What is seller financing? Seller financing is when a seller helps to finance a real estate transaction by taking back a second note, or even financing the entire purchase if the seller owns the home free and clear. Usually, sellers do this when a buyer has difficulty qualifying for a conventional loan or meeting the…
Where can I learn more about appealing my property taxes? Contact your local tax assessor’s office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Most likely, however, you will have to go through formal tax-appeal process, which begin with an appeal filed…
What is the difference between list and sales prices? The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the…
Is there a secret to good negotiating? There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the seller or the buyer as you can. Another is to play your cards close to your vest and not reveal too much information to the other party or their…
Whose obligation is it to disclose pertinent information about a property? In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which…
Should I add on or buy a bigger home? Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house: Ultimately, the decision should be based on individual needs, the extent of work involved, and what will add the most value. What…
What is the return on new versus previously owned homes? Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One…
How much does my real estate agent need to know? Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can…
Can I use an agent for a new home? Yes, however, buyers should be aware of the differences inherent in working with sales agents who are employed by the developer, rather than traditional real estate agents. Builders commonly require that an outside agent be present, and sign in, the first time a prospective purchaser visits…
Where do I get information on IRS publications? The Internal Revenue Service publishes a number of real estate publications. They are listed by number: Order by calling 1-800- TAX-FORM. Are seller-paid points deductible? As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only…