Q & A with Dottie Herman

---

Q1 - I am looking to purchase a home and I have an offer on one house in Long island. The homeowner is had an Open House this weekend because it was scheduled and we made our offer Friday night- if someone comes in higher do they have to let us know so we can meet the other offer?

A - Until you have a signed contract the seller's agent will continue showing it and marketing the home.  Most likely if another offer were to materialize you would be notified.  However, it is best not to take any chances. To inoculate yourself against losing the home, have your agent speak with the sellers agent, and make clear that you want to know if any other offers come in.  This way you will be able to participate in another round of bidding, should it arise.  

---

Q2 - Is it better to make an offer at an open house/viewing of a property or go home and think about it- some people tell me there is more strategy in making the homeowner wonder, but I am not sure that has any truth to it.

A - Buying a home is a big decision. You certainly want to think it through and make sure it's the right home for you.  There is no harm in putting the offer in during the open house, but I always like buyers to make sure they aren't acting on an impulsion but rather are making the right decision.

---

Q3 - I am thinking of listing my house- should I have more than one realtor come in and how do I choose which one to use?

A - By all means, meet with several who are familiar with your neighborhood.  Have them come to your home and listen to how they would market your home.  Each agent will also provide you with a listing price. It's possible that one agent will give you a higher number than other agents.  Its tempting to go with the higher number, but be careful as overpriced homes will sit on the market and it sounds like you want to sell.  After speaking with each broker, review their material and see whom you feel most comfortable with.  It's important to pick wisely.

---

Q4 - My wife and I are looking to buy a home and are going to start going to a number of open houses-what are some things we should look for while we are there. Is there a checklist that we should go through with the houses we see?

A - Congrats on beginning your search.  Be sure to keep a close eye on the condition of the home.  Is there any work that needs to be done?  Observe the kitchen, bathrooms, and bedrooms, and study what work, if any, you would need to put into the home.  If you are looking for homes in the suburban market be sure to note the general condition of the exterior as well.  Also, I recommend that buyers invest the time at open houses and imagine how you would utilize each room. Open houses are a great opportunity to get a feel for multiple homes. Don't try to pack too many open houses in on one day.  It's better to spend quality time at a home, especially if you think it might work for you.

---

Q5 - My boyfriend and I are thinking of buying a home together. I just got my first job so will that impact my ability to get a loan? I am not sure how much credit I can have since I just opened the first credit card in my name and I just got my first job a few months ago.

A - As far as your job is concerned the banks look for a 2 year consecutive history in the same field and line of work. If you were in school or training for the field you are now working in, your time in school counts towards your years on the job. As far as credit is concerned you will need a minimum of 5 active trade lines that are paid on time for 24 months. In your case you will need to have a co signer in order to buy now.

---

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. 

---