Quiz: 10 Questions to See If You Will Make the Right Choices When Selling Your House
The Lighter Side of Real Estate • March 7, 2023
You certainly don’t have to take classes or pass an exam if you want to sell your house. All you have to do is hire a great real estate agent who had to do both of those things in order to help you sell your house quickly and for the most money possible.
Even if you took the same classes and tests your agent took to become an agent, it’d be difficult for you to know everything you need to know. Much of the insight and knowledge that makes your agent so effective at getting you the best results comes from experience actually selling houses, not from real estate school.
However, the more you know and understand about the best decisions ahead of time, the better off you’ll be. So here’s a quick quiz to help you see what decisions you’d get right, and learn from the ones you get wrong so you will be prepared to listen to the advice of your agent when the time comes.
(The answers are at the bottom…but no peeking!)
- Before listing your house, you should:
a) Renovate the kitchen and bathrooms.
b) Paint every room in the house.
c) Leave it as-is and let the buyer renovate and fix everything.
d) Speak with your real estate agent about what is worth fixing up and what is not, and doing those things. - How should you determine your listing price?
a) Use what the Zestimate says your house is worth.
b) Add 10% to what the Zestimate says.
c) Use an amount close to what your agent recommends, based upon a thorough market analysis.
d) Add up how much you owe on the mortgage, how much you spent on renovations and upgrades over the years, and how much more money you want to walk away with, and use the total of those as your listing price. - Which agent should you hire from the list below?
a) The one who had the highest suggested listing price.
b) The one who is honest with you about the value of your home, even if you threaten to list with another agent who said your house was worth more.
c) The one who has the nicest car.
d) The one who is with the biggest company in the area. - When filling out the sellers disclosure form about things you know are wrong with the house, you should:
a) Only list the things you think are obvious and that the buyer or their inspector will actually notice or figure out.
b) Don’t list any issues you may know about; it’s the inspectors job to find these things, and if they don’t find them, you’re not responsible.
c) Be honest about everything you know is or has been an issue with the house and disclose them all.
d) Have your agent fill it out for you. - When should you let buyers come see your house?
a) On Saturdays and Sundays only.
b) Only when the agent has an open house.
c) Establish a rigid set of hours on only certain days of the week that work for you, and refuse to let buyers come at a time that works best for them.
d) Whenever a buyer wants to come see your house…within reason. - If your house isn’t getting many showings or offers after being on the market for a while, you should:
a) Reduce the price.
b) Get angry with your agent and ask for more marketing.
c) Give it a fresh coat of paint.
d) Blame the market. - When buyers are coming to see the house, you should:
a) Be there to show them around the house room by room, and point out all of the upgrades and details they might miss.
b) Get the heck out of there and let the buyer and their agent have the freedom to look without you breathing down their neck.
c) Be there, just in case they have any questions, but give them space so they feel like you aren’t there. Try to stay about a room away, so you’ll be able to listen to every word they say.
d) Not be home, but make sure you have spy cams set up to see and hear them. - If you receive a low-ball offer you should:
a) Get really angry and not respond.
b) Get really angry and tell the buyer to get lost.
c) Get really angry and give the buyer a firm counter-offer and tell them they can take it or leave it, but you won’t budge any more than that.
d) Stay calm and respond with a thoughtful counter-offer and see if you can eventually get them to come up to a reasonable and acceptable amount you’re willing to accept. - If a buyer submits home inspection requests for repairs or credits, you should:
a) Tell them that those things have been like that for years, and you’ve been fine living with them like that, so you’re not willing to fix them.
b) Hire the appropriate professionals to fix every single thing the inspector noted on the report.
c) Review the buyers requests and be willing to negotiate which items will be done and which items will not be addressed.
d) Fix everything yourself, even if they should be done by a licensed contractor. - When moving out, make sure to:
a) Leave it as clean as possible and don’t leave anything behind without the buyer saying (in writing) that it’s ok for you to leave behind.
b) Leave every single paint can with leftover paint from any time the house was painted since it was originally built, just in case the buyer wants to “touch up” some areas.
c) Leave piles of trash at the curb because the garbage collectors will definitely pick it all up, no problem.
d) Wait until the last minute to pack, and expect the buyers to be okay with you coming back to get stuff once they own the house and move in.
