Common
Q&A About Selling Your Home
- Q & A
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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:
First
and foremost, put it in
the best condition possible,
especially if you are
in a market with few buyers
and lots of homes for
sale. That means taking
care of any major repairs
that could deter a buyer
(such as replacing any
broken windows or replacing
a leaky roof) if you can
afford it. Next, work
on your home's curb appeal.
Make sure your landscape
is pristine. Mow the grass,
clean up any debris and
weed the garden beds.
Plant a few annual flowers
near the entrance or in
pots to be placed by the
door. Other quick fixes
that don't cost a lot
of money but can help
you get top dollar for
your home:
Clean
the windows and make
sure the paint is
not chipped or flaking.
Be sure that the doorbell
works.
Clean and freshen
up rooms, furnishings,
floors, walls and
ceilings. Make sure
that bathrooms and
kitchens are spotless.
Organize closets.
Make sure the basic
appliances and fixtures
work. Replace leaky
faucets and frayed
cords.
Eliminate the source
of any bad smells,
such as the kitty
box. Use air freshener
or bake a batch of
cookies before your
open house to ensure
that the house smells
inviting.
Invest in a couple
of vases of fresh
flowers to place around
the house and next
to any information
about the house you
have prepared for
buyers.
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
* 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.
Copyright
2006 Inman News Features
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