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25438 : Real Estate Advice

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  • Home Buying3
  • Home Selling3
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Activity 6
Mon Nov 18, 2013
Debra (Debbie) Rose answered:
ps
don't get involved with the idea of buying a foreclosure as being the "best" for you.....forget what "you've been told" and rely on your agent for guidance..............you will be required to have bank approval (ie - a pre-approval) to buy any home, not just a foreclosure.

Just so you are prepared............some questions you will be asked have to do with your income and amount of debt.......do you have student loans? car payments? credit card debt? any past due loans....collections?.........financial issues?
Do you have steady employment (for the past 2 years?).............I don't know what the prices are in your area, but you may look into an FHA Loan - that will require only 3.5% as a down payment..not sure how your $15,000 factors in...............but these are all questions a loan officer can answer.
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Wed Oct 12, 2011
Susan Williams answered:
You best bet is to talk with a lender. They can qualify you and tell you what price range along with your monthly payment will be. Once that is completed you can go look for your next home:) ... more
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Thu Jul 29, 2010
Alecia answered:
I've checked both sites before and they aren't giving me the information I need. I'm hoping there are people in a 30 mile radius of the Fort Detrick area; including WV, VA and PA that can tell me which town/state would be the best to buy. I've already noticed that Maryland is a lot more expensive to live, so we aren't focusing our search there.

Is it possible to find a upper-middle class town with great schools and community with a 2000-3000 sq ft house and a large yard for under $300,000? We have exactly that where we are now, but since we have to move, we're hoping to find something similar within 45 minutes of Ft. Detrick.
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Thu May 8, 2008
Don Tepper answered:
I don't know, and so can't comment, on the market in Ranson. However, as for the 6 month listing, Realtors like the listing to be as long as possible. The reason: It takes time and money to market a home properly. Sure, a Realtor may get lucky and the property sells during the first week. However, especially in today's market, that's very unusual. More often, though, it takes a while. For instance, 3 months in many parts of the country is close to the average. That means half the homes sell in under 3 months, half take more than 3 months. A Realtor would hate to lose listings which he/she has been marketing at the 3-month mark.

Now, having said that, in all the properties that I've owned and sold, I've never agreed to a 6 month listing. I've agreed to shorter listings, and promised the agent that if he/she was doing a good job and it hadn't sold, I'd renew my listing agreement. And that's happened. But many Realtors are understandably leery of such promises and assurances. After all, my promise was not enforceable.

One thing you should ask any Realtor (if it's not presented to you before you ask) is: "At the price you're proposing I list at, how long do you think it will take to sell?" And if you've got the flexibility and want to sell more quickly, go with a lower price. There are properties around me that are reasonably priced at $400,000 and likely to sell in 6 months. But if the owner said they really wanted to sell in 30 days, the more appropriate price would be lower--maybe $360,000, for instance. And, in this example, I'd certainly take a 3 month listing at $360,000 if that was what the seller wanted in order to sell his home quickly.

It's all negotiable--price, length of listing agreement, commission.

Good luck.
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Wed Apr 23, 2008
Kadie/Marion Cochrane answered:
Do an Open House on a week day and a weekend at least twice a month. Put signs out early in the week, so potential buyers will know it will be open. Make it a festive event with balloons, signs on intersecting streets, Advertise in local neighborhood news papers. Make sure your real estate agent is on all the major real estate websites; such as Trulia, Google, Yahoo, & Front Room.com, etc. Have you seen your MLS Listing? Does your listing have good pictures? Is the description and information correct?
Is your property priced right for the area?
I could go on and on, but I think this is a great start.
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Wed Apr 23, 2008
Pacita Dimacali answered:
First, how much is your house listed at, compared with your active competition, and to pending and sold properties in your area? If your house is listed at $500K, and you dropped it "only" $10K, that's not a significant reduction. If comparable homes are listed at $400K, that's another problem altogether.

You may be "chasing" the market instead of getting ahead of it. Aggressive pricing means being at, or even lower than market price in order to stimulate demand.

How does your home show? Is it staged? How is it promoted? Is it on the MLS? Is it showcased on REALTOR.com? Are you taking advantage of free online advertising like craigslist? Are you holding brokers' tours and open houses? Do you stay out of the house when it's being shown? Sometimes, dropping the price isn't enough.

If you are represented by a realtor, please discuss with her/him your concerns, and ask for a thorough marketing plan and updated comparable market analysis. You may be able to see a shift in momentum that will give you an insight that will dictate what your next step would be.

Good luck!
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