Loft Selling Myths Debunked

24 Nov 2017 · by Virtual Results PubSub

Home Selling Myths Debunked

If you’re selling your Loft, you’ve no doubt received lots of advice about the process. Though most folks have the best of intentions, the information they share may not always be accurate. And in some cases, the “facts” they tell you may be downright harmful to getting your Loft sold. Let us save you some time and trouble by debunking some of the more common Loft selling myths.

You’ll get all your money back with improvements

While it’s true that some renovations can increase the value of your Loft, they aren’t all created equal. In fact, there are few that will pay for themselves entirely. Talk to your agent about what upgrades should be tackled before you list your Loft, and which ones to leave for the next owners.

Minor repairs can wait

We understand how annoying it can be to tighten every screw, replace every burnt-out light bulb and repair every leaky faucet. But making minor repairs can mean the difference between getting the price you want and having to accept a lower offer. Most buyers are looking for a Loft that is move-in ready. So now is the time to finally tackle that to-do list of minor repairs.

The seller determines the price

While the Loft seller does ultimately make the decision about the listing price, there are many factors that determine the number. The biggest factor that dictates what you can reasonably expect to get for your Loft is the market itself. Thoroughly research all the comparable properties for sale in your area, and rely on the expert market knowledge of your agent to arrive at the best price.

Price high at the beginning

There are some who believe that overpricing a Loft gives a potential buyer room to negotiate. But what it really does is scare most potential buyers off. With so much information available online, today’s buyers know when a Loft is being listed for an unreasonably high price. And in most cases, buyers will not schedule an appointment to view the Loft. Pricing high will often result in your Loft spending more time than necessary on the market. And the longer your Loft is on the market, the more unattractive it becomes to potential buyers. Do yourself a favor, and price it correctly at the start.

Repaint everything a neutral color

If your Loft is covered in zebra-stripe wallpaper, then you may want to consider toning it down a little. But not all vibrant colors need to go. Sometimes, those bold colors play up a nice feature of your Loft or brighten up an otherwise drab room. If you feel like the color may be a little much, you can play it down with more neutral furnishings.

Remove all holiday decorations before a showing

The holiday season is quickly approaching. If you’re getting ready to sell, you may think you’ll have to keep those boxes of holiday decorations stored until next year. If the thought of not decking your halls makes you sad, know that it’s OK to do a little holiday decorating. Just be sure to keep it simple and tasteful. In fact, those decorations may be just the thing to convince a potential buyer of how cozy and festive your Loft can be.




Using Gift Money For a Down Payment

17 Nov 2017 · by Virtual Results PubSub

Using Gift Money For a Down Payment

Receiving cash to use towards the down payment for your Loft is a generous gift. Especially considering that some loans require you to pay at least 20 percent of the purchase price as a down payment. But there are certain requirements that must be met when using a cash gift towards your deposit. Here’s what you need to know.

Who can give the gift?

Lenders tend to be restrictive when it comes to allowing cash gifts to be applied to a down payment. The gift can’t come from just anyone. In most cases, the money must come from a relative – usually a parent, grandparent or sibling. You may also receive a gift from your spouse or the person to whom you are engaged. If you’re applying for an FHA loan, you’ll have a little more leeway. For these loans, your gift can come from an employer, labor union, close friend or even a nonprofit.

You’ll need a gift letter

In order for the gift money to qualify, it must be properly documented. The first step is to write a gift letter. The letter should outline the amount of the gift, the relationship between parties and the property address. It should also state that the money is a gift and not a loan that will need to be repaid.

Receiving the gift

Once the gift letter has been written, you’re not done yet. You can’t simply deposit the money in your bank account and call it a day. You need to create a paper trail to show where the money came from. Write a check for the exact amount of the gift and make photocopies. The check should then be deposited in person into the account that will be used for closing. Make sure to get a receipt for the deposit, and do not deposit any other money at the same time.

You may also be required to show additional documentation about where the gift money came from. This can include copies of the donor’s bank statements or even documents from the sale of stocks and funds transfer from a brokerage account to another account. When in doubt, save the paperwork.

If possible, try to get the gift money as early as you can. If you can secure the gift money while you’re still in the planning stages, you won’t need as much paperwork down the line as you would with a last-minute gift.

Gift taxes do apply

Once the check is written and the funds deposited, you’re still not done. Be aware that there may be taxes due for the money that was gifted. The donor generally pays these taxes, although both parties can agree to have the tax paid by the recipient instead. Talk with your accountant about what the current monetary thresholds are for incurring taxes and how your gift may affect your tax liability for the year.

If you’re the recipient of a cash gift for your down payment, congratulations! It’s a great way for loved ones to help with your home purchase, particularly if you’re a first time homebuyer. Follow the steps outlined above to ensure that you’ll have no problems using your cash gift come closing day.




