CityView Magazine

66 | May/June 2015 BY SUSAN BENOIT Everyone's heard the phrase about their favorite garage band when mainstream access yields excess levels of popularity. In classic days where tape decks came standard in every car and families bought a home for life with no plans to sell it. However, in today's economy where iTunes and Spotify reign supreme, moving is commonplace and often times expected. Unless you plan to enter the ranks of landlords, the odds are there will be a time where you sell your home. Following you will find insight on common questions and issues in the sale of real estate that will empower you to march to the beat of your own drum and sell out on your own terms. Tips, tricks and what to expect when you sell your home Sell Out with Me B efore any band makes it big, they retain a savvy agent who knows the business to broker the best deal possible. Likewise, choosing the right agent is the first important consideration in selling your home. While an agent normally receives commission from the seller (six percent of the sale price is indus- try standard), they also serve as your mouthpiece and primary point of con- tact for buyers, which is obviously ideal if you're on tour in another city. Moreo- ver, a seasoned agent can broker a more favorable price on the home and market it to the right buyers, possibly shorten- ing its time on the market. Finally, the agent can also prepare the necessary pa- perwork upon accepting a buyer's offer. If you were a one-man band at the time you bought your home and then got married, don't be surprised to find that both you and your spouse need to sign a deed conveying the property, as North Carolina law provides a spouse with a marital interest in real property which must be released upon sale. An- other important consideration is the seller's availability to sign the necessary closing paperwork, as the show goes on even when a member of the band checks into rehab. If one or more of the sellers will be unavailable, steps should be tak- en to gain a power of attorney specific to the sale. Such a document is readily available at just about any law firm as well as the Judge Advocate General's of- fice for members of our Armed Forces. Every so oen a good band faces a tough crowd and the great ones find a way to win the crowd over by the end of the show. Equally, if your home smells like teen spirit, but enters a tough mar- ket, there are concessions other than lowering the price that entice a prospec- tive buyer. Offering to pay for a portion of the buyer's closing costs (referred to as seller-paid closing costs) is one way to make your home stand out as an Ameri- can Idol in a sea of similar contestants. A second stage prop is to offer an agent bonus upon sale, which is a concession paid by the seller directly to an agent on closing. If a buyer is on the fence between your home and one of compa- legal "You used to stand for something, but you've sold out, man."

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