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While putting a
new front door on our house, some of the asbestos shingles
were broke. Instead of replacing the shingles (not even
sure if they make them anymore), we are debating on siding
the entire house, or bricking the front only. We want to
sell soon, so we want to chose the one that will give us the
best return. What do you suggest? The rest of the
house shingles are in relatively good shape. |
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I am pretty sure
asbestos shingles are no longer manufactured, but you can
get replacement "look-alike" shingles that will match pretty well. I
think they are made out of a composite similar to "Hardiplank".
Since the rest of the shingles are in good shape, that would
be my first suggestion because it will probably be the least
expensive and it will help keep the original "flavor" of the
home. Vintage homes that still have the original look and
character of their era seem to have the highest market
value.
Siding can raise a
buyer's suspicions ... they wonder what the siding may be
hiding. But if you can't find shingles, siding would be my
second choice.
~
Ask a REALTOR® ~ |
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My house is getting ready to close this week and the buyer
wants to do one more final walk through of the house, which
is fine. However, there is a crack in the ceiling of the
bathroom. It has been there since I bought the home.
It is solid, not moist or saggy, but noticeable. The buyer
has been through the house a few times before and not
mentioned a concern about it. Now that all of my stuff
is moved out, I am a little nervous that it will be more
noticeable and cause the closing to come to a halt. He had
the option to get the house professionally inspected and
declined doing so. I am wondering if I should paint the
bathroom ceiling or is this fraudulent? I don't want to do
anything illegal but I also do not want to lose the sale.
How can I handle this situation? Thank you so much! |
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I believe you
are experiencing typical seller anxiety as your closing
draws near. The final walk thru is usually just to make sure
that the house is in the same condition that it was when the
buyer made their offer. For example, that you did not remove
items that should convey with the property like window
coverings, installed appliances (like a dishwasher or
microwave), or other items that would be expected to stay
with the property unless the parties agree otherwise. (We
have had sellers dig up their landscape plants and take them
when they moved, so it is a good idea to do a final walk
thru just before closing.) The buyer also wants to
make sure you did not damage the house while moving out.
Since this crack has been visible all along and has not been
mentioned by the buyer, I doubt he is going to bring it up
now. If he should suddenly "notice" it and decide it must be
corrected or he won't buy the house, then I would gently
remind him he had an opportunity to inspect the property and
present any concerns early in the transaction during his
option period. After the option period, he is
committed to complete the purchase or be in breach of
contract.
Don't do anything to the crack. Try
to relax and don't worry. It should be fine. :)
~
Ask a REALTOR® ~ |
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We currently have
a home listed for sale. It was under contract and after the
home inspection the buyer opted not to buy the home. The
home is currently under contract again and this time the
buyer elected not to have a home inspection done, but the
realtor told me that she can disclose to the new buyer
anything found in the previous buyers home inspection. Is
that true? I thought that a home inspection was
confidential information to the one who paid for it. If
this is not allowed do you know a web site that I could look
at regarding this. Thanks for taking the time to answer my
question. |
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You and your REALTOR® are REQUIRED to
disclose any material defects you are aware of. So if you
or your REALTOR® have seen the previous buyer's inspection,
you are now "aware" of the problems the inspector found and
must be forthcoming to future buyers. The previous buyer's
inspection is theirs, and it is confidential -- they do not
have to show it to you. But if they do make it available to
you, you are then obligated to disclose the findings. For
example, if the inspection reveals that your foundation
needs repair, you NOW KNOW that it needs repair and MUST
disclose it. If we have a buyer that wants to show us their
inspection, we almost always decline for this reason. If we
do receive a copy a previous inspection, we make it
available to all future buyers by attaching it to the
seller's disclosure. When in doubt, disclose.
~
Ask a REALTOR® ~ |
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I know the garage
is not the biggest selling feature of the house, but should
it be overlooked when it comes to de-cluttering. Would it
show better if it were empty? |
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The garage would show better empty, but as
long as buyers can access the storage areas, water heater,
electric panel, sprinkler system controls, etc. it does not
have to be empty. However, it should not be a mess either.
Buyers understand you may need to store items in the garage
until you move, but they will get a sense of how you care
for things by the way you organize what is stored.
~
Ask a REALTOR® ~ |
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I'm trying to
decide between installing an over-the-range microwave OR
installing a pyramid type of ventilation system over the
range and then purchasing a small countertop microwave.
Which is better for resale? |
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Even if you have lots of counter space, most
buyers would prefer to have a built-in microwave rather than
one sitting on the counter. Modern/updated kitchens
have the microwave built in. If they do have an upscale
ventilation system over the range, then the microwave would
be built-in in another location. In our opinion, having a
pyramid ventilation system in a kitchen with a countertop
microwave would not be the best combination to appeal to
buyers.
