About.com Home Buying / Selling

Did You Hire a White Knight Agent?

Fri, 20 Nov 2009 05:00:09 +0000

Some agents, whether novice or veteran, can find themselves inadvertently turning into white knight agents.

These types of agents are not out to save the world. They want to save home buyers and sellers from themselves. At least that's their intention. But most unlucky recipients, if they really stopped to think about the ramifications of their agent's white knight behavior, would want to run as far away as they can.

White knight agents often act on behalf of their clients without authority. They get in the way of successful closings and, instead of helping to guide, they become obstacles and roadblocks . . . read more about White Knight Agents.

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Did You Hire a White Knight Agent? originally appeared on About.com Home Buying / Selling on Friday, November 20th, 2009 at 05:00:09.

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Has There Been a Death in the House You Are Buying?

Wed, 18 Nov 2009 05:00:48 +0000

It's sort of creepy to think about, but do you know if there has been a death in the house you are buying?

It's not that uncommon to buy a home in which someone has died. Occurrences of death in a house are not limited to older homes or probate sales. People croak in new homes, too, because few of us really know the exact moment our time on earth will end. However, for some home buyers, a death inside the house is an absolute deal killer.

In general, Americans are not very comfortable with the idea of death. Few of us want to view our own mortality. We grieve for our departed loved ones in private, but I wish we were felt it was more acceptable to embrace the fact publicly.

My neighbor is a Sikh. When her husband died in a freak accident, hundreds of people from her temple came to her home to mourn with her, loudly and openly. Women dressed in white lined the walls of her living room and sobbed in unison. I joined them. It had a remarkable cleansing and healing effect.

But I do hope my neighbor doesn't decide to sell. Some home buyers are very squeamish . . . read more about Death In the House.

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Has There Been a Death in the House You Are Buying? originally appeared on About.com Home Buying / Selling on Wednesday, November 18th, 2009 at 05:00:48.

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You Don't Have to Suffer From Home Buying Stress

Mon, 16 Nov 2009 05:00:26 +0000

Anybody who tells you there is no such thing as home buying stress has never bought a home.

Home buyers stress out over the little details and often go berserk when larger problems appear. Part of the reason for stress is because it takes so long to buy a home. Although it's possible, nobody actually shows up on the seller's doorstep to hand the seller a big old bag of money and receives the keys to the home in return.

Nope, it's a long, drawn-out and sometimes extremely stressful process, during which facts are checked and double-checked, while lenders poke around in your lingerie drawer . . . read more about Home Buying Stress.

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You Don't Have to Suffer From Home Buying Stress originally appeared on About.com Home Buying / Selling on Monday, November 16th, 2009 at 05:00:26.

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Should You Give Your REALTOR� a Closing Gift?

Fri, 13 Nov 2009 05:00:53 +0000

Although real estate agents often give their clients gifts at closing, it's also popular to give REALTORS� closing gifts.

Many readers have written to me asking for gift suggestions. They don't want to come across as ungrateful, especially if their agents have worked their tails off or sprinted that extra yard. But clients also want to appear thoughtful and give a gift that will be appreciated. So, what do you do?

Because it's not as though the agent hasn't earned a tidy little sum known as a commission for bringing the transaction to a successful close, which means the agent can buy herself or himself almost anything he or she desires. Moreover, some buyers and sellers might wonder if the REALTOR� even deserves a closing gift. Some don't. Realize that closing gifts from a client are never expected, and you're under no obligation to deliver a gift . . . read more about REALTOR� closing gifts.

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Should You Give Your REALTOR� a Closing Gift? originally appeared on About.com Home Buying / Selling on Friday, November 13th, 2009 at 05:00:53.

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Thinking About Buying a For Sale by Owner Short Sale?

Wed, 11 Nov 2009 05:00:12 +0000

Buying a short sale is complicated enough, but it's even more tough when you're trying to buy a for sale by owner short sale.

A FSBO is an acronym for "For Sale by Owner," and it means the seller is unrepresented by an agent. If you, too, are unrepresented by an agent, winging this process on your own, the best advice anybody can give you is to hire a real estate lawyer. In fact, even if you are working with a real estate agent, you should obtain legal advice from a person licensed to give it to you, which is to say don't ask or rely on your agent for legal advice.

Moreover, bear in mind that the seller is probably not your friend. Your objectives likely oppose those of the seller's. A seller who is in foreclosure, for example, may be desperate for a sale, but that doesn't mean that a seller won't try to take advantage of you or later come back to sue you. Plus, there is absolutely no guarantee that the seller's lender will agree to accept less than the amount owed on the home . . . read more about For Sale By Owner Short Sale.

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Thinking About Buying a For Sale by Owner Short Sale? originally appeared on About.com Home Buying / Selling on Wednesday, November 11th, 2009 at 05:00:12.

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Is it Smart to Submit Multiple Purchase Offers?

Mon, 09 Nov 2009 05:00:33 +0000

An agent in my office said he heard another brokerage on the radio in Sacramento advertising that its agents would write up to 10 offers a day for a buyer and swearing that multiple purchase offers were the only way a buyer had half a chance in our market.

