Curt
Hacker
Realtor - RE/MAX Team 2000
Serving the metro Detroit area since 1991
Seller frequently asked questions and answers
| Q: | Do sellers have to disclose the terms of other offers? |
| A: | According to experts, sellers do not have to disclose other offers |
|
|
|
| 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? * 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 do I prepare the house for sale? |
| A: | Making
your home look as nice as possible may seem obvious. Apparently, it's
not, because many sellers don't do much beyond vacuuming the living room
rug and maybe cleaning the ring off the bathtub, says George Devine, in
"For Sale by Owner," Nolo Press, Berkeley, Calif.; 1993. Short
of spending a lot of money, Devine offers several steps people can take
to make their home show better:
|
|
|
|
| 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 an 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 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 |
