Q & A with Dottie Herman

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Q1 - I am trying to sell my home and move to a larger home as we are expecting our third child. We just received a decent offer for our home; however, we haven't had a chance to begin our search. Can we take this offer with a contingency that we have to find a house first? Would they give us a few weeks or a month to see what we can find, or do you think they want to get moving right away?

A - First and most important, congratulations on your upcoming child.  Without asking what your buyer timeline is, it will be impossible to gauge it. However, there are some strategies you can engage in this situation.  You can set a longer closing date.  This would enable you to move into contract without feeling the immediacy of a pending closing.  That would give you time to look for a new home.  I would also recommend that you start searching for one now.  Even if this offer fails to materialize into a signed contract, this is a good moment in time to begin your search. 

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Q2 - My husband and I are looking to buy our first place. We really do not want to miss out on the tax credit- however; we know you have to go to contract by April 30th. Do you think we have enough time to make this happen, or are we too late?

A - It is not too late but the clock is ticking. If you want to take advantage of this tax-credit then there is no time like the present.  If you are in need of assistance, I would be happy to recommend one of our top agents in your community. I would encourage you to be looking in earnest and be ready to move on a home if you find the right one for you.

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Q3 - My husband and I are thinking about renting a home this year in the Hamptons. Is now the time to start looking? Or are we already a little behind?

A - When the first hints of spring are in the air, people start thinking seriously about their summer plans.  Especially after the winter we had, it was hard for many people to even think about summertime! There are many wonderful homes available for rent. I would recommend you start to search ASAP so you don't miss out on any great properties out there.

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Q4 - Now that the spring is approaching and my wife and I were able to do a few minor home renovations we want to put our home on the market. We have a number of great realtors in our area, but how do we figure out who is the best one for us to work with?
 
A - Call a few of the realtors and have them come by your home. Listen to what they have to say. Important questions to ask include: How would you market our home? What would be the listing price?  What are the comparable homes selling for and what has recently sold? Read over the data that they provide. The agent that recommends the highest price isn't necessarily the winner. If their figure doesn't match the comparables, they probably aren't the agent for you. Find out how experienced they are in your community and ask for referrals. Finally, get a sense of the agent's professionalism.  Make sure you can get along with them in a professional capacity.

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Q5 - My wife and I just had an accepted offer on a home, we went to contract and now the seller is telling us they need 3 months before they can close. That doesn't work for my wife and I- so can we back out of the deal?

A - For this question you should consult your attorney. In this situation it will depend on the terms of the contract. Your attorney can tell you if the seller is or is not in violation of the agreement.

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If you have a real estate question for Dottie, please send it to; Dottie@RealEstateChannel.com.
 
NOTE: Due to high volume of questions, not everyone can be answered, but she'll do her best. 

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