All Posts Tagged With: "seller"
FHA Mortgage Insurance Premium To Rise In 2012
Borrowers will pay more to get an FHA loan in 2012. The much-heralded payroll tax cut worked out by Congress will also raise the cost of an FHA mortgage by at least .2 percent and probably more in 2012. Think of it as a back-door tax increase. While the public was watching the payroll debate [...]
3Jan2012 | Peter G. Miller | 1 comment | Continued
What’s A Private Transfer Fee In Real Estate?
Usually when we think of a real estate sale we think that the interest of the seller ends with closing. It is, after all, called “closing” for a reason. Now, however, some sellers are trying to maintain a financial interest in a property for decades after it’s been sold, not with a mortgage or a [...]
12Jul2010 | Peter G. Miller | 2 comments | Continued
How To Pick On Appraisers
Many in the real estate community are upset with the newly implemented Home Valuation Code of Conduct (HVCC) and want it suspended or revoked so we can go back to the good-old-says when it was okay to threaten and pressure appraisers. The HVCC was an agreement worked out between New York Attorney General Andrew Cuomo, [...]
26Jun2009 | Peter G. Miller | 9 comments | Continued
How Come My Broker Wants Me To Leave My Open House?
Question: My real estate broker wants to hold an open house — and wants me to leave! What’s up with this? Who knows more about the house than the owners? Answer: There’s little doubt that owners are the world’s leading authority on the in and outs of their homes. But the real question ought to [...]
30Mar2009 | Peter G. Miller | 0 comments | Continued
Can We See Another Buyer’s Offer For A House?
Question: We made an offer on a home. The broker representing the sellers said a higher offer had been received and asked if we wanted to raise our bid. We declined, but here’s the question: How do we know there was another bid or that it was higher? Answer: One of the most difficult issues [...]
16Mar2009 | Peter G. Miller | 2 comments | Continued
Must Owners Accept Full-Price Offers?
No. A real estate transaction is complex and involves far more than the purchase price. For instance, you bid full price but perhaps someone bid more. Or, you bid full price but require the sellers to re-paint the first floor — effectively asking for different terms and a discount on the sale price. Why not [...]
8Dec2008 | Peter G. Miller | 0 comments | Continued
Can I Back Out Of A Real Estate Listing Agreement?
strong>Question: What happens if you list a home with a real estate broker and then decide you don’t want to sell? Can the broker make you sell the property? Answer: No. You cannot be forced to sell. However, there can be financial consequences. A listing agreement is a contract between a property owner and a [...]
9Oct2008 | Peter G. Miller | 0 comments | Continued
What To Do In A Falling Real Estate Market
The seller was at wit’s end, a not unreasonable location given that the asking price for her beloved abode had fallen by $100,000 and further reductions loomed ahead. The house in question is well-located and beautifully prepared, but the local marketplace has begun to ease. The vast and predictable price increases of the past few [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
Option Versus First Refusal: What’s The Difference?
It’s been a good time to be a real estate owner in my community. During the past few months several would-be purchasers have approached with offers to buy property we own, even though the properties in question were not listed for sale. It’s flattering to have someone court you, check in hand, seeking your interest [...]
17Sep2008 | Peter G. Miller | 0 comments | Continued
What’s a “net” listing and is it good for sellers?
Imagine a situation where a real estate broker said “your home is worth $300,000. But instead of taking a commission on that $300,000 value, my fee will be limited to everything above that figure.” Sounds pretty good – unless the home is worth substantially more than $300,000, something a broker would know but an owner [...]
2Sep2008 | Peter G. Miller | 0 comments | Continued
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