I am sure they are aware and are working to minimize if not eliminate the scammers. Meanwhile, we in the realtor community also work hard to increase awareness of the red flags, asking a person to wire money, especially over seas, a price that is 'too good to be true' (usually IS too good to be true) and refusing to meet the other party face to face.... more
Only you know how comfortable you are with setting a price, writing the sales contract, reviewing the terms, Getting the state and federal disclosures, and making sure the buyer live sup to the contract. You can get a listing agent who should work at a great discount (50-75% off as you have the buyer and who can do all for you. A lawyer may cost more and they only write and review contracts,... more
How much does it cost to have a septic inspection in Orlando Florida and who pays the buyer or the seller? I want to purchase a home built in 1984 and it has a septic tank. Are there any codes updates I should know about?... more
Agreed, a seller can sign a contract, making the home sale pending, but the original listing expires while the property is under contract. So technically the listing has expired but status is sale pending. Once a listing's status has changed from active to pending or expired, the various real estate web sites typically drop the listing from their sites so it will no longer show up on your search for active listings for sale.... more
It's definitely time for an update on this always-important question! As some of the other area brokers have stated, the time it takes to sell a home depends on several factors including first and foremost, the price--is it priced appropriately from the buyer's perspective given the home's attributes, its condition, location in the neighborhood and other factors? That said, here is current data on "Days on the Market".
These are the average days on the market and the average sale price by month for Stapleton homes. These stats are from the Denver Metrolist and are year to date for 2014.
Jan 49 $552,460
Feb 50 $491,152
Mar 46 $528,532
Apr 40 $560,817
May 37 $574,738
Jun 27 $500,803
Jul 27 $545,016
Aug 23 $521,615
Sep 35 $524,428
Oct 49 $522,189
Nov 45 $483,986... more
I agree that this is a question for an accountant There are exemptions for seniors but otherwise, any time you make money, the IRS wants to tax it. Your accountant can help you determine which exemption(s) might apply to you and what the appropriate tax rate is.
If you find a short sale property that you like enough to write an offer on, you should have your agent ask the listing agent if the short-sale package has been prepared and is ready for submission to the seller’s lender and/or lien holders and the status of negotiations with those lien holders. It's very important if you are pursuing a short sale that your agent gather as much information as possible up front to help you determine the odds of that short sale transaction closing.
In some ways, buying a short sale property is like making a traditional purchase. The buyer makes an offer in writing. The seller decides whether to accept the offer, counter back different terms to the buyer or reject the buyer’s offer. However, any offer agreed to between buyer and seller is subject to approval by the seller’s lien holders. Without that approval, the seller cannot close and you cannot purchase that home.
The offer should include a Short Sale Addendum. Once the seller has accepted your offer, you are bound to that contract to purchase the home according to the terms written into the contract. Your short sale addendum will stipulate how long you the buyer are willing to wait for the seller's lender(s) approval. It will also indicate whether the seller can keep the listing active in the MLS and continue to submit offers to his/her lender(s) under short sale approval is obtained.
Short sales are typically being sold “as is with right to inspect.” The seller does not have the financial ability to pay for repairs to the property if repair issues are found during your inspection period. For this reason, short sales may not work for buyers that are using VA or FHA financing.
After the contract and short sale package have been submitted to the seller’s lender(s), your next step is to wait. How long? If there’s only one lien holder, it typically takes less than 2 months to get a response. If there are multiple lien holders, it may take up to 6 months or more. . If any one of those lien holders say no to the terms of your contract, the sale cannot be completed.
Here's a short list of questions that I put together for a blog post here on c-d awhile back for buyers who are considering making an offer on a short sale property to ask themselves:
(1) If you are going to obtain a mortgage, are you pre-approved for a loan?
In a short sale, the seller’s lender(s) are looking for buyers with as few contingencies as possible. Most will not consider a buyer obtaining a mortgage unless that buyer is already pre-approved for the new loan.
(2) If you will be paying cash, are you willing to submit proof of funds?
(3) Will you need to include a contingency in your contract that the purchase of this short sale property is contingent on the close of the sale of another home?
If the answer to that question is yes - stop! Lenders don’t like contingencies, especially ones like this. Purchasing a short sale is probably not an option for you at this time.
(4) Do you have a definite time frame within which you need to purchase or move, or can you be more flexible?
Flexibility is an important quality in purchasing a short-sale property. Because the seller’s lender(s) must approve of the sale before you can close, it may take weeks or even months before that lender responds back.
(5) Do you understand that the seller’s lender(s) will be making the final decision as to price and terms of the sale?
The seller cannot close without lender(s) approval. Sometimes the lender(s) respond back wanting a higher net to them, which translates into a higher sales price for you. At that point you can agree to make the necessary changes to the contract or walk away from the deal. Dealing with uncertainly is key to successfully purchasing a short sale property.
(6) Are you willing to purchase the property “as is” ?
Because the seller in a short sale is in financial difficulties, these properties are usually sold “as is with right to inspect,” meaning you have the right to have the property inspected by a licensed home inspector during the designated time period, but the seller will not be making or paying for repairs if items are found that need to be repaired. Keep in mind the seller will probably also be neglecting maintenance on the property as well.
(7) Are you willing to pay the fees of the seller's professional short sale negotiator? If one is being used, it can tack on an additional $1500 or more to your closing costs.
8) Are you willing to pay delinquent HOA or condominium fees owed by the seller? If there are delinquent fees, someone will have to pay those fees at closing and that someone is often the buyer.
If you answered “No” to any of the above questions, you may want to rethink purchasing a short-sale property.
I think it definitely adds value to your home. The efficiency of the panels will depend on a number of factors, especially geographic location. Even if you can't use them to their full potential, they are still worth having. It may take a while to recoup the cost, but it is the responsible thing to do. I would contact a solar broker to find more information that is specific to your area.