you’ll have to make is whether to use the services of a real estate agent or try to sell the house on your own.

Even if you decide to try it on your own, it’s a good idea to meet with at least two or three real estate agents from different agencies to get some kind of a feel and consensus for what your home would realistically sell for in the current market. This would also give you an opportunity to evaluate what real estate agent you could engage in the future, in case your efforts to sell the house on your own are not successful.

It would be beneficial for you to go to several open houses in your immediate area to see what other homes in your neighborhood are listed for and how they compare to your home. This will give you a better idea as to what your home should sell for in light of the homes on the market in your area, as well as what homes are in competition with yours.

Whichever way you decide to go, you should consider the “curb appeal” of your home. In other words, do whatever is necessary to spruce up your home as it is seen from the street to make it inviting to prospective buyers and make them want to go inside for a closer look — rather than driving away to look at the next house on their list. The landscaping and lawn should be trimmed and cut and the entranceway clean, bright and inviting. The outside lights should all be in working order and the door freshly painted or stained and easy to open and close.

Once potential buyers are inside, they should be met with uncluttered rooms and, if possible, freshly painted walls. At the very least, any wall colors that would be considered unusual should be repainted using a neutral color.

When someone wants to purchase your home, it will be necessary, of course, for a contract of sale to be executed by you and the buyer. Who should prepare the contract? The answer certainly is not you or the buyer, because laymen could not possibly know all of the essential terms that need to be included.

In some states, the contracts are prepared by the real estate agents. If you have chosen to engage one to sell your home and he prepares the contract, you should not sign it before your attorney has a chance to review it. If the real estate agent does not prepare the contract or if you sold the house on your own, you should engage your own attorney to prepare the contract or to review one that the buyer’s attorney has prepared to ensure that your interests are being protected.

The sale or purchase of a home is one of the largest and most important transactions that most people are ever involved in, and representation by your own attorney is necessary to ensure that everything goes as smoothly as possible and that your rights and interests are protected.

Discuss: Home-buying recommendations

Q. I was recently discharged from the military and have decided to sell my home and start anew somewhere else. My friends tell me that I can save thousands of dollars by selling the house on my own rather than hiring a real estate agent. Are they right?

A. Assuming that you are able to determine what your house should sell for and assuming that the market in your area is a seller’s market — or at least one that doesn’t favor either buyers or sellers — you could indeed save thousands of dollars by selling the house yourself.

If your house was to sell for, say $180,000, avoiding a commission of 6 percent would translate into a savings of $10,800. By selling it on your own, however, you could also be leaving several thousand dollars on the table. For instance, if you erroneously concluded, for whatever reason, that your $180,000 house was worth only $170,000, and the best offer that came along was $165,000, you would be out $15,000.

You should at least consider and interview several real estate agents who will be able to advise you on current market considerations, what improvements should be undertaken in order to facilitate a quick sale, and who will be able to market your home to a much larger group of purchasers through the multiple listing service in your area.

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Mathew B. Tully, Esq. is a field artillery officer in the New York National Guard and a veteran of Operation Iraqi Freedom. He is also the founding partner of Tully, Rinckey and Associates (http://www.fedattorney.com), a law firm in Albany, N.Y. E-mail your legal questions to askthelawyer@militarytiumes.com.