Q1 - I am thinking of selling my co-op. Can you explain the process and where I should begin?
A - The process of listing your apartment for sale has several steps, so finding out as much information as possible in advance is an excellent idea. Your co-op's managing agent is an excellent resource. You'll want to get a copy of the purchase package requirements and fee structure for prospective buyers. It is also helpful to consult with a real estate attorney who can help you gather the necessary documents for the transaction. Finally, doing your part by familiarizing yourself with market conditions will help you to establish your property's value as accurately-priced properties are generally selling.
In today's market environment, qualifying prospective purchasers is key. We strongly advise hiring a real estate professional who is familiar with your co-op. We'd be most happy to assist you in selecting an agent who has a proven track-record of sales in your co-op.
Q2 - I am thinking of buying a home- I am curious if I should be sure someone is buying my home before I purchase another house.
A - In this market environment, it makes sense to be sure you have a qualified buyer in hand before you commit to a new purchase. Your buyer's financing commitment should be in place so that the terms and conditions of the Contract of Sale can move forward as agreed to. It will be helpful to you to use the time until your deal is on solid footing to research properties that meet your parameters. Attending as many Open Houses as you can will also serve to familiarize you with price points for properties in various stages of condition. If you should find a property that you decide to bid on, part of your terms and conditions might be a delayed Closing date until the sale of your existing home is consummated. You should discuss these details with a competent real estate attorney.
Q3 - I am thinking of renting before buying and want to know if this is a good plan.
A - Renting is an excellent way to get to know more about the area in which you plan to purchase; however, you may want to take advantage of the current favorable interest rates and pursue purchasing. If you have begun to research your purchase options on-line vs current inflated Rental Market, you may conclude that you dollar is better invested in a purchase. It's best to go out and see lots of purchase options so that you can better make an informed decision.
Q4 - Is buying a home in foreclosure is a smart idea?
A - Before you purchase a property in Foreclosure, make sure that you know what you're getting into.The price may be attractive, but there often are many other factors involved and the sale may, in the end, not take place. It is best to consult with a real estate attorney first so that you have an understanding of what is involved.
If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com