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CategoriesLatest in BlogSVTechie ESL
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Real Estate Sellers Blog Sellers ... Stay Informed on the Local Market
Ask Questions..Get Answers
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How to Use a Katy Texas Home Inspector Report |
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So you have decided to hire a Katy Texas home inspector to examine your potential home. Smart decision. And you have also gone through the walk-through with him, asking him all the necessary questions, and making your own notes of what should or shouldn’t be replaced or repaired. Now, you’re just waiting for his written report to arrive shortly. And when you get it, now what?
A Katy Texas home inspector’s report is a long document that a summary of every observation that he made. It can be intimidating, if not overwhelming, especially if you’re worried about whatever repair costs you might have to consider after the Katy Texas home inspector lists them down.
But you don’t need to be alarmed. This is just another reason why you must be present during the inspection. You see, it is one thing to hear about various small problems while you are walking around the property with the Katy Texas home inspector. As your Katy Texas home inspector gives you all the run-down of what the problem areas are and other safety issues, the real context might probably be modified with reassurances that “this is just a maintenance issue” or “it would be good to fix when you get around to it.” You feel relieved when you hear these words, and you should be, because they are designed to make you feel exactly that way.
However, the situation can be entirely different once you read a long list of problems that would make your home less like a dream home and more like a dump. How on earth are you ever going to pay for all this?
Relax. Don’t panic. After you read your Katy Texas home inspector’s report for the first time, take a deep breath and drink if you must. Then, sit down and read it again, this time with a pen and paper at hand.
Okay, now take it one step at a time. Look at each “problem” item on the Katy Texas home inspector’s report first, then ask yourself the following questions:
Is this a minor maintenance problem or a major repair? Is this an issue related to the age of the house? Because if it is, then it might just be part of the “charm” of the home, especially if your house is an old one. You might include floors that slope a bit from settlement or door and windows that are slightly out of plumb on the list of your home’s old charm. Is this a problem that must be dealt with immediately? Or is it just something that should be done eventually? Give what you know about house prices in your locality, might this problem have already been taken into consideration in pricing the house? Does this problem merit further investigation? Are you wiling to walk away from the house because of any or all of these problems?
If you find any minor items in your Katy Texas home inspector’s report, suck it up and forget about it. You should know by now that no house is perfect. It is enough that you take care of the really bad ones, or walk away when the cost is just too steep.
There is a lot of free information available to you about buying, selling or investing in Katy Texas real estate. For complete information about the Katy Texas real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Katy Texas real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at (832) 814-8715 or email me at Sanford@KatyDreamHomes.com. Remember You Can Unlock Your Dream With Sanford & Seretha Sellers. |
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Deducting Property taxes |
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Are Katy - West Houston property taxes deductible?
Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Last Updated ( Wednesday, 13 August 2008 )
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property taxes - how they work |
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How do property taxes work?
Katy - West Houston
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.
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Last Updated ( Tuesday, 29 July 2008 )
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Are seller-paid points deductible? |
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Are seller-paid points deductible?
As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only for points actually paid by the buyer.
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Last Updated ( Tuesday, 29 July 2008 )
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tips for negotiation |
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What are some tips on negotiation?
The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for.
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Last Updated ( Tuesday, 29 July 2008 )
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what's seller financing? |
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What is seller financing?
Seller financing is when a seller helps to finance a real estate transaction by taking back a second note or even financing the entire purchase if the seller owns the home free and clear. Usually sellers do this when a buyer has difficulty qualifying for a conventional loan or meeting the purchase price.
Seller financing differs from a traditional loan because the seller does not give the buyer cash to complete the purchase, as does a lender.
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Last Updated ( Tuesday, 29 July 2008 )
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two most important factors when selling a home |
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What are the two most important factors when selling a home?
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
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Last Updated ( Tuesday, 29 July 2008 )
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list vs. sales prices |
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What is the difference between list and sales prices?
The list price is how much a Katy - West Houston house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.
If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.
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Last Updated ( Tuesday, 29 July 2008 )
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How does someone sell a slow mover? |
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How does someone sell a slow mover?
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the Katy - West Houston house and see if there are cosmetic defects that you missed and can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.
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Last Updated ( Tuesday, 29 July 2008 )
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How is the price set? |
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How is the price set?
It's very important to price your Katy - West Houston home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood.
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Last Updated ( Tuesday, 29 July 2008 )
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low offers info |
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Is a low offer a good idea?
While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer.
Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
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Last Updated ( Tuesday, 29 July 2008 )
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how to get financing for foreclosures |
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How do you get financing for a foreclosure?
One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier's checks.
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Last Updated ( Tuesday, 29 July 2008 )
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closing costs - who pays? |
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Who pays the closing costs?
Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.
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Last Updated ( Tuesday, 29 July 2008 )
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Why do I need a title report? |
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Why do I need a title report?
As much as you as a buyer may want to believe that the Katy - West Houston home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property.
A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.
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Last Updated ( Tuesday, 29 July 2008 )
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What contingencies should be put in an offer? |
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What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
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Last Updated ( Tuesday, 29 July 2008 )
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standard contingencies |
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What are the standard contingencies?
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.
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Last Updated ( Tuesday, 29 July 2008 )
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whose obligation is it to disclose info about property? |
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Whose obligation is it to disclose pertinent information about a Katy - West Houston property?
In most states, it is the seller, but obligations to disclose information about a property vary.
Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you.
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Last Updated ( Tuesday, 29 July 2008 )
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