W. Todd Hess

"Grandfathered" situations are subject to change. If a local municipality deems something a hazard or health issue, they can and will remove the "grandfather clause". Also, if the local planning rezones your area, the rules can change.

For example, if you own a business in an area zoned residential with light commercial priveleges, then the city comes in and zones it completely commercial, you will be forced to update the property to the standards set by the new zone. Even things that would seem minor, such as the minimum number of parking spaces may have to be adjusted.

The city is not obligated to pay for those updates. Their justification is "your property value increased as a result of the new zoning". In their eyes, they are doing you a favor. - Tue Feb 26 2008, 10:58

If both you and the bank have signed the contract, the bank cannot legally sign another contract with another bidder. Just make sure BOTH sides have signed the contract. I have seen situations where the purchaser signed the contract after the seller said they would accept the offer, only to have the seller sign a contract with someone else. If both parties haven't signed, it isn't a contract. Make sure you obtain copies of all documentation. - Tue Feb 26 2008, 10:41

"Lots of interest with no offers" is usually an indication that your house is priced within market value, but is overpriced due to some other factor, such as needing repairs, needing updated to compete with other homes in the area, or even where it is located. For example, if your home is located on a busy street or right acroos the street from a factory, you'll have to wait longer for a buyer unless you lower the price.

Selling a home comes down to 2 things: Price and exposure. If you had it listed and it was on the listing service, you had the exposure. Everything else, including location, can easily be reflected in the price. - Mon Feb 25 2008, 13:33

In my experience, just getting a lender to call you back regarding a short sale is very difficult. Most often, loss mitigation, assets manager, etc. just simply won't return calls. I've even had some lenders say, "Sorry, we aren't interested in doing a short sale. We are going to foreclose and put it on the market." - Mon Feb 25 2008, 13:23

I don't think the concept of "virtual tours" has really caught on, and for several good reasons. First, for most agents, the costs of producing the tour outweigh the benefits. I've seen some companies charging up to $200 per month for professional tours. The other side of the coin is producing it yourself. Now, we are talking about lots of time, which most agents simply don't have.

None of the agents in our office have ever sold a house simply because it had a virtual tour. Nothing beats going out to the home and seeing it yourself, which any agent should HIGHLY recommend. Buying a house sight unseen is taking a HUGE risk, particularly in a "buyer beware" state like Alabama. But, there are people who do it.

There are better and more effective technologies than "virtual tours" that are less costly, easier to produce, and take less time. It will be some time before these technologies replace the "virtual tour", but hopefully it will happen soon.

As far as open houses go, many agents are moving away from them as well. They are time consuming, costly, and rarely sell a home. In my area, most of the people who come to open houses are neighbors, other agents, or people just riding around on a Sunday afternoon "window shopping". These leads rarely convert to clients. Most agents do open houses because sellers expect them too. We have to do what we are paid to do! :)

While I can't answer for Mobile, I hope this clarifies why you don't see a lot of virtual tours out there, with the exception of coastal properties and very high end properties. - Mon Feb 25 2008, 13:17