OK, let’s see how you did on the quiz! Here are the correct answers:
- d) Speak with your real estate agent about what is worth fixing up and what is not, and doing those things. (Sometimes it makes sense to renovate or fix things in your house before listing it. But sometimes you’re better off not spending the time or money on something that won’t produce a good return on your investment, or help get your house sold. Your agent can advise you on what to do, and what not to do, in order to maximize your sale price and net profit.)
- c) Use an amount close to what your agent recommends, based upon a thorough market analysis. (Zestimates—or any other online valuation—are often inaccurate, so don’t put too much stock in any of them when pricing your house. And while the amount you owe on your house, any money you’ve invested into it, and how much you want to clear are relevant for you to consider, they do not impact how much your house is actually worth on the market. Your agent will do what is called a comparative market analysis—also known as a CMA—which compares your house to several others that are similar in size, condition, and location to determine the approximate value your house is worth.)
- b) The one who is honest with you about the value of your home, even if you threaten to list with another agent who said they’d agree to list your house for more than it’s worth. (It’s not easy for an agent to stay firm about their honest recommendation on a list price when an owner wants to hear that their house is worth more money. But it’s even harder to do so when other agents are willing to let you list it for higher than you should. Sometimes agents will agree to let a seller list it for whatever they want, in order to just get the listing, and then encourage you to lower your price after being on the market a while. Unfortunately, listing for higher than the data indicates will probably lead to you having to reduce your price…and could easily cause you to sell your house for less than the initial recommendation.)
- c) Be honest about everything you know is or has been an issue with the house and disclose them all. (Your agent can’t even coach you on what to disclose or not disclose, let alone fill the disclosure out for you. And you shouldn’t try to hide anything you know is wrong with the house, unless you enjoy the thought of being sued for failing to disclose a problem. You should be honest and disclose everything and anything you know is wrong with the house, or has been an issue that you have resolved.)
- d) Whenever a buyer wants to come see your house…within reason. (Buyers don’t only look at houses on weekends or when there’s an open house. In fact, the most motivated buyers will most likely come see your house as quickly as possible, which may be during the week. The easier you make it for buyers to come and see your house at a time that works for them and their agent, the more quickly your house will get sold, and the less time you’ll have to deal with buyers coming in and out of your house.)
- a) Reduce the price. (You will most likely see all of the current buyers in your price range come through your house within the first couple of weeks of listing. If you don’t receive an offer, or the showings have tapered off after a few weeks of being on the market, you should consider reducing the price.)
- b) Get the heck out of there and let the buyer and their agent have the freedom to look without you breathing down their neck. (Buyers and their agents need to feel free to look around and talk about what they’re thinking and feeling with each other, without the owner present…in plain sight or otherwise. They don’t need you to show them around or point things out. So make sure you’re not home, and don’t eavesdrop on your potential buyers with any sneaky tech devices.)
- d) Stay calm and respond with a thoughtful counter-offer and see if you can eventually get them to come up to a reasonable and acceptable amount you’re willing to accept. (Some buyers come in with a low-ball offer just to see if they can get a ridiculous deal. But others do it because they just think they should, or don’t know any better. If a buyer comes in with an unreasonably low offer that has no data to back it up, stay calm and negotiate with them until you get them as high as they’ll go, and you can ultimately decide to take their offer, or tell them thanks, but no thanks…)
- c) Review the buyers requests and be willing to negotiate which items will be done and which items will not be addressed. (Just because a home inspector found something and put it in the report does not mean you will have to take care of it. Inspection issues are negotiable and your agent can help you decide which things to agree to address, and which things to decline. But whatever you do agree to address should be done by a qualified or licensed professional, such as an electrician, plumber, etc.)
