Answers by Emily Matthews

RE licenses are state-specific, so you need to use an agent in your state. Some agents specialize in large tracts of land.

How seasonal is your market? In WI, the earlier in the year, the better. It's seasonal more than anything else here.

Agent should provide data on which to base decisions, go through & explain all documents line by line with you, market the property using many methods, and navigate the contract until closing. This demands that the agent have a solid knowledge base. One question you can ask, is how they troubleshoot. How can they use the negotiation process to net you the most? Look for data & knowledge

DO NOT "prioritize interest rates" because many sketchy (gas station ads) lenders advertise phenomenal rates, but then have fine print that requires points, etc. Ask each lender for a printed breakdown of all costs. I usually recommend people to contact a lender they can actually get hold of. My faves are ppl that will answer their phone on evenings & weekends. Most agents have a couple lenders they feel are more reliable. Nothing irritates me more than a lazy lender who starts a file, goes on vacation for a week, without finishing the work, and meantime their buyer wants to make an offer. That's when my guys get to take over. Because buyers don't just look at houses on a lender's schedule. My guys will get the job done, while Ms Lazy is out of the office.

Why? I've never been in a nice one. Think part of roof in bath tub, feces on floors, etc. They are usually only a serious prospect for an experienced rehabber. And they require cash because they're sold at sheriff sales.

No. How could it? It's specific to you and to that particular property. Flood insurance you want to avoid at all costs. The insurance companies usually know if flood insurance is required. You can also check the FEMA flood map

The exterior matters most. Any unpainted areas, things that need repair, or overgrown bushes scream, "Neglect." I sold several houses that had been nicely maintained, but had ugly interiors. With steel siding, new roof, replacement windows...how cares how ugly it is inside? (So I told the buyers, who made it beautiful). If the interior looks a bit dingey, just paint it overall with one light, neutral color. Ask the paint store what color is most popular. Paint gets high ROI, IMO. It can make the difference between a sale and no sale...

Tell them. Say you want a weekly update. If they don't respond, escalate to their broker. Bear in mind, an agent's job is not to "sell your house" but to market in such a way as to attract the most buyers in the shortest amount of time. Open houses are not the way to do that, BTW. The point of an open house is to get lots of feedback FAST. I "make" attendees fill out a feedback form, because they are a sample of the market. The market is like a mirror. Just as a mirror has 3 parts (glass, silver, frame), so the market mirror has 3 parts: traffic (how many ppl look), feedback (what they say) , and time (days on market). Any time your DOM is longer than the average for that price point, the market is telling you to make a change: either price or condition. Note, the average DOM is longer overall than it used to be, so it's possible you just have to wait longer. than you would have in 20212. On the other hand, if you're over the average DOM, you are probably too ambitious with the price.

Short answer, YES. A significant number of my sales are from homes previously listed without selling. In every case, I advised them to paint, and by doing that, they achieved a sale.

You can spruce things up by getting a few planters and/or lawn decor. As long as the lawn is neat, it doesn't matter as much as renovations inside. Some ppl view elaborate flower beds, etc as just more work to do. So plain is actually better overall.

At this point, you need a lawyer. The sale shouldn't have closed if the condition report was a contingency, but unfortunately this is now years ago.

I am so sorry this happened to you. But foreclosure doesn't just happen; it's because ppl get behind on their payments. If it's already sold, unfortunately there's nothing you can do. Going forward, if anybody gets a lis pendens in the mail, they need to call their lender asap. That's the first step the lender has to take in order to foreclose. There are usually many other steps in between that & a sheriff sale. If there's a redemption period, you might be able to buy it back if you have enough funds. In my state, these sales are final. I'd try to focus on finding another place to live.

Did you require a septic test as a condition of the offer? Did it pass the inspection? You will have to talk to a real estate lawyer regarding seller disclosure.

What is in your contract? It ALWAYS depends on what is in the contract. (And any amendments). If you just decide to pull the plug, the buyers could sue for Specific Performance or damages. Therefore, you need to contact a lawyer. These things should always be addressed before binding acceptance, but since they weren't, try to work something out. Will they agree if you drop the price? Will THEY be homeless if they can't close? Do you have a place to camp out? Do THEY have a place to camp out? If you can find a short- or Mid-term rental to stay in after closing, you will be positioned as strong buyers for whatever house you do buy, because you'll have no SOP contingency once your home sale is complete. To conclude, the contract says, "Seller & Buyer each have the legal duty to use good faith & due diligence..." (line 487) so if you are planning anything like what you mentioned, CALL A LAWYER ASAP. This is beyond the scope of practice of RE licensees in WI.

Contact your county & municipality to see what the rules are. This will likely depend on how it's zoned. You may have to separate the lots so the mobile is on its own, and the new house on its own.

You will have to petition the court. Your situation will depend on your state's laws of succession and the legal status of the deed, plus any divorce agreement. (Like did you agree in writing for her to be the sole owner, and she died before this happened?) A lawyer will have the exact answers you need; don't try to do this alone. You'll need a lawyer versed in real estate law.

