Profile picture for Smilepak

Selling A Home

Hi,

I have a home in Chino, CA that I had purchased newly built from Lewis Homes (now known as KB Homes) in Oct 2000. I am looking to purchase a new development property in Corona and sell this property.

I am trying to figure out the timing, process, and cost for selling a home. Ideally, I would like to time it as such that I can move from my old place to the new place. At the moment, the new place plans have not been released yet and I am waiting for the phase release I am interested in.

So My questions are:

1) Should I start the sell process now, not knowing of the property I am moving to yet?

2) If I do start the selling process now and let say I do know the property I am moving to, does anyone know if during the selling process is it common to set a future move out date as much as 3 months in the future? If not, is it common to ask the new buy to rent it out back to us for the duration until we fully move into the new home?

3) Usually what cost am I expected to incur during the selling process and how do find a good agent to help us with the selling?

4) How accurate is using Zestimate as a selling value?

Thanks,

  • June 10 2011 - Chino
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Answers (5)

1) Should I start the sell process now, not knowing of the property I am moving to yet?

You may have to sale and then rent... while you find your new place.

2) If I do start the selling process now and let say I do know the property I am moving to, does anyone know if during the selling process is it common to set a future move out date as much as 3 months in the future? If not, is it common to ask the new buy to rent it out back to us for the duration until we fully move into the new home?

Not knowing the terms of your sale and where you are moving to it's hard to advise on firm dates without more info.

3) Usually what cost am I expected to incur during the selling process and how do find a good agent to help us with the selling?

Have your realtor do a net sheet for you.. and interview a few agents...

4) How accurate is using Zestimate as a selling value?

It's not.
  • February 08 2012
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Hi,

I am a local Realtor to you and I am familiar with the Lewis homes that were built in Chino at that time. 

To answer your questions specifically:

1. If you are unsure about the availability date of your new purchase you should try and figure out a ballpark date. If selling is an option and you have somewhere temporarily to live, you would be in an ideal position to purchase non-contingent and may have the first shot at your number one pick. If that isn't an option you may consider listing and trying to make the sale contingent upon closing concurrently on a property of your choice and hope that you don't lose your buyer before your property of interest becomes available.

2. An option to the above contingency could be as you suggest. You could push for a longer escrow period or you could propose a rent back from your buyer after closing. They are both common options with slight drawbacks to the buyer of your property. If the buyer decides on a long escrow they may incur fees to extend their interest rate lock for over 30-45 days. If they went with the rent back they are usually limited to 60 days (if it is in the purchase contract and the lender is seeing it) or they may just not want to wait. Also, a drawback for you on a rent back is that you will be paying the new buyers PITI payment which meant their full loan payment, Principal and Interest, plus Taxes and Insurance. It may be worth the extra money to you if it means getting the property you really want in the long run.

3. The costs you will incur to sell are standard. Of course real estate commissions which can range, transfer taxes, HOA transfer fees, escrow, title insurance, termite clearance, home warranty for the buyer (customary), demand fees for your loan, etc. It will usually come out to the commission amount plus an additional .75-1%
I would love the opportunity to interview with you regarding listing and marketing your property.

4. Zillow ranges on their zestimates. Ideally you need a professional to pull comparable sales, view your property and know the neighborhood and market to accurately price your property.

I hope this helps! Please feel free to contact me at any time! 
  • June 11 2011
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Profile picture for the_country_hick
You have no idea how long it will take to sell your house. It could happen in one day (unlikely but it has happened). It could take a lot more than a year. If you want to sell the house I would place it for sale any day now.

If you sell 4 months before you can buy another house that is what renting is for. Selling a house can be hard especially now. It is a lot smarter to sell quickly and pay a few months rent before buying something else. Instead of risking losing a sale by insisting on staying there another 2 months rent something short term. As a buyer I want to move in my new house and I want to move in now. You saying I have to wait another 2 months could be reason enough for me to look at another house I can move into much quicker.

The summer months are usually the best time to sell. Price the house right and it might sell quickly. Price it to high and it could sit for years without an offer.

The zestimate is designed to be +/- 20%. Sometimes it is off even more than that. That means on a $200k house the zestimate could give a $160k to $240k value and still be within its parameters.

You can try to sell the house yourself. You can hire an agent. There will also be closing costs involved.
  • June 10 2011
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Smilepak, I'm obviously not from your market so there are probably agents who can better address some of your questions but I will do the best I can:

1)  I would first look at absorption rates in Chino for comparables to your house (which takes into account amount of inventory and how quickly its selling) which should give you an idea of what to expect regarding days on the market.
I would also try to get a better idea of when the property you are interested in moving to would be available to buy.  It sounds like its still early in the development stage.
    It can't give you specifics obviously, but you may get a better idea of realistic expectations.

2)  Regarding closing date, you can include whatever contingencies you want.  Just be aware that it may deter some buyers, who may have some contingencies of their own.

3) Costs would include commission costs (all commissions are negotiable but there is no obligation for a broker to negotiate and some agents will give a break if you buy and sell through them), in NJ we have a transfer tax, attorney fees (usuallly a flat fee, not too expensive but using attorneys isn't customary everywhere- some use title companies) and that is probably the bulk of the selling costs but I don't know specifically about CA.

4) Zestimates are not to be considered as true gauge of home value.  The best way to determine value is based on recent sold comparables.
  • June 10 2011
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There are many different factors which will influence the answer to your questions such as the current value of your home and what is owed.  [edited by Zillow moderator to remove contact information.  Please refer to Good Neighbor Policy]
  • June 10 2011
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