Selling Your Home - Common Q&A About Selling Your Home
Should I add on or buy a bigger home?
Consider these questions
before making a choice between adding on to an existing home or moving up in the
market to a bigger house:
* How much money is available, either from cash
reserves or through a home improvement loan, to remodel the current house?
*
How much additional space is required? Would the foundation support a second
floor or does the lot have room to expand on the ground level?
* What do
local zoning and building ordinances permit?
* How much equity already
exists in the property?
* Are there affordable properties for sale that
would satisfy housing needs?
Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.
What do all of those real estate acronyms in the ads mean?
Here are some
abbreviations and the meaning of each, taken from a recent newspaper classified
section:
* assum. fin. -- assumable financing
* dk -- deck
* gar --
garage (garden is usually abbreviated "gard")
* expansion pot'l -- may be
extra space on the lot, or possibly vertical potential for a top floor or room
addition. Verify actual potential by checking local zoning restrictions prior to
purchase.
* fab pentrm -- fabulous pentroom, a room on top, underneath the
roof, that sometimes has views
* FDR -- formal dining room (not the former
president)
* frplc, fplc, FP -- fireplace
* grmet kit -- gourmet
kitchen
* HDW, HWF, Hdwd -- hardwood floors
* hi ceils -- high
ceilings
* In-law potential -- potential for a separate apartment. Sometimes,
local zoning codes restrict rentals of such units so be sure the conversion is
legal first.
* large E-2 plan -- this is one of several floor plans available
in a specific building
* lsd pkg. -- leased parking area, may come with an
additional cost
* lo dues -- find out just how low these homeowner's dues
are, and in comparison to what?
* nr bst schls -- near the best schools
*
pvt -- private
* pwdr rm -- powder room, or half-bath
* upr- upper floor
* vw, vu, vws, vus -- view(s)
* Wow! -- better check this one
out.
Resources:
* "Real Estate's Ambiguous Language You Oughtta
Understand," Glennon H. Neubauer, Ethos Group Publishing, Diamond Bar, CA;
1993.
How long do bankruptcies and foreclosures stay on a credit
report?
Bankruptcies and foreclosures can remain on a credit report for
seven to 10 years. Some lenders will consider an borrower earlier if they have
reestablished good credit. The circumstances surrounding the bankruptcy can
also influence a lender's decision. For example, if you went through a
bankruptcy because your employer had financial difficulties, a lender may be
more sympathetic. If, however, you went through bankruptcy because you
overextended personal credit lines and lived beyond your means, the lender
probably will be less inclined to be flexible.
What are some tips on
negotiation?
A skilled real estate agent familiar with the negotiation process can be an excellent asset in negotiating the sale of your home. Their familiarity with the local market and recent sale prices of comparable homes in the
neighborhood will help you to determine the most realistic price you can expect.
Do sellers have to disclose the terms of other
offers?
Sellers are not legally obligated to disclose the terms of other
offers to prospective buyers.
How do I prepare the house for
sale?
Consulting a real estate professional and home staging professional are good first steps in determining how to show your home in the best light. You'll want to be sure that your home is in the best condition possible,
especially if you are in a market with few buyers and lots of homes for sale.
That means taking care of any major repairs that could deter a buyer (such as
replacing any broken windows or replacing a leaky roof).
Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow
the grass, clean up any debris and weed the garden beds. Plant a few annual
flowers near the entrance or in pots to be placed by the door. Other quick
fixes that don't cost a lot of money but can help you get top dollar for your
home:
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