What Is My Home Worth?

Did you ever wonder who decides what the sale price of your home will be?

Many homeowners think the real estate agent determines the price of real estate, while others believe the price of the home is based on what they need or want out of their property.

In reality, the price of real estate is determined by the market. Market Value is defined as, the price an interested but not desperate buyer would pay and and interested but not desperate seller would accept on the open market assuming a reasonable period of time for an agreement to take place.

If you are considering the sale of your home, you can contact a real estate professional for a comparative market analysis. This is a free service your local real estate agent can provide to guide you in pricing your home. You may also contact a real estate appraiser, who will charge a fair price for their professional opinion. Each professional individual opinion may vary slightly, but they should also be able to explain how they arrived with the value. Ultimately, the final decision is up to the homeowner to decide what price tag to use. Just remember, if you price your home over the market value, expect it to stay on the market until you reduce the price. Discuss the consequence of over or under pricing your home with your real estate agent.



For more information visit my website at http://www.renaefulton.net/



Renae Fulton,GRI - Opening Doors for You

Real Estate Consultant

Short Sale - What is it??

A short sale is when a lender agrees to accept less than what is owned on the mortgage at the time the property is sold. This can generally been seen more often when there is a high amount of foreclosed properties. Many times it is in the best interest of the mortgage company to accept the short sale and save money and time to foreclose the property. It can also benefit the borrower of the property. With a short sale you can save not only the stress level of a foreclosure, but it may not have the severe impact to your credit as a foreclosure.
If you find yourself in a situation where you think a short sale might work for you please keep in mind this is not a "quick" fix. The lender will require detailed documentation from you and must also learn the present value of the property.
Will the lender forgive your shortage? They may require you to sign a promissory note agreeing to pay back the shortage. What if they forgive the shortage? It's possible this could be considered as income and be taxable by the IRS.
It's always advisable to seek out professional’s to advise you in these situations.

Visit my website at www.renaefulton.net

Renae Fulton, GRI - Opening Doors for You!
Real Estate Consultant