Ashley Garner
Real Estate Agent (Broker)
Wilmington NC

Ashley B Garner & Associates

"We Make Real Estate Easy For You!"

As a professional real estate broker for almost two decades I have heard and continue to hear the same questions about real estate over and over The internet world has created a well recognized acronym for these questions – FAQs – which stands for Frequently Asked Questions In this column I will list some of the most frequently asked questions and the answers regarding buying selling and financing real estate Obviously in the +/- 750 allotted to this column only a few questions will be addressed…it would fill the entire magazine to address all of them If you have a question that isn’t addressed here please consult with a professional Realtor or lender to get the answer So let’s get started:
Is there a best time of year to sell my house – Houses sell all year round it is however cyclical Normally the highest numbers of contracts are written in the late spring/early summer (May & June) with the highest number of closings about 30-60 days later in July & August BUT it is very important to note that during the spring and summer the inventory of homes for sale is normally higher which means you have more completion in the market As the number of sales begins to go down so does the available inventory (competition) So the answer is anytime you desire to or need to sell your home is the right time to sell
What are the most important factors to consider when selling a home (or buying) – Location Condition Price Location has the single largest impact on the value of a property and it is also the one thing that cannot be changed Condition has a very big effect on value – there are many things that an owner can do to improve the condition of the property The cost of the improvement is usually determines whether or not the improvement gets done or not Price is the factor that most sellers have the most control over NOTE price does not equal value! The value is determined by factors such as Location and Condition (and many other things) the job of the seller and the Realtor is to price the property as close to the value as possible in order to get an offer Obviously value is highest when location is desirable and condition is as near perfect as possible…since location can’t be changed and perfect condition is difficult to achieve value (and thus price) is the factor that varies as a result Price it right and it will sell
What is a Short Sale – A Short Sale occurs when the Net Proceeds from the sale of a property is not enough to pay in full the debt owed on a property In other words the money left over after paying the costs of sale is short of being enough to pay the bank…Short Sale Short Sales are notorious for being slow and tedious transactions right now because the lien holders (banks/lenders) have so many of them to process resulting in a massive volume of paperwork/procedure Short Sales involve many steps and different players such as appraisers attorneys brokers sometimes courts sellers etc It is not uncommon for a short sale to take as long as four to six months or more to close In the right situation they can work for you but you must set your expectations accordingly
Is it difficult to buy a foreclosure – Most of the time no it is not difficult Once a property has gone through the foreclosure process most of the time all of the mess has been cleaned up (taxes paid liens paid or released) and the bank or institution is the sole owner…the bank/lender is not in the business of owning real estate so they want to sell it quickly Usually a foreclose takes no longer to purchase and is no more difficult to purchase than a non foreclosure
What closing costs does a seller pay – Normally in our area the seller pays for the preparation of the Deed the Revenue Stamps (paid to the county) the broker commission and the seller’s portion of the real estate taxes HOA fees etc
What closing costs does the buyer pay – Normally the buyer pays for the appraisal any inspections (home inspection termite inspection etc) survey if there is a loan/mortgage the buyer will pay for any lender fees which could include origination fees loan points credit checks and many other possible fees depending on the type of loan
Wow! That’s already over my limit…maybe it would take more room than this entire magazine to list and answer all of the Frequently Asked Questions about real estate So you see how important it is to consult with a professional who you trust to lead you through the process of buying and selling real estate! Until next time… ASHLEY