Answers by Melody Bishop

Freshen up the land scaping. It needs to be trimmed, tidy and inviting. Trim all the bushes and trees, pick up down limbs and debris, mow the grass, plant some brightly colored flowers and apply fresh mulch. Curb appeal is a huge factor in attracting buyers. Paint the front door and have the house power washed. You don't necessarily need a new roof and new siding as long as those items are functioning as intended.

No it is not but you should consider how this might affect the resale value of your home later on should you decide to sell.

The seller will have to deal with the over-pricing of their home with any other potential buyers. However, if there was a bidding war, they may have someone in line behind you who is willing to overpay. Have your realtor ask them to drop the price to the appraised value and then guage from their response whether you have any leverage. You should share the appraisal with them.

Did you have a survey done when you purchased the property? A survey will show the exact boundaries of the property. The tax card maintained by the county should also show how much land is included with the property. If you do not have a survey, you should take this matter to a local real estate attorney who can do a title search of the property and get you some answers.

This answer will vary from state-to-state but in most, yes they do have legal rights. When you bought the home you likely agreed to a legally recorded document of the subdivisions Covenants, Conditions and Restrictions (CCR). These are binding on the home owners and they likely contain some legal recourse for the HOA if you do not abide by them. HOAs can fine you within reason for violations and they can enforce the restrictions. Enforcement is usually left up to the board and some boards are rather lax and some are very strict. Read the CCRs and see if there is an appeal process. You should have recieved a copy in your closing documents. If not, they should be accessible through the register of deeds or the simplest way would be to request a copy from the HOA Board of Directors.

The only way to know for sure where the property line is, is to have the property surveyed. You should do that anyway if you are thinking of putting up a new fence. You will want to know your property lines on all sides so that you do not encroach on other people's property. Unfortunately, the survey should have been done as part of your due diligence inspections before you closed on the home. Had it been done at that time, you could likely have negotiated that the owners who sold it to you, resolve this problem at their expense.

It depends on how long you intend to stay in it and how you view your home purchase. Many people see their home as mostly an investment and they want the most return on that investment when they eventually sell it. Others are much more sentimental about home and do not concern themselves as much about the return. They value the experiences they'll have in that home and the memories they and their families will make there. You should decide which of these types of buyer you are and make your decision based on that.

It is not a good idea to offer more than the home will appraise for particularly if you intend to purchase with a mortgage. Banks will not lend you more than the appraisal amount. In that event you would either have to get the seller to reduce the price or you would have to pay the difference at closing. You should ask your agent to run comparables and derive a likely sales price from those comps. That number should be your target purchase price and inform your initial offer. If that is low ball than yes you should do it. Your agent can also ask the listing agent to share their comps to see how they decided on the list price.

Your agent should be able to pull comparables for you to see and from those ascertain the most likely sales price of that home. Your offer should be in line with those comparables. If you intend to purchase with a mortgage, it is important that the home appraise as high as your offer price. The bank will not lend more than the appraisal.

Talk to a lawyer who is licensed in your state. I would doubt that you'll win that fight as I would be shocked if there is not some disclaimer somewhere releasing the company from liability.

Yes it is. The right agent can give you an advantage in submitting offers, spotting potential problems with the property, navigating any legal requirements specific to your state, negotiating price and repairs, etc. For an example, I am working with a buyer who had a long list of properties she wanted to see. One was being sold through a court-ordered sale and would come only with a commissioners deed instead of a warranty deed. This could result in an offer on and money spent on a property that no title insurance company will insure. Without title insurance banks will not grant a mortgage. This can be several thousand dollars in NC that my client would lose. She had no idea just like most people who do not work in the real estate, title or legal professions have no idea. Many realtors have seen and experienced crazy situations in real estate and can help you avoid learning those lessons the hard way.

Unless the agent is licensed in both of those states, you are likely going to need two agents. However, many agents work very hard to develop relationships with agents in other states. We are generally very good at ascertaining who the great agents are so that we can work with them as referral partners. I am licensed in NC but I have relationships with folk all over the country that I would not hesitate to recommend and have recommended : South Carolina, Virginia, DC Metro area, Alabama, Mississipi, Tennessee, Atlanta, GA and Salt Lake City, UT. And when I run across someone that needs an agent in a market where I don't know someone, I do the research and interviewing for them and then I'll make a couple of recommendations.

The mortgage on your rental will count as debt in your debt-to-income ratio. If you are renting your current property, you can show income. Different banks will treat that income differently but most understand that rentals often do not rent for every month of the year so they'll calculate some vacancy rate as well as some expenses to get a more realistic picture of the income. If the property has no history, it is likely to increase your debt to income ratio at the moment and reduce the amount you can borrow for a new house.

Have a professional roofer look at it and give you an opinion. A roofer will likely spot more issues than a home inspector. Home inspectors are like your General Practioner doctor - they know a little about a lot of things. For more expert advice, that General Practioner will refer you to a Cardiologist, Nephrologist, etc. In the same way a Home Inspector might advise you to seek more detailed analysis from a roofer, HVAC professional, plumber, electrician, etc. A roofer might provide you with more leverage with which to negotiate.

It depends on the house and the seller. These online valuations are automated and generated by computer . Obviously, the computer cannot walk through the property and ascertain the condition of the house compared to others that have recently sold. Computers also often have a hard time distinguishing from above grade square footage and below grade square footage. Appraisers do not assign as high a value on square footage that is below grade - basements, split foyer or split level homes for example. These homes are often over valued by the online models.