~
Ask a REALTOR® ~ |
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My listing
REALTOR® wants me to complete a Seller's
Disclosure form. Do I have to tell buyers everything
that's wrong with my house? |
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Generally, you are responsible for disclosing
only information within your personal knowledge -- in other
words, you don't usually need to hire inspectors to turn up
problems you never knew existed. However, some
states' laws identify certain problems that are your
responsibility to search for, whether you see signs of the
problem or not. In these cases, or where you could have seen
a particular defect but turned a blind eye, you could
ultimately end up in court, compensating the buyer for the
costs of your failure to speak up sooner. It is
illegal to fraudulently conceal major physical defects in
your property such as a basement that floods in heavy rains.
Our advice - Fill in the Seller's Disclosure honestly and
completely.
Consider having your property pre-inspected
by a professional inspector - addressing problems before
putting your house up for sale could save you money later.
And remember, just because you disclose a
problem doesn't mean you must repair or correct it. The
disclosed item can become a point of negotiation between you
and your buyer..
~
Ask a REALTOR® ~
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We live in a 3 story
townhome that has a double-deep, single wide garage. The
garage is the first level with living/dining/kitchen on the
second and beds on the third. Since my wife and I own a
full-size pickup truck and a car, we can't fit both into the
garage. We are thinking of turning part of (approx 1/4) of
the rear part of the garage into a living area. But we are
also planning to sell in about 3 years. Would this
renovation be of value to our home? |
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Unless the 2nd living
area you are thinking of adding is a very desirable feature
for your area (perhaps a media room), then we feel that most
buyers would rather have the additional garage space – if
not for cars, for storage or recreational equipment, etc.
You do not indicate if your garage has windows or other
features that would make the “back” area appealing as a
second living space. Since you plan to live there for 3
more years, perhaps you could modify the space in such a way
that you could use it as living space but it could be
converted back to garage space without too much work or
expense. That way your buyers would have options and you
could use the space as you please until then.
~
Ask a REALTOR® ~ |
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Is there any
particular day of the week better than another for holding
an open house? |
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Open houses are
usually held on the weekends because that is when folks are
off work and have time to go look at properties. Sundays
seem to be the most popular day. Notice when listings in
your neighborhood hold open houses and schedule your open
house at the same time. That way you can benefit from the
additional signage and advertising in the neighborhood and
get more traffic to your house. Hope this is helpful.
Good luck!
~
Ask a REALTOR® ~ |
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I am building a new home that should be
completed in a couple of months. Can I sell my current house
with a stipulation that I move when my new house is
completed so I don't have to move twice? |
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Remember, when you receive an offer, you can
negotiate the closing and possession dates just like you
negotiate price, etc. Since you are so close to the
scheduled completion of your new home, if you receive an
offer in the next few weeks, you should be able vacate and
close within the normal 3-4 weeks transaction time.
However, since construction delays are not uncommon, you
and the buyer will need to agree on what will happen if your
new home is not ready.
When sellers are building a new home and they sell their
old one before the new one is ready, rather than delay
closing, we recommend they go ahead and close the
transaction but continue occupy and "lease back" under a
Seller's Lease.
To do this, the sales contract on your home will provide
that if your new home is not ready for occupancy by the time
you close on the sale of your current house, possession will
be determined under a the terms of the a lease agreement
where you are the tenant and the new owner of your home is
your landlord. These short-term leases protect both
parities. If your buyer has some flexibility as to when they
need to take possession, they are usually willing to
consider a reasonable lease back situation.
~
Ask a REALTOR® ~ |
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Which sells better, laminate/wood flooring in the kitchen or
linoleum? |
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Wood floors are very
popular as are wood laminates (Pergo-type) in almost every
room. However, in rooms that have the probability of a
"water event" like kitchens, bathrooms and laundry areas,
they may not be the best choice. For example, if your
dishwasher gets backed-up and overflows, wood and laminate
floors can soak up the water and swell. Then those
damaged boards would have to be replaced. Of course,
small amounts of water that are mopped up promptly should not be a problem.
The most popular
choice of flooring for kitchens and bathrooms is hard tile
... then vinyl tiles. Linoleum (sheet vinyl) is
inexpensive, easy to install, can update the look of a room
and is popular in rental properties for that reason ... but
is not that appealing to buyers. If you want to
add real value to your property, we suggest you install hard
tile in the kitchen and bathrooms.
~
Ask a REALTOR® ~ |
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How much money do you need to put down on a house? Would it
hurt you if you didn't have as much to put down? |
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A lot depends on your
credit history ... and the mortgage market which is becoming
much more cautious about qualifying people for "low money
down" loans.
If you put down less
than 20%, your lender will require "Private Mortgage
Insurance" or "PMI". For example, if you put down 10%, your
PMI will be .52% of the loan. If you put down 5%, your PMI
will be .78% of the loan. This makes your monthly payment
higher than if you were able to put down 20% and not have
PMI.
