How does the selling process work?
That all depends on your choice of how you wish to sell your property; with the help of a Realtor, or through a non-Realtor Real Estate Agent, or For Sale By Owner (FSBO).
By using a Realtor, such as Dolby Properties, the Seller will have extra consumer protection. This is because Realtors are not only governed by the State's Code of Ethics, but also the additional Code of Ethics mandated by the Realtor Associations.
Only Realtors can list your property on the Multiple Listing Service (MLS). The MLS is the most strictly regulated, accurate, up to date and widely used marketing tool of more than one million national member Realtors, which means the best exposure for your property.

How do we know what price to ask?
Your agent should be able to provide you with information on what is happening in the marketplace, in your particular area. An experienced agent should also be able to inform you of any improvements which may need to be done to the property, to make it most presentable.
The goal is to have your property priced so as to effect a sale at the best price for you, with the least amount of time on the market. One important thing to mention is that because of natural real estate cycles, there are sometimes periods when the market is bad for sellers. During this time, there are always many competing properties on the market, taking much longer to sell, which exerts a downward pressure on prices and causes appraisals to come in low, often causing contracts to fall through many weeks after initial negotiation. A good Realtor will be well knowledgable about the specific market and it is imperative that you listen to their advice. You may think your property is worth more, but today's buyers are extremely savvy and will not pay too much for a property. Only competitively priced properties that are in the best condition will sell during these times and there is no point in "chasing down the market".

How is my property shown to prospective Buyers?
Agents accompany pre-screened, qualified prospects to your property. By using a Realtor, you also get the added convenience of having an optional lockbox on your door, which allows other Realtors to show your property when you are not home.

What about an offer?
Your agent will help you objectively evaluate all offers and help with all negotiations. Once you have accepted an offer, your agent will be with you right through until closing, working closely at all times with the Buyer's agent and all others involved.

Why not just sell my property myself?
Sure, but keep in mind that statistics show that the vast majority of FSBOs eventually give up and enlist the help of a Real Estate Professional. Why? Because selling a property is a very complex, time consuming process which requires the help of a fully trained professional. It's that simple!

CLICK HERE FOR OUR REALTOR ASSOCIATION'S LIST OF "200 THINGS A REALTOR DOES" (in PDF format)

What costs are involved in selling?
While selling commissions are a negotiable matter, generally speaking, full service listing representation will cost around 6%, with 3% going to the Listing Broker and 3% going to the Selling Broker.

The other costs involved will be a State Documentary Stamp Tax on the Deed, which equals 70 cents for every $100 of selling price. For example, selling your property for $250,000 will incur a documentary stamp tax of $1,750. There will also be a charge for title insurance, usually around .0067 of the selling price (example $1,675 on the $250,000 property). In addition, the Seller will usually split the cost of the closing agent's fee with the Buyer, which can amount to approximately $500 each. If you have a mortgage, there will also be costs to record the payoff of the mortgage, around $100. There will also be courier fees for documents that are mailed away.
The only other costs will be prorations of any unpaid homeowner association fees and property taxes which may be due, during the ownership of the Seller. The Seller may also have negotiated with the Buyer to pay any repair costs, as a result of a home inspection which the Buyer may have conducted, but usually subject to a predetermined cap. Finally, the Seller will have to pay off any mortgage or other encumbrances at closing.

The only other issues to think about are:
1)if you are selling an investment property, you may be liable in the US for capital gains tax, which is a tax on the difference between the selling price (less costs) and the purchase price (plus costs), less any capital additions made during ownership, plus any recapture on capital cost recovery taken during ownership.
2) if you are a foreign national, you may be subject to a FIRPTA withholding of 10% of the sale price, which is usually refunded to you within two or three months, minus any amounts due for capital gains tax. Please note that this FIRPTA withholding will be withheld REGARDLESS of whether or not you have made a loss on the property, so in bad market conditions, when you may have negative equity, you should be aware that you may need to actually bring some funds to the closing table to cover this temporary FIRPTA withholding, in order to close.
Both of these issues will require the services of a competent tax advisor here in the US. We will be happy to recommend one.

CLICK HERE FOR A HANDY LINK TO THE OFFICIAL IRS WEBSITE REGARDING FIRPTA

Can I expect my property to have increased in value from when I bought it?
Generally speaking, real estate has always been a good investment and one can expect an increase in property values. However, there are many factors involved, such as location, general world economic conditions, whether you have maintained/updated your property, how long you have owned the property, etc.
It is not usually a wise idea to sell your property very soon after you have bought it. Real estate is usually a long term investment, but nevertheless, the return on your investment is usually greater overall than any other investment. The Orlando area is currently experiencing a tremendous amount of growth and as such, the property values are increasing faster than in previous years.

How long should I expect my property to be on the market?
Under normal market conditions, a good Realtor should be able to have your home sold within 30 to 60 days, although as everywhere, when market conditions are bad, this will add several months. In a seller's market, many homes are sold much faster. If you have a vacation rental property in the Disney area, which you are still renting out while the property is for sale, then you really should expect to cancel the bookings if you want to sell the property more quickly. This is because many Sellers and/or Property Management Companies ask the agents not to disturb tenants, so it is often difficult to show to prospective Buyers, which in turn, lengthens the amount of time on the market.

Do new properties increase in value more than older homes?
Not necessarily. In fact, in our experience, many new homes are located in neighborhoods where there is still building going on, which tends to stifle the value increase. Many times, people would prefer just to go ahead and have their own brand new property built, rather than spend the same amount on a resale home in the same neighborhood, which although still new, is used. Also, not everyone likes new homes. Many older homes have bigger lots, are in more established neighborhoods and simply have more character. It is simply a matter of taste.

If I buy a large home, will that be easier to sell?
Again, not necessarily. While there is definitely a good market for larger, more expensive homes, there are actually more people looking for smaller, more affordable homes. Not everyone likes big homes, so once again, it is a matter of taste and definitely a matter of affordability.

If you are thinking about selling your property, Dolby Properties has the knowledge, education, expertise and all the same marketing tools as the larger companies. We believe we have an excellent marketing program, giving your property the exposure it needs. We will be happy to list your property for sale. Please contact us today!