Below you will find the most common Contract For Deed Questions We receive. If you have mores feel free to contact us anytime. 651-334-8312 Steve Vennemann BoardWalk Premier Realty
If you are in the market to buy or a sell a home you came to the right place. We have homes all over Minnesota and Western Wisconsin. Below you will find some helpful information on buying or selling Real Estate in Minnesota.
Selling a Home Tips and Faq
1When is the Best time to sell my Home?
Spring is usually the best time but anytime right now in this market is good with the rates still being low.
2How is the Real Estate Market?
One of the most important indicators on the market conditions is the average days on the market.
3What steps should I take to prepare my home for sale?
We offer free staging ideas. Also can refer the sellers to paid staging companies..
4What Should I disclose to the buyer?
Everything should be disclosed if it has to do with the house. Not price terms or motivation but anything to do with the house it self..
5How much is my home worth?
Free offer a free market analysis for home sellers. square footage, number of bedrooms, number of bathrooms, upgrades to kitchen,window quality, roof age, lot features, location is the biggest things, style of property, flooring type, how many garages, is it a waterfront property?
6What is the difference between list price and sale price?
The list price is the price the home is listed on the market for or starting price for a for sale by owner. The sale price is the price closed on and paid to the seller at closing.
7Should I price my home higher to leave room for negotiations?
Many sellers believe they should price their home higher to leave room for negotiations on low ball offers, But top real estate professionals like myself suggest a well priced home will sell quickly and will sell for close to the listing price. There is no need to leave room for negotiations, as today home buyers are very well educated .A seller who prices their home high to leave room for negotiations can actually be costing themselves more money than if they priced it right to start with.
8How long does a listing last for?
Listing agreements usually last the length of the average days on the market. If the average homes sells in 90 days the listing agreement with be usually 90-120 days.
9 How much is the commission.
The commission is negotiable. You typically get what you pay for. There are always agents who will try to sell the home for a less commission but are you really getting the bang for you money? If a realtor doesn't think his time and experience is worth anything how will he negotiate the price of your home? Something to think about.
10what are sellers concessions?
Prepaid items for the buyers lender. Points,taxes,title fees,apprasial.
11What happens if the appraisal comes in too low?
>seller can make concessions in the price or closing costs.< Buyer >makes up the difference< The transaction is cancelled. or get another appraisal.
Buying a Home
1Exactly what is included in the sale?
Is the garden shed or Dock for (waterfront properties) included? Are the fixtures and fittings? Exactly where does the boundary lie? Make sure you see all of what you are getting. It is not unknown for most of the contents to be included in the sale
2How long has the property been on the market?
If the house has been on the market a long time (more than three months), ask the agent why they think it isn’t selling. Are there problems that other people have realised that you haven’t? Is it just overpriced? A long time on the market might mean that the seller would accept a lower price.
3How long have the owners lived there?
If they are moving out after a short period, it is important to find out why. (Relocation for employment)
4What is the minimum price the seller will accept?
It sounds silly, but asking if their bottom line is actually negotiable can save you thousands. Most of the Time the Realtors are not allowed to give this information but sometimes the sellers want to sell the property and will tell the agents they are open to offers.
5Have any major works been conducted?
It's important to know the big items how old they are to plan for any repairs down the road. Any assessments on Home?
6 How much are the property Taxes? And how much are utility bills in the area?
Try and get exact amounts. Talk to the seller if you have to. While these may seem like small considerations in comparison to the amount you will spend on the house, they are reoccurring expenses that will add to the pressure of owning your home
7How old is the property?
Not only is this nice to know anyway, but the upkeep of older houses is can be more expensive.
Contract For deed-Rent To Own-Owner Financing
1What is a Land Contract
It' a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments over 3-5 years amortized usually over 30 amortization schedule.
Owner financing, you make arrangements to pay the owner in installments, typically of principal and interest, until you've paid off the purchase price of the property.
The seller in a transaction offers the buyer a loan rather than the buyer obtaining one from a bank.
4Rent To Own
Rent to own is when the owner has promised to sell the property to the tenant for a certain price within a certain time frame. Often a portion of the rent paid will go toward either the purchase price or buyer's closing costs associated with the purchase in the form of a rent credit.