- a) Leave it as clean as possible and don’t leave anything behind without the buyer saying (in writing) that it’s ok for you to leave behind. (Make sure to give yourself plenty of time by packing and arranging movers well ahead of time. When it’s time to give the buyer possession, the house should be in “broom clean” condition, which is a bit subjective, but basically boils down to being clean and nothing is damaged or broken. Don’t expect the buyers to want any of your stuff you don’t feel like moving, and make sure to get their permission before leaving anything behind in the house.)
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What Credit Score Do You Really Need To Buy a Home? According to Fannie Mae , 90% of buyers don’t actually know what credit score lenders are looking for, or they overestimate the minimum needed. Let that sink in. That means most homebuyers think they need better credit than they actually do – and maybe you’re one of them. And that could make you think buying a home is out of reach for you right now, even if that’s not necessarily true. So, let’s look at what the data really says about credit scores and homebuying. There’s No One Magic Number There’s no universal credit score you absolutely have to have when buying a home. And that means there’s more flexibility than most people realize. Check out this graph showing the median credit scores recent buyers had among different home loan types: Here's what’s important to realize. The numbers vary, and there’s no one-size-fits-all threshold. And that could open doors you thought were closed for you. The best way to learn more is to talk to a trusted lender. As FICO explains : “While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single ‘cutoff score’ used by all lenders, and there are many additional factors that lenders may use . . .” Why Your Score Still Matters When you buy a home, lenders use your credit score to get a sense of how reliable you are with money. They want to see if you typically make payments on time, pay back debts, and more. Your score can impact which loan types you may qualify for, the terms on those loans, and even your mortgage rate. And since mortgage rates are a big factor in how much house you’ll be able to afford, that may make your score feel even more important today. As Bankrate says: “Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for .” That still doesn’t mean your credit has to be perfect. Even if your credit score isn’t as high as you’d like, you may still be able to get a home loan. Want To Boost Your Score? Start Here And if you talk to a lender and decide you want to improve your score (and hopefully your loan type and terms too), here are a few smart moves according to the Federal Reserve Board: Pay Your Bills on Time: This is a big one. Lenders want to see you can reliably pay your bills on time. This includes everything from credit cards to utilities and cell phone bills. Consistent, on-time payments show you’re a responsible borrower. Pay Down Your Debt : When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible. That makes you a lower-risk borrower in the eyes of lenders – making them more likely to approve a loan with better terms. Review Your Credit Report : Get copies of your credit report and work to correct any errors you find. This can help improve your score. Don’t Open New Accounts : While it might be tempting to open more credit cards to build your score, it’s best to hold off. Too many new credit applications can lead to hard inquiries on your report, which can temporarily lower your score. Bottom Line Your credit score doesn’t have to be perfect to qualify for a home loan. But a better score can help you get better terms on your home loan. The best way to know where you stand and your options for a mortgage is to connect with a trusted lender.
Taking a Vacation While Buying a Home? Here’s How to Do Both Without Losing Your Mind (Or the House)
Real estate agents often joke that the best way to guarantee something big happens with a client is to plan a vacation. The minute their out-of-office email is set, sellers decide to list, buyers find their dream house, and offers start flying. But it’s not just agents. If you’re in the middle of buying a home, odds are that as soon as you finally book that much-needed vacation, the perfect property will hit the market—or your lender will suddenly need one more document before they can clear your file. So, what do you do if you’re house hunting—or already under contract—and also have a trip on the calendar? Cancel everything and put life on hold? Not at all. With a little planning and coordination, you can keep your transaction moving while still getting the break you deserve. Here’s how to juggle both without losing sleep—or the house of your dreams. Choose the Right Agent (And Empower Them) If you’re going to be out of town, your real estate agent becomes even more important than usual. You need someone who knows your preferences inside and out, can jump on new listings quickly, and is comfortable communicating across time zones and tech platforms. During the search phase, that might mean giving you a live FaceTime tour from a showing or sending over detailed videos. Once you’re under contract, it means staying on top