Will Gardner

Haven -- great question! Every market MIGHT have a different meaning for contingent, but generally speaking contingent means that the buyer is probably doing an inspection on the property and also looking into any more facts about the property. During this period a buyer often times will have the ability to cancel their offer and get their earnest money back (depends how the contract is written). So, if you would like to make an offer, you could, and the seller could accept it, but it would only be a backup offer that would only (and automatically) be fully accepted once the first offer failed. My general recommendation to buyers would be to not have a backup offer because doing show gives the first buyer confidence... hey... someone else will take it for that price if you don't. I usually prefer my clients to tell me you want to watch a house and then as your agent I would ask the listing agent to let me know if it looks like it will fail. Then if it looks like it will fail... only then make the offer. There are different strategies and depending on the situation, my advice might change. Get a good REALTOR to help guide you on the best strategy for your situation!

William -- you're asking an excellent question and it's good to wonder about doing things right. A few questions I would ask: (1) What type of loan was it? Some loan types do require it to be owner occupied. Did he get a first time homebuyer loan? VA? FHA? (2) Did he intend on living in the home when he purchased it? (3) Is he using it as a rental property?

Jimmy, Talking with a realtor you trust who understands your situation is really important to help guide you better. My knee jerk reaction based on several assumptions would be to recommend you sell it. Here are my assumptions: (1) You don't have time, skill and/or desire to make updates. (2) The home isn't necessarily in the area you want to live, or doesn't fit your style/needs. That said, if you do have the ability to conveniently live in it and work on it slowly, you could start developing an asset. I think my fear would be you selling it and did not buying another property. I think owning property is very important to help you with financial and physical security. If you don't have anyone to help you, you don't want to make a bunch of updates that really don't end up improving the value... so be a little careful with that.

If I were moving to another area of the country and hiring an agent, here is what I would ask: (1) Are you a full time agent? --- CORRECT ANSWER: Yes. Do you want a part time lawyer? Part time painter. Part time anything? No, you want someone who eats, sleeps and breathes real estate. (2) How much heads up time do you need to see a house --- CORRECT ANSWER: Immediately. (minutes or hours) The good ones go fast. Tomorrow is unacceptable unless you are doing an initial tour just to get your feet wet. (3) Do you have any lenders you would recommend? --- CORRECT ANSWER: They should be able to give you 3 lenders and should ask you questions to know who you should talk to. (4) What are the top things to look for when you are looking for a house --- CORRECT ANSWER: (Feel free to PM me for my list. Their list should include location as their #1 priority.

Assuming you have a mortgage and you will purchase a more expensive home with a bigger mortgage... First, make sure you get a value on your home so you know exactly where you stand. Next, talk to a lender to find out what your max budget is to make sure your goals are realistic. Next, tour some homes with an agent. If you feel it will be fairly easy to find your next home, I would put your current home on the market. Once you get an offer on your home and accept it, your agent should have a contingency to allow you to find a home within a few weeks, Your agent should write the contingency so that if you don't find one you can still get out of the contract and continue to stay in your home. It is possible to do the opposite -- offer contingent on selling your home, but you will have the advantage in negotiating if you have your current house sold first.

If an agent ever promises you that you will make money on a property over a few years, they aren't honest. That said, different areas of the country have different histories. Some markets have had consistent strong growth over many decades. Other markets go up and down like crazy. You can never predict the future, but I would recommend reaching out to a local agent and ask them if they can run numbers for you of the market over the last few decades to get an idea of historic trends. Again, it's not a guarantee of future performance, but it might give you better guidance than nothing at all!

The biggest bang for your buck is really cleaning. People want to live in a home that is clean and organized. It is incredibly important to have everything deep cleaned. Next is get organized.... have hooks for your keys, garage organized (hoses neatly coiled and hung, etc...) bookshelves with a thinned out number of books, laundry rooms with good lighting, clean rug if in basement with empty laundry basket in it's storage spot (if space allows). Countertops cleared with nothing on them -- get rid of kitchen appliances (toasters, coffee makers...) if space is tight. Lighting is the next priority. It's huge. Make sure lights bulbs are consistent and bright. Do NOT make inconsistent updates (granite countertops with old appliances...)

First and foremost, I am not a structural engineer or an inspector, so I will ultimately you need to consult one of these professionals. That said, I have been part of MANY inspections with structural questions and so I'll pass along what I've heard for purposes of you to confirm with an appropriate professional. First, if it's the floor, it's often times not "structural" problem. If expansive clay is pushing up on the floor creating a bulge and cracks in the floor, that is a common issue in some areas of the country. The only time this affects the structure is if it pushes up on a wall that pushes up on the floor above. This itself is often not even an issue that will put the integrity of the house in jeopardy, just more of a nuisance with sloping floors. NOW, if you are talking about the exterior walls having cracks, that's more of a problem. Small hairline cracks seem to be common in many homes I see. Larger cracks are of course more problematic starting with the fact that water can come through. The next thing to look for is if the the pieces of the concrete are flush or if one of the slabs is moving in indicating the ground is pushing the wall in. Next, the direction of the crack is important. A vertical crack is better than a horizontal crack. A horizontal crack could indicate a compromise of the structure of the wall that means the outside is pushing the wall in. This is all assuming poured concrete. If cinder block, the integrity of even more of a problem. In my experience unless the wall is pushing in OR the crack is horizontal, I'm usually not too concerned that it is an issue. Vertical cracks can be filled. Again, ALWAYS ask a qualified expert for the correct diagnosis of my experiences I've mentioned.

A lender is the real expert for this question, but as a REALTOR I can help get you started. First, it is dependent on the lender and the programs they have. Typically for any loan you need to have documented income. Secondly, the land will need to be appraised to confirm the value is there. I would definitely talk to a seasoned agent in your local area who can recommend the perfect lender. Remember -- not all lenders are equal!!!!

I can help you interview some agents for you at no cost. Give me a call -- 701-388-6171

One idea that might make things a LOT simpler... you can buy a duplex. One of you would be on the mortgage and the other person can be the "renter". The bank will recognize the rent as income and lend you more money than you otherwise might be able to afford otherwise.