FREQUENTLY ASKED QUESTIONS

 

General Selling Process

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Q1: How long does it take to sell a home?

• The timeline varies depending on the market, property condition, and pricing. On average, it can take 30–60 days to find a buyer, followed by 30–45 days to close, assuming a traditional financing process.

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Q2: What should I do to prepare my home for sale?

• Declutter, deep clean, and make minor repairs. Staging the home can help it appeal to buyers. Your realtor can also recommend pre-listing inspections to address potential issues early.

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Q3: How much will it cost me to sell my house?

• Common costs include:

  • Realtor commission (typically 5-6% of the sale price).

  • Attorney fees (NYS law requires an attorney in real estate transactions).

  • Transfer taxes (in NYS, typically $4 per $1,000 of the sale price).

  • Potential buyer concessions (e.g., repair credits).

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Pricing and Negotiation

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Q4: How do I decide on a listing price?

• Your agent will provide a Comparative Market Analysis (CMA) to evaluate recent sales of similar homes in your area. Pricing competitively is key to attracting buyers.

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Q5: What happens if I get multiple offers?

• Your agent will present all offers to you, and you can choose based on price, terms, and contingencies. A bidding war can sometimes drive up the price, but focus on the strength of the buyer's financing and terms, not just the offer amount.

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Q6: Should I accept the first offer I receive?

• Not necessarily. While the first offer could be strong, weigh factors like contingencies, closing timelines, and buyer pre-qualification.

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Timeline and Closing

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Q7: How long is the closing process in NYS?

• Typically, the closing process takes 30–60 days after an accepted offer, depending on the buyer's financing and inspection results. Cash offers may close faster.

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Q8: Can I stay in the house after closing?

• Post-closing occupancy can be negotiated in the contract, often as a short-term rent-back agreement where you pay rent to the buyer.

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Contracts and Legal Requirements

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Q9: What does the NYS real estate contract include?

• Standard elements include:

  • Sale price and down payment.

  • Description of the property (including inclusions/exclusions).

  • Contingencies (e.g., financing, inspections).

  • Closing date.

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Q10: Are inspections mandatory in NYS?

• Inspections are not legally required but are highly recommended. Buyers often request a general inspection and specific checks for radon, pests, or lead.

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Q11: What is the "Attorney Review Period"?

• In NYS, both buyer and seller attorneys review and finalize the contract terms. The deal isn’t binding until both parties sign, and this process typically takes 3–5 days.

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Seller’s Legal and Financial Responsibilities

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Q12: Do I need an attorney to sell my house in NYS?

• Yes, NYS requires attorneys to prepare or review all real estate contracts and represent sellers at closing.

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Q13: Do I pay taxes on the sale of my home?

• You may be exempt if you meet certain IRS guidelines (e.g., the $250,000 capital gains exclusion for individuals, $500,000 for married couples). NYS requires a transfer tax at closing, and sellers may also be responsible for filing local taxes.

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Common Seller Concerns

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Q14: What happens if the buyer backs out?

• If the buyer cancels after contingencies are cleared, you may be entitled to keep their earnest money deposit. Consult your attorney for details.

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Q15: How do I handle lowball offers?

• Counter with a fair price or emphasize the value of your property. A skilled realtor can help negotiate and communicate with the buyer’s agent to find common ground.

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Q16: Do I have to fix everything the buyer requests after the inspection?

• No, but some repairs may be required to satisfy contingencies or lender requirements. Negotiations may lead to repair credits instead of actual fixes.

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General Buying Process

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Q1: How long does it take to buy a home?

• The timeline can vary, but most buyers spend 1–3 months searching for a home. Once your offer is accepted, the closing process typically takes 30–60 days.

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Q2: What is the first step in the home-buying process?

• The first step is getting pre-approved for a mortgage. This helps you understand your budget and shows sellers that you’re a serious buyer.

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Q3: Do I need a real estate agent to buy a home?

• It’s highly recommended. A buyer’s agent will help you navigate the process, negotiate on your behalf, and ensure your interests are protected—all at no direct cost to you since the seller typically pays the commission.

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Financing and Budgeting

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Q4: How much money do I need for a down payment?

• Down payments typically range from 3% to 20% of the home’s price, depending on the loan type. Some government programs (e.g., FHA, VA) offer low or no down payment options.

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Q5: What are closing costs, and how much should I budget for them?

• Closing costs generally range from 2–5% of the home’s purchase price. These include lender fees, title insurance, attorney fees, and taxes.

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Q6: Should I get pre-approved or pre-qualified for a mortgage?

• A pre-approval is stronger than a pre-qualification. It involves a detailed review of your financials and shows sellers you’re a serious buyer.

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Searching for a Home

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Q7: How do I know if I’m choosing the right home?

• Consider your budget, future plans, and priorities like location, size, schools, and commute. A home inspection can also confirm the property’s condition.

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Q8: Can I make an offer on more than one property?

• It’s not advisable to do so unless you’re prepared to buy multiple properties or risk losing earnest money. Work closely with your agent to evaluate your options.

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Making an Offer and Negotiation

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Q9: How do I know what to offer on a home?

• Your agent will conduct a Comparative Market Analysis (CMA) to determine a fair offer based on recent sales of similar homes in the area.

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Q10: What happens if there are multiple offers on the property?

• Your agent may suggest increasing your offer or including favorable terms (e.g., fewer contingencies, flexible closing date) to make your offer more competitive.

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Q11: Can I negotiate repairs or price reductions after the inspection?

• Yes, if the inspection reveals significant issues, you can negotiate for repairs, a price reduction, or closing credits.

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Timeline and Closing

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Q12: How long does it take to close on a home in NYS?

• In NYS, the closing process typically takes 30–60 days after the offer is accepted, depending on contingencies and financing.

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Q13: When can I move into the house?

• You can move in after closing, once the title is transferred and you’ve received the keys. In rare cases, the seller may negotiate post-closing occupancy.

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NYS Real Estate Contract Details

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Q14: What’s included in the NYS real estate contract?

• Key elements include:

  • Purchase price and down payment.

  • Property details and included/excluded items (e.g., appliances).

  • Contingencies (e.g., financing, inspection).

  • Closing date.

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Q15: Can I back out of the contract after signing?

• You can back out during the attorney review period or if a contingency (e.g., financing or inspection) isn’t met. However, backing out for other reasons could result in losing your earnest money deposit.

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Q16: What is the “Attorney Review Period”?

• In NYS, attorneys for both buyer and seller review the contract to ensure all terms are clear and legally binding. This period typically lasts 3–5 days.

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Legal and Financial Considerations
 

Q17: Do I need a real estate attorney in NYS?

• Yes, NYS requires attorneys to prepare or review contracts and represent you at closing.

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Q18: What taxes will I need to pay when buying a home?

• Buyers may be responsible for a mansion tax (1% of the sale price for properties over $1 million) and ongoing property taxes. Work with your attorney to understand your obligations.

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Common Buyer Concerns

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Q19: What if the home doesn’t appraise for the purchase price?

• If the home appraised lower than the agreed price, you can renegotiate with the seller or walk away if you have a financing contingency in place.

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Q20: What should I do if issues are found during the home inspection?

• Significant issues can lead to renegotiations or even walking away. Minor issues are often addressed through repair requests or closing credits.

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Q21: Can I buy a home and sell my current one at the same time?

• Yes, but timing can be tricky. Consider a contingency offer, temporary housing, or bridge financing to align both transactions.