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Selling Your House: Nolo's Essential Guide, by Ilona Bray J.D.
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Across the U.S., home prices are in flux – rising in some areas, stagnant in others. So what’s the best way to get the highest return if you want to sell your home now? Selling Your House: Nolo’s Essential Guide provides the practical and legal steps you'll need to take to reach your goal.
Written with the current market and national economy in mind, this book goes over the specifics that homeowners need to know to make the sale. Whether you're selling your property because of a job change, growing family, or financial troubles, you'll get the information and guidance you need, including how to:
- check out your local market
- decide on the right price
- hire the best real estate professionals to help you
- dress up, market, and otherwise set your house apart from the pack
- make required disclosures
- negotiate and successfully close the sale.
- Sales Rank: #418016 in Books
- Brand: Bray, Ilona
- Published on: 2015-01-26
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .75" w x 7.00" l, .0 pounds
- Binding: Paperback
- 246 pages
Review
I am preparing to sell my home. But it has been 20 years since I sold my last house. I really needed an updated refresher course and Nolo's "Selling Your House" fits the bill. The chapters cover all the bases from preparation to hiring an agent to pricing and marketing.
In Chapter 2, author Ilona Bray takes an in-depth look at what you need and what you should expect from your real estate agent. However Chapter 5 cut to the chase for me. In order to de-clutter, Bray advises that you should "pretend you're living in a vacation rental," presuming that people live spotless lives on vacation. Then a few pages later she acknowledges that the best way to sell your house is to move out, and leave a few pieces of furniture for the purpose of staging. Or hire a professional stager to dress up your house for showings. Otherwise selling your house is a great big pain.
Nolo's "Selling Your House" is a good way to dip your feet in the housing market without getting wet. Midwest Book Review, Peggy Tibbetts, Reviewer "Bray offers tips and advice for selling a home at top dollar. Eleven chapters take the reader step-by-step through the process, from getting the house ready to show, to hiring an agent, to closing the deal. The last chapter tackles the prospect of selling without an agent. Some chapter titles are "Prep Work: Pre Inspections, Repairs, and Improvements," "Websites, Open Houses, and Other Marketing Tools," "Receiving and Evaluation Offers," and "Demystifying Your House Sale Contract." Short stories of caution and lessons learned from real home sellers are included." Eithne O'Leyne, Editor Ringgold, Inc. ProtoView
Winner of the 2016 gold, first-place award from the National Association of Real Estate Editors (NAREE)
About the Author
Ilona Bray is an author and legal editor at Nolo, specializing in real estate, immigration law, and nonprofit fundraising. She is coauthor of Becoming a U.S. Citizen, U.S. Immigration Made Easy, Nolo's Essential Guide to Buying Your First Home and numerous other top selling books. Bray's working background includes solo practice, nonprofit, and corporate stints, as well as long periods of volunteering, including an internship at Amnesty International's main legal office in London. She received her law degree and a Masters degree in East Asian (Chinese) Studies from the University of Washington. Bray also blogs on Nolo's Immigration Law Blog.
Most helpful customer reviews
6 of 6 people found the following review helpful.
A fine introductory book. The seller who does not want to appear clueless, will likely want to buy an additional books.
By Tom Brody
SELLING YOUR HOUSE NOLO'S ESSENTIAL GUIDE is a 241-page book by Ilona Bray, JD. The author received her JD degree in 1990 from University of Washington, and you can easily find her State Bar Number, on the relevant website.
The book has eleven chapters, with the following titles:
1. First steps, what you can do now to get ready to sell
2. Getting expert help, hiring a real estate agent, lawyer, and accountant
3. Preinspections, repairs, and improvements
4. Disclosure laws
5. Decluttering, cleaning, and staging
6. Pricing you house to sell
7. Open houses
8. Evaluating offers
9. House sale contract
10. Escrow
11. Selling without an agent
WRITING STYLE. The style is sometimes on the informal style, but that is fine with me. Fortunately, the style is never similar to the style found in the Dummies series, published by John Wiley and Sons. The Dummies series treats the readers as though they were only seven years old. However, the NOLO PRESS books do not do this sort of thing. Anyway, the readable style of SELLING YOUR HOUSE includes friendly phrases, such as, "We'll discuss all these matters . . . and stories from the real estate trenches." (page 1). In a description on one particular real estate agent, we read that, "The agent we chose . . . ended up being great to work with -- we're still friends." (page 33). Later on we read, "If you're offered your asking price, let out a cheer." (page 156). Actually, informal comments such as this occur only once in a while.