First, you'd want to create an LLC naming everyone as members. This will protect your other assets. Get a lawyer to help you set it up, even if your state allows you do DIY online. Because you're likely to miss some important part. Then treat the LLC as a business: conduct annual meetings, have its own bank account, document capital disbursements, etc. DO NOT PIERCE THE CORPORATE VEIL. The lawyer can help explain all this. Re. renting, avail.co is what I use to manage my rental. Note, it's CO not COM.

The agent should explain the whole thing, line by line. Stop them when you need to ask a question like, "What does this mean?" or "What if I want to cancel early?" DO NOT let an agent tell you "Just sign here" or race thru the contract. You should also interview the agent. https://www.youtube.com/watch?v=P174zvL8ZDI

These can be down payment assistance, or a rate buy-down. Whether you qualify is usually based on income. A local lender can explain further.

They really don't all that much. Watch this explanation: https://www.youtube.com/watch?v=697prH8gR68

Paint is the simplest way to make a property look great. This video has info on what projects net the greatest ROI https://www.youtube.com/watch?v=ARiT6dd-H3g

Whether it's an even market, buyer's market, or seller's market depends on your locality. In my market, some homes are still getting offers $20K over asking; others sit. It depends on how competitive or ambitious you want to be. Watch this for an explanation of economy & the housing market. https://www.youtube.com/watch?v=697prH8gR68

Check all state & local zoning rules & laws before you buy anything. Don't expect an agent to find out all this for you. There are 2 reasons: 1. That would be like the game of "telephone;" you need to get info in writing directly from the municipality. Not 3rd-hand 2. The agent doing that could be construed as "practicing law without a license." A big no-no.

Pretty much, yes. They will pay 50-85% of market value "to save a REALTOR fee." They try to play on a belief that some ppl have, that agents are superfluous, and "you can sell it yourself." So the ppl that respond to these are the types to believe that without even bothering to find out what the price could be on the open market. Right now, I'm assisting ppl that could have sold "as-is" for under $200K. By putting in a bit of work, they will be able to list for $300K. This is the difference consulting with an agent can make. It could turn out that you'd net the same amount going either way, but do not assume that the investor has your best intersts at heart: they don't. An agent, on the other hand, has a fiduciary duty to the seller. Ask the agent for a net sheet so you can compare apples with apples. These investors also tell sellers to do shady things like, "Don't fill out a condition report" which in my state is a STATUTORY DOCUMENT.

Pretty much, someone else owns the property & allows you to live there til you die. Setting up a trust or doing TOD deed are other ways to avoid probate. Talk to an estate-planning lawyer; don't try to do this on your own, because what you may INTEND may not actually happen once you are gone.

It depends on what you mean by "renovation." That could be as simple as painting cabinets, and can give great ROI. I've sold many older homes where all they did was paint the cabinets to make it look like new. Putting new hardware on the cabinets is an additional upgrade, but you don't need to do it if they aren't an awful-looking shape like some hardware from the 70s. Any wallpaper should be removed, because ppl hate it. But installing an entire new kitchen? No, you will not recoup the cost.

There should be a deadline in the offer that specifies how long they have to object to inspection-related items. If they don't meet their deadline, that's their problem. Read the contract to see exactly what obligations each party has. And no, it's not normal for an agent to be that scatter-brained. It could be that they are on teams; sometimes the team members don't communicate well with each other. It could be that they are too busy & should hire assistants, but haven't done so yet. If you are deeply unhappy, reach out to your agent's broker. There's nothing you can do about the buyer's agent.

I have a webinar on "how" to sell a house: https://www.youtube.com/watch?v=enmp1U4w3sU But, you will want to interview agents. Have a list of questions you want to ask them

You need a lawyer to help deal with the condemnation. An agent can market the property or arrange an auction, but agents can't deal with the city.

There are companies that can buy & sell mobile homes. Will the manager of the park buy it? Real estate agents may not be able to help. In my state, we are allowed to list one per year. (Unless it's on its own land).

Do you have a lease? Month-to-month rental agreement? As a tenant, you have rights, but it will be wise to start looking for somewhere else to live once your lease is up.

You would have to buy it from the estate; i.e. buy out other heirs. The estate is responsible for back taxes. Are you named as an heir? There are lots of variables, and you'd be wise to contact a lawyer regarding your rights. I've done probate sales, and the estate or trust is always the owner. Anybody who wants to buy, buys it from the owner. Back taxes are settled at closing if not paid prior by the owner (i.e. the estate).

The lender will advise, but a mortgage on a second property usually is a different deal than one on the main dwelling.

I presume you have signed up for one of those "hud home" websites, hoping to find a foreclosure. The BEST way to find cheap houses is to go to sheriff sales. If you need to borrow money, get in touch with a lender & real estate agent: you'll have better luck. And, BTW, I've never seen a nice foreclosure. Usually they stink & can have part of the roof in the bath tub, etc. Takes experienced rehabbers to tackle those.

