All Posts Tagged With: "seller"
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
How Should I Handle Pre-Closing Structural Problems?
Question: We bought a house six weeks ago. Two days before closing, the seller drove a car through the back of the garage and into the kitchen? Who’s responsible? Answer: The seller. When you signed the purchase agreement it was understood that the property would be delivered to you in substantially the same condition as [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What’s A “Seller Contribution” In Real Estate?
A sale agreement typically includes both a purchase price for the property as well as various terms and conditions. It sometimes happens that a buyer will make an offer subject to certain terms — I’ll buy your house but I want to keep the washer and dryer or whatever. One possible condition concerns “seller contributions.” [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
Do I need A Home Inspection If I Have A Seller’s Disclosure Form?
Most states have a mandated seller disclosure form. This form provides an opportunity for the seller to answer standardized questions regarding the property’s condition. Just ask the broker or the owner for a copy. But, a seller disclosure form is not a substitute for an independent examination by a professional home inspector. A seller may [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
Why Can’t I Stay At My Open House?
Both you and your broker wish to market the property for the best possible price and terms. It’s possible that a buyer will simply say, “I’ll take it,” and agree to all your requirements, but a more likely scenario is that both sides will have various issues to negotiate. Thus, the broker wants to have [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
Is an owner “take-back” a good way to finance a home?
Such financing is fine as long as it meets the usual standards you would expect with a loan — a competitive interest rate, no short-term balloon note, a full credit check and tax returns for the borrower, the right to prepay in whole or in part without penalty, a deed of trust rather than a [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
What’s a seller “take-back?”
A seller “take-back” works like this: Imagine that a home is worth $300,000 and has an assumable $100,000 mortgage. Instead of going to a lender, the seller “takes back” a note, secured by the property. For example, the seller might take-back a note for $270,000 if you will put up $30,000 in cash. In other [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
Must A Home Seller Respond To Our Offer?
Question: We have made two cash offers for a property and not received a response from the seller even though the property has been on the market for nearly two years. Must the sellers respond? Answer: No. That your offer is in cash does not matter. That you may have made a full-price offer does [...]
23Aug2008 | Peter G. Miller | 0 comments | Continued
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