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Jon Lichterman's Advice

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  • 25 Contributions
  • 1 Best Answers
  • 1 Helpful

Jon Lichterman wrote:

Should we have an open house? What are the pros and cons?

Answer
Holding an open house really has no cons other than having strangers in your home.  But one of those strangers could potentially buy your house, so it's just up to you on what you're comfortable doing.If you do decide to have an open house (and really even if you don't), it's always a good idea to make sure the property looks as enticing as it possibly can.  Give it a fresh coat of paint, remove clutter, do yard work, etc.  You want your home to look like it's taken care of.  Curb appeal is quite important.  More people will want to get inside the house if they like what they see from the street.The next thing I would recommend is a guided video tour.  Your agent should be able to easily make a video walk-through of your property and post it online.  This attracts internet savvy buyers who want to see the inside of your home right from the comfort of theirs.  It's been found that 90% of buyers look at homes on the internet at one point or another. Lastly, be prepared to lower your asking price if you don't get the response you want.  It's not easy to accept less for your home than what you think it's worth, but if you truly need to sell your home, a price decrease is sometimes necessary.  Be sure to price it below certain price caps.  For example, if your home is listed for 365k and you aren't getting the action you want, consider dropping it to 350k or below.  This will get the attention of buyers whose price cap is 350k or under.Good luck with the sale!Jon LichtermanProvincity, Inc.
October 05 2010
(0)

Should a recent college grad rent or buy?

Answer
If you are planning on staying in this city for a long term period, I'd say 5 years or more, then I recommend buying if you can.  It is more of a committment, but it's also more rewarding.  You can write-off the interest on your taxes, you're putting money towards your own mortgage instead of someone else's, and if you can get in on the low interest rates and the low home prices, you'll be in good shape. Right now there are many wonderful programs that allow you to put a small amount of money down, so you can keep much of your income liquid of invest it in other places as well as the housing market.  Also, the city properties usually do much better as far as retaining their value, so although you might have to wait a few years to see some real equity, you will most likely as least break even if you have to sell sooner than you planned. Jon LichtermanProvincity, Inc.
August 23 2010
(0)

How do I buy a new home if I already own one?

Answer
It all depends on whether you want to keep your current property as an income property.  If you can rent it out and get the mortgage back, then it could be very beneficial to you to keep it. It's a wonderful tax write-off if you can maintain both mortgages.  However, having a home that is not owner occupied can result in a higher interest rate.  I would speak to a mortgage broker and get some idea of what they can do to help you either keep your current property and rent it out, or sell it to help you qualify for the new home.  You may even be able to do a cash-out refi on your current home and use the money for the down payment on your next property.  It's really tough to qualify, but it's worth looking in to.  It all depends on your personal situation and what makes the most sense for you.Jon LichtermanProvincity, Inc.
August 23 2010
(0)

laminate vs hardwood flooring

Response
Real wood will be best in the long run.  It will last longer than the laminate if you take care of it.  There are some engineered wood flooring options that are a little bit distressed which is very popular right now as well.  It looks great and it holds up in high traffic areas.  If you want to match the wood in the new room to the older wood in the rest of the house, that would be the best in my opinion.  It will add value to your home, and it will be a nice selling point if you ever decide to put it on the market and sell it in the future.  I would suggest that whatever you decide to do, get at least 2 places to quote you on prices.  It's more leg work, but it makes you feel like you're getting the best deal and you won't have buyer's remorse no matter which wood option you choose.Jon LichtermanProvincity, Inc.
August 23 2010
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Down payment on home

Answer
You can purchase a home for less than 20% down. FHA lets you come in with as little as 3.5%, and there are also some conventional programs available that allow 5% down.  However, these programs typically require a minimum credit score, very stable employment history with W2 documentation, etc.  The interest rates are usually a little bit higher as well.  I would suggest talking to your bank or a mortgage broker to find out which program makes the most sense for you.Jon LichtermanProvincity, Inc.
August 20 2010
(0)

I hate Real Estate Agents

Answer
agents are just people. some people get along with certain people better
April 28 2010
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Do you get your ernest money back if you don't buy the house?

Answer
did you pass through and sign away all your contingencies?
April 28 2010
(0)

Should I allow the seller to occupy the residence for 5 days after the closing date?

Answer
if they cover PITI for the buyer, you should be ok with it. You should have them sign a lease to limit liability
April 28 2010
(1)

When is it o.k. not to hire a home inspector when purchasing a house?

Response
always hire an inspector. saves you alot of money in the longrun
April 26 2010
(0)

How much longer for short sale?

Answer
ahh the joy of unapproved short sales..
April 26 2010
(0)