of every little detail and making sure the transaction doesn’t lose momentum while you’re away. If you haven’t found the right agent yet, don’t wait until you’re packing your bags to start looking. The earlier you establish that relationship, the smoother things will go when you need them to step in on your behalf. Line Up the Rest of Your Team in Advance Buying a home takes more than just you and your agent. Lenders, inspectors, title reps, insurance providers—they all play a role, and each of them will likely need some kind of document, signature, or decision from you at some point along the way. You’re always free to choose who you work with, but if you don’t have go-to contacts, your agent likely does. Leaning on their network of trusted professionals can help make the process smoother. These are people your agent already has a working relationship with, which can lead to quicker responses, clearer communication, and fewer dropped balls. Either way, make your choices early and connect your team members with your agent so everyone is in the loop when the time comes. To avoid last-minute scrambling, try to front-load as many tasks as possible. Your lender may be able to gather key documents like pay stubs, bank statements, and ID copies ahead of time and keep them on file. If the timing works, you might even be able to knock out inspections or appraisals before you leave. At the very least, let your core contacts know your travel dates and the best way to reach you if something needs your attention. And if there’s someone you trust—like a family member, close friend, or legal rep—consider giving them written permission or even power of attorney to act on your behalf while you’re away. It’s an extra layer of protection in case something time-sensitive comes up, and your agent or attorney can help you get that paperwork squared away. Make Sure You’re Tech-Ready Most real estate transactions today can be managed remotely, at least to a degree. But that only works if you’ve got the right tools in place. Check that your phone plan includes coverage wherever you’re going, especially if you’re heading out of the country. If not, upgrade or add international service temporarily. Bring a laptop or tablet, make sure you know how to use e-signature platforms like DocuSign, and test your access before you leave. Wi-Fi may not always be reliable, so plan ahead for backup options. If you need to print, scan, or fax something, scope out nearby business centers or office supply stores at your destination. Many hotels offer these services too—worth confirming before you check in. Store Documents Securely (But Accessibly) Buying a home involves a surprising amount of sensitive paperwork—Social Security numbers, financial records, legal IDs, and more. It’s risky (and stressful) to travel with those items physically, but you may need them while you’re away. One smart solution is to upload essential documents to a secure, password-protected cloud storage service. That way, you can access and forward what’s needed from anywhere, without carrying paper copies through airport security. Just make sure you’ve tested access and organized your files before you take off. If there are a few documents you’ve been specifically told to bring with you, keep them on your person—not in checked luggage—and secure them in a locked bag or safe at your destination. Set a Daily “Check-In” Time Even on vacation, it helps to stay lightly engaged with your real estate team. You don’t have to be glued to your phone all day, but having a set time each day to check email, return calls, and review any updates can go a long way in keeping things moving. Let your agent and lender know when you’ll be available, especially if there’s a big time difference. It doesn’t need to be a long call—just enough to make decisions, sign what’s needed, or give the go-ahead on the next steps. And if you’re traveling with others? Give them a heads-up too. A quick explanation that you’ll need 15–20 minutes a day to keep a major life event on track can save everyone from surprises later. Consider Travel Insurance—Just in Case If you’re planning a once-in-a-lifetime trip or dropping a lot of money on travel, it might be worth looking into a travel insurance policy that includes “cancel for any reason” coverage. That way, if a can’t-miss opportunity or closing snag pops up and you have to delay or cancel your plans, you’re not entirely out of pocket. Even if you don’t go that route, having some sort of backup plan—like refundable bookings or flexible accommodations—can offer a little peace of mind. The Takeaway: Timing a vacation while buying a home can feel like tempting fate—but with the right preparation, you don’t have to choose between relaxing and staying on top of your transaction. From lining up a reliable agent and support team to setting aside time for daily check-ins, a little planning goes a long way toward making sure things don’t fall through the cracks while you’re away. The key is to think a few steps ahead. Have your documents ready, your tech in place, and your people connected. Whether you’re still house hunting or already under contract, you can absolutely take that trip—as long as you take the right precautions to keep everything moving behind the scenes.
