Santiago Valdez

The beauty of real estate is leverage which usually means a mortgage. However, if the mortgage will put you on a monthly payment situation that is above what you feel comfortable, it may make sense to sell it all and have no monthly payment which may allow you an easier life-style. Its all a matter of looking at the totality of your situation, I would consult with your local agent to make sure they help you with realistic pricing and can connect you with a lender to let you know what the monthly payments and qualifications would look like.

Renting our your house means looking at your home as an investment vehicle and seeing if it makes sense; something your agent can help you determine. Things to consider, how long you plan on renting the property? When you go back on the market, what will you have to do to be ready for the market (painting or repainting, rehabbing, etc)? Will the property need to be vacant when selling it or will it be ok to sell with the tenants there? If you have equity in the home, if you rent it, do you risk losing your tax free benefit in the equity you have now? If you were to buy this house as an investment property, would you? Why or why not?

Hi Margaret, congrats on making this step in investing! It can sometimes take people several years from the time a decision to invest is made to the time the investment purchase actually happens, be patient with yourself. FIrst step is to discuss this with a lender, if you are thinking a single family or condo or a building under 4 units, a mortgage broker you normally have worked with may help you. If you are thinking more than 5 units or properties with a retail element to them, you will need a more specialized lender. As in most things, when you develop a niche you will have more success as you have more knowledge within your niche, you may find yours by accident or you can choose to have it by design. A nitch can be by location, by building style, by clientele, by price-point and any combination of that and likely a few more. I find that a location niche is easier to manage when you have multiple properties.

Hi Julia, you may already be under contract when you see this. Congrats if you are! Yes by all means, a real estate agent will help you in giving you information you may not have considered and usually also making the process to closing smoother. As you know what you want, you may be overlooking somethings or be willing to waive some things that a real estate agent may help you evaluate how that affects your current and future value. If you decide to do it on your own, just remember to do as much diligence as possible, once the property is closed, there is no going back.

Hey Mark, it really changes by location and interpretation. We sell many open lofts that their bedrooms would not fly for bedrooms in a single-family home for example. There is also the multiple listing service interpretation or requirement for a bedroom, the appraisal requirement and the market interpretation. Your agent can help with the market interpretation best and guide you on the MLS and appraisal as well.

Hi Viviana, I have done this with clients lots throughout my career, even months later sometimes. In some cases people even make a huge increase from their sale. If the numbers are not looking great, professional real estate advice will help guide you the best. You are sometimes your best comparable, which sometimes is not great for you as a seller; if thats the case, see if making some modifications to your property change that into something that has more value. Do not just list it, plan, strategize and succeed.

Hi Alpa, it depends as always. First thoughts, if you take care of the obvious defects, it will enhance your value a lot. As interest rates have increased, people have gotten picker on what they buy, places that a few months ago were selling very easily as-is now are having a hard time so there may be a difference in pricing that may not be acceptable to you. Once you discuss with your agent, you can make a game plan knowing the numbers as-is and knowing the numbers when rehabbed or cleaned up. Its not always clear cut, sometimes there is strong enough demand that going on the market sooner may help more than waiting. You need all of the data to make a good decision.

Hi Harvey, this is a service by a brokerage that rather than charging a percentage to sell, they charge just that, a flat fee to sell. Most flat fee services are less expensive than the percentage in commission expenses but not necessarily so.

Hi Oneida, its a bit of a technical difference; the realtor is a member of an organization for real estate agents. A real estate agent is just that and licensed by their local governance. Most multiple listing services, where agents share information on properties for sale, require that real estate agents be realtors to access the information. That is why in the residential field, almost all real estate agents are realtors.

Hi Charlene, if you have an attorney review period in your contract, that period is for both the buyer and also the seller; any of them can suggest changes to the contract which if not satisfied can terminate and get their earnest money back if some is involved. That is also the importance of finishing attorney review as quickly as possible for both buyer and seller.