Q & A with Dottie Herman

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Q1 - I recently did some renovations in my home due to some mold and mildew. Unfortunately, I need to do more work and I need a loan to do so. Will my lender give me a loan? Can I build it into my mortgage and pay monthly?

A - Depending on the extent of the work to be done, the current value of your home, and your income and asset situation, you may qualify for a cash-out refinance of your existing mortgage, a home equity loan, or line of credit.  Each of these types of loan allows you to get you the cash that you need to finish the repairs.  Keep in mind that the refinance and the home equity loan will have closing costs, but the line of credit may not.  Ask your lender or loan officer which type of mortgage would be best for your situation.   

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Q2 - I need to sell my home, as we are moving to North Carolina. We are wondering if it is best to list with a real estate agent in that town or can we use someone we know from a few towns over? They won't be as familiar with the area, but does that matter when you are just listing the house?

A - Knowledge counts. You certainly can use someone you know even if they are based nearby but not in that exact town.  However, as a caveat, that person must have specific knowledge as to the market in your town, and second, the agent must have a high degree of competence.  Talk with that agent about the market and get a sense for their knowledge base.  Then meet with an agent who focuses on your town.  Compare and contrast their answers to your questions.  It's important that you be sure the agent you select - be it your contact or someone new - be knowledgeable about your market and have the competency to get you the highest possible price for the home.

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Q3 - I have my house listed for sale. I have had tons of people come to the open houses, and make appointments, but I have not received one offer. I find  that very odd. If the interest is there for them to come see it, how can no one make an offer? What do you think I should do?

A - Properties priced correctly are selling. If you have not hired a real estate professional to market your home, do some research on-line to see the number of comparable properties that are on the market in your neighborhood. Evaluate the asking prices. Does your property have specific features that distinguish it from other listings which may warrant a higher price? Have you staged your home to make it show-ready (De-cluttering, planting, fresh paint etc.)?  Have you engaged in conversation with the prospective buyers to get their feedback?

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Q4 - There are currently 3 homes for sale on my block. I am eager to sell but I do not want to take a very low offer. How else can I make my property stand out besides pricing it at the lowest of the three homes?

A - Check to see if your property has distinguishing features that have curb-appeal so that you can emphasize them in your marketing  (new appliances,  new roof, heating  system, A/C, fresh paint, landscaping, finished basement, organized garage, etc.). Buyers today prefer not to do too much work. In addition, if you are in a position to do so, and find  a qualified buyer, you may wish to consider offering them a mortgage (purchase money mortgage).

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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