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Hello Everyone!
I know you've seen me around town and scratched me behind my ears a few times. Well, now it's time to give back. I am here to answer all your questions about buying or selling your home!
Sept 6, 2004
When we find our dream house, we do not want to lose it to another buyer. Any suggestions?
Yes! Get preapproved BEFORE you go home shopping. Your offer will then carry more weight with the seller. Keep in contact with your Buyer agent so you can be the first to know when a new listing comes on the market. Be ready to make a decision! Spend time in advance deciding what you must have so you won't be uncertain when you get the chance to make your offer. Bid competively! Do not bid too low in this hot market or you will risk losing out to a more savvy buyer. Keep contigencies to a minimum! Stating that you need to sell your home BEFORE you can move will make your offer very unattractive. Good luck and remember, you can begin your house hunting right here.
Oct. 10, 2004
Hey Pippi, nice hat. What can you tell me about title insurance?
Thank you! Title insurance is important because it protects your ownership rights from both false claims against your actual ownership and from mistakes made in earlier sales of your property. For example, a mistake in the spelling of someone's name or an inaccurate description of the property. It's a one time cost that is usually based on the price of your property. The good news is it's usually paid for by the sellers :).
Dec 1, 2004
I'm a little confused. Should I work with a Buyer agent, a Seller agent, or a Dual agent?
Well let me clear things up right now :)
You should understand from the beginning of your relationship with your real estate agent what type of relationship exists. In most states, real estate agents (both brokers and sales associates alike) are required by law to let consumers know whether they represent the buyer or the seller.
In the past, real estate agents represented the seller exclusively, whether the agent helped a seller to market and sell the home or helped a buyer find and purchase the home. In other words, agents were at one time legally bound to represent the seller in a residential real estate transaction. In that same scenario, the seller paid both the listing agent and the agent who brought the buyer.
However, in today's real estate market, you may find that you can choose between a wide variety of options for representation. If you want to sell a home, you can work with a "seller's agent". If you are purchasing a home, you can work with a subagent of the seller's agent and, in many areas, you can engage an exclusive "buyer's agent".
An additional situation in some states is dual agency. This type of agency exists when the buyer decides to have the seller's agent prepare the offer on the buyer's behalf. A buyer who elects this situation, and all additional parties to a transaction, should receive full disclosure of representation. In some states, dual agency also affects the real estate professional's fiduciary responsibilities to the seller.
Keep in mind that real estate laws differ from state to state and even from locale to locale. And within this framework of variety, laws can change. For more in-depth answers for your specific situation, talk with my mom and ask about local practices. Be sure that you understand and are comfortable with the options involved when you engage the services of a real estate agent.
January 13, 2005
I am thinking about putting my money into investment property. What do you think?
Just as with any real estate purchase, location counts! Your best bet for a solid rental property will probably be in an established, high-demand rental area, with easy access to schools, universities, shopping, and other amenities. Avoid "white elephant" buildings with an unusual design or location, or isolated units stuck out in the boondocks. Look for a location that you would find attractive if you were renting.
Once you select a general area, you'll need to decide whether you prefer single-family homes or multi-unit apartments. Both can make good rental properties, though there are some important differences. Single-family houses are often in shorter supply as rentals. And because they're more desirable from a tenant's standpoint, they generally command a higher rent per square foot than apartments. A single-family home will also have a broader resale appeal when it comes time to sell. But it will be harder to buy a single-family residence at a price that allows you to break even or generate a positive cash flow unless you're prepared to invest a hefty amount down.
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