You should find a
local mortgage lender and get pre-qualified for a loan.
That way you will know what you can afford and what
financing programs could work for you. There is no charge
to get pre-qualified. Don't use an "internet" mortgage
company. Use a local one that a friend or relative can
recommend or ask your bank if they have a mortgage
department. Then get a buyer's agent to help you find a
home and guide you through the purchase process.
~
Ask a REALTOR® ~ |
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If the buyer wants to have popcorn ceilings tested and then
possibly removed who is responsible for the cost? |
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The buyer is
responsible for the costs they incur while investigating a
property. Then if they wish to have the seller remedy
some concerns discovered as a result of their investigation,
they can negotiate with the seller as to who pays for the
repair or removal, etc.
~
Ask a REALTOR® ~ |
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We are looking into buying our first house, but we still have 3
months left on our apartment lease. Is there any way we can
break the lease because we our buying a house? |
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Unless you are
renting from an individual that you have a good relationship
with, it is unlikely you will be able to get out of your
lease obligation. Apartment complexes and management
companies are usually not very flexible in these matters.
But, you can always ask.
If you had quite a
few months left, you might be able to sub-lease to another
tenant if your lease agreement allowed it, or if your
landlord could re-lease it quickly, they might release you
from the obligation to pay rent for the remaining months of
your lease if they were getting rent from another tenant.
With only 3 months
left, these may not be feasible options. However, can take a
month or more to find a house you want to buy it and it
usually takes about 30 days to close on a house once you get
an offer accepted. And, once you close on your "new" home,
you will not have a mortgage payment for the 1st month, so
it may work out that 3 months is a workable time-frame to
make this transition.
~
Ask a REALTOR® ~
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If I just want to see the house and I do not have my own
REALTOR yet, can I have the seller's agent do the showing or
am I then obligated to use that agent? |
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You are NOT obligated
to use any agent unless you have a written representation
agreement with them. Besides, the listing agent represents
the seller and cannot represent you on this property. If
you do not have an agent, the listing agent can facilitate
the transaction and is required to treat all parties fairly
and honestly. However, do not tell the listing agent
anything you do not want the seller to know. They have a
fiduciary responsibility to get the best deal they can for
the seller and even a casual remark like, "I'm really
anxious to find a place so I can get my children enrolled in
school" can give the seller an edge in negotiations.
If you decide to call
the listing agent to show you the property, you can tell
them you have not decided on a buyer's agent yet, but would
like to see the house. They may suggest you wait until you
get your own agent to see the property. Or they may say
that since you are not yet working with an agent, they may
be able to reduce the price since they will not have to
share the commission with a buyer's agent.
If you like the agent
and you decide that particular property is not of interest
to you, you may ask them to be your buyer's agent - on
properties that are not their listings. But, do go ahead
and get your own agent and let them guide you through the
process. It's the smart way to buy property and the buyer's
agent's commission is almost always paid from the seller's
proceeds. It won't cost you anything and will probably save
you money to have an experienced agent help you determine
value and negotiate the best deal.
~
Ask a REALTOR® ~ |
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We are thinking of putting our 100 year
old farmhouse up for sale. During the winter we always put
plastic on all the windows for better energy efficiency (the
windows are old and tend to frost up in cold weather).
Should I keep the plastic up when the house goes on the
market, or take it down? Is it a red-flag to a potential
buyer? |
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Most buyers who want
vintage properties know that old windows are not energy
efficient, but we suggest that you take the plastic down
when you put the house on the market. Wait until
spring/summer if you are not in a hurry. The house will
show better without the plastic and buyers may want to check
if the windows open and close properly.
~
Ask a REALTOR® ~ |
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My husband and I are in our late thirties.
We have poor credit. We are about to come into a large sum
of money and plan on buying a home with cash, then slowly
repair our credit. What would be the drawbacks, if any, and
what would be the benefits. Thank you. |
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Congratulations! This is your
chance to kill two birds with this big stone you are getting
(cash). Get with a mortgage person you trust, if you
don’t know anyone, call the mortgage lending department at
one of the large banks like B of A, Washington Mutual, Wells
Fargo, etc (don’t go through the regular banking division -
make sure you call the division that specializes in
mortgages). Find out the minimum you will need to put down
to get a mortgage. DON'T PAY ALL CASH -- this is your chance
to repair your credit and make a better investment at the
same time. They will lend you money even with bad credit if
you put down 20% to 50%. If they don’t approve you, go to
the next one, even if you have to pay higher interest. This
is THE way to repair your credit – nothing fixes it
faster than regular payments on home mortgage. By
putting less down, you maximize the profit you make from
appreciation, the return on investment (ROI), and that is
called “leverage”. Put the rest of your money in mutual
funds or a safe investment, not in your home. Don’t tie all
of your capital up in your home, save some so you have a
cash reserve for emergencies and avoid new credit problems.
