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FREQUENTLY ASKED QUESTIONS
What is a Seller Disclosure?
A Seller Disclosure, or Seller Property Disclosure Statement, is a form that is completed by the Seller of a property that discloses the condition of the property for sale and other information known by the seller. The form itself is comprised of approximately 36 questions dealing with everything from Municipal compliance issues to water problems. These disclosure forms are a mandatory requirement in some jurisdictions, such as British Columbia, but in Alberta they are voluntary unless specifically requested for by the purchaser.
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How can I sell quickly for the highest possible price?
The best way to insure a quick sale at the highest possible price, and with the fewest problems, is to list the property right the first time. By that I mean priced competitively relative to the competition in the market place and the condition of the property itself.
As Realtors, we use what is called a Market Evaluation to help the Seller determine the right price to ask. A Market Evaluation, if done properly, takes into account comparable homes for sale, home that have recently sold that would be comparable to the subject property, homes that have not sold, or have expired, and of course current market conditions. Pricing is just one part of the sales process. The actual marketing plan provided by the Realtor and his/her expertise and experience are paramount to the Seller achieving their goals.
What is the best way to find a good Real Estate Agent?
Word of mouth, friend recommendations and recommendations from the other professionals you work with are the best ways to find a good Realtor. Failing that, don't be afraid to interview Realtors until you find one that you are comfortable with and are convinced has the experience and expertise to work in your best interests. Every community has Realtors that have been consistently recognized as the top in their field.
What is meant by the term Dual Agent?
A Dual Agent, or Agency, occurs when one brokerage or Realtor represents both the Buyer and the Seller with respect to the purchase of a home or property. There are strict rules that must be followed in such circumstances, and it is important that all parties to the transaction understand and have explained clearly to them the implications of this type of Agency.
What contingencies should I include in my offer?
Although this question seems straight forward, it is not. Each offer to purchase property and each buyer and their individual circumstances are unique. But having said that, if you need to obtain a mortgage or some other type of financing, you would want to make sure your offer is subject to you doing that within a reasonable time.
If you have concerns about the structure or condition of the property, you would want to make the offer contingent on having a home inspection, or engineers report, on the property and so on.
A word of caution, an offer to purchase is a legally binding agreement and should be completed only by someone who has the experience to protect your interest.
How should I prepare to buy in a competitive market?
A competitive market, or hot market, is usually defined as one where there is a relative shortage of marketable properties coupled with an increase in demand for those properties. This would describe the Grande Prairie market at this time.
There are three things you need to do in order to buy successfully in such a market. First, you need to make sure you are up to speed with what your buying dollar will purchase. In other words, you need to be familiar with the Fair Market value for the type of property you want in the area that you are looking in, so you know a good buy when you see it. Secondly, you need to have all the financing preapprovals in place. Thirdly, you need to have a quality, experienced Realtor on your team to help educate you to the market, find the right property and position your offer to purchase for success. In this type of market it is not unusual to have multiple offers on the same property brought in at the same time.
The good Realtors make this look easy, but it can be more difficult than you can imagine.
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