Burning Real Estate Questions, Answered
May 12th, 2008 categories: Ask Gena, Real Estate Tips, Realtor
Hope all you Mother’s had a wonderful Mother’s Day yesterday and did something special.
I know I did, I spent it with some long term clients who are friends and had a wonderful BBQ and shared some wine and conversation…then it was off to look at homes. Next, we will write an offer on a house they chose on Mother’s Day in Elk Grove, CA.
Now, let’s get to those burning real estate questions that have been coming in.
Today, our 1st question is from a home buyer who has a VA loan approval.
Hi Gena,
We are pre approved for a Veteran’s Home Loan and want to buy a house. We have been looking at some bank owned homes but want to know if what our realtor told us is true or not. She said, that we have to be careful when looking at bank owned homes because they might not approve them for a loan. Is that right?
Sincerely,
Excited Home Buyer
Dear Excited Home Buyer,
First let me say, congratulations on getting your loan approval. So many home buyers forget that vital step and have no idea that it is essential at the very beginning. So, give yourself a pat on the back.
Your Realtor is correct. If the property has any health and safety issues as well as hazards then VA won’t approve the loan. Most bank owned properties are sold as-is which makes it difficult for you to make an offer. However, there are some out there that are very clean and in my opinion would meet the VA standards but you have to sift through them to find one that would be suitable.
Good luck to you and hope you find a clean one.
Gena
Dear Gena,
As a home seller I want to know if I should be present during the home inspection of my house or if my agent should be present. I don’t feel comfortable having strange people in my house. What is your opinion?
Reluctant Home Seller
Dear Reluctant Home Seller,
If you put your house up for sale and you accepted an offer from a home buyer, it is your duty according to the contract to make the house available to the home buyers, the home inspector and the home buyer’s agent.
It sounds as though you may be going through some separation anxiety about leaving your house. Try packing a few items and thinking about the home that you will be moving to. You need to focus on leaving and beginning a whole new life in a different house. It’s time to let go of this one.
Making sure that the home buyers feel comfortable in the house is essential. As a listing agent, I always instruct my home sellers to leave the house when buyers are looking and certainly for a home inspection. This is not the time to be in the house. The home buyers agent will make sure that everything is left as it was before you left. Don’t worry.
Now pack and get moving…
Gena
Dear Gena,
I would love to buy a house now with prices so low but I don’t want to sell my house for nothing. The bank owned homes are bringing the value down of my house. What do you suggest I do?
Scared to Sell
Hi Scared to Sell,
My suggestion is don’t sell. Simply rent out your house and buy another house. Make sure that you check the renters credit and call for references before signing a rental agreement and get the 1st and last month’s rent as a deposit.
Then when the real estate market returns, think about selling your rental or maybe by that time you will like being a landlord and be ready to buy another house to rent out.
Hope that helps.
Gena
Those are our real estate questions for this week. If you have a burning real estate question that you would like to ask the Real Estate Broker, Gena Riede simply email your question and it may be featured. All identifying information is removed so that no one will know who you are so feel free to ask your question.
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I am 73, my wife is 70, both retired and in excellent health. We are living with my mother-in-law until we decide to purchase a home. Her home is paid for and our expenses are very low.
We receive $5,000 a month from fixed SS and retirement funds.
My question is: we are looking into purchasing a townhouse….ranging from $360,000 to $500,000. Is it better for us to pay most of it up front as a downpayment, or to take out a big mortgage?
We have $220,000 in CDs and about $900,000 in safe retirement accounts such as TIAA.
We technically could pay for either townhouse with cash, but that may not be the smartest way to go.
Your input is greatly appreciated.
Best,
Vince
I write music, play jazz, and do music clinics and do have a small income….along with the sales of my music textbook.
Vince,
I would say that you would be better off having a loan while taking advantage of a write off and the certainty of having an income each month. However, it is always best to speak with your financial advisor and your tax consultant.
It certainly sounds like you have longevity in your gens.