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Gary Mawson Jr.'s Advice
Contributions are sorted newest to oldest.
0 Best Answers
Gary Mawson Jr. wrote:
When Should I List My Home For Sale
I normally would agree with the rest and say the spring, but because of the lack of inventory there is no better time than now. If you want to sell than list your home. During the holidays is when all of the serious buyers are out in the market. You are not going to get as many lookers. There are still a lot of buyers out there and if the interest rates go up than you could lose out on someone that may be able to afford the home now. Good luck and let me know if you have any questions for me.
Help! Should I move before short sale deal done?
Definitely dont move into the home prior to closing!!!! The landlord that you currently have should be willing to extend the lease out for a couple of weeks if need be. Just do whatever you have to do on your end to complete the lending process so that when the bank is ready to close they can simply get it done. if you are getting a good deal on the house it may just be worth to eat the couple extra weeks in the rental that you are in. Good Luck!
If I offer the buyers a "closing costs" credit can they use if for anything else?
It depends on how it is written into the contract. When I write something like this into the contract it is for Closing Costs and/or points. If the total credit is not used it is a reduction in total purchase price based on what is left over. So if the total purchase price is 100K with 10K sellers concession (90K gross to seller), and the closing costs are only 7500 than the purchase price would reduce 2500. So bottom line to you would always be the 90K, but the buyer would only be using the necessary amount for him to purchase the home. It is all in the wording and your attorney and agent can help you out with this when an offer is submitted. Good luck and hope this helps.
Can you set a selling price for your house that is higher than its worth?
You can set your selling price at whatever you want. If it is completely out of the ballpark it simply wont sell. Someone else mentioned that it is the slow time of the year, but you should really look at what the inventory is in your market. If homes are moving still than it may be worth listing. We have some markets in NJ that are better than others just like anywhere else in the country. If your market is a sellers market than you may want to try your hand, just dont price yourself too high. Good luck!
A realtor acting on her own behalf has made an offer on my house in NC. Am I required to pay...
I am in NJ and regardless of who the buyer is you are contractually obligated to pay the commission. It may not seem fair, but if they are paying fair market and you agreed to the price what difference does it make. As agents we spent time getting licensed, continuing education, and such. We are entitled to purchase homes too and it is simply a benefit to having the license that we get paid the commission too. Most agents will still have to pay the broker they are working for either way, so after paying the broker, taxes on the income and so on, they may only be realizing 1% of the 3% paid.So really as long as you got your price and are agreeable to the terms than it is fair that you pay the commission. If you have more buyers that are agreeable to the price and terms that you want than you do have the option of going with another contract. If not, think about what your goal of listing the home was and just sell. Good luck
Working on bringing our score up
a good realtor can guide you in the right direction, but your local mortgage rep is going to be able to pull your credit and let you know where you need to be for debt ratios. Your scores typically update monthly based on the credit cards reporting. A good benchmark is to be below 50% on your credit cards, just make sure you consult a professional before you close any cards too though. The longer you have had a credit line the better it is for your score. Good luck with your home search and it is never too early to contact someone. Some of the information may be valuable in the home search.
I have 2 years of my bankruptcy behind me and I'm looking to buy a home, recently my sttudent loan (
regarless of what you have done in the past it is best to contact your local bank or a trusted mortgage lender. Qualifications vary and they can pull your credit and see if it will fly or not. There is no cut and dry yes or no answer in any mortgage situation. Loan to value and debt ratios will always play a part
What is the recommended time to wait after buying a house before you sale it?
Everyones advice has been good. You can also look into a 1031 exchange if you do have a financial gain on the property. Also consider renting the property and hiring a property manager to look after the home as well.
Financial Difficulties & House is For Sale to avoid Forclosure...Need Advice!!
You will unfortunately have to take a hit on your credit at some point. If you dont have the equity and dont have the money to bring to the table than something will have to happen. You can do a deed in lieu, where you hand the keys back to the bank or lower the price so that you can generate an offer. Definitely contact a good real estate attorney though too. It is important that you have someone that is knowledgeable in short sales/foreclosures. If you have a good credit history and have made all of your other payments on time for all of your other creditors than they should be able to see past the situation. You will have some sort of a letter from your employer too, so you will have some ammunition on your side for finding a new place even if your credit is a little messed up from the house.
We need to sell our home to avoid foreclosure, and we are not sure how much time we have. Any help?
You should do some research and call some attorneys that specialize in short sales and foreclosures in your area. They would be able to best answer that question. I find that the attorneys are much better than a real estate agent that negotiates with the bank. Make sure that they do this all the time I cannot stress how important it is that you have an experienced short sale attorney. If you interview some local agents also they may have some good recommendations for you too. Most attorneys will not require a retainer for this because they get paid by the bank
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