We are Selling our First House?

Walter G — Tue, 19 May 2009 18:27:48 +0000

“We have 2 CMA’s scheduled on Thursday to value the house and then we’ll decide who we want to go with. What do we do after that; can we put the house up for sale that day? Do we then have to find a solicitor that day? I have arranged to go and see a house that I’ve fallen in love with on Sunday, but if we want to make an offer can we do it that early given that we won’t of sold ours yet? And would we have the right to ask them to take theirs off the market if they accept our offer? I’m just a bit unsure of it all as I’ve never sold a house before. If you could give me some guidance I’d really appreciate it. Thanks.

-Sally”

Selling Your First House?

Don’t just take the highest CMA price presented to you right away; they’re just after your home as a listing. You need to be shown comparable homes in your market, to justify thier potiential price. During each of the agent’s presentations, take note at what homes are listed at and what price they sold for.

When choosing a Real Estate Agent, I suggest asking them a set list of standard questions to be fair too each. You can add more by here are 5 Common Questions Asked of a Real Estate Agent:

1. How Long Have You Been in the Business?

2. What is Your Average List-Price-to-Sales-Price Ratio?

3. What is Your Best Marketing Plan or Strategy for My Needs?

4. May I Review Documents Beforehand That I Will Be Asked to Sign?

5. How Much Do You Charge?

Your going need to feel comfortable with an agent as a person, and not be blinded by their presentation and/or real estate brokerage. When it come to the price you want to sell your home for, its not the agent whom makes the Listing Price of your Home, it is you the seller. When settling on a listing price, you need to evaluate what the market is give comparable homes in your area. If you have an unrealistic price in mind, you will be wasting your time, and the time of your real estate agent.

Most listing agreements are standard documents, among brokerages. If the Real Estate Brokerage is a creditable in your area, you can feel comfortable signing the agreement on the spot. There really isn’t a need to have a lawyer look it over, because you’ll just be wasting your money.

When putting an offer on another home your agent will be able to add a contingency to your offer, which will state that, you need to sell your home before you can close. If the homeowner accepts your offer, they are agreeing to take it off the MLS and sell too you. They could set a time table for your home to sell, allowing them to take someone else’s offer.

Hope this helps ease your jitters.

Good Luck Sally

If you know anyone in my area of Staten Island, New York that is in need of a good real estate agent, feel free to have him or her contact us as well.

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Real Estate Terms starting with (W)

Walter G — Tue, 05 May 2009 16:16:30 +0000

The Following are real estate terms and topics: Starting With the Letter (W)

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms W

Walk-through inspection

A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

Walk-up

Walk-up apartment: an apartment in a building without an elevator.

Wall street mortgages

Cash advances made by stock brokerage houses secured by liens on real estate equities. Wall street mortgages are junior priority liens.

Warehousing loans

Grouping mortgages into large blocks for sale in the secondary mortgage market.

Waste

The deterioration of real property caused by abusive conduct, such as actual physical damage or excessive deferred maintenance.

Weasel clause

Contingency, contingency clause, escape clause, and subject-to clause.

What-if analysis
The simulation of the outcome of various scenarios and alternatives when changes to the inputs and parameters are done. A what-if analysis is useful if you do not have complete data or if you want to explore the effect of various changes to your income, liabilities, or available funds or to the qualifying ratios or down payment expenses that are used in the analysis.

What-if scenario
A what-if scenario can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house.

Window lot

A subdivision lot of greater value due to its location.

Win-win deal

A real estate deal in which all parties to the transaction receive a good deal, they”walk away happy.”

Without recourse

The form of dealer endorsement on a retail sales contract where liability or loss falls upon the finance source (“lender”). In this instance, the dealer has no obligation, regardless of how the installments may be handled by the borrower throughout the life of the contract.

Working capital

The liquid assets a company has available to build its business and a measure of its efficiency and financial health. Working capital can be positive or negative, depending on how much short-term debt the company is carrying.

Workout

An agreement between a real estate lender and owner, essentially waiving strict enforcement of the financing for a period of time enabling the project to become economically feasible.

Wraparound mortgage, (WAM)

A loan to a buyer for the remaining balance on a seller’s first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.

Real Estate Taxi » Wraparound mortgage

We are Selling our First House?

Real Estate Terms starting with (W)