Q & A with Dottie Herman

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Q1 - My husband and I are trying to sell our home. We have three children and the apartment can often get messy.  Does that matter to buyers?  Some people say they are not purchasing our things so they can see beyond that, and others tell us we need to keep it neater.

A - Well it is true you are not going to sell your stuff, or your children!  However, buyers are seeing the space for the first time and you want them to see it at its very best.  Visual impediments such as clutter can get in the way of a buyer getting a true sense of the space.  It would be in your best interest to setup a schedule with your broker so the apartment is clean and in presentable shape at specific times.

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Q2 - My wife and I are looking to purchase a coop. I don't mind sharing financial information with a coop board, I understand that is part of the process, but aren't the letters just a waste of time?  Do I really need to get quality letters from business associates and friends?

A - The letters are absolutely essential for your board package.  While boards weigh financial qualifications differently, they all read and value letters.  These letters give insights into the character and personality of someone who is about to become their neighbor.  They have a vested interest in learning what your peers and friends think of you.  It is well worth it to spend time to ensure your letters are an honest, accurate, and present you in the best possible light.

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Q3 - My wife and I are looking to sell our apartment. We are unsure as to how to best price our apartment and are very worried about pricing our apartment too low.  Should we price it a little higher than the fair market price so we have flexibility during negotiations?  

A - If you price your home too low here's what may happen- you will get multiple bids on the apartment and you will sell it at or higher than market value.  Not a bad scenario, right?  The mistake that sellers make is overpricing their homes.  Buyers today are smart, sophisticated, and savvy.  They use online tools to track and follow listings.  They are aware of the other inventory on the market in their desired area, they know how long the apartments have been on, and they know if there have been any price adjustments.  Don't fall into that trap.  If you use current market data and of course, the right agent experienced in your area, and price your home at fair market value..it will sell.

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Q4 - I just recently put our home on the market in New Jersey- Our home has had a lot of traffic at showings and open houses. I am wondering what your thoughts are on a seller being home for open houses or showings? Does it intimidate the potential buyers? Should we leave the house? Does it help if we are there and interact with the buyer?

A - We recommend sellers not attend open houses.  It could make a buyer feel apprehensive about exploring your home.  It can also prematurely shorten a visit since it makes buyers feel uncomfortable.  Your best bet is to let your agent handle the open house and for you to enjoy your afternoon elsewhere.

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Q5 - My wife and I are buying a home in Long Island- we have seen a number of properties and finally found one we love. My wife has a number of environmental allergies and horrible asthma. Are there any extra precautions we can take before we go to contract on this home? I have heard about environmental specialists, but what are they actually going to detect? Is it extremely costly?

A - There are services that will perform environmental studies, but be sure that you are getting your money's worth.  Your wife's allergist should be consulted on what toxins in particular will trigger reaction, and if there is an effective way to test for these.  Remember that airborne allergens don't respect property boundaries, so just because a consultant does not find evidence of a particular spore, doesn't mean that one may not find its way onto your property later.

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Q6 - My husband and I have been married for 3 years and are looking to buy our first home. We are definitely stretching ourselves on the purchase price but we both have secure jobs and feel this will pay off in the future. We are trying to figure out some of the fees to ensure we are being smart about this pending transaction. How can we estimate closing costs? Title fees? And some of the other unforeseen fees?

A - Closing costs depend on the specifics of the transaction.  It is important to work with a lawyer that can provide you with an accurate estimate of title insurance, mortgage recording tax, bank fees, legal fees and seller reimbursements.  Each deal is different, and the fees can vary widely, so be sure to get an expert on board.

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