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Norwood : Real Estate Advice

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Activity 6
Tue Jul 28, 2015
I'm thinking this is an income related question?

It sounds like you get paid in cash and do not claim the full amount as income?

Unfortunately in cases where you are not a salaried or hourly W-2'd employee, lenders must go off of the DOCUMENTED income on your tax returns. So while it may be your CPA's job to minimize the amount of income you pay taxes on, this does you no favors when trying to get a home loan.

It's become especially more difficult to get around this in any way since the government enacted laws to ensure that borrowers have the ability to repay a loan. No more stated income or no doc loans.

So you'd need to begin documenting your income for at least a period of 2 years (and file the corresponding tax returns) in order to be able to use your income to qualify for a loan.

Hope this helps!
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Sun May 31, 2015
My NC Homes Team answered:
You have two things working against you, the first is you're trying to sell on your own, and many Realtors don't want to waste their time dealing directly with an owner, they know that it's going to take more work as they have to help both their client (the buyer) as well as you as you don't have a professional on your side of the deal.

Secondly it's the price. The only reason something doesn't sell is the price, there is no other reason ever. You may feel the house is worth $217,000 but then you also felt it was worth $242,000 but the evidence that it's not priced properly is that it's not sold. You need a professional to guide you in terms of pricing as well as guiding you as to what needs to be done in order for it to show it's best. I've attached a link below that offers some suggestions in what you should be looking for in a Realtor, I hope you find it useful.
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Sat May 30, 2015
Karen Peyton answered:

Since it's unlikely any of us on Trulia have seen your home, this is THE question for your agent.

Ask them to pull the comparable values of your area. What you want to see are active listings, those under contract, and sold properties since the time you listed. You want to know how many days on market for each category and where you "stack up." You really need the data to know where you stand.

Next, try looking at your house with an extremely critical eye (and nose). What would you, should you, or can you change? Consider visiting competing properties within $5 to $7K higher and lower in price than yours for a "product" comparison. Is their value proposition greater than yours? Are they offering an incentive you do not? After seeing these homes, would you as a Buyer purchase yours for the same price??

What have Buyers and agents said of your home? Do you know what the "feedback" has been?

Again talk to your agent to review the data and comments

Best of luck!!
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Sun Mar 1, 2015
Christopher Jordahl answered:
Hi Eric

Sorry you are having issues and no one is getting back with you, but most Realtors do not deal much with rentals. Contact a rental agent or property management company. Also alot of rentals in Trulia can be posted by the actual owner. Hope this helps and best of luck to you. ... more
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Thu Jul 17, 2014
Ann Ryan answered:
Find out what the split is with the buyer's realtor. Because there definitely are realtors who will NOT show your property if the split is far below the normal market rate.

There's a certain auction company, who I will not name, who is putting things on the MLS at 0.5%. Sorry, but that's not worth my gas. If I'm going to do the work of two realtors (listing and showing) at least I should get the norm for a buyer's realtor. If buyers tell me they're interested in one of those properties, I admit they're going it alone, but I will provide them an idea of what I think fair market value is. I've also noticed the auction companies tend to sell far below market.

Ann Ryan
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