It's a tough market in our area. We were one of the first areas in the country to get hit with declining prices, and we're one of the first on the rebound. Buyers are getting beat up pretty badly because it's a seller's market. We have limited inventory and more buyers than sellers for many entry-level homes. Compound that problem with the fact that short sales can take 3 months or longer before many banks will respond, and the agents who represent REO lenders may never respond, it's no wonder that buyers are feeling desperate.

Some buyers feel the only option available to them is to write multiple purchase offers and then jump on the first offer that gets accepted. But multiple purchase offers carry their own complex set of problems . . . read more about Multiple Purchase Offers.

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Is it Smart to Submit Multiple Purchase Offers? originally appeared on About.com Home Buying / Selling on Monday, November 9th, 2009 at 05:00:33.

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President Obama Signs Extended Home Buyer Tax Credit

Fri, 06 Nov 2009 17:04:20 +0000

Eureka. President Obama signed today the Extended Home Buyer Tax Credit legislation approved yesterday by Congress.

The key provisions are:

The $8,000 home buyer tax credit is extended to April 30th, 2010, with another 60-day extension for those home buyers who have entered into a purchase contract by April 30th, providing it closes by June 30, 2010.
Buyers who are not first-time home buyers can apply to receive a tax credit of $6,500, providing these buyers have owned and occupied a principal residence for 5 out of the last 8 years.
Income levels for those who buy a home on or after November 6, 2009 is raised to $125,000 for a single person and $225,000 for a couple, with phase-outs above those levels.

I wonder if some buyers will now cancel existing escrows because they felt pressured to buy before November 30th? Some buyers might have settled for a home they did not truly want or avoided trying to buy a short sale home based on the expected expiration date of November 30th . . . read more about the Extended Home Buyer Tax Credit.

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President Obama Signs Extended Home Buyer Tax Credit originally appeared on About.com Home Buying / Selling on Friday, November 6th, 2009 at 17:04:20.

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Give Yourself Time to Get Ready for an Open House

Fri, 06 Nov 2009 05:00:47 +0000

Unless you're Martha Stewart, you've got to do a lot of planning and work to get ready for an open house.

You can't just pluck a date off the calendar and circle it. First, you want to make sure the day you choose is an appropriate day and time -- not a holiday or a day that conflicts with major sports events or community celebrations. The weather should be perfect, too. If snow, rain or extensive heat is in the forecast, buyers may stay away. Some sellers draw a lot of traffic by holding a twilight open house, in the early evening, often on a Thursday, accompanied by food and music.

After you select the day and time, try to give yourself enough time to get the house in order. It's easy to become overly enthusiastic once you decide to sell, and it's difficult to be patient, lining up all your ducks in a row before that first buyer enters your home. But studies show the first few weeks on the market are the most crucial, which means you might not get a second chance to showcase your home during an open house if you don't do it right the first time . . . read more about getting ready for an Open House.

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Give Yourself Time to Get Ready for an Open House originally appeared on About.com Home Buying / Selling on Friday, November 6th, 2009 at 05:00:47.

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Home Remodeling Tips for Pet Owners

Wed, 04 Nov 2009 05:00:35 +0000

Two of my favorite subjects are home remodeling and pets, so it's only natural for me to take the needs of our cats into consideration when remodeling.

I have one client who doesn't have a living room, for example. Well, he and his new wife do have a living room, but it isn't used for people. The room is filled with cat trees, cat posts and cat runs. There is no furniture. Just cat trees. Dozens of them. Enough so it looks like a jungle of cat trees.

When I replaced all the windows in my home, I installed two windows with my cats in mind. In retrospect, I suppose I'm not much better than the client with the cat-tree living room. My family room windows ran floor-to-ceiling, and they didn't open. I broke up the space by installing double windows on the bottoms that slide open. Not only do these windows provide much needed air circulation in the room, but my cats love them . . . read more about home remodeling and pets.

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Home Remodeling Tips for Pet Owners originally appeared on About.com Home Buying / Selling on Wednesday, November 4th, 2009 at 05:00:35.

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Mortgage Refinancing May Restrict Tax Deductions

Mon, 02 Nov 2009 05:00:17 +0000

Homeowners should know that their tax deductions for mortgage refinancing may be somewhat different from the tax deductions that are available after taking out an original purchase money mortgage.

The tax deductions may be restricted, especially if a homeowner is tapping equity through mortgage refinancing. It's what we call a cash-out refinance. On top of this, there are costs associated with mortgage refinancing. If those costs are added to the mortgage balance and not paid out-of-pocket, the unpaid principal balance of the mortgage will increase

I went through a mortgage refinancing about a year after I bought my home. It lowered my interest rate by a full percentage point . . . read more about tax deductions for mortgage refinancing.

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Mortgage Refinancing May Restrict Tax Deductions originally appeared on About.com Home Buying / Selling on Monday, November 2nd, 2009 at 05:00:17.

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