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36526 : Real Estate Advice

  • All15
  • Local Info2
  • Home Buying3
  • Home Selling5
  • Market Conditions0

Activity 14
Mon Mar 30, 2015
Anna M Brocco answered:
If you are a for sale by owner the post is not allowed; if and when you do list with a broker, ask your agent to post the listing, or consider any flat fee realty company that feeds into the site.... ... more
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Fri Jan 23, 2015
UpNest Top Realtors answered:
You can't post your own house by yourself. You would have to look into flat fee listing services.

I know commission rates for agents can seem daunting, but the statistics show that going FSBO (for sale by owner) isn't the best choice. We hope you do whatever you feel confident doing, but want to educate at the same time.

Only ~30% of the transactions listed through For Sale By Owner actually get sold. At http://www.upnest.com/ , we often run into sellers who can't sell on their own and came to us to compare agent rates and services.

FSBO homes are often mis-priced, which often leads to the home sitting on the market and becoming undesirable.

Selling a house on your own also opens you up to huge liability, even if you disclose everything properly in your seller's disclosure. Buyer agents can often times steer clients away from FSBO homes, too, possibly giving you a smaller market of home buyers. And often times if a for sale by owner home is sold, they may have to lower the price, negating the who reason for not hiring a realtor.
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Sun Nov 9, 2014
Tami Roberts answered:
Sun Nov 9, 2014
Tami Roberts answered:
I would be happy to take a look at your house to give you free tips on what you can do to make your home more attractive to buyers. I am in Daphne often so just let me know.
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Sun Nov 9, 2014
Tami Roberts answered:
Sun Feb 16, 2014
Ann V Portz answered:
I have a beautiful home in Daphne, Al that is not in a subdivision. It is perfect for you. I have it listed on FOR SALE BY OWNER.COM. I have it listed for $ 142,200. located at 907 Camellia Court on a cul-d-sak ... more
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Thu Jan 9, 2014
Edyta Gryc answered:
Tue Feb 26, 2013
Mary McNair answered:
If you will give me a call to provide more details about your maximum rent and the type property you are seeking, I can search the active listings on the MLS specific to your criteria.
0 votes 1 answer Share Flag
Thu Jun 16, 2011
Sunnieday4u asked:
0 votes 0 Answers Share Flag
Tue Aug 17, 2010
answered:
Hi Propertyvirgin,

Yes, rates and fees will vary from lender to lender and from banker to broker, and yes brokers are able to offer the HomePath program.
0 votes 7 answers Share Flag
Sun Jun 27, 2010
Dan Therrell answered:
I asked a friend yesterday, who lives in Loxley:

There are some 3/2 homes for rent on Landmark Avenue, just east of Hwy 59. You might ride the subdivsion to see if you like it and check these out.

Good luck!
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Thu Apr 30, 2009
Barbara Weismann answered:
The more money you put down, the smaller the mortgage. Using a 30 year fixed rate mortgage at 5.25%, the factor is 5.52 or $552 for every $100,000 of mortgage. How much you save every month depends on how much more you put down. Its basically a math problem.

The answer to your question then is $8 is not truthful; $5.52 is correct.

The real question is how much should I put down on a home to make the purchase a sound investment and maintain my cash flow so that I am not house poor. With interest rates so extremely low, it's very tempting to put little down. BUT....is this financially sound? What happens if you're laid off for a while, cut back on overtime or if you get sick? Dave Ramsey tells us to wait till we have a 10% down payment. I agree. It is never smart to be at a precarious level.

There's another issue - with less than 20% down, you must pay Private Mortgage Insurance (PMI) which is expensive and, as an insurance policy, not a write off. PMI is is often figured at 1.25% of the mortgage which is a good amount to have to spend. Plus qualifying for a mortgage with PMI is a lot tougher,

With investing, it's always good to be diversitied. If all of your money is in one house, that's not diversified. It is very tempting to mortgage as much as you can with such historically low rates but it's never smart to have all your eggs in one basket. It's not just a question of what you can earn in other investments; it's also a question of being diversified.

You have to examine what you can really do. It may be smarter to take less of a mortgage or more. It's very subjective and depends on your personal situaiton. However, taking on too much debt, having to pay large PMI fees and not being diversified is, in my view, a recipe for disaster.

If you have an accountant, ask your accountant for advice. Go to your banker and ask them. It's always a good idea to get the thoughts of professionals and you should do your own homework. If you're putting down 20% and can do 23% at a time that you can take that 3% and get a 9% yield, then that makes sense as the yield is significantly more than the 5.25% mortgage. But, if you are moving below 20% to get a higher rate of return, it may not be wise at all or even justified when you think about the cost of PMI.

Again, you have to weigh all your options and figure it out like a math problem. My overall advice always is to only make moves that are economically sound. Be careful and you'll be smiling.
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