Answers by Emily Matthews

In my experience, the right paint (or lack of) can make the difference between selling and not selling. The way a place looks has more impact on buyers than you might imagine. Why not get a second quote? If you want to sell as-is, then expect an as-is price...which could be dramatically lower than $5000 less. Too many times, when people say they want to sell as-is, they mean they want full market price for as-is condition. It just doesn't work that way. See this video: https://youtu.be/ebOsIStk84k If money is tight, can you see if the worker will wait til it closes, and then pay out of proceeds? Doing these updates will definitely help your chances of getting offers.

If I were the neighbor, I'd propose a shared driveway agreement, not an easement. That agreement should spell out how much each side will contribute when repairs are needed. This will make future buyers happier than if the one place had an easement but the subject property had to pay for all repairs. Being that he is offering you the easement, find out what kind it is. Please consult a lawyer.

If it went through an actual foreclosure sale, the "seller" might not be the legal owner. If that's the case, then your contract is void; you have no contract. If the lender merely filed a lis pendens, that's another thing. You need to know who the legal owner is. In my state, that info is a matter of public record. Look up the address in the city or county system. Foreclosure sales are sheriff sales in my state; also a matter of public record. I'm not sure how public trustee sales are, if those apply in your state. Title companies should be able to pull lots of information. The listing agent was negligent in my opinion for not having this sorted out prior to listing. It's a good practice for any agent to have the title company do a hold if they are listing a property. That way there are no surprises.

Talk to a lender about a HELOC.

A bridge loan works for many. Being an agent, you know that the market talks...what it's saying is it doesn't like your price. Look at your competition: buyers certainly are. You want to make your listing competitive, not the one that helps sell all the other houses. If the market is slowing down, try to get ahead of it in price.

Contact the lender asap! You might be able to work out something with them. Find out if they published a sale date. You might be able to file bankruptcy. But talk to them.

First, talk to a lender. In person. Ask them for guidance as to what you can afford comfortably. It helps them if you give a maximum monthly payment you'd be comfortable with. They can then calculate how much you can borrow. If it turns out you can't get a loan yet, they can help you build credit. Watch this video for more info on loans: https://youtu.be/Mm9QJCHKS6Q

You need to let the insurance agent know it'll be vacant because there are different risks associated with vacant properties. Often they can just add a rider, but if they can't, there are companies that specifically insure vacant properties. If you don't let them know and there's an issue, you may be denied compensation. Because they can and do figure out if a property was vacant at the time the event occurred.

In my experience, utilities don't "ask"; they TELL. It might be different in your location. Pretty much in my area, they tell you where they're coming in, and pay you what they feel like...

Did you sign a cancellation document? Did you amend the listing contract to end early? If there's nothing in writing like that, then you are likely still in contract with them. Contact the agent's broker and explain the issue. If the broker doesn't help, then contact the local REALTOR association and complain. You may need to contact the state. But you can't move forward unless you have a document showing that you are no longer tied up in a listing contract.

Contact both surveyors and ask how they arrived at their results.

What do the title documents say? Is the roof considered a common element? If not, then that's a problem because it means each owner is responsible for their own. If your section of the roof is old, it's probably not the neighbor's fault, and you may have to get a new roof or repair what's problematic.

Short answer, Yes. Check out this video for more specifics: https://youtu.be/P174zvL8ZDI

A true Buyer's Agent has a fiduciary responsibility to their client (you). I'm sorry this person didn't seem to be helpful!!! Interview agents & ask them pertinent questions; see this video for examples: https://youtu.be/P174zvL8ZDI A good buyer's agent will be able to assist throughout the entire process from binding acceptance to closing. Lots of potential hiccups occur between those 2 points, so having a skilled agent is crucial. You'll need to expire the BA contract early or do a cancellation & mutual release, if you're still stuck in a contract with that person. There are plenty of GOOD BAs out there.

This is really a question for a lawyer. But on principle, if they broke the rules once, they'll feel empowered to do so again. So to prevent further rule-breaking, I'd try to challenge it.

It's certainly OK to ask for a pre-approval, and maybe proof of funds. Anybody who wants to buy anything knows they need a per-approval if they're borrowing. Especially if they are borrowing that much! On the flip side, buyers with that much cash may not want to supply a POF to an unknown person, unless they are submitting it along with an offer, when it would be reasonable to do so. They may well feel uncomfortable about a stranger knowing where they keep their funds, for example. Usually agents will verify a buyer's ability to pay, because we don't want to waste our own time with looky-loos. Have your agent reach out to those other agents regarding your wishes. If you don't have an agent, then that would be all the more reason a cash buyer would not want to fork over POF. Sorry, but that's the way they are; they didn't end up with so much cash without being cautious.