For a while now, buyers were waiving their inspection contingency just to stay competitive in bidding wars in many markets. But that’s starting to shift. While waiving inspections still happens in some areas and price points, it’s no longer the default move for every buyer. More and more, we’re seeing offers that include the right to inspect—especially in markets where things are cooling just a bit or buyers feel they have some leverage. If you’re planning to sell, it’s time to expect that your buyer may want a home inspection. And honestly? That’s completely normal. In fact, doing a home inspection is far more common than skipping one. So don’t take it personally or assume something’s wrong when a buyer wants to have a closer look at the property. Is there a chance your buyer will discover an issue with your house? Of course. Could they come back with a list of things they want you to fix or credit—some of which might feel a little over the top? Yup. Will any of it be a deal breaker? Maybe… According to a recent article from the National Association of REALTORS®, the number of home sales falling out of contract has been on the rise. Around 6% of contracts were canceled in recent months—and in May alone, nearly 15% of homes under contract didn’t make it to closing. Deals can fall apart for all kinds of reasons, but one of the biggest culprits behind many of those cancellations is likely issues uncovered during the home inspection. Which is why the article suggests getting ahead of potential problems by doing a “pre-inspection” before listing. It’s not a bad idea in some situations—but it’s not the right move for everyone. So before you schedule that pre-listing inspection, here are a few things to consider. 3 Things to Consider Before Getting a Pre-inspection on Your Home With the growing number of deals falling apart, it’s no surprise that some sellers are being advised to get a pre-listing inspection—essentially hiring a home inspector before the house even hits the market. On the surface, it sounds like a smart strategy: find out what’s wrong before the buyer does, fix what needs fixing, and reduce the risk of surprises that could derail the deal later. And in some cases, it really can help. But before you add it to your to-do list, it’s worth looking at the bigger picture. A pre-inspection isn’t a one-size-fits-all solution—and it may come with a few unintended consequences sellers don’t always consider. Once you know about it, you have to disclose it. Let’s say you already know there’s a water stain on your ceiling. You’ll need to disclose or fix that anyway. But maybe you haven’t been up in the attic in a while, or ever. If your inspector finds signs of a roof leak up there, that’s something you now know about. Which means it’s something you now legally need to disclose to buyers, even if it wasn’t visible before. This isn’t about hiding things (that’s never the goal), but it’s worth understanding: a pre-inspection can expand your disclosure obligations. The buyer will probably still get their own inspection. Just because you’ve had one done doesn’t mean the buyer will accept it and move on. In many cases, they’ll still bring in their own inspector. And guess what? Their inspector might see something yours didn’t. Or interpret the same issue differently. So while a pre-inspection can help reduce surprises, it’s not a magic shield against inspection negotiations later on. You might feel pressure to fix more than you need to. With a pre-inspection, there’s a temptation to fix every single issue before going to market. That might not be necessary—or even wise. Some buyers are perfectly fine with small cosmetic flaws or outdated systems, especially if they’re reflected in the price. Fixing things just because they showed up in your report could cost you time and money without adding much return. You may be better off just letting the buyer do their own inspection and letting you know what they found and what they feel needs to be addressed. Lean on Your Agent’s Advice There’s no one-size-fits-all answer to whether you should do a pre-inspection or not. It really depends upon your particular home, the local market conditions, and even the price range your house falls within. So before you schedule any inspections—or skip them altogether—have a candid conversation with your agent about what makes the most sense for your situation. Your agent can help you weigh the pros and cons based on your home’s condition, your local market, and the type of buyer you’re likely to attract. They can also refer you to trusted home inspectors—ones who provide thorough, honest reports at a fair price. (Not all inspectors are created equal, and your agent likely has experience working with the good ones.) The Takeaway: More buyers are doing inspections again. That’s not a bad thing. It’s just a return to normal—and a chance for buyers to feel confident about the home they’re purchasing. As a seller, that means being prepared for the possibility of inspection negotiations and knowing how to navigate them without letting the deal fall apart. While a pre-inspection can be helpful, it’s not a one-size-fits-all solution. It may prevent surprises, but it could also open up new ones. Before deciding, talk to your real estate agent. They’ll help you understand what makes sense in today’s market—and how to move forward with confidence.
