The WPJ
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Q & A with Dottie Herman
Q1 - I want to sell my house and downsize. Our children are no longer living with us and my wife and I do not need as much space as we have. Some people say we should wait until the spring to list our home as that is the "season." Is that true? Or should we put it on the market now because we are eager to get this process started?
A - If you are eager to start the process, there is no time like the present. In truth, my agents tell me there are plenty of buyers out there looking for deals. The first time homebuyer credit is set to expire later this spring and you may find a buyer via that incentive program. It sounds like it works better for your needs to put it on now, and I say go with your instinct.
Q2 - I saw a home online that I wanted to view. I called the listing agent and made an appointment. That day they called to cancel, so I rescheduled and they just cancelled again. What is the reason for this? If they want to sell shouldn't they make their house available? Should I just move on?
A - That is certainly a frustrating experience. I would give it the 'three strikes and you're out' rule. It's impossible to guess at why the seller had to cancel but there can be a variety of very good reasons. I would encourage you to try again, especially if you think this could be the right home for you. You should express this frustration to the other broker and make clear if they cancel again you may no longer be interested in scheduling a future appointment.
Q3 - My wife and I are going to sell our home. The house is very original and we do not think we will get the price we want at this time. What are a few improvements we can make that will add value and not break the bank?
A - Simplicity is everything. If you are not interested in gutting your home and doing a full renovation, focus on the simple things that make a home feel warm and inviting. A new coat of paint can go a long way. Remove clutter from surfaces. You may also try hiring a stager to optimize the space in each room. A stager can recommend where to place furniture, what to remove, and can provide you with ideas on making each room look its best.
Q4 - My wife and I wanted to sell our home; however, we took at a home equity line to fix our kitchen in our current house. We haven't paid that off yet. Can we pay it back with the money from the sale of our home? Or should we pay it off first?
A - You can pay it at the closing from the proceeds of your sale provided that you are selling it for as much or more then you owe.
Q5 - If my house is foreclosed upon, how will that affect my future credit? Will I ever be able to get a loan again or buy another home when I get back on my feet?
A - A foreclosure will adversely affect your ability to purchase a home for 7 years. If this is a road that is inevitable, speak to a Real Estate Attorney to see if a Short Sale may be an option. This will have less impact on your credit.
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