This is not normal by any means! This agent doesn't seem to understand Buyer Agency. The contract is with the buyer, who is "responsible" for the BA fee. Usually the fee is requested from the seller, who normally pays it (or most of it), but there still has to be a percent or number there. So, the way I explain it to my buyers is, "This is what I'm asking for. Then on the offer, here is where I ask the seller for it. If the seller doesn't pay the whole amount, you might be responsible for the difference." There was only one time I had to get the "difference" from the buyer, about $400 and he didn't mind. Try interviewing other agents.

NO. In my state sellers normally pre-sign but the buyers do NOT have the right to move in early because of that. They get the rights to the house when THEY sign. If your buyers also signed early, and the sale closed, then yes, the house is theirs. But if they didn't, there would have to be some sort of occupancy agreement to allow them to store things there before they close.

It will all depend on what equity you have. If you have $400K equity & take out a HELOC or bridge loan you could buy something cash for $300K or a bit more. Then sell the old one. You would have to identify the source of the cash as coming from the loan, in the offer.

You can always refi if a new rate becomes too attractive to turn down. But getting a house should fit your personal timeline and not interest rates. In other words, buy a house if you want to, and don't worry about the current rates. (Which are historically low-to-average anyway).

Maybe. If you like doing everything by yourself, and you know that a buyer can boda fide get the funding needed. Because agent-brought buyers are better qualified than the FSBO-type buyer who wants a "deal." Selling FSBO will attract that latter type. Regarding money, here's the thing: on average FSBOs net the SAME AMOUNT as an agent-listed house, according to Core Logic's research. In other words, agent-listed homes usually sell for about 6% more than FSBOs, in a normal market. When it's a super-hot seller's market, FSBOs can maybe net more, but most markets across the US are cooling down. It's not 2021 anymore! If you list as FSBO, you probably will end up paying a BA fee anyway, because most buyers do have an agent. That agent's fiduciary duty is to their client, not to you. That agent has no duty to you and cannot give you advice. If you're content with that situation, it might be worth it. Just remember that all compensation is negotiable, and not all agents charge top dollar. Nor are all agents bottom feeders that will practically work for free, and "get you in the MLS" but nothing more. Find someone in the middle if you decide to hire an agent. And be willing to pay SOMEthing to a Buyer Agent. Good luck!

Just tell them. I'm sure they won't mind; I don't.

If you can make the numbers work, keeping it as a rental can work. Talk to your lender to see if it makes sense. Usually they onlky count about 75% of your cash flow as income. If the mortgage is assumable, and someone can put down $40K, you could use that as a selling point, and sell it. You should also talk to a tax person, and hold the property in an LLC (quit-claim it) if you do rent it out. If the lender calls the note due upon transfer, and the loan is assumable, your LLC could assume the loan (I think). Big portfolio lenders don't usually even notice if the property is quit-claimed. Small local ones do. So talk to the lender!

Your agent will have suggestions. If you didn't hire one, then a lowball is what would be expected. Because FSBO buyers like that want a "deal." But countering is always a safe strategy. If your agent advised a lower price to begin with, and you listed higher anyway, consider that the market is talking. It's a truism that the "first offer is the best" because of the phenomenon of the Buying Cycle; i.e. any buyer that actually makes an offer has reached the correct stage of the cycle. Your agent will have ideas on what could constitute a good counter.

There are a lot of things to be unpacked here. First, does one party want to buy out the other? Second, how might this affect your taxes if you both decide to sell? Or if one buys out the other? Third, how will you pick an agent if you do sell? Fourth, what does the judge say about all of this? If all parties agree to sell, then it pays to collaborate on hiring an agent. If you start bickering about that, it will be up to the judge to appoint one. Usually things don't get so bad, but they have in the past on occasion. Try to find an agent that has dealt with this situation before.

Did you have a home inspection? You may have to go after the inspector. But you could also try going after the sellers. Talk to a lawyer before deciding anything.

Some condo associations allow owners to rent out their units here in WI; some don't. Check out FL which might have more of what you're looking for.

