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.
How a contract for deed and inheritance affect a home sale? Her parents bought a property using a contract for deed and she wonders whether the original seller can claim any of the money from the home sale. Sam and Ilyce advise that once the buyer satisfies the terms of the contract for deed, the buyer owns the property and keeps the home sale proceeds. In this case, the terms of her father's will also affect the transaction.
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.
A home buyer asks about holding a seller accountable for not disclosing a missing permit for a studio apartment and for an inaccurate address on the real estate contract. Because the home buyer bought the property five years ago he may have exceed the statute of limitations to sue the seller for not disclosing the probelm. The buyer should contact the title company about the address mistake and a real estate attorney about the permit problem.
What is the consequence of not meeting a deadline to repay seller financing for a home? In a well-executed seller financing scenario, the buyer and seller sign a promissory note that details the terms of the seller financing. Can the owner who financed the home take it back if the deadline is not met?
Today on the Ilyce Glink Show we listened to Fall Out Boy while talking about the upswing in the stock market, and a new rule that might prove to be a little negative for home sellers: a change in the way tax is computed when you sell a home. We also took calls about a possible problem in a home renovation (bad behavior from the contractor), a problem with an employer not paying, whether scholarship money is taxable, how much tax one caller might owe on the sale of bank stocks, and several calls about what to do if you can't sell your home. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
Learn how to negotiate a lower real estate commission when using a real estate agent. A recent survey from Consumer Reports indicates that real estate agents are open to negotiating lower real estate commissions. In some cases, the buyer's agent and the seller's agent split the real estate commission.
A homeowner asks about foundation cracks that his insurance doesn't cover and whether the seller should be forced to fix them. Can the seller be liable because he did not reveal the foundation cracks in seller disclosure upon selling the house? Or will the homeowner have to pay to repair the foundation cracks since homeowners' insurance doesn't cover it?