Q: How do we get Started?

A: Our priority is getting to know you, your property and your goals. The better we understand your desires and expectations the more value we can provide. We will prepare a Comparable Market Analysis to accurately determine the optimal asking price to sell your property for the best possible price in the quickest timeframe, discuss your timeframe for settlement, review our professional marketing plan for your property, and provide closing costs/seller net estimator.

Q: What are the Average Days on Market to get a property sold?

A: Over the past three years, the median days on market was 101 days while the average was 158 days. In favorable conditions, it’s common for a reasonably priced property to sell in fewer than 90 days. Once a contract is agreed upon, the closing process typically takes 30-60 days.

Q: When is the best time to sell down the shore?

A: As to ideal timing, nearly 75% of contracts are signed between February and October. There is less sales activity during November to January. The slowest month is December with the busiest months being March to May.

Q: How do I get feedback from showings that take place at my property?

A: Getting feedback from showings is one of the most important aspects of selling a property. We use a user-friendly App called ShowingTime that all our clients have access to. This system will notify sellers via email and/or text, the time and date that showings are scheduled, as well as, send buyer/agent feedback regarding the showing.

Q: I have a friend that is a licensed Realtor; do you give referrals to agents?

A: Absolutely, we are open to giving referrals to another real estate agent that may be a friend or relative. We put the seller first and always feel it is in the best interest of the seller to use a licensed Realtor that Specializes in the Sea Shore Market as your primary listing agent to represent you with marketing and selling your property. There are many specific nuances to the Real Estate Market down the Shore, so it is very important to work with a licensed Realtor that is knowledgeable in the second home/investment properties in this area.

Q: How much is a Real Estate Commission?

A: As you are probably aware, as a seller, you have the right to individually reach an agreement on any fee, commission or other consideration with any broker. No fee, commission or other consideration has been fixed by any governmental authority or by any trade association or multiple listing service. Brokers' commissions are not set by law and are fully negotiable.

Q: What Contingencies should I expect in a contract offer from a prospective buyer?

A: Mortgage Financing contingency is often included in an offer and the following inspections are typical contingencies:

Building Inspection - paid for by the buyers this includes pool, bulkhead, structure, electrical and plumbing. Disagreements may arise between buyer and seller regarding the extent of defects that are found in the inspection report and if/how they will be remedied by the seller. It is advantageous to have an experienced agent in these matters who can guide you through this critical period. This is where our vast experience can be put to work for YOU.

Wood Boring Insect Inspection - paid for by the buyers.

Clear/ Insurable Title - The Title Agency will run a title search and notify all parties if anyone issues arise. The Title Insurance is paid for by the buyers.

Water Front Properties - Beach Front and Bay Front - are highly regulated in New Jersey and in some cases, the buyers may request a 30-day due diligence period to confirm that all required permits and/or Tideland leases or Grants were properly obtained and that the existing structures and improvements are consistent with said permits. Buyers planning to build a new structure will likely seek to establish precisely what the site will accommodate from a zoning and regulatory perspective.

Q: What are the typical settlement costs that are a seller’s responsibility?

A: The brokerage fee (Real Estate Commission), that seller has negotiated.

City Required Fire and Flood Vent Certification. (in Sea Isle City it is $45)

New Jersey Transfer Tax (Roughly it is 1% of the sale price on a progressive scale)

Preparation of the deed (up to $125)

Title company settlement fee ($500-$600 split 50/50 between buyer and sell)

If a non-resident of New Jersey, the state of New Jersey instructs the Title Companies to collect 2% of the Sale Price which is a NJ Withholding fee on potential capital gains. This does not apply to entities (i.e LLC or LP) or if the seller is participating in a 1031 Tax deferred Exchange. The 2% NJ Withholding fee will be applied to your state capital gain fee when a tax return is filed. It will be returned to you if no Capital gain applies.

Q: What is the 2% capital gains non-resident Withholding?

A: In August of 2004, the state of NJ began to require as estimated tax payment to be made by all non-resident sellers. The law states that they are to collect 2% of the gross sale price. The tax is a pre-payment toward the tax that would be due to the state of NJ for the income earned in the state. All non-residents are required to file a non-resident tax return for the tax year their residence sells. Any additional tax due would be paid at that time and any overpayment would be refunded. If you are selling your property at a loss, you are still required to make this payment. However, you can file a "claim refund form" a few weeks after settlement to show the loss on the property and obtain a refund.

Q: Do I have to attend settlement?

A: The selling portion of a settlement has less documentation signing than the buyer side. It isn’t necessary for sellers to physically attend settlement. We are happy to have the title company handling the settlement send you the documents (including signing instructions) prior to settlement and wire or send a check with your proceeds upon completion. We will closely oversee the process and keep you informed every step of the way.

Do you have a Home Selling Question that you would like answered?

Contact us anytime at (609) 263-1431 or send us an email at SeaShoreTeam@LNF.com