Is Your Dog a Good Neighbor?

12 Nov 2017 · by Virtual Results PubSub

Is Your Dog a Good Neighbor?

Is your dog the one on the block that neighbors flock to when they see you out walking? Or is he the one that causes people to cross the street in order to avoid you? Dogs have become undeniable members of our families, and by extension, members of our neighborhoods. Which is why it’s important to consider whether or not your dog is a good neighbor. These tips will help make sure that your best friend is also a favorite neighbor on the block.

Keep a collar on

This applies to your dog, of course – not you. But it is essential that you always keep a collar on your dog with ID tags. Although you may go the extra mile to ensure that your dog is properly secured on your property, some sneaky canines are talented escape artists. Make it easy for your neighbors to identify your dog and to get in touch with you should your dog become lost. Don’t rely on microchips alone, which usually require a trip to the vet or shelter in order to be scanned.

Always use a leash

Even if your dog is the best behaved one on the block, always follow local leash laws. You never know when something will attract their attention or provoke them. It will also help should your dog encounter another dog that is not quite as friendly. Dogs should only run loose in your fenced yard or designated parks.

Know your dog’s behavior

If your dog is shy or does not like to be touched in certain places, make this known to anyone who may approach you. Give instructions to the neighbors you may meet when you’re out walking, and let children know to ask first before petting.

Be sure to curb

This applies to dog owners more than to the dogs themselves. If you’re out walking and your dog takes a break to relieve himself on your neighbor’s lawn, don’t just leave it there. Carry plenty of disposable bags with you so that you can remove the mess and dispose of it properly. Your neighbors will thank you.

Beware of excessive barking

A continuously barking dog can wear on even the most patient neighbor’s nerves. Be mindful of how much your dog is barking and whether or not it may be disturbing your neighbors. Don’t leave your dog unattended for long periods of time. If any neighbors complain about excessive barking, then work through issues in a friendly way.

Invest in canine training

If you’re concerned your dog’s behavior isn’t up to snuff, then invest in some behavioral training classes. These programs will teach your dog how to get along with other dogs, how to walk through a crowd without becoming too excited, and how to come when called. If you’re lucky, you’ll be able to teach him a couple of fun tricks that will delight your neighbors and make them happy and excited to see you when you’re out for your daily walks.

By following these suggestions, you can make your dog not only a good neighbor, but also the star of the neighborhood!




Buying a Loft From Friends or Family

3 Nov 2017 · by Virtual Results PubSub

Buying a Home From Friends or Family

Buying a Loft from someone you know, like a friend or family member, seems like it should be a great deal, right? After all, you already have a relationship with the seller, and you’ll probably get a better price and complete the process more quickly. While buying from friends or family can work out well for everyone, there are some things you should know and prepare for before you jump in.

Make agreements in writing

While it can be tempting to cut some corners when buying from someone you know, you should make sure to get all agreements in writing. This helps to ensure that everyone knows exactly what is being agreed to. It also leaves a paper trail should any problems arise down the line.

Be honest about the relationship

When you are securing financing for the Loft, you need to be honest with the lender about your relationship to the seller. There may be added restrictions when buying from friends or family, and not disclosing the relationship could cause problems. In fact, it could constitute mortgage fraud. That could result in the delay of closing, denying of the loan or the lender calling the loan after closing, making the full balance due. You could even get a call from the district attorney if the lender loses money. The bottom line is – be transparent.

Don’t skip the inspection

If you’re buying from someone you know, chances are you’ve been in the Loft a number of times. You may even be a tenant purchasing a Loft from your landlord. Even if you think you know the Loft inside and out, you should not skip the Loft inspection. Hire a licensed professional who will let you know about any possible issues so that they can be addressed in the deal.

Have the Loft appraised

Likewise, you should also make sure to have the Loft appraised so that you know the estimated value. If you’re financing, the lender will likely require an appraisal.

Agree on a fair price

While it’s normal to want a good deal on your Loft purchase, the seller should not give you any excessive discounts. While a small break isn’t a big deal, the IRS will be watching to make sure the Loft is priced at a fair market value. If not, and you sell shortly thereafter, you could end up paying capital gains taxes.

Hire a professional

It’s wise to get some legal advice during this process, so you may want to consider hiring a real estate attorney. They can help you complete all the necessary paperwork so you aren’t accused of mortgage fraud at a later date. You should also hire a title company to transfer the Loft from seller to buyer. And while you may feel it’s not necessary to hire a real estate agent, it could be helpful to hire one as a consultant. Many agents will work as a consultant for a flat rate to advise you on the process and make sure you’re doing everything necessary to properly finalize the deal.


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