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Home Selling in Essex County : Real Estate Advice

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  • Home Buying6
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Activity 42
Sat Jan 19, 2013
Scott Godzyk answered:
John are looking to sell a home, buy a home or saw this ad on Trulia? unforatanately you can advertise a listing in the Q and A section. If you saw a home for sale, you should go back to the ad and click on the profile for the listing agent and email them direct with any questions. ... more
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Sat Oct 27, 2012
Amy Mullen answered:
Good morning!

What is your reason for selling? That will help determine some options.

Amy
0 votes 8 answers Share Flag
Wed Jun 20, 2012
Christopher Lefebvre answered:
Hi Sully, do you have a question I could help you with?
0 votes 1 answer Share Flag
Sat Dec 15, 2012
Louis Wolfson answered:
Jeff your buyer is looking for desperate situations, not just ugly homes. Cash Closings 3 weeks no contingencies = VERY LOW PRICES - you have access to the mls - typically these situations are in marginal markets. ... more
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Wed Apr 25, 2012
Frank Dolski answered:
Mon Dec 19, 2011
Jeffrey Carter asked:
I'm working with a pre-approved, married couple looking to purchase a single family in Beverly. 2 bedrooms, 1,600 SF with a garage or potential to build. They can close in 30 d...
0 votes 0 Answers Share Flag
Tue Jul 9, 2013
Don Tepper answered:
Sure. The owner is the owner until the title is transferred.

However, there are a number of problems with that. First, the rental income is income . . . and that should be reflected on the financial documents the seller is providing to the lender to demonstrate hardship. If it's not included, then the seller may be committing fraud.

Second, it's highly unfair to unsuspecting renters. It's one thing if the owner tells the renter: "I'm in financial distress. I'm trying to sell this home as a short sale. If I'm not able to, the lender might have to foreclose and you'll have to find another place to live." But if the owner doesn't reveal that information, that's really bad behavior.

Third, it'll make the short sale property more difficult to sell. Generally, when a property is sold the lease continues in force, applicable to both the tenant and the new owner. (The lease can be written so that it's terminated upon sale of the property, but most aren't.) Suppose a tenant is 4 months into a 1-year lease when the property is put on the market. A potential buyer would be faced with the prospect of buying and then having a tenant in place for half a year or so. That's enough to discourage many buyers.

So, the answer to your question is "yes." However, it may not be the best decision for the seller.

Hope that helps.
... more
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Thu Dec 15, 2011
Marie Souza Team answered:
Are you looking for the current market value? If so, I am sure an agent from your area will chime in here!
0 votes 4 answers Share Flag
Sun Apr 27, 2014
Masha Senderovich answered:
Usually, yes. Look on your contract, there is an expiration date on that time of a transaction.
0 votes 23 answers Share Flag
Wed Jul 6, 2011
Gerard Carney answered:
That is a question that only the bank and the Short Sale underwriter know, I have seen some on the market over a year and others stop and foreclose in a few months!
0 votes 5 answers Share Flag
Thu Aug 11, 2011
Scott A. Nelson answered:
You should go & look at the competition. What are properties of like size/type currently on the market for & at your current pricing how does your property compare to others in the $600K range. You might re-do your market analysis to see what might have changed in the local market recently/since the time you listed. ... more
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Thu Jul 7, 2011
Molly Hay - Mosley, CDPE,CNE, MIP, SFR answered:
This a great question! The typically percentage in Ohio's market place is 6%. 3% to the buyer’s agent and 3% to the selling agent. Commission is negotiable. I have a program that if my seller uses me on the buying side I can reduce the cost on the listing side. Interview a few different agents and see if anyone in your area offers any incentives to use them. But keep in mind if an agent does reduce the commission that may hinder them from doing certain marketing to help get your home sold. Good Luck! ... more
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Sun Nov 17, 2013
David Burnham answered:
You can pay the difference at the settlement table, but otherwise there are not a lot of options other than to hold on to the property until it appreciates a little or you pay the mortgage down a little.

If you don't have the $8000 you may want to look at drawing a personal line of credit or some other loan to help get you the money to dump the house, then you can pay back that loan in the upcoming months or years.

Otherwise, you can try to talk to your bank, but I doubt they will approve releasing the lien without going the full short sale route.
... more
0 votes 10 answers Share Flag
Tue Mar 15, 2011
Dallas Texas answered:
If you are an agent you should have your own answers. However in time things do return OR approach the bank if you owe more than what the home is worth for a short sale it will effect your credit scores 2 -3 years

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
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Sun Oct 24, 2010
Monir Mamoun answered:
Fuses are modern -- or can be -- as in "fusebox." Now K&T is a very old technology popular in homes built from 1880-1930. K&T wiring is very obvious. You have exposed wires wrapped around porcelain knobs. This should be visually obvious if you take a look in the basement.

If you are looking for "issues" related to this, that's better left to an experienced inspector who has done historical homes before.
... more
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Wed Oct 6, 2010
Thalia Poulos answered:
Have you considered looking into a Short Sale, which is when you speak to your bank about your situation? I don't know if an investment property will qualify for a short sale or not.
Do you know if any other condos in the area have been selling and for how much? I think you're doing the right thing by asking questions. Are you still in contact with the agent who helped you purchase your condo? He/she will be able to get you many of the answers, such as what is the value today, how long is it taking for condos to sell, etc.

Is there any reason why you could not re-rent it to a new tenant and still break even? Is your move to TX permanent or temporary?

I have real estate contacts in the suburbs of Chicago (Oak Park, River Forest area) who might be able to help if you like. "Til then, talk it over with the agent who represented you with your original purchase.

Best of luck to you.
... more
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Wed May 16, 2012
Lori Lincoln answered:
JW,

This is news to me. I have heard we are headed for an increase, but no news yet on a date or year.. I pay close attention to all things real estate and haven't heard of a tax stamp increase for 2011. Where did you hear this news? ... more
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Wed Oct 6, 2010
jo answered:
0 votes 8 answers Share Flag
Thu Sep 23, 2010
Paul Stonkus answered:
Glenn-
I host a North Shore real estate group every four to six weeks at Old Tyme Italian on boston Street, but we've been off for the Summer. Will schedule for October and update you. Go to Meetup.com and search for North Shore real estate.
Paul
... more
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Sat Sep 4, 2010
Bev Mcclellan answered:
Hello Christine - seems fine for now - a bit slow coming off the "dog days of Summer"

How do you like living in Newburyport, MA - it's my home town!
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