A home seller disclosed a basement water problem before closing on her home. The buyer now wants the seller to pay for waterproofing the basement even though the problem was disclosed. Most states have a seller disclosure law for residential real estate transactions that require a seller to disclose to a buyer defects or major problems with a home.
Is a vacant house easier to sell than a furnished house? Vacant homes allow buyers to look at a home without time constraints. Buyers can see the "bones" of the house without furniture and clutter, allowing the buyer to picture himself/herself in the space. Learn more about selling a vacant home by viewing this Expert Real Estate Tips video.
A home owner asks about offering seller financing on a home he's selling. He wants to know what's involved in seller financing and who to involve in the transaction. First he needs to assess whether a potential home buyer will make the home mortgage payments and what to do if the buyer later stops making payments. When a seller sells a home with seller financing it's as if the seller becomes a mortgage lender or bank. That means the seller may have to be willing to foreclose in an owner financing situation.
Many people look for fixer upper houses to improve and make their own. Are you considering buying and selling a fixer upper home? View this Expert Real Estate Tips segment to learn more about how to market your fixer upper house for sale.
A home seller worries about her real estate agent changing her approach to selling a home. The real estate agent first said the home "shows well" and is now asking her to declutter her house. The housing market likely changes the approach the real estate agent takes. A good agent may change tactics, such as including staging, as housing market conditions shift.
When you owe more on your home than it's worth you may want to do a short sale. In a short sale the bank forgives some of what you owe them. It's more cost-effective for a bank to do a short sale than foreclose on a home.
When you buy a home, what does the seller have to tell you as part of seller disclosure? Does seller disclosure include rotten neighbors who are noisy and disruptive? Does a buyer in such a situation have recourse? You should contact a real estate attorney to understand seller disclosure laws for your area.
When you're selling a home and you have two mortgages, you have to work with both mortgage lenders. Your mortgage lenders are among the parties who negotiate a short sale. If one of the lenders who negotiates the short sale does not agree, the short sale may not occur. Second lien holders such as PMI companies or HELOC lenders want to recoup some of their money and may scuttle a short sale if they're not included.
A home buyer asks about water damage and mold in the basement of the home they purchased after the seller disclosed there was a one-time event and the problem had been fixed. The buyer now wants to know if the seller is liable for the mold from the water damage and not disclosing it properly. Having documentation and a home inspection to back up the buyer's claim will help her going forward in this seller disclosure situation.
