Q: What Can I do to prepare to sell my house?
Q: How do I prepare for showings?
Q: What is Escrow?
Q: What are the steps of a Hawaii Real Estate transactions?
Q: How long does it take to complete the sale?
Q: How much is my home worth?
Q: How have the homes been selling in my area?
Q: When selling my home what fees will I be expected to pay?
Q: Upon selling my home what taxes will I be required to pay?
Q: What Can I do to prepare to sell my house? – Printable Version
A: Tips to the seller – let your home smile a welcome to buyers.
- First Impressions are lasting. The front door greets the prospect. Make sure it is fresh, clean, and scrubbed looking. Keep lawn trimmed and edged, and the yard free of refuse.
- Decorate for a quick sale. Faded walls and worn woodwork reduce appeal. Why try to tell the prospect how your home could look, when you can show them by redecorating?
- A quicker sale at a higher price will result. An investment in new kitchen wallpaper will pay dividends.
- Let the sun shin in. Open draperies and curtains & let the prospect see how cheerful your home can be. (Dark rooms do not appeal.)
- Fix that faucet! Dripping water discolors sinks and suggests faulty plumbing.
- Repairs can make a big difference. Loose knobs, sticking doors & windows, warped cabinet drawers & other minor flaws detract from home value. Have them fixed.
- From top to bottom. Display the full value of your attic & other utility space by removing all unnecessary articles.
- Safety first. Keep stairways clear. Avoid cluttered appearances & possible injuries.
- Make closets look bigger. Neat well-ordered closets show that space is ample.
- Bathrooms help sell homes. Check & repair caulking in bathtubs & showers. Make this room sparkle.
- Arrange bedrooms neatly. Remove excess furniture. Use attractive bedspreads & freshly laundered curtains.
- Can you see the light? Illumination is like a welcome sign. The potential buyer will feel a glowing warmth when you turn on all your lights for an evening inspection.
Q: How do I prepare for showings? – Printable Version
A. Tips to the seller when the agent shows the House.
- Three’s a crowd. Avoid having too many people present during inspections. The potential buyers will feel like an intruder & will hurry through the house.
- Music is mellow. But not when showing a house. Turn off the blaring radio or television. Let the salesperson & buyers talk, free of disturbances.
- Pets underfoot? Keep them out of the way – preferably out of the house.
- Silence is golden. Be courteous but don’t force conversation with the potential buyers. They want to inspect your house – not pay a social call.
- Be it ever so humble. Never apologize for the appearance of your home. After all, it has been lived in. Let the trained salesperson answer any objections. This is their job.
- In the background. The salesperson knows the buyer’s requirement & can better emphasize the features of your home when you don’t tag along. You will be called if needed.
- Why put the cart before the horse? Trying to dispose of furniture & furnishings to the potential buyers before they have purchased the house often loses a sale.
- A word to the wise. Let your Realtor(s) discuss the price terms, possession and other factors with the customer. They are eminently qualified to bring negotiations to a favorable conclusion. Use your agent. Show your home to prospective customers only by appointment through your agent. Your cooperation will be appreciated & will help close the sale more quickly.
Q: What is escrow?
A: Escrow is a neutral party, who collects / distributes all monies of the real estate transaction. Escrow searches property titles, to ensure a clear title. Additionally Escrow prepares the transaction documents.
Q: What are the steps of a Hawaii Real Estate transaction?
A: Each situation is unique however the basic are listed below.
The transaction starts with a signed contract between the buyer and seller
Both seller / buyer agents open escrow
Home inspection
Termite inspection
Appraisal
Closing
Q: How long does it take to complete the sale?
A: Normally it takes 30-45 days to close a real estate transaction.
Q: How much is my home worth?
A: Many factors affect a homes value
Location – a market analysis shows recent sales of comparable homes
Upgrades / remodeling – adds value to your home
Ownership terms
Leasehold – is renting the land
Fee Simple – is owning the land
One Source Realty can provide additional information, please contact us for a free price comparison. Please provide, location, basic home information, bedrooms, baths, ownership terms.
Q: How have the homes been selling in my area?
A: The overall Hawaii Real Estate market has been moving, for your area contact One Source Realty, who can provide specifics for your location. Location analysis.
Q: When selling my home what fees will I be expected to pay?
A: The list below is standard fees, not all inclusive:
Escrow fee – Seller pays 50%, calculated from the sale price by escrow company
Title fee – Seller pays 60%, calculated from the sale price by escrow company
Conveyance tax – Seller pays 100%, required fee, 1% of sales price
Termite Inspection – Seller pays 100%, price varies based on company used and square footage
Survey Report – Seller pays 100%, price varies based on company used and square footage
Management Company transfer fee – Seller portion, price based on property management company
Maintenance fee – (if applicable, home is condominium) Seller portion, % based on closing date
Condominium Documents – (if applicable, home is condominium) Seller pays 100%, required to provide current statements, regulations, minutes, by-laws, financial statements, property info to buyer
VA Loan – If the buyer uses VA loan then seller must pay some of the buyers fees
Q: Upon selling my home what taxes will I be required to pay?
A: ***for specifics you should consult your accountant
Capital Gains – for specifics you should consult your accountant
HARPTA – Hawaii Real Property Tax Law, applies to Nonresident Persons – 5% of sales price will be withheld by escrow, as a means for Hawaii to collect State Capital Gains tax.
FIRPTA – Foreign Investment in Real Property Tax Act, applies to Foreign Persons – 10% of sales price will be withheld by escrow, to ensure U.S. taxation of gains is collected.
If both HARPTA and FIRPTA apply – 15% will be witheld