HUD homes are usually not in the best condition & may not qualify for a loan. In other words, cash only.

Contact the county register of deeds & report the fraud. Contact the Aging & Disability Resource Center for your county & get a social worker to come talk to you & help you. Talk to a real estate lawyer about legal steps you can take.

Please contact a lawyer that handles estates ASAP! There are all kinds of legal ramifications here, not the least of which are the laws of succession in your state. This is crucial to get resolved so please call!

In my state, unless that offer is bumpable, you cannot back out unless the buyer fails to keep to deadlines. Any subsequent offer would be in a seconadry position, and would have to be elevated to primary by bumping (if bumpable). If the buyer failed to perfom, you could deliver a notice & cancel the contract; then elevate the secondary. But consider the statistics: odds are that the first offer is the best one. This is because of the buying cycle, and where the buyer is on that cycle in order to make the offer. There's a saying: "Homes that sell fast, sell for top dollar." It's a truism for a reason. I had a seller turn down an offer for "x85" and each successive offer was lower until hitting "x30." Don't be that guy.

Wait until after they move out, damage is repaired, and it's clean. Then list.

Look at what's going on around Lake Tahoe: a community is losing their power to the center. They'll have to try to find another source, if they can.

You can ask them to amend the contract to end at an earlier date. Or request cancelation & release. This would need to be discussed with the broker

It might help to look at a house as something you rent from the bank. It's not really an "asset" til it's paid off. But it's a place to live life. Was the quality of life you had in it worth it? Most people think so, or they wouldn't buy. Sometimes people "lose money" if their market gets soft, but at the end of the day, decisions are made based on lifestyle or life needs. If you have to move, you have to move. Unless you could make it cash flow as a rental (not likely to be easy), just sell it & get to your next level in life. No regrets.

Look at comps for "as-is" and for renovated. Decide if the cost will give enough ROI, and if you could do a HELOC to upgrade (if that's what you want to do). Example: I have a listing were they initially wanted as-is, but then decided that for $20K inputs, it would be worth it. They will get about $100K more than if selling as-is. That's how much impact decor has.

Advertised terms may not be what you actually get. The interest rate you get is based on your personal profile, so be careful. Why not talk to your current LO about your thought and see what they say? Proceed carefully and get EVERYTHING in writing, specifically as to dates. If a new lender can't meet deadlines, how will that impact you? You could end up in a world of trouble based on any number of scenarios of what could happen.

Way too many variables. Hard to know the situation. Were you recommended a lower price initially? Were you shown comps? It sounds as if you don't want to stay in contract with them. You can ask for the listing contract to be amended to end at an earlier date. Or request cancellation. Here is what you should expect from any agent: 1. DATA (solds) to show you what you could expect to list for 2. DATA (current listings; separate list) to show you what your competition is. You don't want to help sell the competition. 3. Accuracy in the listing. If there are errors, they must be fixed. 4. Go over, line by line, what the person is signing. Too many ppl don't want to bother, but I insist anyway. Regarding HOA/condo docs, yes, it is the seller's responsibility to provide the contact info of the manager/president/etc. ALL condo docs must be obtained prior to listing. An Executive Summary must be filled out by the person in charge (not the owner). Being that owners know what amenities they have, it's not unreasonable to be asked to make a list so the agent can upload to MLS. It's pretty much the same as when I ask sellers to give me a list of any updates they've done. Read your contract to determine all the terms in it. If you can't get resolution by appealing to the broker, then you might have to escalate to the local board.

It depends on what your local market is like. Are you planning to sell the first one? Or keep as an investment? You should talk to an agent regarding buy-and-sell strategy, and to a financial adviser if you're planning to hold. (It might not make sense to hold).

You would be wise to contact a probate attorney. They can guide you as to your goal. Depending on the laws in your state, it might be difficult to do what you want, because of the laws of succession. The state statutes (which define these laws), should be online, and you can research those. If you had any premarital agreement, bring it when you talk to the lawyer.

Short answer: yes, they will, and open houses serve two purposes: 1. Get lots of feedback fast 2. Saves time for buyers & their agents The selling season starts surprisingly early in WI (not sure what state you're in). https://www.youtube.com/watch?v=AQ7frOYdous

I always say to sell when it fits your needs https://studio.youtube.com/video/iu0qEPfN0-s/edit

Sell when it fits your needs & timeline https://www.youtube.com/watch?v=iu0qEPfN0-s (Bad link in previous answer)

This is a personal decision. If you want to renovate, can you do a home equity loan or LOC? If you do renovate, find out what the cabinet, countertop, flooring, etc people are selling the most of, which will give you an idea of popular trends. https://homesellasis.com

You will probably be better off going with a local credit union. "Big national banks" are notoriously difficult to deal with for the people actually involved in the transaction, and rarely keep to deadlines as they ought to, in my experience. Put this another way: if I receive 2 offers, one where the buyer has a trusted local lender & one where the buyer has a "big national bank," I'm going to tell the seller they'll have less trouble with the local lender.