Today’s higher mortgage interest rates have many homeowners hesitant to sell their houses and buy new ones. But the skyrocketing home prices of recent years mean that many of those owners are sitting on substantial home equity. Here’s how that equity can soften the blow of higher interest rates. Two factors increasing home equity Your… Read more »
You must disclose certain material facts about your home that you are aware of when selling it. Not informing the eventual buyer of these matters can lead to litigation and financial penalties if the undisclosed information leads to problems later. Here is a list of situations you must reveal. Honesty is the best policy. So,… Read more »
Moving is much more than packing boxes, hiring a mover or renting a truck. Here is a checklist of “must-do” tasks to ensure a smooth move. At least one week before the move File a new address notification with the U.S. Postal Service. Everything will forward to your new address for one year, except magazines… Read more »
It generally isn’t financially wise to undertake major renovations just to sell your house, but repairs are another story. Most buyers don’t want a “fixer-upper,” and you’ll sell faster if you’ve already undertaken the fixes. Yet your budget for preparing your house for sale probably isn’t unlimited. So what are the most important items to… Read more »
Your homeowner’s insurance covers damages to your home from specific perils and certain expenses of visitors who get hurt at your house. But that’s only if you’re living there. If you move out and put your vacant home on the market, it is generally no longer insured unless you take action to keep your coverage…. Read more »
While stopped at an intersection, you’ve probably seen signs advertising “we pay cash for houses.” You also may have heard radio ads for iBuyer companies, which will buy your home online. Both of these buyers offer sellers a quick sale, but are they legitimate? And how do they compare to each other? “Cash for Houses”… Read more »
When selling your home, you might consider a discount brokerage firm to save money on commissions. Using a discount firm can save you lots of money, but discount brokers typically don’t provide the same level of service as a traditional real estate agent and could cost you money in the long run. Consider the costs… Read more »
Across the country, a shortage of houses for sale coupled with strong demand has led to homes selling mere days after going on the market. Often these houses receive multiple offers and sell well over the asking price. If you must sell your existing house before you can buy, you risk losing the house you… Read more »
Home sales in many parts of the country are red hot. With houses selling so briskly, is it worth the money to remodel a kitchen or bath to make yours more appealing to sellers? Houses are flying off the market Across the United States, demand for homes is strong and the supply is small. The… Read more »
When you sell your home, you may be subtracting the amount you owe on your mortgage from the sales price and counting the difference as the cash you’ll make from the deal. But it’s not quite that simple. Both the seller and buyer must pay certain closing costs from the sales proceeds. What the seller… Read more »
Having clear title to a property is a crucial part of any transaction between buyers and sellers. What does it mean to have clear title, and why is it important? Definition of clear title A clear title in real estate means that the owner has unrestricted ownership of a property. The property is not subject… Read more »
If you sell real property, you can avoid or reduce your capital gains tax by structuring the deal as an installment sale. Here’s how it works. What is a real estate installment sale? In a traditional property sale, the seller receives all of its gains in one lump sum at closing. Any amount of gain… Read more »
Selling a home with an agent requires you to sign a contract that includes terms that may be foreign to you. Here’s our guide to help you understand the details of listing agreements. The seller listing contract Agreements between sellers and the real estate agents they hire to list and sell their homes vary in… Read more »
The question of pest inspections often arises during the process of selling a house. Is a pest inspection a regular part of an overall home inspection? Who pays — the buyer or seller? If problems are found, who pays for the treatment? Read on for answers to your questions about pest inspections. Home inspection versus… Read more »
Sometimes in a home sale, the buyer asks to take possession of the property before closing. Most real estate agents discourage this practice because it’s risky for the seller. If you decide to allow your buyer to take early possession, you must protect your interests. Here’s what you need to know. Potential problems with early… Read more »
A divorcing couple that owns a home must decide what to do with it. There are several options, but all of them can turn out to be legally complex, so it’s essential to consult with a licensed attorney. Educate yourself about the issues involved with this guide to property ownership after divorce. Who Owns the… Read more »
Selling a home can seem daunting. Making repairs, painting and keeping it clean for potential buyers sounds like a lot of work. Enter “iBuyers” — companies that make you an offer on your house without stepping foot in it. Sounds like the perfect solution, doesn’t it? Or perhaps too good to be true? Let’s look… Read more »
Real estate transfer fees are one of several costs paid at closing. What is this fee, who pays it and how much is it? The government’s cut of the fee Typical costs paid at closing by the seller or buyer include title insurance, agent commissions, attorney’s fees and more. About two-thirds of states also include… Read more »
If you buy property in the United States from a foreign owner, the Internal Revenue Service will likely require you to withhold sales proceeds to cover taxes the seller will owe under the Foreign Investment in Real Property Tax Act (FIRPTA). Mishandling this special withholding could end up costing you the tax plus penalties, so… Read more »
How long do you need to own a home before you can sell it profitably? The answer depends on your individual situation, but generally speaking, the longer you own a house, the more you’ll net from its eventual sale. Sometimes life intervenes, however, and you need to sell after owning a property for only a… Read more »
