|
|
When you're ready to think about selling your property, you need to ask yourself the following questions:
- Do you have the time, energy, sources of information, and contacts to do the job yourself?
- If you were one of the "do-it-yourself' people, would the results be as good or better than they would be if you had professional assistance?
- Would it have gone smoother?
- Would it have given you more personal time?
- Would you have purchased for less, or sold for more, if a real estate agent was involved?
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today often exceed $300,000. If you had a $300,000 income tax problem, would you attempt to deal with it without the help of an accountant? If you had a $300,000 legal question, would you deal with it without the help of an attorney?
Considering the small upside cost and the large downside risk, many people think it would be foolish to consider a deal in real estate without the professional assistance of a Realtor. Click here to ask the advice of our
Phoenix Real Estate experts.
Common Questions About Selling Your Home
Q: Do sellers have to disclose the terms of other offers?
A: According to experts, sellers do not have to disclose other offers
Q: Can I make an offer on a new house before my house is sold?
A: This is one of those "it depends" questions. If you wait until you have an accepted offer on your house, you might not have enough time to find, buy, and close on your new house. If you find a new house before yours is sold, you might not have enough time to sell your house. This question is best answered on a case-by-case basis, because each seller's situation is different. Discuss this with your Realtor, or click here to ask our
Phoenix Realtors
directly.
We try to assess our sellers' wants and needs in order to advise them on this topic. What's your time frame? What's the best case scenario? What's the worst case scenario? How quickly do we think your house will sell? Is it prepared to sell? Is it priced fairly? Could you make two mortgage payments for a month or two if you had to? Could you live in an apartment for a month or two if you had to? The answers to questions like these can help us identify a game plan that will work best for you.
Q: Should I add on or buy a bigger home?
A: Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:
- How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
- How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
- What do local zoning and building ordinances permit? What will the HOA permit?
- How much equity already exists in the property?
- Are there affordable properties for sale that would satisfy housing needs?
- Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.
Q: What are some tips on negotiation?
A: The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up.
Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.
Q: How long do bankruptcies and foreclosures stay on a credit report?
A: Bankruptcies and foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible
Q: What do all of those real estate acronyms in the ads mean?
A: If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is a method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
assum. fin: assumable financing
dk: deck
gar: garage (garden is usually abbreviated "gard")
expansion pot'l: may be extra space on the lot, or possibly vertical potential for a top floor or room addition. Verify actual potential by checking local zoning restrictions prior to purchase.
fab pentrm: fabulous pentroom, a room on top, underneath the roof, that sometimes has views
FDR: formal dining room (not the former president)
frplc, fplc, FP: fireplace
grmet kit: gourmet kitchen
HDW, HWF, Hdwd: hardwood floors
hi ceils: high ceilings
In-law potential: potential for a separate apartment. Sometimes, local zoning codes restrict rentals of such units so be sure the conversion is legal first.
large E-2 plan: this is one of several floor plans available in a specific building
lsd pkg.: leased parking area, may come with an additional cost
lo dues: find out just how low these homeowner's dues are, and in comparison to what?
nr bst schls: near the best schools
pvt: private
pwdr rm: powder room, or half-bath
upr: upper floor
vw, vu, vws, vus: view(s)
Wow!: better check this one out (could be really good or really bad!)
|
|