~
Ask a REALTOR® ~ |
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We had to
move due to a job change, but have been unable to sell our
house. Paying our mortgage plus rent for our new place is
killing us. Are there any programs to help us until we sell
our house? |
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We
do not know of any programs to
help folks through this expensive limbo time. We suggest
you aggressively work to sell your property. If your
property has been on the market for over 60 days, there is a
problem unless you are in a depressed market. Usually that
problem is price. If there have been a dozen or more
potential buyers who have visited your property and none
have made an offer, then the home either has something about
it that puts buyers off or it is overpriced. Your
REALTOR®
should be getting feedback from the showing agents as to
what they and their clients thought about your property when
they visited it. Those comments should give you some
insight as to why it’s not selling. I wish we could direct
you to someone who could help you with the “rent plus
mortgage” burden, but to the best of our knowledge, no
program exits. Maybe a no interest loan from family until
you can pay them back with the proceeds from your sale?
~
Ask a REALTOR® ~ |
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We are having a hard time selling our
house but have a couple that asked us if we were willing to
do a contract for deed? What is that and what are the
advantages and disadvantages to us as sellers? |
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Contract for Deed is rarely done anymore. When interest
rates were high and sellers could seller-finance at lower
than market rate interest, this was sometimes a good
situation. But interest rates are low, so the only buyers
who would want to purchase this way are ones that probably
can’t qualify through a mortgage company. Under the
Contract for Deed, the seller retains title until the
contract is fulfilled – but why would you want risk selling
to someone who probably isn’t qualified to get financing
through a lender? If they default, be prepared for
problems. I would advise against this scenario; if you
decide it’s worth the risk, you should consult an attorney
to assist you with the transaction.
~
Ask a REALTOR® ~ |
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Does a
REALTOR have the right to ask the
Mortgage Company personal financial information by the
buyer? Such as...Credit Score, What Program(s) the Buyer was
approved? What their current debt and/or bank account
information without the consent of the buyer? |
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No. No one has the right to details of
your personal financial information without your permission.
However, your REALTOR® will be working closely with your
lender on your behalf, so restricting the information they
can share is probably not beneficial to you. In
addition, if you make an offer on a property the seller's
REALTOR® may call your lender to verify that you are
qualified to purchase the property before the seller will
accept your offer. We all need to be careful who has
access to our financial information, so we can appreciate
your concern. However, your financial situation is
critical to the purchase process. Find a reputable
REALTOR® and trustworthy lender and allow them to work for
you.
~
Ask a REALTOR® ~ |
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I have found a home I want to buy and I am
representing myself so I can negotiate a lower price instead
of 2.7% paid to a buyer's agent. I would like to see the
disclosures before I make an offer. If I ask the seller's
agent for them, are they required to provide them to me? |
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It does not sound like you are an experienced
home buyer. Think about this ... most EXPERIENCED home
buyers would not consider tackling a real estate purchase
without their own buyer's agent or an attorney.
As you know, purchasing a home is a big expense. It is
also a complicated transaction. If something goes wrong, who
will be your advocate? Are you going to put yourself in the
hands of the seller's agent -- who is legally obligated to
get the best deal for the seller? The 2.7% that you would
"save" by not having your own agent may cost you many times
that. Besides, your buyer's agent - who is experienced in
negotiating - can probably get a price that would be lower
than the "reduced" price you are paying and you would have
someone to guide and advise you that is committed to YOU and
getting the best deal for YOU.
Be careful what you tell the seller's agent. They are
required to share any information they have about you with
the seller. You could be innocently giving them information
that could hurt you in negotiations.
But to answer your question, the seller's agent should be
glad to give you a copy of the disclosures. Many times they
will have copies available at the property or online.
~
Ask a REALTOR® ~ |
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I recently spoke with a
REALTOR about
listing my Townhouse on the market. However, I have since
fallen behind in my mortgage payments. Can I still try to
list my Townhouse? If so, how can I benefit from the sale? I
am in touch with my lender to avoid foreclosure. |
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Sorry to hear about your situation. It is
very important that you continue to communicate with your
mortgage company. Unless you are "upside down" - you owe
more than the market value of the house - you should at
least be able to sell for enough to pay off your mortgage,
cover your closing costs and maybe have a little left. Find
an experienced REALTOR that is savvy about "short sales" and
knows how to work with your mortgage company. It is always
an advantage to not have a foreclosure on your record.
Good luck!
~
Ask a REALTOR® ~ |
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What happens if you're in the process of
selling your house but your listing contract is about to
expire with your REALTOR before the process is complete?
Do you have to sign another contract with the REALTOR
extending the time frame and what impact will it have on
their commission if you don't extend the contract? |
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You should have received a copy of your
signed Listing Agreement. It will address specifically what
happens when the listing agreement/contract expires.
There are different types of listing contracts/agreements.
