Things To Know About Selling

First Impressions Matter!
Is your landscaping under control?
Does the front door or garage door need painting?
Are there cobwebs at the front door?
Are sidewalks and steps ice-free?
Is the deck shoveled?
Do you have a friendly doorstep? Door mat or flower pot?
Working lightbulbs in clean exterior lights?
Does the door unlock easily?
Do you have an interior rug for shoes?

Windows And Woodwork
Are windows clean? Any broken seals, moisture between panes? Do windowsills need touchup? Do windows open and close easily?
Does the stained trim around skylight show signs of condensation? Paint with Kilz, then white enamel paint the casing.
Do doors or cabinetry need touchup?
OXY –Clean for windows

Suggestions
We all have “stuff.” Start packing it up, declutter. Protect precious items. Put jewelry & coin away. Too many family pictures personalize the house. Remember, the buyers have to visualize themselves living in the home.
Meal preparation! Please no fish, saurkraut, onion soup or broccoli before a showing. Odors are a major deterrent for buyers! Weather permitting, crack a window or two for fresh air.
If carpets are stained, we highly recommend COIT or Zerorez. They are a little more expensive, but worth it.
Artwork off the refrigerator, please!

More Suggestions...
Toilet seats down, please!
Light switches should be wiped clean.
Do walls need washing or touch up paint?
Wash bed linens with a fresh scented detergent or fabric softener.
When cleaning up, remember buyers spend time in the mechanical room.
If you haven’t had the furnace checked/cleaned in the last 2 years, quite likely the inspector will recommend it.

Inexpensive Updates
Exterior door knob/lock.
Light fixtures
Brighter lightbulbs in dark rooms
Bathroom towels, rugs, shower curtain, accessories

Products
Glisten or 2 packages of lemonade kool-aid for cleaning dishwasher
CLR for hardwater stains, lime deposits
Shield for shower, sinks, tubs
MinWax for woodwork touchup (satin)
Tibetan Almond stick for scratches in woodwork
Febreze for closets

Make your guests feel welcome….
Lights on! Blinds open! Music playing!

FAQ topics for which you might want to receive advice from an attorney, tax consultant, inspector or property management company.

Arbitration
When the purchase agreement is written, Buyer and Seller will be given an Arbitration Disclosure and Residential Real Property Arbitration Agreement to read to determine whether or not to sign. By signing this disclosure Buyer/Seller agrees to binding arbitration under Residential Real Property Arbitration System administered by Construction Arbitration Services, Inc. The Arbitration Agreement is enforceable only if it is signed by buyers, sellers and licensees representing assisting the buyers and the sellers. The arbitration system is an alternative to the court system. If buyers discover a problem with the home that wasn’t disclosed, they can file a request for arbitration within 24 months of the date of the closing on the property. The administrative fee for the Arbitration system varies depending on the amount of the claim, but it is more than initial court filing fees. The maximum claim allowed in conciliation court is $7,500. Arbitration hearings are usually held at the home. A party may be represented by a layer at the hearing, if he/she gives 5 days advance notice to the other party and to CAS. For more information, www.cas-usa.org

Association Managed Properties
In most situations when an association fee and common interest is involved, Seller is required to furnish Buyer with the following documents relating to the Association or to the Master Association. The Association may charge a fee for providing these documents.
1. Copies of the declaration, the articles or incorporation, bylaws, rules and regulations amendments or supplemental declarations
2. The organizational and operating documents relating to the Master Association, if any
3. A Resale Disclosure Certificate which must be dated not more than 90 days prior to the date of the Purchase Agreement or the date of closing, whichever is earlier.

Buyer has the right to cancel the purchase agreement within 10 days of receipt of these documents. After 3 days Buyer can waive the right of rescission in writing and remove this contingency.

City Inspections
The following cities require some kind of inspection in most cases before the homes are offered for sale.

  • Bloomington
  • Brooklyn Park
  • Crystal
  • Golden Valley
  • Hopkins
  • Maplewood
  • Minneapolis New Hope
  • Osseo
  • RichfieldSt. Louis Park
  • St. Paul
  • South St. Paul

Sale Of Personal Residence – IRS Exclusion
Generally, a single taxpayer can exclude up to $250,000 of gain on the sale of a home, provided the individual has owned and used it as a principal residence for two out of the five years before the sale.

The exclusion is $500,000 for a married couple if both meet the use test. If a spouse dies or becomes divorced, the tax break for the remaining spouse's home sale will drop to $250,000, the same rate as for people filing a single tax return.

http://www.irs.gov/pub/irs-pdf/p523.pdf

Taxpayers who convert rental property to a principal residence should know that a tax law change might limit their ability to exclude gain on the sale of that residence if they obtained the property through a like-kind exchange.