Will I need an attorney?
As a seller you will need an attorney to prepare the transfer documents (deed), and to clear up any title problems should that be necessary. Different attorneys charge different fees for these services. Be sure to let your AMERICAN REALTOR know who your attorney is when you sign the listing documents.

Will I need to take any money to the closing?
Generally no! If it would be necessary for you to write a personal check at closing, your AMERICAN REALTOR will advise you ahead of time.

What is earnest money?
Think of earnest money as binder money like when you purchase an insurance policy. To make a contract legal, there needs to be some form of consideration (or value) which in real estate is usually a check or currency from the purchaser. We are required by law to place earnest money in a trust account on behalf of the purchaser and seller.

What happens when a purchaser makes an offer on my house?
Your AMERICAN REALTOR is required by law to present all offers to you regardless of their terms. When we receive an offer on your property we will analyze it, find out as much as we can about the purchaser, present it to you and give you our recommendation. The final decision as to how to act on an offer is yours. We do not make decisions for our clients.

What if I get multiple offers on my house?
Again, we are required by law to present all offers. It is usually our recommendation to pick out the offer that you think will best serve your needs and go with that one. Your AMERICAN REALTOR will guide you through this complicated process.

How does a backup offer work?
This would be an offer submitted after you have accepted another offer. In this case the second purchaser would be willing to keep his offer active just in case the first purchaser could not remove a contingency – i.e. financing. If the first offer becomes void then the second offer would come into play automatically. Ask your AMERICAN REALTOR for more details on this, as it is important.

What is the significance of an offer to purchase my home, which is “subject to the sale of the purchasers home”?
Good question! This can be a very, very touchy situation if not handled properly. If a purchaser needs to release equity they have in their present home in order to proceed with the purchase of your home, they will most likely make their offer “subject to the sale “ of their home. If that’s the case you want to make sure all of the various dates (among other things) on the purchase contract are properly coordinated. This situation can have a profound effect on the quality of the purchase contract. You should have an in-depth discussion with your AMERICAN REALTOR should you be presented with this type of offer.

Will the purchaser of my home be able to get a bridge loan if they can’t get their home sold?
That depends on the financial capabilities of the purchaser, and if they are interested in owning two homes.

What if I don’t see eye to eye with the AMERICAN REALTOR I list my house with?
First, you should talk to your AMERICAN REALTOR about that. Then, if you are still not comfortable with the relationship, you can call AMERICAN REALTY management and they will take care of the situation. One of our objectives is that you are happy and comfortable with the AMERICAN REALTOR you are working with.

What if I don’t want to sell my house any longer?
If you have a legitimate reason for not wanting to sell your house anymore, we will consider releasing you from the listing contract.

What if I want to void the purchase contract after I sign it?
This is actually a legal question and we are not qualified to give legal advice. It’s a very complex question. However, from many years of experience we can tell you that if properly drawn and executed, real estate contracts are legally binding. If this ever becomes an issue and we feel that we cannot adequately advise you, we will recommend that you talk to your attorney.

What is a property disclosure form?
This is a form that Iowa Law (chapter 558-A) requires you to complete and make available to all prospective purchasers. It would disclose any defects in the property that you are aware of. Your AMERICAN REALTOR will talk to you about this important document.

If I have not occupied the property do I still have to make a disclosure?
Yes!! There are certain exemptions to this requirement but this is not one of them.

Should I allow the purchaser to have inspections?
Today it’s common practice for purchasers to make their offers subject to some type(s) of inspections. The decision as to whether or not you will accept those kinds of conditions is up to you. Consider however that if you do not agree to inspections requested by the purchaser, they may think you are trying to hide something. Inspections are a critical part of almost every real estate transaction in today’s market. Rely on your AMERICAN REALTOR for advice in this area.

Should I have my home inspected prior to listing it for sale?
If you have your home inspected prior to listing it on the market and the inspection points out defects that you were not aware of, then Iowa Law requires that you disclose those defects to all prospective purchasers. If you do have your house inspected prior to placing it on the market, you should be prepared to remedy any defects that the inspector points out.

What is a lock box?
A lock box is an electronic device that we attach to your home (usually on the door handle) into which we place the key to your house. All MLS REALTORS have an access code to get into the box so they can gain access to your house when they want to show it to a perspective purchaser.

What if I have been recently divorced?
If you are obligated to make child support or separate maintenance payments, you will be required to make a showing that these payments are up to date. The buyer's attorney may require your former spouse to sign a “satisfaction of judgment” to accomplish this. Consult with your AMERICAN REALTOR early on if this is the case.

What if my property is the subject of an estate?
If a titleholder has recently passed away and the property is the subject of their estate, we will need to consult with your attorney to determine what course of action to take. Your AMERICAN REALTOR will take care of this for you.

Please note: It is impossible to answer everyone’s questions here. If we have failed to touch on a subject that is of particular importance to you, please do not hesitate to contact us. We will be happy to provide you with any information. If we don’t know the answer, we know where we can find it.