In the deals that we have completed over the past few years, these are the top 5 areas that need a particular amount of attention.  As a homeowner that is in the process of selling, it is imperative that you have an understanding of these important areas.

1) Disclosure

Form 17 is a federally mandated form that all sellers have to complete and the buyers have to sign that they have received it. This form is updated periodically and it is supposed to help the buyers know what the seller knows about the property. There was a landmark case in Washington last year that basically said that the seller cannot be held liable for something that they don’t know. While the details are tedious, a seller should not disguise or mislead a buyer by checking the box “I don’t know” too often. It could come back to haunt the seller if there is a lawsuit down the road. We don’t advise our sellers how to answer the questions, but we do ask them for clarification when we don’t understand why they answered a question a certain way. There is such a thing as “over disclosure” but in most cases, it is better to over disclose than under disclose and that’s what we advise.

2) Financing


The majority of homes are purchased by buyers borrowing money from a lender. A few years ago, if a buyer could fog a mirror, they could get a loan, not so these days. Lenders have more stringent guidelines and buyers may fall out of qualification at the last minute. It is important for you to know where the buyer is in the process so that you don’t have a last minute surprise of your sale closing late or not at all. We make sure that we check with the buyer’s lender weekly during a transaction to assure that the lender and underwriter are getting all the information they need from the buyer.

3) Timelines

“Timing is everything” is as important in real estate as it is in life. When things are going great, many sellers and agents don’t follow the timelines carefully, but should something go wrong, this could have devastating effects. Here in Washington for example, buyers have a certain amount of time to apply for financing or their earnest money is in jeopardy and there is a specific period of time that they buyer has to say that they will go through with the sale after an inspection. If a buyer wants to get out of a deal, a missed timeline may be all that they need. We keep our sellers aware of these deadlines so that they know what comes next.

4) Inspections

Different areas of the country have different customs. In California, sellers pay for an inspection of the home, here in Washington, buyers pay for the inspection. Like every other profession, there are good inspectors and bad inspectors and most of the time their liability is only up to the fee that they charge. That is why it is so important to know that the inspector used is qualified and experienced. Inspectors shouldn’t overstate a problem to bring the price of a home down for a buyer or understate a condition that might be a hazard in the near future. As a seller, you want to sell the house, but if the inspection requests are unreasonable, just say “NO.”

5) Agency

Up until a few years ago, there was a pretty well kept secret that agents used to only work for the seller, even if they brought a buyer to a home. Now, sellers have listing agents and buyers can have their own agents. It is important for you to have an agent that represents your interests only. Your agent knows lots of confidential information about you and the circumstances surrounding the sale of your home. Don’t let your interests be compromised by an agent who also represents the interests of a buyer. When that happens, the agent isn’t representing anyone effectively and it can lead to big problems down the road if something goes wrong. We never represent both parties. We either represent the seller or the buyer and we make sure that everyone understands that.