Seller FAQs

When selling your Summit County home many questions may arise. 

These frequently asked questions should help to answer some of them for you.

• Can I do a 1031 Exchange?  If your Summit County home has been a rental property you may be able to do a 1031 exchange.  There are many requirements you must meet and you must be planning to purchase more property with the same or higher value as the one you are selling.  The rules are always changing.  Currently, a 1031 Exchange is more difficult if you use your vacation home more than 14 days a year.  Get more information about a 1031 Exchange.
• When should I put my home on the market?  If your situation doesn’t dictate when you need to put your home on the market, put it on as soon as you are ready to sell it.  The typical Summit County market is slowest in the winter with fewer homes on the market and fewer, but more serious buyers.  Once the ski resorts close in the spring the ski condos tend to hit the market and summertime brings all the buyers to town.  In the summer your home will have more buyers looking at it but there will also be more competition for their money.  Each selling season has its positives and negatives and shouldn’t weigh too heavily on your decision of when to sell. 
• Do I have to take my condo off the rental program in order to list it for sale?  No, your condo can still be on a short term rental program.  Your condo won’t be shown while it is rented out so keeping it on a rental program will make showing it more difficult.  This will allow fewer buyers to see it which could delay the sale.  If long term tenants are in place you can make special arrangements with your tenants to allow showings.
• What expenses will I have when I sell my home?  Sellers do have some expenses when selling their home.  Most expenses are paid at closing but some do need to be paid up front.  If any repairs are needed to get your property ready to sell, or if repairs are agreed to after a buyer’s inspection, those costs will need to be paid out of pocket.  Sometimes the service provider will wait until closing for payment but not always.   Another charge that may need to be paid before closing is a survey.  If a buyer requests it in the purchase contract, the seller will probably be required to pay for it.  Some expenses encountered at closing will be Realtor fees, any HOA transfer fees, year to date real estate taxes and title insurance.
• What can I expect from my real estate agent?  In Colorado, there are two types of working relationships you can have with the agent you hire to sell your home.  The first is a Transaction Broker.  As a transaction broker, the agent’s objective is to successfully sell your home.  Fantastic!  The second type of relationship is a Seller’s Agent.  The agent’s objective in this relationship is to help the seller meet their objectives.  Typically the seller’s objective is to sell their home but there are probably other objectives surrounding that.  When you hire The Mountain Living Team to sell your home, we prefer to work for you as a Seller’s Agent, working toward all of your objectives.

If you have other questions about selling your Summit County home that haven’t been mentioned here, feel free to contact us.