It all depends on the average DOM (days on market) that houses in your market have right now. If the average DOM for homes under contract in your area is only 4 days, then you are too high because the DOM is twice what all the ones with offers are. If the DOM is 20 days, you're nowhere near having to worry yet. Your agent should be able to give you the data. (And I find that lots of buyers say "just right" when they are not willing to make an offer themselves. What it really means is "a tad too high")

Interview agents and just ask how they deal with divorce cases. The agent will have to be communicating with both of you. Questions to ask: https://youtu.be/P174zvL8ZDI

See if you can get the deadline extended. Then call appraisers until you find one that can do it fast. Many states have lists of appraisers; you could start there.

In my state, you can cut straight up on the property line. I did that with a rental I own because the tree is HUGE and the branches threatened my garage. The tree people cut straight up from the fence.

A fee for expiration!?! I believe that should be reported to the state or local real estate board. That just does not seem reasonable at all. Letting a contract expire happens at times, and that's when all obligations cease. A cancellation fee is not unknown, but I would never charge that. If she did, then yes, you should have read every line and she should have pointed it out. A month isn't so long to wait, so just let the listing expire and be done. If you felt strongly enough, you could complain about her lack of explanation. Make sure the nest agent actually takes the time to go over things with you. https://youtube.com/shorts/38WNL0AuF8U

Sounds like this agent decided to stop working with you and didn't tell you. If you signed a buyer agent agreement, ask to amend it to a shorter expiration date, or ask to have it cancelled. Talk to the broker if the agent won't cooperate. Time to get someone who will actually serve you.

Probably not worth the cost. Remember "cost does not equal value" in appraisal-land. One way to tell would be to get data on 4-bed 1-bath homes and compare average sales prices to 4-bed 2-bath homes. If there is SIGNIFICANT difference, then maybe. But talk to an agent or 2 first.

This is also known as a bump clause. A buyer with a home sale contingency can get "bumped" by a secondary buyer who makes an offer the seller likes better. The seller gives notice (usually 72 hrs) to the primary buyer, who then has to decide if they will waive their contingency or let their offer lapse. They would then have to sign a cancellation document and get their earnest money back.

Right now, interest rates are not affecting decisions to buy as much as they affect the buyers' budgets. People decide to buy when they need a life change. Higher interest rates don't affect the market as much as people believe, but they can slow it down to a more normal level. We had abnormal speed & sales prices 5 years ago. Now we're back to more normal. Consider that in the early 1980s, rates were around 18% and that didn't stop folks from buying.

Is this just vacant land? What are we considering here? If it's vacant land, your ability to split off a section could require approval by the municipality, because of zoning & what may be required to fit the zoning. E.g in my township, there is a type of zoning with a minimum of 5 acres. Another with a minimum of 10. Etc. And this will certainly require a certified survey, etc. All this would take time & the agreement of the other party. If it's a house on acreage, and you want to split off some land, the same concepts would apply. The best action you can take is to see a divorce lawyer, because this is similar to a divorce. If the other party doesn't want to cooperate, then the issue would have to go to court. Usually when people split up, one buys out the other, or they sell & split the proceeds. But it may take a judge weighing in on the situation to get your ex to cooperate.

Any place with severe winters will have a seasonal market. But it may surprise you to know that "spring" (in WI at least) means listing the end of January! The actual sales lag behind the listing dates, hence they close in spring. Plus, there are more "pure" buyers then; they mean business. Warmer weather brings more buyers (less pure though), & more competition. Most people with kids want to be in their new home before the school year starts, so if you're selling a family type home, this is a consideration. It doesn't matter as much to those without kids at home. "Waiting til August" makes no sense. (I once met someone who thought they needed to do that). By the time October arrives, it's almost a guarantee that the house will sit on the market longer. If people need to list late in the year, I advise waiting til right around Thanksgiving because people have off then, and there's a Thanksgiving (small) surge. Listing at the end of Dec can also work, because many have off between Xmas & New Year. Plus the home is decorated for the holidays. Any time landscaping is less than stellar, listing in winter thru March works, because the snow covers everything up. Or if it's melted, nobody expects anything but dead brown grass anyway.

I try to copy what appraisers do. After all, any buyer with a loan will have an appraisal. And the bank won't lend above what Mr/Ms Appraiser says. Therefore, I look at similar sq footage, age, and style of homes. E.g. a ranch is not a comp for a 2-story. A trilevel can be, because of the stairs. Then those comps get present to the seller. I personally don't cherry pick and most people can see for themselves that there is one house that looks the most like theirs. We use that as a predictor of what they might be able to get. I also run all the data points (comps) thru the MLS app to get an idea of average & median price. These also weigh into the decision, especially if there really IS no similar comp. Then, we have to look at the current competition. Because you don't want your house to help sell others. If the market is tapering up or down, past sales can give an idea of price, but the competition says what you are up against. Not all those houses will be priced appropriately, but they are the current market that you will be competing against. Usually when many sold comps are close together in price, and the market is also competitive, it's best to stick with what the MLS app comes out at. E.g. comps all pointing to $235K, but seller wanted to list at $250K. (A real example, BTW). No real activity until price adjusted to $235K. Ultimately, I tell people "this is my best educated guess; you make the ultimate decision, the market talks, and when it does, we have to listen." If the price is right, even in a slower market, it should get a lot of attention in the first week. After that, the DOM (days on market) is the guide. Once the DOM is longer than the average for similar homes, the market is saying the price is too high. If it sells fast, it's priced right.