It is smart to interview and agent because as you rightly point out, this is a monumental decison. No agent should be offended by your desire to make sure that you are choosing the right person. I actually welcome it and often suggest it. In my view it gives me an opportunity when they compare me to others. I'm confident that I will most likely make it to the final cut when a buyer or seller does their homework.

You do not need 20% down. There are various loan programs through government-backed loans (FHA, VA and USDA that require anywhere from 0% - 5% down). Regional and National banks will often have grant programs as well. Both Bank of America and Wells Fargo have offered these types of programs in the past. A good lender is the best person to consult for all the details of what is available.

The market always let you know if the house is price right. There are no agents who can perform any sort of magic that overcomes the market. You may get lucky and have someone who just has to live on your street or they've had their eye on your house but those are rare occurances. Even when they do happen, if they have to purchase with a mortgage, the house will need to appraise and that may be difficult if you are over-priced.

Jimmy, It depends on what those other expenses are. You may want to invest a few hundred dollars in a home inspection to see if there are any serious issues. If the expenses are simply cosmetic you may want to keep it. In general, a mortgage free home where you pay only taxes and homeowners insurance is going to be much cheaper for you than rent. Additionally the home should appreciate in value over time. There's a pretty good chance that markets will get hot again. We still have a housing shortage in the country. So if you really want to sell, live in it for a while and then list when the market is better. Find a good local agent that you can trust and let them help you with the timing if you really want to sell.

What are the average days on market for homes that have sold near buy or even in your zip code. In my market in central NC, a month is not a long time these days. Have a conversation with your agent as well. How many showings have you had? How many showings does it usually take before you can expect an offer? Is it time to adjust the price. Your agent should be able to provide you with this data and alleviate some of your concerns.

It could be. It depends on the price of the house you want to purchase. Waiting until you have more of a down payment could also cost you as home prices are not going down, particularly in your area of NC. Government backed loans (FHA, VA and USDA) offer loans with as little as 0 - 5% down and there are many conventional loan programs that offer 3 - 5% down options. Additionally the North Carolina Housing Finance Agency has a first-time home owners down payment program. It offers up to $15,000 in assistance toward down payment. It is basically a deferred 2nd mortgage that is paid over time. There are income restrictions. You would likely be surprised at how high they are. It varies and is driven by median income in your local market. I would imagine that Raleigh is quite high. You must also have a 640 or better credit score.

Ask your agent if they have a colleague in their firm who can assist. Brokerages generally encourage agents to develop relationships with fellow agents who can cover for them when they are away on vacation or out sick.

Appraisers do rate a homes condition so I would clean it. It may not need to shine like it did for showings and open houses but it should be tidy enough to make a good impression and allow the appraiser to move around easily. Make sure that the appraiser can access all areas of the house, even the attic, crawl space and basement should be accessible.

Absolutely yes! Inspections will often find issues that the builder overlooked and it is better to get this corrected prior to closing rather than after.

You should take a close look at the roof to check for aging, missing shingles or any sagging. Check out the heating, cooling systems and water heater for age. Are the windows in need of replacing - any cracks or moisture in the panes due to loss of the insulating seal. Floors need to be even and not bounce when you walk on them. Always take a look at the electrical panel box to see if it is a modern panel. I've shown many older homes that still have the old school round fuses in them. Always, Always check out basements for signs of water intrusion, cracking walls or shifting cinder blocks. Open the crawl space door to check for dampness or height. Many older homes were built with very low and hard to access crawl spaces. Since NC allows for negotiated non-refundable due diligence deposits it is essential to asses how risky a home might be before making offers and risking the cost of due diligence and a home inspection. It can never be risk free but you and your agent should look for everything that you can spot and then you have to decide if the home is worth that risk. As always have it inspected once you go under contract and know that your agent should negotiate reasonable repairs completed by the seller before you close.

It is not necessary for you to inform them. In the NC Exclusive Right to Sell Listing agreement there is a space in that agreement where you can provide your agent with the contact information for your mortgage as well as the payoff balance. Do not forget to include any second mortgage if you have one. Once you go under contract, your attorney (whether you use the closing attorney chosen by the buyer or your own) will contact the mortgage company to get final payoff. Those funds will be included in your closing disclosure along with your net. I would also ask your agent to prepare a seller net estimate for you in advance. They should have access to a standard net sheet provided by the NC Real Estate Association. One other consideration is that you may want to call your mortgage lender a week or so after closing to make sure that they completed a lien release on your property and ask for a copy. I have had buyers have to go through this on a new purchases on a house they sold several years prior. It was easily fixed but when you are in the midst of buying another home, you have enough to do already.

Always talk to an attorney and a tax accountant to help you make the right decision for you. Yes LLCs do offer liability protection for you but talk to an attorney licensed in your state to learn more.

There are plenty of options for you with home renovation loans. You will borrow the money necessary for the purchase as well as the money for agreed upon renovations. FHA offers the 203(k) loan and there are a number of options for conventional loans. Several things to keep in mind are that your lender expects the renovations to be done. They will usually give you a time frame in which to have them done. The home will be appraised on an "as-is" basis and a "subject to" basis. The subject to appraisal is an opinion of value once the rennovations are done. Most lenders require that you use licensed rennovation professionals that they approve and most will require estimates for rennovations before you close. It is important to work with a real estate agent who can help you navigate through this process. It is helpful if they have relationships with a variety of licensed pros to get the work estimated and completed.

Tidy up and declutter. The most inexpensive way to freshen a house is cleaning and paint. If the floors are worn or stained, new flooring may be in order. Carpet is the least costly option. And most important, take care of the yard. Curb appeal is critical.