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What's Your Home Worth?
Get Your Home's Value! Receive a free comparative market
analysis plus neighborhood comps!
Your best source for Real Estate in Wichita
Kansas
No one knows Wichita homes and Wichita neighborhoods better
than Larry Underhill. He has been the number one Realtor in the Wichita real
estate market for the past six years and has been one of the top three Realtors
in the United States for the past five years.
Wichita Real Estate
You will
find listed here some of the more progressive Wichita real estate agents who
have turned to the Internet as a means of putting local residential properties
before a national home buying audience.
The Listing Contract: It's All in the Details
by Neda Dabestani-Ryba
Now that you’ve chosen a
real estate professional to sell your home, you’ll need to work together
to complete a listing agreement. This legally binding contract authorizes a
broker and his or her real estate professionals to find a buyer for your home,
according to the conditions specified in the contract. Depending on the type of
listing agreement, you can expect to see most of these terms detailed in the
document.
Terms of the Agreement
The length of time the
contract will be in effect typically runs anywhere from 30 to 90 days,
depending on the local market. Since a contract can be extended before it
expires, you may not want to lock yourself into an automatic extension.
Under Terms of the Agreement, you’ll also find the price of the home.
You and your real estate professional should arrive at the home’s market
value after considering the Comparative Market Analysis (prepared by your
representative) and other factors.
Commission
It may come
as a surprise that commissions are not set by the industry. Real estate
professionals expect to earn between 6% and 7% of the sale price, depending on
what’s customary in the area. If another real estate professional finds a
buyer, the commission is split between the two. Although commissions are
negotiable, this practice tends to be reserved for special circumstances. For
instance, if a real estate professional knows of an interested buyer, this
would eliminate the need to market the home. To close the deal, he may be
willing to cut his commission.
Multiple Listing Service
(MLS)
This section authorizes a real estate professional to list your
home with the MLS. An MLS listing gives your home greater visibility and even
exposes it to Internet users. Of course, you have the right to opt out of
listing with the MLS. But why should you, when it can dramatically increase the
chances of selling your home.
Lockbox
This hollowed-out
padlock or miniature safe holds a key to your home. The lockbox, which usually
gets attached to the front door, allows easy access for anyone showing the
home. Only a person with the combination or with an electronic key can gain
entry.
Description of the Property and Its Condition
Here
you’ll find a description of the property and its general condition as
well as the condition of its major systems—mechanical, plumbing and
electrical. Along with the description should be a list of the items that will
stay with the home, for instance, the washer and dryer, and those you intend to
remove such as a light fixture.
Although the forms are preprinted,
everything in a listing agreement is negotiable and may be tailored to reflect
your specific requirements. Your real estate professional will complete the
listing agreement based on your input, so you may want to take time before you
meet to consider your response to each section of the contract. The more
prepared you are, the less likely you’ll have a misunderstanding down the
road.
Neda Dabestani-Ryba is a Realtor in Maryland. She is a member of
the President's Circle of Top Real Estate Professionals. She can be reached at
(800) 536-3806 or visit her website for more information:
http://neda.dabestani.pcragent.com/.
Prudential Carruthers REALTORS is an independently owned and
operated member of Prudential Real Estate Affiliates, Inc., a Prudential
Financial company. Equal Housing Opportunity.
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