Monthly Archives: March 2018

Five Tips To Buying In A Fast Market

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Five Tips To Buying In A Fast Market

If you’re a buyer in a hot housing market, you may have already lost out on several homes already. How can you get the upper hand? Here are five tips:

  1. Get preapproved by a lender. Sharing financial information your lender requests will get you preapproved. You’ll know the limits on how much home you can afford, how much money to put down, and what your interest rate will be. A preapproval letter will assure the seller that you’re ready to buy.Five Tips To Buying In A Fast Market
  2. Trust your real estate professional. Your Berkshire Hathaway HomeServices network professional knows the market, can feed you new listings that fit your criteria, and has many contacts to learn about homes coming onto the market which you wouldn’t get to see otherwise.
  3. Make a realistic must-have list. Pick a neighborhood, house type and price range with a limited number of features. Be prepared to make compromises – smaller, fewer bedrooms or baths.
  4. Consider less-than-perfect homes. Buying the worst house on the best block is a proven strategy. A home that needs repairs and updates will sell at a discount to other homes. Bringing your home up to the neighborhood standards is a quick route to building equity.
  5. Buy under your means. If you get into a bidding war, you’ll need a little wiggle room so you can compete. Many homes will sell above list price, so it’s smart to keep your cool because you know you can go up if you need to.

Home Seller’s Advice : Which Fixtures Will You Convey?

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Which Fixtures Will You Convey?

As a home seller, it’s important to understand that all built-ins remain with the home, but what do you plan to do about items like refrigerators, chandeliers, washers, dryers and other fixtures?

Customs vary in different parts of the country, but typically anything that is built-in or attached to the home stays with the home and belongs to the new buyer. But a chandelier is attached to the ceiling only by wires. Would it automatically stay?

Yes, it would convey, but it can also be replaced or excluded. The key is to replace it before your Berkshire

Home Seller's AdviceHathaway HomeServices network professional begins marketing. Your other option is to leave it in place, and exclude it in the MLS remarks section of the

listing. What you can’t do is exclude it in your response to the buyer’s offer, because all promises contained in the MLS listing document become part of your contract, so you can’t make an exclusion after the fact.

Your network sales professional will let you know about the market and if it’s to your advantage to convey or exclude. If you have new appliances, for example, they are valuable enough to take with you, but they may also be valuable to your buyer.

Your sales contract should have a section that covers personal property and fixtures. This is where your buyer may ask for something to convey, such as the refrigerator. Then, it’s your choice to do so, or use it as a negotiation tool.

Homebuying for Multigenerational Households

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Homebuying for Multigenerational Households
Helping aging parents while managing careers and raising a family can be a challenge. If you’re considering having your parents live with you, this list will help you choose the right home to meet everyone’s wants and needs.

First, sit everyone down who will be affected by the arrangement for a friendly pow-wow. Ask for a wish listHomebuying for Multigenerational Households from each person in the family of desired features in a new home. Ask for concerns and expectations and you can head off potential conflicts in advance.

Make sure everyone knows that you’ll do your best to meet as many wants and needs as possible, but you’ll have to prioritize. Compromises and patience will be required of everyone.

Who will own the new home? If you use your parents’ retirement income to buy a home, it will help you qualify for a larger, more expensive place. They can be tenants-in-common and be equally responsible for paying the mortgage. All co-owners must qualify with the lender.

You can buy the home and have a rental agreement with your parents. That will show more income to help you qualify for a larger mortgage. Or, you can let them live with you and pay what they can.

Lastly, consider privacy for all concerned. It’s ideal if your parents can have their own suite of rooms, including a bedroom, living area, private bath and kitchenette.