Q & A with Dottie Herman

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Q1 - What questions should I ask a broker before I decide to help them find me my future home?
      
A - It is helpful to find out as much as you can about their past sales in the area; as well as their plan to introduce you to properties. It is critical for the agent you choose to be a good listener so that the time spent together is productive.  You might ask for references and/or check their web page for Testimonials to see what others say about them. Finally, their passion for what they do  should be a clue to their success in finding you your future home.

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Q2 - I am looking to buy a home with my husband. We are focusing in one specific area. We recently found a home in that area that is much less than the other homes. Should that be a red flag for us? How do we find out if there is something wrong with the house?

A - Here are several steps you can take to get the comfort level that will help you to make an informed decision. If you are not working with a real estate agent who has an expertise in the neighborhood, you may considering engaging one, or a Certified Appraiser, who can provide  you with recent comparable sales in the neighborhood, and a Home Inspector or Engineer who will inspect the house to determine its condition. There are also a variety of websites that you can go to for data on your own, that will provide you with more details of what is currently on the market and what properties have sold and closed.

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Q3 - Can you get a home renovation loan in the current mortgage market? 

A - Home renovation loans are definitely available in the market. One of the most popular is an FHA 203K loan that provides both the money to purchase a home that needs work and the money to do renovations and repairs all in one transaction! 

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Q4 - What is the difference between list price, sale price and appraised value? I am looking online and I am confused.

A - The "listing" price is the price at which a property is being offered for sale. The "Sale" price is the price at which a property sold and closed. The "Appraised" value is the value arrived at by a certified appraiser using certain methods such as averaging comparable sales to arrive at the "appraised value."

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