A giant Ouija board burned into the LR floor...

Talk to a mortgage broker. Different loan types have different requirements, plus there can be down payment assistance, etc. Do not rely on Credit Karma, as it's not accurate. Just talk to a lender.

This depends on how long you'll live in the place. In theory, you could get a lower interest rate by going for an ARM, but it has to be amortized for long enough that you'll have the house sold before the balloon payment is due. And sometimes ARMs are not as good of a deal as a fixed-rate. It's better to consider 15-yr vs 30-yr. If you can do a fixed 15-yr loan, that allows you to build equity fast.

Make a score card that lists 5 features important to you you. Assign 5 points to the most important, 4 to the next-most, etc. This is your master list. Take a score sheet with the 5 features with you when you look at homes. If the home has 3 of the 5 things, check those. Another home has 2, another has 4...check them off for each house. Then go home & add up the points for each house. Say one had a feature that gets 5 points, plus another feature with 4 points. That (9) scores better than a different one with 3 features worth 1, 2, 3 points respectively (6). The purpose of the score sheet is to help bring objectivity into the decision-making. It's not an absolute; rather it will help you weed out what you don't want. And remember the 3 most important things: location, location, location.

YOU NEED A LAWYER. But regarding basics, was this agreement drafted by a lawyer? Is is written? How did you take title? As tenants-in-common or joint tenants? Even if you are TIC, that doesn't mean it'll be easy to "sell your half" because ppl don't want to buy half a house. There was a listing like that in my local MLS & it never sold. A fast easy solution could be just to quit-claim your part to her, but you must talk to a lawyer for actual legal advice.

Sorry to bear bad news, but 2 price drops will stigmatize the property. It's better to do one meaningful one. Next, consider your days on market. What is the average DOM for similar homes? If it's 80 days, you have nothing to worry about, time-wise: you're under the average DOM still. (But the price drops will still hurt). You can look up your property along with others in your price range on Zillow & calculate the save rate. If your save rate is lower than competing properties, then it means ppl don't like it as well as the competition. Market appeal is a function of location, condition, and price. You can only change condition & price. Take a hard look at the competition to figure out if your property is merely helping to sell theirs. If it's truly comparable and you're not over average DOM, then just wait. But if the competition is more competitive than yours, you'll have to either make a meaningful price adjustment or take it off the market for a while and then re-list at a competitive price.

Talk to your accountant. The answer to this is related to how long it's been a rental. If you lived in it 2 out of the last 5 years, you could be exempt, but ASK a tax person

You can, with some. Not all that common unless you are paying points. By paying points you can buy down your rate. Do an amortization schedule to see if paying doen the rate, or putting down a bigger DP will benefit you the most. And, PLEASE talk to a lender or lenders.

Your agent should be able to tell you. Usually the terms of the offer are as impactful as the price. Don't focus on a "deal" as much as getting a house you want. Some people lose out on the house in their pursuit of a "deal"

Do not trust Zillow. They are usually wildly off in my area, though in some places they may be closer to the truth. The "best" way to determine value is to get an appraisal. Appraisers are supposed to be the last word, but even they can inflate. E.g. I recently had a listing where the sellers did that, so we listed at just under appraised value. The house sat for months. Obviously it wasn't worth what the appraiser said it was. When I do a market analysis for people, I try to copy what appraisers do as closely as possible. E.g. I pick solds that are close in style, sq footage, & age. This is to give an idea of what an appraiser might think of the price. Important because most buyers get loans & loans=appraisal requirement. Then I provide all the current listings in the potential price range, so see what the seller's competition will be. They can then use that data to best position their home.

Yes. YES. According to appraisers, a metal roof adds a LOT of value. If I'm showing a decent home & it happens to have a metal roof, I tell the buyers they should go for it on the basis of the roof alone. Tile is common in Scotland (where I used to live) & is a world of trouble.