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Common Questions and Answers When Selling Your Home
| Q:
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Do
sellers have to disclose the terms of other offers?
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| A:
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According to experts,
sellers do not have to disclose other offers
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| Q:
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Should
I add on or buy a bigger home? |
| A:
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Consider these questions
before making a choice between adding on to an existing home or
moving up in the market to a bigger house:
* How much money is available, either from cash reserves or through
a home improvement loan, to remodel the current house?
* How much additional space is required? Would the foundation
support a second floor or does the lot have room to expand on the
ground level?
* What do local zoning and building ordinances permit?
* How much equity already exists in the property?
* Are there affordable properties for sale that would satisfy
housing needs?
 Ultimately, the decision should be based on individual needs, the
extent of work involved and what will add the most value.
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| Q:
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What
are some tips on negotiation? |
| A:
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The more you know about a
seller's motivation, the stronger a negotiating position you are in.
For example, seller who must move quickly due to a job transfer may
be amenable to a lower price with a speedy escrow. Other so-called
"motivated sellers" include people going through a divorce or who
have already purchased another home.
Remember, that the listing price is what the seller would like to
receive but is not necessarily what they will settle for. Before
making an offer, check the recent sales prices of comparable homes
in the neighborhood to see how the seller's asking price stacks up.
Some experts discourage making deliberate low-ball offers. While
such an offer can be presented, it can also sour the sale and
discourage the seller from negotiating at all. |
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| Q:
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How do
I prepare the house for sale?
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| A:
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Making your home look as
nice as possible may seem obvious. Apparently, it's not, because
many sellers don't do much beyond vacuuming the living room rug and
maybe cleaning the ring off the bathtub, says George Devine, in "For
Sale by Owner," Nolo Press, Berkeley, Calif.; 1993. Short of
spending a lot of money, Devine offers several steps people can take
to make their home show better:
- Sweep the sidewalk, mow the lawn, prune the bushes, weed the
garden and clean debris from the yard.
- Clean the windows and make sure the paint is not chipped or
flaking.
- Be sure that the doorbell works.
- Clean and make attractive all rooms, furnishings, floors,
walls and ceilings. It's especially important that the bathroom
and kitchen are spotless.
- Organize closets.
- Make sure the basic appliances and fixtures work. Get rid of
leaky faucets and frayed cords.
- Ensure that the house smells good: from an apple pie or
cookies baking, for example. Hide the kitty litter.
- Put vases of fresh flowers throughout the house.
- Pleasant background music is a nice touch.
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| Q:
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How
long do bankruptcies and foreclosures stay on a credit report?
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| A:
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Bankruptcies and
foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider an borrower earlier if they have
reestablished good credit. The circumstances surrounding the
bankruptcy can also influence a lender's decision. For example, if
you went through a bankruptcy because your employer had financial
difficulties, a lender may be more sympathetic. If, however, you
went through bankruptcy because you overextended personal credit
lines and lived beyond your means, the lender probably will be less
inclined to be flexible. |
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