EXCERPTS FROM INFORMATION. Pages 8-18 warn about the problem of getting rid of junk and precious memoirs that have been accumulating for decades. Pages 8-18 also warn that issues, such as something small like a missing cabinet knob, or stains, should be remediated.
Pages 21 and 50-51 provide the welcome advice that if you earn less than $500,000 from the sale of your house, you are not likely to have any capital gains taxes. We learn that further information on this can be found in a publication called, "Publication 523 Selling Your Home" available from the IRS. Also, the NOLO book warns that unexpected tax consequences can occur if you used your home as a place of business.
Page 20 warns about transfer taxes, as a percent of the sale price, which "can be surprisingly high." The book (page 53) recommends getting an expert in "residential real estate sales" taxes, and to check the "Board of Accountancy" in your state, for disciplinary actions against your potential accountant.
Page 59 warns about the unfair situation where a potential BUYER hires an inspector who says that the house needs $100,000 worth of repairs, and where the house really only needed $15,000 worth of repairs. The NOLO book suggests that a way around this problem, is for the SELLER to pay for an inspection and to get an inspection report prior to putting the house on the market.
Page 118 provides guidance on the asking price. We learn about Comparative Market Analysis (CMA), that lists selling prices for houses similar to yours, and we learn that CMA information can be acquired from websites, such as homegain.com, and zillow.com. We learn that some real estate agents like to inflate the value of your house, so that they can trick the SELLER into getting them to represent the sale, even though they know that the house will never likely be sold for that much.
CONCLUSION. This is a fine introductory book. The book actually leaves out a huge number of details. For any person interested in buying or selling a house, and has the time and energy for ploughing through a more substantive book, I would suggest looking at longer books and the same topic.
3 of 3 people found the following review helpful.
Already has helped us plan out a strategy
By Becky (in NOLA)
In the late 90s we came back to the states from Korea and bought our first home, the one we are living in now. We pretty much just trusted the realtor and went with it. Fast forward to Jim getting to retire and we are putting this house on the market, and heading down to FL. Great, except we've never sold a house. The Selling your house guide has been tremendously helpful. It is not a text book for For sale by owner, although it does have a chapter on doing that.
I have learned so much reading this book, from fees, to pictures going online, how to pick my realtor, how to stage the house, what to fix to get the biggest bang and where to skip. The book touches on staging, either getting a pro, doing it yourself, or going to websites The guide gives examples and also sends one to websites, each helpful in their own way, including negative ways like bad realtor photos.
As someone preparing for the process I'm really glad I got this book a year before we plan to go on the market, because it tells the right time to sell, pricing, not letting our listing go stale, what to fix and what to leave alone. For anyone who wants to sell or move, I highly recommend this book.
2 of 2 people found the following review helpful.
A Good Overview for People Planning to Sell their Home
By Colinda
Nolo's Guides are well-known so I assumed this would be a decent book. Actually, I was impressed with it! It covers the basics of preparing your home for sale and takes you step by step through the usual processes of selling.
This is not a Do-It-Yourself book. The writers assume you will have professional help, whether you use a real estate agent or not. Only the final chapter is devoted to selling a house without using an agent, and even that one tells you to have a real estate lawyer and to use other professionals as needed.
There are many legalities to a real estate transaction so expert help is needed. There are also tricks of the trade to know in marketing your home, and the basics are covered here. Significant space is devoted to staging your home, something that is common today but barely known a few decades ago. Buyers have high expectations and you want to meet them.
I was glad to see home inspections described and the value of having an experienced agent at this part of the sale. Many sales fall apart when a home inspector finds problems, and these can be things that even a long-time occupant did not notice. An agent can help the buyer and seller reach a satisfactory agreement on how these shortcomings can be remedied.
This book is not deeply detailed so don't expect an encyclopedia. It's more of a overall guide on what to expect with advice on key decisions. It "comes with a website" for finding further information.
The format is easy to read, not crowded and with plenty of headings to help you find what you want. There is an index but not really references or footnotes, so I assume you are expected to go to the Nolo website for details if you need them.
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