Generally, if you accept an offer on your property before
the listing contract expires, even on the last day of the
contract term, the listing contract does not have to be
renewed for the parties to remain obligated to the
agreement. Usually, if you do not have an offer on
your property before the listing contract expires, then you
are no longer obligated under the terms of the listing
agreement/contract ... However, most listing agreements
provide that if the seller accepts an offer to purchase
within a certain time frame after the listing contract
expired from a person who saw the property while it was
listed with the agent, the agent is entitled to their
commission. The agent who ultimately caused the buyer
to purchase the home and earned the commission is the
"procuring cause agent". That procuring cause agent might
not be the agent who obtained the offer from the buyer,
presented the offer and successfully negotiated the seller's
acceptance of that offer. Every state REALTOR association
has its own guidelines that establish procuring cause, none
of which are fast and hard rules. It is reasonable to
ask your REALTOR to clarify how your listing agreement
addresses the situation.
~
Ask a REALTOR® ~ |
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We are possibly going to relocate and may
need to sell our home.
We had some leaks which caused our
builder to have to repair the bathroom floors and kitchen
floor. We also had some mold in the air, not
visible. Our builder also hired a remediation company to
fix. How should I state that in a disclosure so I won't
scare the buyer away? This house is 6 yrs. old and these
were problems that started about a year into our ownership.
Just this year the remediation stuff was done. HELP! |
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The panic over mold several years ago has
pretty much ended so hopefully just the mention of mold will
no longer scare buyers away. Mold needs moisture; once
the moisture source is removed, mold cannot continue to
grow. Since your builder has repaired the leak which
was the source of the moisture and had mold remediation
done, we suggest you briefly explain the event in your
Seller's Disclosure and attach copies of the remediation
report. If the remediation report is pretty current,
that should be sufficient. You could have the property
tested for mold by a qualified testing company just before
listing your property and make that report available to
assure buyers the problem has not come back. It's not
cheap, but it may help reduce the mold "stigma" and allow
you to get market value for your property. Good Luck!
~
Ask a REALTOR® ~ |
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The listing agent for the house I want
says he can reduce the price since I am not working with a
buyer's agent. Is this ethical? |
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Yes. Typically all real estate agent commissions
are paid from the seller's proceeds, so the listing agent
can reduce his commission fee since he does not have to
share it with a buyer's agent. The seller can then
reduce the price of the house without affecting his net
proceeds. But remember that the listing agent
represents the SELLER and is obligated to get the best deal
for the seller. The listing agent can facilitate a
fair and honest transaction for both parties, but is not
permitted to advise or counsel the buyer. That lower
selling price may not be a bargain. We urge you to
find your own buyer's agent. Let them help you
negotiate the price and assist you with the transaction.
Be smart. Get your own agent.
~
Ask a REALTOR® ~ |
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Do I have to get a professional home
inspection? My father knows all about construction.
I trust his evaluation ... and he won't charge me $300!
My REALTOR® says I will need to sign a waiver saying I was
advised to get a professional inspection if I don't have one
done. |
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We don't know your dad, but in Texas,
inspectors are licensed by the Texas Real Estate Commission.
They must complete initial licensing educational
requirements and maintain continuing education to renew
their license. They are aware of current construction
codes and are knowledgeable about the major structural
components as well as electrical, plumbing, appliances and
other systems of homes. They have a state mandated
"checklist" they must perform on every home and they have
the proper tools to run the tests. They give you a
written report itemizing the condition of all the areas
checked and any recommendations for repair or maintenance.
This is a valuable tool in negotiating with the seller
for repairs. Your REALTOR is giving you good
advice ... but you don't have to take it. If buyers
elect not to have a professional inspection, most REALTORs
will require them to sign a waiver so if the buyer discovers a
problem after the purchase, they can't say they didn't know
they should have had an inspection. This is the
smartest money you can spend in your home purchase process.
We suggest you get a professional to inspect the property ...
and then get your Dad to help you go over the report.
~
Ask a REALTOR® ~ |
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I like the old fashioned look of frame
houses, but I like the low maintenance of masonry.
I've heard the new "hardy" siding is very durable and easy
to maintain. What do you think? |
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First of all, some of the composite sidings
in use now are so durable they are considered "masonry" (by
some) ... we've visited several homes that were described as
"four-sides masonry" that did not have a single brick or
stone!
Composite siding is made of cement,
sand, natural fibers and water. This combination
offers enormous advantages over conventional siding
material. It won't crack, rot, warp, buckle or swell.
It is unappealing to termites and carpenter ants. It is
non-combustible so your insurance company will like it and
you may even get a lower rate. It holds paint better
than wood siding. It stands up to the elements and
comes in a variety of styles and textures that match the
unique quality of natural wood. It has the beauty of wood
and the durability of masonry.
