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Q & A with Dottie Herman

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Dottie Herman

Q1 - My home is on the market; however, I think it is priced a bit high. Is there an appropriate length of time before we lower the price?

A - Depending on your particular market niche, the first 10 days on the market should provide you with sufficient feedback with regard to price. If you have conducted an Open House, buyer attendance and feedback should provide you with an indication of whether price is a factor. In addition, see the pricing of comparable listings and how long they are on the market. If you are working with a real estate professional, consult with them and have them participate in the pricing strategy.

Q2 - Is it reasonable to ask a realtor to preview homes before they show them as a possible purchase? I have found that sometimes I am taken to homes that do not fit my criteria at all, and I believe it is because my broker hasn't seen the home yet.

A - While previewing properties is an excellent practice when possible, this sounds more like a communication problem. If you continue to find that the agent you are working with is not presenting properties that meet your criteria, you might want to think about working with someone else.

Q3 - We have been negotiating on the purchase of a home for weeks. The sellers keep going back and forth with us with counter-offers. Is this the normal procedure? Should we just put in our best and final offer so we can move forward if we are not able to purchase this home.

A - Everyone has a different negotiating style. Some Sellers, like to go back and forth as you describe, but if you are a ready, willing and able buyer, and have reached the end of your patience, put in your highest and best offer.

Q4 - I am currently going through a horrible divorce. The home that we live in is on the market; however, it is in my husband's name. We aren't in the best financial shape. Once we are divorced, since the home is in his name, is it correct that it is his financial issue? The house won't be tied to me in any way, right?

A - If you are not on the deed and title, you have no ownership in the house.  More importantly, if you are not on the mortgage note, then you have no financial obligation to re-pay the mortgage loan. However, you should consult with an attorney to clarify this.

If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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