Laramie Real Estate - EZ Home Loan Mortgages, LLC Offers Great Rates on Selling Real Estate in Laramie

EZ Home Loan Mortgages, LLC Specializing in Laramie Real Estate, Selling Laramie Real Estate

Q: What are some resources for info on home improvements?

A: If you're getting ready to embark on a home improvement project involving contracting help, "Ready, Set, Build: A Consumer's Guide to Home Improvement Planning Contracts" lays out a road map for selecting the right contractor, obtaining competitive bids up to what to include in a contract. There also is information on consumer rights, liens and financing.

The book is available for $9.95 through Consumer Press and Women's Publications, Inc., Dept. SR01, 13326 Southwest 28th St., Fort Lauderdale, FL 33330-1102; (954) 370-9153.

Resources:

* Profiting From Real Estate Rehab, Sandra M. Brassfield, John Wiley & Sons Inc., New York; 1992.

* Remodeling magazine's annual "Cost vs. Value Report", available for a nominal fee from the magazine; call (202) 736-3447 to order a copy.

Q: How much will I spend on maintenance expenses?

A: Experts generally agree that you can plan on annually spend 1 percent of the purchase price of your house on repairing gutters, caulking windows, sealing your driveway and the myriad other maintenance chores that come with the privilege of homeownership. Newer homes will cost less to maintain than older homes. It also depends on how well the house has been maintained over the years.

Q: Where can I get a list of architects?

A: If you need an architect, contact a local chapter of the American Institute of Architects or the national organization itself at 1735 New York Avenue, N.W.; Washington, DC 20006; (202) 626-7300. Also contact friends or colleagues who have recently worked with an architect for referrals. Take the time to interview several before choosing an architect.

Q: Where do I get information on remodeling?

A: Try these sources:

* National Association of the Remodeling Industry, 4301 N. Fairfax Drive, Suite 310,Arlington, VA 22203; (847) 298-9200.

* "Rehab a Home With HUD’s 203(K)," published by the U.S. Department of Housing and Urban Development, 7th and D St., S.W., Washington, DC 20410.

* "Cost vs. Value Report," by Remodeling magazine, 1 Thomas Circle, N.W., Suite 600, Washington, DC 20005. $8.95 per copy; call (202) 736-3447 for credit card orders.

* "The Do-able Renewable Home," by the Coordination and Development Department, American Association of Retired Persons, 601 E St., N.W., Washington, DC 20049.

Q: How is the price set?

A: It's very important to price your home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood.

A so-called comparative market analysis provides the background data upon which to base your list-price decision. When you prepare to sell and are interviewing agents, study each agent's comparable sales report (the data should be no more than three months old).

If all agents agree on a price range for your home, go with the consensus. Watch out for an agent whose opinion of value is considerably higher than the others.

Q: What is the difference between market value and appraised value?

A: The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Q: Where do I get information on housing market stats?

A: A real estate agent is a good source for finding out the status of the local housing market. So is your statewide association of Realtors, most of which are continuously compiling such statistics from local real estate boards.

For overall housing statistics, U.S. Housing Markets regularly publishes quarterly reports on home building and home buying. Your local builders association probably gets this report. If not, the housing research firm is located in Canton, Mich.; call (800) 755-6269 for information; the firm also maintains an Internet site. Finally, check with the U.S. Bureau of the Census in Washington, D.C.; (301) 763-2422. The census bureau also maintains a site on the Internet. The Chicago Title company also has published a pamphlet, "Who's Buying Homes in America." Write Chicago Title and Trust Family of Title Insurers, 171 North Clark St., Chicago, IL 60601-3294.

Q: Is a low offer a good idea?

A: While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer.

Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:

* Is the offer contingent upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.

* Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?

* Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.

Q: How do you find a good agent?

A: Getting a recommendation from a friend or work colleague is an excellent way to find a good agent, whether you are a buyer or a seller. Be sure to ask if they would use the agent again.

You also can call the managers of reputable real estate firms and ask them for recommendations of agents who have worked in your neighborhood.

A good agent typically works full-time and has several years of experience at minimum.

If you are a buyer, you don't usually pay for your agent's services (in the form of a commission, or percentage of the sales price of the home). All agents in a transaction usually are paid by the seller from the sales proceeds. In many states, this means that your agent legally is acting as a subagent of the seller. But in some states, it's legal for an agent to represent the buyers exclusively in the transaction and be paid a commission by the sellers. You also can hire and pay for your own agent, known as buyer's brokers, whose legal obligation is exclusively to you.

If you are a seller, you should interview at least three agents, all of whom should make a sales presentation including a comparative market analysis of local home prices in your area. The best choice isn't always the agent with the highest asking price for your home. Be sure to evaluate all aspects of the agent's marketing plan and how well you think you can work with the individual.

Selling a home in Laramie can be time consuming due to the large number of offers that most houses receive but, our Laramie mortgage and real estate experts are knowledge of the Laramie housing market will help you sell your home more easily and more quickly. Our Laramie real estate experts at EZ Home Loan Mortgages, LLC can help you sell your home in Laramie.