Belize Real Estate Links 
| Belize Real Estate Links | |
| |
|
Real Estate Information |
|
|
|
Finding Structural Problems During Escrow - Upscale Home Example
When buying and selling homes, the property purchase is often subject to a satisfactory home inspection being done. Now and then, a home inspection uncovers severe structural problems. Here's an example of a situation in an upscale neighborhood. Severe Structural Problems Does the buyer walk away when there are serious structural problems? Yes, but not always. A lot depends on the constraints facing the buyer (are they relocating to start a new job, or just "moving up" in the same general area?) and on how much the buyer likes the property. The attitude, maturity level, communication skills, and flexibility of both buyer and seller also make a huge difference. It's easy to see a deal blowing up in this situation. Let me tell you about a situation I saw that actually worked out. Structural Problems - Upscale Neighborhood The first involved two professional couples and a house one couple wanted to sell and the other wanted to buy in an established, up-scale neighborhood. The house was a colonial style, all brick, very traditional house built about 15 years ago using top of the line materials. The kitchen and bathrooms had been modernized and upgraded within the past 3 years. Top of the line materials (marble, ceramic tile, and granite) were again used. The house was located on an acre lot that sloped gently down to the street in the front. About 10 feet from the right side of the house, the lot sloped steeply away to a pretty stream. The lot backed to a treed area of a beautifully maintained, historic estate owned by a university and open to the public on a fee-paying basis. The home inspector noticed that the chimney on the right end of the house was pulling away from the house. It was about 2 inches away at the top, but the bottom was still attached. In the basement, there was some cracking along the wall the chimney was on. The home inspector would not certify the house as structurally sound, but recommended that an engineering firm take a look at it. The buyer asked the seller to have an engineering study done. The seller was upset but didn't go to pieces. Something was causing the chimney to pull away, so they called in an engineer. For legal reasons, the sellers also needed to understand what the problem was. The engineer determined that shrink-swell soil was causing serious foundation problems. They recommended digging down a lot further than the original footers and constructing an elaborate new support system. The sellers agreed to do it and the buyers agreed to delay closing until the work was completed. Thirty thousand dollars later (out of the sellers' pocket), the transaction closed. In Closing When considering the above example, what is the moral? If you keep a cool head and look for solutions, structural problems need not be a deal killer. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Selling Your Home on Your Own - Examples of Problems and Solutions What can go wrong? About a gazillion things, but this is true if you're working with a broker, too. A broker is probably more experienced than you, and may well have confronted and solved your problem on a previous home sale. Maintaining Small Town Charm In An Ever-Changing World Virtually any state in the country has the appeal of multiple small towns. Ask almost anyone who lives in small town why they are here and they'll tell you they enjoy the small town feeling while being close to all the conveniences of a larger city. Appraisal vs. Market Value: How to Avoid Pitfalls in the Sale of Your Home When you sell your home, appraisers use comps (comparable market sales) of local properties sold within the last six months to value your home. With today's rapidly rising seller's market, six-month-old information is ancient history. How To Buy Real Estate - Yes, YOU CAN! If you want to buy a house but don't think you can for any of the following reasons, this article is intended to give you correct information so that you can make smarter choices and open yourself up to a world of wealth, possibilities and realistic expectations.The truth is you are being unrealistic when you believe the following reasons to be true:I can't buy property now because? I don't have 20% for a down payment, let alone 5%, let alone even 1%. New Home Construction - The American Dream or The American Nightmare? Buying a new home is suppose to be the American Dream. Unfortunately, for many buyers of newly constructed homes it becomes the American Nightmare. Decorating to Sell a House by Meeting Three Key Needs Specific marketing campaigns are no longer just for automobiles and designer clothes. Targeted marketing techniques are now applied to houses that are for sale. Understanding Opportunity Cost When Investing In Property While most investors have got involved in property investing because they understand the opportunities to make money through leverage and capital growth or high yields, I still see and hear of many who do not fully understand opportunity cost.Remember anyone that gets into property is usually in it to generate money or income - how many deals/properties you own is insignificant. Escrow Accounts - Are You Paying Too Much? Money in escrow is "dead money". It doesn't earn interest for you and it doesn't reduce your mortgage interest payments. What Is a CMA "CMA" is an abbreviation real estate agents use for a Comparative Market Analysis. A CMA gives an estimated sale price for a property given current market conditions. Fixer Uppers: Dont Make This Mistake Making money with "fixer-uppers" isn't about repairing drywall or planting flowers. It's about using the right approach from the start. Buy FHA HUD Homes FHA HUD homes are those dwellings that have been acquired by the United States Department of Housing and Urban Development (HUD). The HUD oversees the Federal Housing Administration (FHA), which offers federal insurance on home mortgages. Are You Tired of Tenants, Toilets, and Trash? Wouldn't you rather go to Tahiti? Are you a landlord with rental property whose value has significantly appreciated? Are you ready to cash in those profits and take that trip to Tahiti?Before selling your property, check with your accountant who will tell you that you will be paying $60,000 in Capital Gains Tax to Uncle Sam. Your accountant will also tell you that adding another $20,000 to your income by that sale is called recaptured depreciation. Young Couple Buys Ranch with Government Money Kirk and Tina Sczepanik had a dream. They wanted a ranch of their own. The 5 Biggest Mistakes Made When Getting A Business Appraised Most business owners will, at some point, want or need to know how much their business is worth. They will be faced with the task of finding someone to perform a business appraisal or valuation. Should You Buy a House or a Condo? A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are. Stopping Home Foreclosure with Bankruptcy Bankruptcy Will Stop Your Sale - At Least For Now For $395, you can stop your sale- at least that is what the ads say. You are about to find out how bankruptcy can be good or very damaging. Staging Your Home for Sale: a Superior Real Estate Home Marketing Technique: Part 1 Every Realtor KNOWS that a home should be shown in its best light to help sell it faster and for more money! We also know that, properly done, it Is a lot more than putting fragrant pies, breads or cookies in the oven, opening the drapes and turning on all the lights; although even that helps greatly.Setting the stage to obtain the highest value, fastest, for a home has recently evolved into a real estate specialty that can pay of grandly for the seller and help the buyer overcome the immense emotional strain of making a decision on which, of many similar properties, to purchase. Property Auction & Why You Should Run A Mile From Them That's A Funny Thing To Say About Property Auctions; They're All The "RAGE, Aren't They?"From The Desk Of Colm DillonHello Colm here .. Yes But, How Do I Evaluate Buying Undeveloped Land And Get Into The Business? These real questions on buying undeveloped land are answered by a US Master Builder and myself after receiving them from readers of my e-book, "Residential Development Made Easy."Question 1. Seller Financing - Six Safety Tips Why offer seller financing when you sell? A higher price, a good return on your money, a faster sale and to sell a property that is otherwise difficult to sell. Some good reasons, but how do you do it safely?1.
|
| home | site map | Colorado Log Homes | Homes for Sale in Denver Metro |
| © 2006 |
