Posts with tag 'Selling'

You are considering selling your home, and you want to know how much your home is worth?  You decide to call a real estate professional and ask for an appraisal. More than likely, the real estate agent stops you and tells you they cannot give you an appraisal, rather what they can do is give you a Comparative Market Analysis (CMA) to help determine market value.  The next question I get from a potential seller is, "what's the difference?"

In real estate market value and appraisal are not synonyms.  There is an important difference.

Let's briefly look at what the two things are:

Market Value:  Market value is the highest amount that a buyer is willing to pay for a home given the current market conditions.  The market value of a home is ultimately set by buyers, and what they are willing to pay.  A real estate agent will use the value of active, pending*, closed homes to help you determine where y...

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The last year in the real estate market has not been a difficult one for sellers.  Most homes are selling in a matter of days, and most sellers are receiving offers with conventional loans.  Even cash offers became a new norm for awhile.  

Once the market begins to settle down to a more normal, and some may say reasonable pace.  FHA buyers will, more than likely, will begin to reenter the market.  If we go back five years to the late summer and early autumn of 2017, 26% of homes in York county sold using an FHA Loan.  Over the last year or two that number decreased to around 12-13% of York County sold homes using an FHA Loan.  However, many believe that this trend will change and FHA will again become a popular form of financing.  Many sellers hear FHA and begin to think of stringet inspections, laborious repairs, and a prolonged closing date.  These can all be true, but before you begin quoting the palace guard from the Emerald City, in the Wixard of Oz, and adima...

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If you own a mobile home that is in a mobile home park, selling your home can be just a little different than selling a home on land that you own.  There are a few reasons for this, and there are a few important things you need to know.

1.  It is really important to understand that even though a Realtor can help you with the sale of your mobile home, a mobile home is personal property not real estate property.  How does this affect you?  First, of all it means that it is very difficult to find a bank or lender that will give a buyer a mortgage on a mobile home.  We are going to be primarily looking for cash buyers.  There are a handful of places that are able to give buyers a loan on a mobile home, but they are very few and far between.  CASH IS ALWAYS BEST, in any transaction; however, this is especially true with a mobile home.

2.  We will need to have the original title for your mobile home prior to listing.  I will need a copy of this for our records. ...

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When you accept an offer on your home there are some costs you as a seller will need to consider.  Though they are not as extensive as what a buyer will pay you will want to keep these in mind when you are deciding on which offer to accept.  When we go over the offers on your home together, I will have a Seller's Net Proceeds Estimate form with these cost on it.  I do want to emphasize that this is an estimate.  Approximately two business days prior to closing you will get a Closing Disclosure Statement of your cost and net proceeds.  This is the form that will have the exact numbers.  It is important to remember that this Closing Disclosure Statement is written from the perspective of the buyer.  Thus, anything that says credit is a credit to the buyer, and a debit toward you the seller.  That will be very important especially as we go through costs below.

1. Commission:  I know...

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Now that we have gone through what we need to consider regarding appraisers and buyers, we can look at the other aspects we need to consider to come up with a price for your home.  

We will take a look at homes that are similar to your home that have sold in the last 6 months.  This is referred to as comparables (though that is not really a word).  We will consider active and pending, but focus mostly on the closed properties, because that is what the appraisers are going to use to determine their value.  So, what do we mean by comparables and what are the best ones to look for?

First, we need to consider location.  Primarily we are looking at the market in the school district that you live in, if we can narrow this down to your township even better, and if we can get down to your neighborhood and block to find comparables, that's ev...

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