Sellers' Frequently Asked Questions

While the costs associated with selling can vary widely, here’s a basic breakdown of the most common expenses you can expect:

· Real estate brokerage commission: There is no standard commission rate, all commissions are negotiable. Each brokerage and/or agent decides the value of their services independently. It is important to discuss thoroughly this cost with your MKB agent and fully understand all the options surrounding agent compensation. There are times where you may choose to cover all or part of the costs of a Buyer's agent, which is optional. The negotiated total commission usually covers other costs associated with marketing the property – from professional photos to newspaper ads, website advertisements, social media, e-mail blasts, marketing contests, open houses, and REALTOR® luncheons. In most cases, commission is paid from your proceeds at settlement and is not due until closing.

· Inspection fees: While a buyer will likely pay for their own home inspection, they may ask you to pay for others, like a termite inspection (approximately $100) or a well and septic inspection (often around $250). These items and any seller-paid closing costs will be negotiated as part of your contract.

· Repair costs for items found during your home inspection: This amount can vary widely depending on the condition of your home. Ask your MKB agent what you might realistically expect.

· Deed preparation fees: approximately $100, paid to an attorney.

· Grantor’s tax: 1/10 of 1% of the sales price, paid to the state government.

· Pay-off and release fees: approximately $35, paid to your lender/mortgage holder.

· Any prorated tax payments, paid to the locality.

· Settlement fees: usually around $250. Note that this amount will vary dependent on the attorney or settlement agent you choose.

· POA/HOA packet fees, if applicable: often around $250-$450.

Keep in mind that these numbers are just estimates and can vary. Finally, don’t forget to budget for moving expenses, utility transfers, and the cost of furnishing your next nest.

Market conditions are fluid and can change rapidly from year to year and even week to week. Ask your MKB agent to walk you through the most up-to-the-minute market data.

To price your home, your MKB agent will want to tour it in person and then prepare a detailed Competitive Market Analysis (CMA). This report should contain data about the latest market conditions, along with extensive comparisons to properties similar to yours that: 1) are currently for sale; 2) have recently sold; and/or 3) failed to sell, particularly in your neighborhood. Based on this analysis, your MKB agent should be able to confidently recommend an ideal range for your initial list price.

If you’re looking to sell in the near future, the simplest improvements are often the best. First, fix items that you know are broken, inoperational, or unsafe, as these will likely come up in your home inspection. Next, make cosmetic upgrades that are likely to increase the perceived value of your home. Consider repainting the main living spaces in your home in a single, neutral shade – a high-impact way to freshen up your home’s style. Initial impressions count, too, so focus on the areas your buyer will see first when they arrive. You might give the front door a fresh coat of paint, repair any broken bricks or concrete on the front porch, and landscape or mulch along the front walk. Simple landscape lighting and colorful annual flowers can make a difference here, as well.

Finally—talk to your MKB agent about their recommended improvements. They may be able to see possibilities that you don’t! Remember that they spend hours touring homes and working with buyers, so they can tell you what’s hot and what’s not when it comes to market trends.

Don’t wait! In fact, the best possible time to gain insight from your MKB agent is often before you’ve finalized cleaning and repairs. They can show you simple style swaps you wouldn’t otherwise have considered, help you select the right shade of paint (the first time!), or connect you to an affordable professional cleaner who can really make your home shine.

While sellers are sometimes tempted to go this route, market history consistently shows that homes with an inflated initial price tend to sell for less than if they’d been correctly priced from the start. That’s why a detailed CMA is so important (see above, "What factors will an agent consider when they price my home?").

There isn’t a one-size-fits-all approach to selling a home, so it makes sense to interview several agents before you commit. In fact, seeing multiple listing presentations is a great way to compare and contrast agents’ methods and styles. Let them know that they’ll be competing for your listing, and don’t be afraid to ask questions when you meet. Some of those might include:

· How will we communicate? What kind of responsiveness can I expect?

· What do you think makes my home special or unique?

· What challenges do you see in my home? How would you recommend we overcome them?

· What specific methods would you use to market my particular property?

· What tips or advice would you offer me that can help position me for the best possible experience?

Sometimes, an agent’s responses to these questions might surprise you. The best agent for you will listen closely to your goals, provide well-considered data to support their price opinions, and have confident, realistic approaches to challenges.

Not sure where to look for an agent? Our Agent Finder is the perfect place to begin your search.

MKB agents are true local experts. As members of SWVA’s largest locally-owned brokerage, they’re deeply rooted in their communities and understand the market not just block-to-block, but often street-to-street. Perhaps most importantly, every MKB agent is backed by some of the best-educated and most experienced leadership in Roanoke Valley real estate. When you hire an MKB agent, you hire a brokerage that’s been leading the local industry for a half-century— one that will be here for you for decades to come. Check out our About page to find out more.

Particularly in a buyer’s market, you might consider a “subject to sale” or “subject to consummation” offer, which ties the purchase of your next home to the sale of your current one. Keep in mind, though, that this option will make your offer less attractive to a seller, so ask your MKB agent about the best approach.

Even in a fast-moving seller’s market, there are still a number of methods to prevent you from being displaced. Talk to your MKB agent about specific clauses that can be written into your listing language and purchasing contract to protect you. You might also chat with your mortgage lender about the cost (and the risks) of a Bridge Loan or Mortgage Recast.

MKB is local, but also global! As a member of the Leading Real Estate Companies of the World, our in-house relocation specialist can help refer you to a top agent in your next town, whether you’re moving across the state or to the other side of the world. To find out more, check out our Relocation Services page.

We're happy to point you in the right direction! Give us a ring at (540) 989-4555 or drop us a line using our contact form.