Selling a home can be a complicated process without the right help. You need to make sure your house is in the best condition and you receive a fair price for it. Whether you’re selling yourself or using an agent or broker, look here for more information about how to sell your house effectively.
A real estate agent typically represents either the buyer or the seller. But if a listing agent brings the buyer to the table, that real estate agent is now a dual agent. What is dual agency? How can you protect yourself if you find yourself working in a dual agency situation. Check out this new ExpertRealEstateTips video for the answer.
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.
How do you split up the investment in a condo after it's sold? Two friends contributed to the condo's down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who's not responsible for the mortgage claim a significant amount of the sale proceeds? A real estate attorney can help determine who gets what and to set up a partnership agreement the next time someone buys property with a friend.
A home owner has taken out several mortgage loans but is unsure of her home's value. She worries the home value won't be enough to refinance or sell and pay off the mortgage loans. How can she determine an accurate home value?
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.
Most of the time, when you're selling your home, the buyer will come to you with an offer. In some cases, the seller proposes an offer to the buyer. Why would a seller offer his home to a buyer? How does a seller offering a home to a buyer affect a real estate agent's commission?