Of course, masonry buildings are subject to the same detrimental
effects of weather and other environmental factors that can
damage wood and other siding materials. But while most
people expect wood to decay, they assume stone will last
forever. But stone
buildings do require maintenance.
In our opinion, composite siding is not masonry even if
it does contain concrete. We consider "bricks and
mortar" type of construction to be masonry. But if you
like the look of wood, composite siding is far and away your
best bet. It's only slightly more expensive than wood
siding.
~ Ask a
REALTOR® ~ |
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If I remove the ceramic logs from my
fireplace and burn wood logs instead, is it safe to use the
pre-installed gas log lighter? |
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The answer to your question depends upon the
type of fireplace. Some gas log fireplaces are actually wood
burning fireplaces with gas logs installed. Other fireplaces
are manufactured strictly as gas burning fixtures. When
restoring a conventional wood-burning fireplace to wood log
use, it is often necessary to replace the burner hardware.
Some gas log burners, and particularly the flex connectors,
are not rated for direct exposure to fire. In those cases,
all or portions of the gas hardware would need replacement.
With fireplaces specifically designed to function as
gas-burning fixtures, wood burning would constitute a major
fire hazard. To ensure that all such conversions are safe
and legal, all related changes should be reviewed and
approved by a qualified fireplace contractor or a certified
chimney sweep.
~ Ask a REALTOR® ~ |
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I have inherited my childhood home which
was built in 1950. It has been well maintained but
never updated. I've had a couple of contractors offer
to buy it "as is" for a pretty good price. I don't
want to take on the expense and hassle of fixing it up, so
I'm tempted to accept their offer. What should I do? |
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If contractors are approaching you, they see
value in the property. Before you "give away" your
inheritance, ask a REALTOR® to prepare a Comparative Market
Analysis for you. Vintage homes are very popular -
especially if they are in a good location and in reasonably
good condition. And don't worry about doing updates.
The new owner will probably want to remodel it anyway.
We're betting your REALTOR® can sell it "as-is" quickly for
considerably more than the contractors are offering you.
~ Ask a REALTOR® ~ |
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I am
thinking of selling my home but my neighbor is threatening
to scare away buyers because he wants me to cut down some
trees he doesn't like. He has told several people that if
they buy they may be involved in a law suit over them. What
can I do about him? |
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Well, we
can certainly see why you may be thinking of selling! Of
course, we are not qualified to give legal advice and that
may be what you need. We're assuming you have already tried
to resolve this in a friendly way. If he is interfering
with the sale of your home, the situation has to be
addressed. Ask your REALTOR® if they would be willing to
visit with him on your behalf to understand what his
grievances are and see if there are any creative solutions
that could satisfy him without compromising the resale value
of your home. Do the trees cause a legitimate problem for
him? Do they add significant value to your home? If you
can’t work it out and he continues to interfere with the
sale of your home, then you may have to pursue legal
remedies. But hopefully it won’t come to that. Good luck.
~ Ask a REALTOR® ~ |
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We just bought a house with 6 ceiling fans and I love them.
But I've never had ceiling fans before and don't know which
way the blades should rotate. Does it matter? Should you
change them seasonally? |
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In hot weather,
operate the fan in the normal, counter-clockwise direction.
This creates a cooling "wind chill" effect that
can make you feel
up to 8 degrees cooler. The room thermostat setting can then
be raised, resulting in reduced air conditioning energy
consumption of 40-percent or more. In cold weather, operate
the fan clockwise in the slow speed. This creates a gentle
updraft that re-circulates the hot air trapped at the
ceiling to provide even, comfortable heat throughout your
room. The re-circulation of warm air allows you to lower the
room's thermostat setting. To change the blades' direction,
flip the switch on the head of the fan. Enjoy!
~
Ask a REALTOR® ~ |
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We are getting ready to put our home on the market. It was
built in 1978 and has "popcorn" ceiling texture in most
rooms, some of which is flaking off. We would like to scrape
the ceilings, but are concerned about asbestos. Is there an
inexpensive way to determine if this material contains
asbestos? I've read that spraying with water makes it safe
to remove it yourself. Is this true? |
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1978 is the
year that asbestos began to be phased out of use in newly
textured ceilings and the further manufacture of asbestos
containing ceiling texture had been banned, but the
installation of existing supplies of the material remained
legal. Therefore, most textured ceilings installed in that
year probably did contain asbestos, although not all.
If it is an asbestos textured ceiling, the cracking and
peeling in the ceiling may have released some fibers into
the air, but most likely not in large amounts. Scraping, on
the other hand, could produce a significant release of
asbestos fibers. Removal of asbestos ceiling texture by
means of dry scraping is particularly hazardous. Safe
removal requires the services of a licensed asbestos
abatement contractor is strongly recommended
To determine whether your home currently contains airborne
asbestos, a qualified asbestos inspector would need to take
air samples for testing by an EPA approved laboratory. Small
samples (about the size of a nickel) can be mailed to an EPA
certified laboratory, also. The cost for such testing is
nominal, but three separate samples are generally
recommended. For the name of a certified lab locally,
contact the EPA.
