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45400 : Real Estate Advice

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Activity 148
Wed Sep 19, 2012
Tammy Murphy answered:
This is negotiable - shoule be written as part of the contract. Typically you may take possession AT closing (if the property is already vacant or the seller is moving out already.) However, some seller's may need to live in the house until the closing takes place and then request 2-5 days for the move process. Again - this is completely and totally up to what the parties agree to in the contract. I will say, if you as the "seller" keep possession past closing - the "buyer" is paying on the home and may want / request "RENT" for the time the seller is there after closing. This should also be in writing. The issues of liability are a big concern for both the buyer and the seller in this event - and it needs to be clear as to who has what responsibility. (The same would also be true on the reverse - say a buyer wants to take possession or move-in before the closing happens...) ... more
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Mon Mar 2, 2015
Ron Thomas answered:
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
... more
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Sun Sep 2, 2012
Teresa Luther answered:
Have you asked your agent this question? You are paying this person to list and market your property, so that should be your resource for questions.
0 votes 1 answer Share Flag
Mon Aug 20, 2012
Bob and Sue Whigham answered:
This home is not listed in the MLS nor is it a HUD home yet. Not sure how you believe it is for sale. Please contact me to see if I can help. 937-435-2267 ext 163
0 votes 1 answer Share Flag
Fri Aug 17, 2012
Anna M Brocco answered:
As is generally means the owner is not willing to make any repairs.....
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Thu Aug 16, 2012
Ron Thomas answered:
It sounds like there might be more going here:

It is not his responsibility to produce "showings";
the fact that it is Listed on the MLS should produce Buyers and their Agents.

It really sounds like everyone is a little un-enthusiastic about showing your house, and I would bet that the LISTING PRICE is too high: In fact, from here, I can see that it is too high; the proof is in the pudding, and I hope you realize and accept this.

Him taking a month off is not going a bit of difference; other Realtors should want to bring their Clients with offers.

Have you had him do a CMA to determine the Market Value, and did you listen?
Do it again!
You will still have Buyers asking "why the price drop?" and "what's wrong with it?" but you can't change that now.

Good luck and may God bless
... more
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Fri Aug 17, 2012
David M. Childress answered:
You may check demographics and crime at your local Sherrif's website. Realtors are not permitted to discuss these issues. Good luck.
0 votes 1 answer Share Flag
Tue Jul 31, 2012
Teresa Luther answered:
The 203k is a type of FHA mortgage where funds are included in the loan for rehabbing the property. If you cannot qualify for a FHA mortgage; you cannot qualify for the 203k.
0 votes 3 answers Share Flag
Mon Aug 6, 2012
Teresa Luther answered:
Hi Jessica. Foreclosures are generally less expensive than homeowner owned sales, but many times the buyer must be prepared for expenses related to repairs or some elbow grease.
0 votes 9 answers Share Flag
Sat Aug 18, 2012
James Gordon ABR SFR SRS answered:
You need to contact a Realtor® that works with a HUD registered broker as soon as you can. The first step would be to print off and review the HUD property disclosure. The next step is to view the home. I would put in a bid before a home inspection because as an owner occupant if omething comes up that was not disclosed you do have an out.
Normally when I view HUD homes with my clients the properties are in no condition to live in while doing an ongoing live in rehab.
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Tue Jul 24, 2012
Alison Hillman answered:
Hi Jo Jo-

Which property are you talking about? Can you please provide us with the listing so that our experts can weigh in?

Thanks,
Ali, Community Manager
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Fri Jul 27, 2012
randy byrd answered:
Depends on the area. To get the true value will be determined by comparable sales and price per square foot in that area you are looking at. also condition.
0 votes 7 answers Share Flag
Sat Nov 2, 2013
Don Brenneman answered:
House hunter, as with most every question, the answer here really is.... "it depends". The rule of thumb for a good property with good value is to set the home price at 3% above the expected selling price and expect the first offer to be around 5% of the asking and to settle in between the 2 prices. When you have a home or client dealing with some other extraneous issues you may want to use a different approach., You may try to list at price where you expect the first offer to be somewhere around 10% below asking and settle around 5% below the original asking price. Of course, the better prepared and informed you and your agent are, the more effectively you can price the home and then more importantly, negotiate the final sell price. Finally, if you do not enjoy negotiating or not much of a risk taker, this can be a somewhat challenging process. So get with a great agent and let them do the heavy lifting for you. ... more
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Sun Jun 10, 2012
Tim Moore answered:
The county or city will have a record of it if they issued one. Contact the local building department to ask. Not being the owner I am not sure how much trouble you will have.
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Mon Apr 29, 2013
Darrell D. Drouillard answered:
I assume you're using an FHA loan..There was a regulation that limited the guaranty on these loans to buyers if the seller owned the home less than 90 days. It was generically called the "FHA anti-flipping rule." Since FHA backs these loans, the lenders have to follow their rules.

That being said, if this is the case, then your lender has not kept up with the guidelines. They may have other reasons for the denial, but if it's merely to comply with the 90 day possession guideline of the FHA, then you need to question further. In order to stabilize the housing market, the FHA temporarily waived this requirement back in 2010. The exemption from following the guidelines was set to expire in December 2011 which would have meant that the 90 day rule was re-instated.

But, the government extended the exemption again until December 2012 which means that the 90 day rule does not have to be followed. I would question your Lender or ask another Lender. Here is the link for the government extension of the exemption...

http://www.gpo.gov/fdsys/pkg/FR-2011-12-28/pdf/2011-33411.pdf

Good Luck!
... more
0 votes 9 answers Share Flag
Thu Jun 7, 2012
Tim Moore answered:
I do - about 90% of them I work with are investors.
0 votes 6 answers Share Flag
Mon Jul 16, 2012
Pauline Weaver answered:
Ashley:
Check with Wright-Patt Property Management. I know they represent some section8 housing.
937-427-9222.
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Tue May 29, 2012
Gary Kremer answered:
The best advice I can give you is to contact the Dayton Police and see what their statistics say and make your assessment from that info
0 votes 7 answers Share Flag
Sun Apr 29, 2012
Doug Wagner answered:
Your best source is the County Auditor's web site. Most county site addresses are www.co.countyname.oh.us. For example, go to www.co.montgomery.oh.us then search for the Audotors page then real estate section. The place many people get tripped up is when a property has a Homestead Exemption in place because the seller is over 65. If you have further questions, consult with your real estate professional. We're here to help if you need assistance. ... more
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