Price and Terms of Sale

Once you have selected a Sarasota real estate agent you must go over the type of agreement that suits you better and the price and conditions of the sale of your property. Arriving to a fair market price is the conjunct effort of your and your agent's research. 

Re-visit the notes from the interviews with the other Sarasota agents, go over the Comparable Market Analysis and review the types and prices of similar property sold in the same area for the last 30 or 60 days. A comparable sales report can also help determining the property value. Between a professional appraisal of the property and a comparable market analysis you can arrive to a fair price and with your agent's expert advise you can adjust it to the specific conditions of the your property.

An appraiser will compare the size and square footage of the property, the conditions of the house, construction quality, the neighborhood availability of public transportation, shopping areas, schools, comparable local sales, historical factors, sales performance and indices's that forecast future value of the house or condo at a given time.  Ultimately, the value of the property is what someone will pay for it; all other figures are just estimates. You can do your own comparison of prices sold in the area by accessing public records at your Sarasota recording office or use the internet; there are several companies that gather this information. Now, you must go over the conditions of the sale and discuss several points.

The listing contract is a legally biding instrument in which covered points are in addition to you name and address of the property, the price and terms of sale, type of listing, length of listing term, what personal property goes with the property, what fixtures and appliances don't go with property, amounts of commission and when it will be paid, if the property will be listed with Multiple Listing Service (MLS), specific responsibilities of the real estate agent, use of a lock box, times and days in which the property is available for showing, circumstances in which the property can be taken off the market, circumstances under which the agreement can be terminated and houses disputes will be resolved.

In the contract you must specify what items do not go with the property and are considered personal items, typically lighting, burglar alarms, built in fireplaces and BBQs, pools, ceiling fans, blinds or window coverings and appliances that are attached to the property and a buyer can easily assume are included in the sale price. All items your will not be selling with the house must be included in the contract. These are also bargaining chips that may help close the deal. 

The purchase contract will include two contingencies, the ability of the buyer to get financing and your consent to have the property inspected by a professional. In addition to your passing of a clean title, maintaining the property in the same conditions until closing and making any repairs agreed.  A buyer may loose their deposit if they back out of the deal for reasons not covered in the contingencies.  In most states you and your agent must disclose any information that may affect the price of the property like homeowner´s association dues, previous work done of the property not up to code, any deaths within three yards of the property and any restrictions on the use of the property as well as environmental hazards. Check your Sarasota disclosure rules prior to the purchase. 

Whether you are buying or selling a home in Sarasota expect to do a lot or fine print reading and ask all questions, do not assume anything. It is in this area where the experience of your real estate broker matters most! GBrey