More Responses To Your Burning Real Estate Questions

Screen Shot 2015-07-21 at 2.21.51 PM

Hope everyone is having a great summer! Maybe you’re kicking back poolside browsing our blog, or perhaps checking us out on your iPad or tablet on a long road trip. Hopefully, you’re beating the heat in some air conditioned comfort. Regardless of how or where you’re accessing our site, we’re happy you decided to drop by.  This week, once again, we’re reaching into the Coldwell Banker Innovations’ mailbag, addressing your real estate questions head on.

Pre-Approved, But Not For The Right Amount?

Q: Hi. I’m in the market for my first house and my parents told me the first step is to get pre-approved from a reputable lender. No problem, got pre-approved, but then I found the perfect home that was about $10,000 more than the amount I was pre-approved for. I don’t want to miss out on this property, but I’m feeling a bit defeated. Any suggestions?

A: Congratulations on entering the world of home ownership! Without knowing all the details, the first step would be to revisit your pre-approval with the lender. Perhaps you’re using a national mortgage provider, but have you tried your local bank or credit union? Also, keep in mind, if the asking price of the home is $10,000 more than your pre-approval, you could also make an offer on the property for that exact amount. This is just one of many situations where the guidance of a seasoned real estate agent could really help you make the deal. You don’t state whether you are utilizing the services of a REALTOR®—you should be—so our best suggestion would be to speak with an agent. Good luck with purchasing your dream house and please, let us know how you make out!

To Sell Alone Or With An Agent?

Q: My husband and I plan on retiring to Florida next year, but first we need to sell our home.  All of my friends are telling me we should have the house professionally listed by a qualified agent, but I think we should list it by ourselves. How hard can it really be to sell a home?

A: Kudos planning ahead. You have an entire year before the move to the Sunshine State, but the sad news is if you attempt to list your home FSBO (For Sale By Owner) you may need to either postpone your trip or find someone to take care of the home while you’re gone. The negatives of selling your home by yourself far outweigh the positives. It’s a lot of work selling a home quickly, easily and at the right price. Also, keep in mind, just placing a “For Sale” sign on your front lawn is rarely successful. Selling a home requires proper pricing, extensive marketing, open houses and good old fashioned elbow grease, and that’s just scratching the surface.

Is It Wise To Invest In A Stigmatized Property?

Q: Hello. My son lives out of state and fancies himself a “house flipper”. He’s done this only one time before and just broke even when he sold the house. According to him, the reason he didn’t make more money is because he spent too much on the purchase of the home. He approached my wife and I about investing in his next flip, a property he’s certain he will be able to make a nice profit from as he’s getting the home at a very affordable price. He was reluctant to tell us at first, but it turns out the home is what is considered a “stigmatized property”. That doesn’t sound very appealing to us. Should we not only avoid going in on this deal, but advise him against it as well?

A: The first thing you should do is read this past article. Once you understand why this home is considered “stigmatized” you will then have a better idea whether you should purchase the property or not.  Some buyers don’t care about the past history of home while with others all the fresh paint, appliances and landscaping in the world won’t make them bite.

Choosing By Elimination

Q: Not so much a question, but a comment. I was speaking with a co-worker yesterday and the subject of searching for a new home came up. She told me she found her new townhouse online after six months of research! But that wasn’t the shocking part. She told me that she wasn’t shopping online for that amount of time, she was actually eliminating properties from her list. When she got down to the last three town homes on the list—the final ones that survived her several elimination rounds—her agent scheduled visits at each location and she made her decision that day.  I just thought that was a really unique way to find a home.

A: Thanks for the comment. Believe it or not, this is how most of us shop for anything. Subconsciously we’re always eliminating choices, which is why proper marketing is so important. If you’re selling a home, it could be the most beautiful, affordable property on the market, but if it’s presented online with blurry images, misspelled descriptions or inaccurate information chances are your property won’t make the cut.

Are you looking to purchase a new home or sell your current one? Perhaps, like our readers above, you just have some questions or comments. Either way, we would love to hear from you!  Give us a call at 301.745.1500.

Stay hydrated out there, and have a great summer!

Tags: , , , , , , , , , , , , , , , , , , , ,

Comments are closed.