~ Ask a REALTOR® ~ |
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My wife and I are getting ready to sell our spacious 1975
home and move into something smaller. My
REALTOR® suggested I replace my
old wooden garage doors with new metal ones. My old
doors still work just fine. I got
an estimate for $630 - is it worth it to replace these
doors? |
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Good curb appeal
adds thousands of dollars in value to your home. If
you have a front-entry garage, your garage doors are one of
the most visible features of your home. If they look
old, dated or "tired" it might make buyers think the whole
house needs updating. You only get one chance for that
positive "first impression". We think this is money
well spent.
~ Ask a REALTOR® ~ |
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My house has 4 bedrooms, 3 baths and a 3 car (one side is
tandem, front to back) garage. I'm thinking about selling
and would like to know if it would make sense to convert the
tandem part into a fifth bedroom leaving a 2 car garage.
It would add livable square footage to the house and the
house would then become a 5 bedroom, 3 bath. Many of the
houses in the neighborhood have this configuration. Is it
worth my investment? I've been told it would cost between 5
and 10 thousand dollars. Thanks |
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We do not think
converting the tandem part of your garage to a bedroom would
add value to your home. If you need a 5th bedroom and are
not planning to sell, it might be worth it to you, but
unless buyers really expect the 5th bedroom to be
a part of any home they see, then it isn’t worth the time
and money. Most men love 3 car garages and it has been our
experience that great garages add more value around the
Austin area than a 5th bedroom.
~ Ask
a REALTOR® ~ |
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My REALTOR®
tells me I should leave when my house is being
shown to buyers - why? I know the features of my home
better than a stranger. I think it would be better for
me to be there and assist in the showing. |
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Buyer's will be
more relaxed if you aren't there. They may want to
open the pantry, look in the closets or turn on a faucet.
They may want to ask their REALTOR® a question. They
won't do that if you're there hovering over them.
Rather than helping with the showing, you will most likely
make the buyers want to leave quickly and go on to the next
house. Turn on the lights, open the curtains, make
sure the house looks and smells clean -- then leave!
Trust the showing agent to "sell" your house. (If you
have an extraordinary feature that is not readily visible,
ask your listing agent to call attention to it in the
property description, flyers and signs.)
~ Ask a
REALTOR® ~ |
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Is there a difference between a
REALTOR® & Real Estate Agent?
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The term
refers to real estate professionals who are members of the
National Association of REALTORS®, an organization requiring
members to abide to a firm Code of Ethics. Not all real
estate agents are REALTOR®s. As well, not all REALTOR®s are
real estate agents. The organization also includes
appraisers, property managers and individuals involved in
other areas of the real estate business.
~ Ask a
REALTOR® ~ |
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My agent says I should get a "home warranty" when I list my
house for sale, but it just seems like another expense!
What do you think? |
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Home Warranties
or Home Service Contracts have become almost standard in
residential real estate transactions. These policies
offer coverage for primary systems of the home like heating
and air conditioning, plumbing, electrical and some
appliances for one year after closing. The seller has
the option of having coverage while his home is listed for
sale as well as providing coverage for the buyer after the
sale. This way if the seller's AC goes out while his
house is on the market, it's covered for a service fee.
After the sale, if there is a problem, the new owner pays a
nominal service fee for the repair or replacement of the
covered item. We encourage our clients (sellers &
buyers) to get a home service contract, but it is not a
requirement. It's your decision.
~ Ask a
REALTOR® ~ |
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We have our house listed for sale and I can't wait to move.
We can't afford to buy another home until ours sells, but I
want to go ahead and shop for our next home. My
husband says to wait until we have an offer on ours.
Can't I go ahead and just look? |
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It's a good idea
to investigate the area you want to move to and perhaps
visit some "open houses" ... but keep in mind you're just "window
shopping". You're setting yourself up for
disappointment if you fall in love with a house and it sells
before you can buy it. You're not making good use of
your time or your REALTOR's. Concentrate on getting
your current home sold before you go shopping for your next
one unless you can afford two mortgage payments.
~ Ask
a REALTOR® ~ |
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I see the term
"MIL" plan in a lot of property descriptions. What the
heck does that mean? |
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MIL is short
for "Mother-In-Law" ... a MIL plan means the master bedroom
is separated from the secondary bedrooms of the house.
We don't know who came up with that name ...
~ Ask a
REALTOR® ~ |
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What is a
"homestead exemption" and how do I know if I have one? |
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Filing for a
"homestead exemption" will reduce property taxes on a
homeowner’s primary residence by excluding some legislated
portion of the home’s value from the assessed value.
