Answers by Bonnie Irby

Hi Jimmy, If you don\'t have resources to enhance or upgrade the home or manage the costs of home ownership in general, it may be best to sell the home. Have you established the market value with a professional opinion? Most often a market value is needed to determine what your basis from a tax standpoint. Do you have an attorney helping you with their estate? Costs to sell depend on your state and municipality. In some states there is an excise tax (like a sales tax on home sales). Title and escrow fees are typical along with commissions. Be sure that you know what fair market value is realistically. An expert Realtor is usually a wonderful help in determining all of the costs and steps involved in your area along with expectations for sales price and whether the home is financeable. Choose an agent that has years of experience, great insight and skilled negotiation abilities. You want someone who can lead, advocate and help you achieve the best outcome.

Be prequalified with a reputable, local lender. Have your file approved by underwriting. Shorten your inspection contingency time frame. Tailor the timing of the close according to the seller’s needs. Execute the seller disclosures early, if not at the time of offer submission. Dont ask for closing costs unless you absolutely need it.

I would approach with selecting a capable/experienced buyers agent. You would need a buyer’s service agreement, stipulates what you will pay a buyers agent if the seller does not agree to cover that cost. Typically the commission is due at the conclusion of the sale. Upfront cost to buyers is not typical in my area. If you don’t buy the house you won’t pay. The value of building a relationship with a local professional, will benefit you as you approach this significant step in your financial life. Insight, redirection, support are invaluable.

The first step will be a prequalification. Determining what loan type you qualify for, an FHA loan is 3.5% down but you will also need to have closing costs unless it is typical to have the seller cover those in your market . What are typical entry level homes priced at in your area? Depending on condition of the home, how competitive the market is, you may want to save a bit more. So that you have a buffer for repairs or improvements. At 300K purchase, your down payment with an FHA loan would be 10,500.

Yes, you must disclose. I would suggest having a roofer out to inspect and make recommendations. At 22 years old the roof may not qualify for insurance depending on its condition. Insurance companies are very cautious about roofs over 20 years old. If condition is poor, they may require a new roof to insure or simply charge a much higher rate of insurance for the borrower. The borrower can reject that premium if the broker uses an insurance addendum and the price exceeds a particular percentage. In the last two years, industry wide we are seeing drones inspections etc prior to issuing insurance binders.

Per legal advice from our Washington State attorney, Realtors are to provide full brokerage services. A consult does not qualify as brokerage services, an attorney would be more appropriate for a consult. Attorneys will give you legal advice but generally will not have market or negotiation expertise pertinent to the market.

Gather all of your financial documents and get prequalified with a local lending expert. Spend the time to ask pertinent questions and understand the process. Interview several experienced Realtors with great reviews and ask them plenty of questions along with their advice so that you can make the most conscientious and expedient path forward.

The only verifiable way to identify property lines is to order a survey. It is a bit costly but if certainty is what you need, this is the path forward.

The most empowering approach for the buyer, in my professional opinion is to address the loan qualification well before you find your dream home. You want to approach this process logically, know what you’re comfortable with, what your limit looks like realistically. Most people are not comfortable with their top end qualification, you’ll want to build a plan around what you can reasonably handle. Explore different loan options and understand what strategically what serves you best. Then connect with a skilled, experienced Realtor (subject matter expert) in your area. Interview a few, ask questions, ask for their advice and gauge how you feel talking with them.

If the shed is affixed to the land then it is considered a fixture. You may choose to exclude it from the sale. Your broker will list it as an excluded item on the MLS. Then that must be reflected in the real estate contract in order to be enforceable.

Yes, you can buy a house in California. Consult your CPA regarding residency/tax considerations and utilize the appropriate loan product (impact the loan product and down payment requirements). If you want to retain WA residency then you will not designate the CA home as your primary residence.

The price point and general appeal of the property are considerations for that calculus in my opinion. I use a stager for redesign adjustments/enhancing owners furnishing to improve appeal or full staging depending on almost every listing. Improving the appeal is generally very effective as long as you have priced properly.

The best advice if you are uncertain would be to consult a real estate attorney. Real estate licensees are not qualified lawfully to advise. The old adage disclose/disclose is standard, hiding things is dangerous. Consult an attorney, lawsuits from lack of disclosure is one of the top reasons sellers are sued.

Pricing according to the current market is incredibly important. What does the appetite for this price point look like; objectively look at condition, upgrades and address the deficiencies. Price to compete within the current market and compel buyers to act. Planning price drops is a passive approach in my opinion.

Yes, if the agent holds a license in both states. I would only employ this strategy in the unique case that the agent is highly experienced in buying/selling in both markets actively. Otherwise a referral to a local expert is your best path forward in my professional opinion.

Consult with an experienced realtor to devise a marketing plan, establish pricing and expectations around time on market. Get prequalified with a seasoned lender and determine whether you must sell in order to buy. Explore the market with your broker for the purchase, that way if you have to sell in order to buy you will have a clear idea about generally what you can anticipate as your buying power. If you have to make a contingent offer do so after your current home is through inspection, this sets you up for a stronger negotiation and ultimately greater success.

Interview Realtors based on experience, reviews and recommendations. Ask plenty of questions, gauge the person’s responses. Gather recommendations from professionals for several lenders. Go through a full qualification, compare the fees and consider the support and knowledge quotient.

Consult with an active and experienced subject matter expert in your area. After you interview several, invite the one you find credible to your home to walk through and advise about how to best position your home within that market place. Repairs, enhancements, staging and pricing that compels the buyer. A knowledgeable Realtor is invaluable!