Q & A
Q. What is the first thing I should do when considering putting my house up for sale in this current market?
A. Get realistic about the value of your home. Find out what other homes comparable to yours have recently sold for in the past 90 days. Do not "test the waters" with an inflated price. If you're in the Greater Orlando area you can find out about comparable sales for many local areas on this Website. Just click on the "What's Selling" link on the left to see what has sold in the past 90 days. Getting an appriasal would also be a good call if you just can't agree with your realtor.
Q. Should my realtor use professional photography for my home ?
A. Yes, in my opinion. However, if you or your realtor are particularly good with a camera then you may not need a professional photographer.
Q. What's the first thing I should do when considering buying a house in this current market ?
A. Unless you're paying cash, you need to speak with a mortgage professional about how much home you can truly afford. Lenders now require that you actually qualify for a mortgage. The days of needing only a pulse or the ability to fog up a mirror to qualify for mortgage are OVER.
Q. Should I consider buying a home that's listed as a short sale?
A. If you have the time and patience to wait up to 6 or 8 months just to get a response on your offer then a short sale might work for you. Not all short sale transactions take months, but it's not uncommon to wait 120 days or more for a response from the bank.
Q. Does a short sale mean that I will get the home for significantly less than list price ?
A. No. Not necessarily. If the marketing remarks for the home say "Bank Approved Price" this typically indicates the listing agent has knowledge of what they bank is willing to approve and is often based on a previous offer that fell through or direct information from the bank.
Q. Is Zillow is a good source for determining the value or market price for a home?
A. No, not in my opinion. Talk to a realtor or appraiser who actually has knowledge of your area.
Q. Should I get a home inspection if I'm buying new construction?
A. Absolutely! Even though a home may be brand new, it was still built by humans and humans make mistakes.
Q. If I've recently had my home appraised does that mean my house will sell for the appraised amount ?
A. No. Not necessarily. Homes sell for the amount a qualified buyer is willing to pay. The appraisal (if performed by an appraiser with good local knowledge) will give you an opinion of value, but does not guarantee that's what it will sell for. The appraisal that gets the most attention is the one a buyer's lender has performed. Sometimes those appraisals can be disputed, but again, if the appraiser has good local knowledge they're generally accurate.
Q. Will the cost of upgrades, lot premiums and additional upcharges from my previously purchased new construction builder transfer dollar for dollar to the current value of my home?
A. The short answer is No. The current value of your home will be based on what comparable homes are selling for, and most importantly, what a qualified buyer is will to pay in the current market.
Q. Do all real estate companies charge "transaction or administrative " fees ?
A. Many do, but not this one.