Homeowners need to apply for it only one time -- between
January 1 and April 30 during the first calendar year after
they buy a home. Property tax exemptions are also granted
for over-65, veterans or people with a disability. Any
exemptions for your property will be recorded with your
local tax office.
~ Ask a REALTOR® ~ |
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What's the difference between a "Townhouse" and a
"Condominium"? |
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A townhouse is like a house --
the owner owns both the structure and the land on which it
sits; but it is not free-standing, so "the land on which it
sits" is limited to the front and back yards. Townhouses are
connected to one another in a row, and are usually two or
three stories tall. They share many of the characteristics
of condominiums.
A Condominium owner only owns the
unit itself and none of the land. Each unit is taxed as an individual
entity, and sometimes a percentage of the common areas of
the community. Condo communities may provide such shared
facilities as a pool, gym, tennis courts and clubhouse, all
maintained by the condo association, which takes care
of all day-to-day management tasks. This is one of the key
advantages of condo living -- all of the joy of using the
amenities, none of the hassles of maintaining them.
Condominium owners pay a monthly fee to the condo
association, which also sets the rules for the community.
~ Ask a REALTOR® ~
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My parents are pressuring me to buy a place so I can take
advantage of the Tax Benefits of home ownership. What
are they? |
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Great
Question! Long answer ... click
here!
~ Ask a REALTOR® ~ |
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My neighbor's
dog barks and growls constantly when strangers are around
and I'm afraid it's scaring buyers away. What should I
do? |
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Talk to your
neighbor and ask if they will keep the dog inside when you
have showings scheduled. If they won't cooperate, call
your police department and ask if there are any pet
ordinances they can enforce on your behalf.
~
Ask a REALTOR® ~ |
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Will having an "Open House" help sell my house faster?
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While open houses are perceived as a great
way of finding a buyer, a National Association of REALTORs
study found that their success rate is a mere 2%.
There are many security concerns when
it comes to open houses, including the personal safety of the agent/host. The
seller's security is also a priority, as an open house is an invitation
to strangers to come inside. Not everyone who visits intends to purchase a home
... some are nosy folks who like to look inside other people's homes
and a few may have criminal intentions. They may want to see if
you have valuables or medicines. It's very difficult for the
host/agent to monitor every visitor, especially if there is quite a bit
of traffic. And the professional thieves work in pairs or
groups - one to distract the agent/host while the other does the dirty
work. Even if your agent/host manages to accompany every visitor
throughout their tour, they may be just casing your home for burglary.
Many agents like to hold open houses
because it creates an opportunity for them to meet people who may be in
the market to buy a home. Odds are it won't be YOUR home, but the
agent may be able to convert some of the visitors to clients. We
hold open houses for our sellers if they want us to, but we believe
there are better, safer advertising and exposure methods that will get
their home sold quickly. Why risk it?
~ Ask a REALTOR® ~ |
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| How can I
add value for resale? |
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Fresh paint is
probably the least expensive and most visible way to spruce
up your home for resale - stay with neutral colors.
And clean, clean, clean. Don't do a major
re-model - you probably won't get your money back in
increased market value. Replacing some highly visible
features that are old and tired may be worth doing (like
faucets or lighting fixtures). Price it right and let
the new owners spend money updating it the way they want it.
~ Ask a REALTOR® ~ |
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We're ready to
buy our first home. What should we do first? |
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Get pre-qualified
for your mortgage. That way you know how much you can
afford. Then get a buyer's agent to assist you, guide
you through the process and help you make informed
decisions. The buyer agent fee is paid from the
seller's proceeds - it won't cost you anything and will
probably save you money!
~ Ask a REALTOR® ~ |
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I have an older
home built in 1940. Will I have to bring everything up
to "code" before I can sell it? |
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No. An
inspector will identify items that are not to current code,
but you are not required to "correct" anything in order to
sell it. However, it will make your property more
attractive to buyers if you do.
~ Ask a REALTOR® ~ |
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We need more
space. Should I convert the garage? |
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It's been our
experience that most buyers want a garage. Even garage
conversions that are "professionally" done detract from
resale value. Maybe its time to move to a larger home.
~ Ask a REALTOR® ~ |
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I'm thinking of
putting in a pool. Will that make my property more
valuable for re-sale? |
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Appraisers tell
us that even an expensive pool will only add about 50% of
its cost to the value of your home. After five years, it adds
almost nothing
to your appraised value. However, it might be the
reason a buyer chooses your home over one without a pool.
There are also buyers who will choose NOT buy your property
because it has a pool.
~ Ask a REALTOR® ~ |
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When is the best
time to put my house on the market? |
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Not a simple question. But generally,
wait until you've owned the property a few years so your
investment has had some time to appreciate. Ask your
REALTOR® if you are in a buyer or seller market.
If you can, wait until you are in a seller's market. The busiest time of year for home sales
is spring and summer.
~ Ask a REALTOR® ~ |