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Does home remodeling always pay off?
Perhaps you've heard stories about homeowners who've greatly improved their net worth by remodeling homes and selling them. But, while remodeling can add value, there's no guarantee that a future buyer will pay you enough to recoup your investment.
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How much work should you do before selling?
Recently a couple that owned a home in Berkeley, Calif., decided to move to neighboring Piedmont. They started their search by visiting Sunday open houses.
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Should sellers repair defects before selling?
After years of living in a home, it's easy to fall into a habit of overlooking home maintenance chores. If there's no urgency, many homeowners procrastinate. Often problems don't get fixed until a major disaster occurs like a roof leak in the middle of a monsoon.
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What is an "as is" sale?
Occasionally, listings are advertised as "as is" sales. To some buyers this signals a potential bargain property. For others, an "as is" sale carries a negative connotation. It suggests that the property might be tainted. Often, neither perception is accurate.
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The ABCs of credit reports
My extensive "research" for this report included obtaining my current credit reports from the three nationwide credit bureaus – Experian, Trans Union, and Equifax – plus obtaining my FICO (Fair, Isaac and Co.) scores from these three credit bureaus. I invested $44.95 on the Internet at www.myfico.com for this information. I could have purchased just one credit report there for $14.95, including my FICO score, but it would not have been complete. Most mortgage lenders obtain a 3-in-1 combined credit report on prospective borrowers so I checked all three of my credit reports.
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Beating buyer's remorse
Determining what you want in a house is easier said than done. It is useful to think about what you liked and disliked in houses you have seen.
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Valuing your home improvements
It would be nice if you could count on getting one dollar back when you sell your house for each dollar you invested in renovations. Most people hope for more than a dollar-for-dollar return. In reality, many improvements return less than the amount invested.
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Should I ask the seller for a credit?
Most purchase contracts include an inspection contingency. Sometimes, the buyers remove this contingency without asking the seller to make any repairs. But if the buyers ask the seller to remedy a defect, the resolution often takes the form of a credit from the seller to the buyer that is applied toward the buyers' nonrecurring closing costs.
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How can I reduce my closing costs?
Often it's easier for buyers to qualify for a mortgage than it is for them to scrape together enough cash for the down payment and closing costs.
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Best time to take out mortgage when buying home
Q: I have enough cash to swing an all-cash purchase if I want to, but I don't want all of my money tied up in the house; I want to get some of it back in a mortgage. What is the downside of paying cash and taking out the mortgage later versus taking out the mortgage at the time of purchase?
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How to profit from home appreciation
There are many ways to save money, but taking advantage of a run-up in home prices isn’t usually on any financial planner’s list. However, appreciating property values can offer at least two ways to save money.
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Who's entitled to buyer's deposit in failed real estate deal?
Sellers often feel that they should be entitled to keep the buyer's deposit money if the buyer fails to complete the purchase for any reason. But, more often than not, when a home purchase transaction falls apart, the deposit ends up being returned to the buyer.
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Gauging pre-sale fix-up work on your home
Usually it's worthwhile for a seller to fix-up a home before putting it on the market. Listings that are in move-in condition attract more buyers. The more interest there is in a listing, the more chance a buyer will make a strong offer. Buyers tend to pay more for homes that they can move in to without doing a lot of work.
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Mortgage insurance
First-time buyers are often caught in a "Catch 22". They usually have the hardest time qualifying for a mortgage. And they have the hardest time accumulating cash for a down payment and closing costs. But they are the buyers who are most often required to pay mortgage insurance, which increases the cost of homeownership and makes qualifying even harder.
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Shopping for a good home deal
Everyone wants a good deal. But, good deals are few and far between in the many low-inventory markets around the country.
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Should I fix up my home or just sell it?
Making the decision to sell your home is always a tough one. There are financial and emotional decisions to make, and any number of factors that can tip the balance one way or the other. The emotional decisions are ones that only you can answer, but as to the financial side of things, there are some common sense questions that may make the decision a little easier.
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Should I hold out for a higher price?
It's not unusual for sellers to have an over-inflated opinion of the value of their home. Often this comes from pride of ownership, which is not a bad thing. Homeowners who take pride in their homes usually keep them well maintained. This preserves the value of the property. Sometimes, however, pride of ownership can get in the way of making a rational business decision.
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Questions every buyer should ask
Take this checklist along when you visit a home and talk to the listing agent.
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Which mortgage is best?
It's a great time to shop for a mortgage. Mortgage money is plentiful. Lenders are anxious to lend. And interest rates are at a multi-decade low.
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Should home seller fix a defect, credit money or lower the price?
Inspections invariably reveal defects. Often, buyers and sellers find themselves back at the negotiation table trying to work out an agreeable solution. Determining who is going to pay for what is one part of the resolution process. The other is figuring out how and when the defects will be repaired.
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Spotting water damage before it's too late
Water is one of those seemingly innocent things around the house that gets underestimated in its potential to do damage. A trap that's not tight, a toilet seal that's lost its grip, a water line with a tiny drip - it's not much water and it's hard to see or hear, but every day it continues it has the potential to wear away structural members, cause mold growth and create a number of problems for you and your home. For the most part, though, water leaks leave their warning signs, so you need to be aware if your home is using any of the following visual clues to try and warn you.
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Strategies for changing real estate markets
It appears that the home sale market in some areas may be changing from a hot seller's market to a more balanced market. A balanced market is one in which neither the buyer nor the seller has the upper hand.
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Reacting to rising rates
What happens to the real estate market when interest rates rise?
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