For Sale By Owner’s Founder Used Realtor To Sale Home
August 11th, 2011 Categories: For Fun
The founder of For Sale By Owner dot com finally sold his New York apartment after it sat on the market for six months under his price and marketing. He finally decided to list the home with a NY broker who ended up selling the home for $150,000 more than he was originally asking for!
Please understand, I completely respect those who try and sell their homes on their own. But this story is too interesting to not pass along.
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How To Know If Your Purchase Price Is Accurate?
August 9th, 2011 Categories: Buyers, opinion
You do NOT want to pay too much for a property. You also want to feel that you secured a great deal.
So, how do you know that what you are offering is even based on a realistic amount? This a very good question and one that every buyer should be asking. While there is NOTHING or NO ONE that can gaurentee that today’s good value will be worth any thing tomorrow, you need to get the best deal you can today based on today’s market conditions.
Here is where to begin…
- Search for comparable properties (similar sq ft, beds, baths, garage, age) that have sold in the community of the subject property within the last 90 days. If there are not at least 3, stretch the search to 180 days.
- Have a Realtor(s) give you a comparable market analysis report which should be very similar to your findings.
THE DO NOT’s…
- DO NOT- base the value on the tax record or a zillow zestimate. Both are un-reliable sources in a fluctuating market.
- DO NOT- base your offer price on what the seller owe’s or what you think they owe.
- #1 DO NOT- work with the listing agent or builders agent as they work FOR THE SELLER. This is an obvious conflict of interest which interferes with you getting the best deal. Hire a buyers agent as they work for your interest and will most likely cost you NOTHING.
The good news is that your lender will require that the property undergo an appraisal. These are not the appraisals of the mid 2000′s when the market was going crazy. The restrictions and limits on an appraiser is much higher now for your protection. Therefore, if the appraiser feel’s that you are paying TOO MUCH for the property, you will most likely be able to walk from the deal or RE-NEGOTIATE the transaction.
At the end of the day, a properties worth is what a buyer is willing to pay for it. But, until the last “i” is dotted, play the game with intelligence.
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World’s Best Sign Flipper
August 2nd, 2011 Categories: Loudoun Neighborhoods
Saturday was HOT! In fact, the past week has been a scorcher. Which makes it all the more impressive that this Brambleton sign guy was working so hard.
This guy had every one’s attention at the intersection. I heard people laughing, cheering, and blowing their horns. I thought you would enjoy it, so I turned around a grabbed a short video. Enjoy!
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The Perfect Short Sale Approval Letter
July 29th, 2011 Categories: Short Sales & Foreclosures
If you are selling your home short, there are a couple ideals that you can hope for.
- That the bank waives the right to the deficient amount owed.
While it is possible that a bank will never pursue this balance, few will agree in writing to never do so leaving the seller potentially on the hook for 5 years. - That you do not have to sign a promissory note or come to the table with money.
This is a very common request from banks. While it is a great option compared to not having the deal go through, it is better to avoid it all together if you possible.
Check out a copy of this letter below.
You will notice that it states that the short sale will be reported to the IRS and that there may OR will be tax liabilities. This is written in every short sale approval letter and cannot be removed. However, due to the debt forgiveness relief act, most short sale tax burdens are forgiven.
To discuss a short sale contact me!
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Can A Down Payment Be A Gift?
July 25th, 2011 Categories: Mortgage News
If you are planning on purchasing a home but lack the funds necessary for the down payment, there are loans that will allow you to receive a gift from a family member to cover this requirement. Here is a short video from a friend of mine in Southern Maryland who does a great job explaining a few of the questions often associated with this type of issue…
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