Real Estate FAQ
|
|
By Bill Greenly - HousingInfo.com
Feb 20,2008
|
How do I determine whether or not a property has good resale value?
There is no sure thing when it comes to reselling real estate, as it is extremely difficult to predict the effects of market fluctuations. However, if you are looking for a property to resell, your two main criteria should be location and the condition of the property. A property in an attractive, economically stable, safe neighborhood is much more likely to increase in value. A property that has a lot of space and is in good condition, particularly in the kitchen area, is also a good indicator that a property will gain value.
How can I find out how much my home is worth?
There are a number of ways you can find out the value of your home. You can have an appraiser look at the property and give an expert opinion. You can also go to a real estate website like Zillow.com or Realtor.com and see what is being offered and what is being paid for properties similar to yours. Your real estate agent should also have a general idea of the value of your home.
Why should I work with a real estate agent?
A real estate agent has much more experience selling and buying real estate than you do. They are current in market trends and know how to make a sale. Their job is getting you full value for your property by considering all the factors involved. Don't be afraid to try to get some recommendations before selecting your real estate agent.
What are the most important things I should know about the escrow process?
The escrow process represents the money a buyer provides for the sale of a home that is held by a third party until the deal is complete. If you have a real estate agent, he will usually arrange the escrow account for you. The escrow officer is an impartial party who receives a fee for his service. Once the deed has been filed and the property title transferred, escrow will be closed and the seller will receive the funds.
What's the best way to deal with a low-ball offer on a piece of real estate?
A low-ball offer, one considerably below the fair market value of the property, is generally unwelcome to a home seller. They are usually offered if the buyer is under-motivated or if the seller is highly motivated. There are a number of ways to handle this. You can either disregard the offer entirely, letting your agent and the buyer know that you will not even entertain offers of this kind. Alternatively, you can make a counter offer of the full price of the property, indicating that you are not interested in negotiating on the low-baller's terms. In general, you should not expect to reach a fair negotiation with someone who is trying to low-ball you. Pass on this buyer and wait for someone who understands how to negotiate. |
Print
E-mail
Del.icio.us
Digg