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Real Estate transactions can be very daunting to most people. At MID-MO REALTY we try to do everything in our power to prepare you for all the ups and downs, and if possible help you to avoid many of the pitfalls along the way. Below is a sampling of the many questions we are asked regularly.
If you have a real estate question, please feel free to email us at
midmorealty@sbcglobal.net
. *All names and personal information will not be displayed for public viewing.
Should I put my children's names on the deed to my house for any reason ?
*Consult a professional * If you want to have your children take title immediately upon your death, you may have a deed drawn that would avoid unnecessary capital gains tax consequences and problems with your children's creditors. Do not risk drawing this deed without the aid of an attorney.
My neighbor wants to use my drive and agrees to pay me a small fee and keep the driveway in good repair for as long as they use it. Should we have some sort of written agreement ?
*Yes in order to avoid any misunderstandings as to your rights and your duties and the neighbors rights and obligations, you should have a detailed written agreement called a "license" and a certified survey of your property. Otherwise your neighbor may one day claim easement rights with unlimited use forever for the neighbor, his heirs and anyone who buys his property.
*Consult professionals in the mentioned fields.*
We are thinking of selling our home and my sister said that her agent in the city helped her find a stager to get her house ready to show. Do you know where we can find someone to do this for us or do you have somebody in your office that does this?
*Typically in our area agents in the office will assist you with ideas that will help your house to show better. Don't be afraid to ask for suggestions, but be prepared for honest answers.*
I was wondering how old you have to be to buy a house ? My grandpa left me some money and I would like to buy a house with it, but my friends and family say that I am too young.
*In Missouri you have to be 18 years old to take title. If you are 18 or older spending the money on a home would be a very good investment in your future.
I keep hearing about debt to income ratios. What is this ?
*This is a comparison of your gross income to housing and non-housing expenses.
I read something on a real estate site about buying a home and not using too many contingencies. What is a contingency ? I looked all over the site to try to find out what that word meant, but they never said.
*A contingency is a condition(s) that must be satisfied before a contract is binding. An example might be that a sales agreement (contract) may be contingent upon the buyer obtaining financing.
What is an appraisal ?
*An appraisal is an expert judgment or estimate of the quality or value of the real estate as of a specific date.
My sister and me are selling our parents house that we inherited. A neighbor has a daughter that wants to buy it for a price that we all agreed on. Can we hire you to do the paperwork for us ? We were told that it would be cheaper to have a real estate company do it for us and then we won't have to worry about doing it the right way. It will be great if you can do this for us. Thanks
*Unless we are hired by either the buyer or seller and working for one of the parties, we can't fill out contract or do anything that represents this transaction. The good news is that you can hire an attorney to take care of the legal aspects of your transaction.
My wife and I are thinking about selling our house and moving. We have lived here 17 years and we know there are many things that we need to do to sell it, but we don't know where to start. We thought about hiring someone to do most of the work, but that is going to cost a lot. My question is should we pay the money and sell it or should we let it go the way it is now ?
*A good rule is that first impressions are very important. We would need to see your home to give you a fair answer. Just remember that remodeling is for buyers. As a seller you want everything to look its best without spending a fortune. Most of the time a good cleaning (inside and out), fresh paint where needed, clean windows, an attractive entry, and packing up the "stuff" that we all accumulate over the years will make a dramatic difference. We would be glad to look at your house with fresh eyes and give you some ideas.
What is a title search ?
*This is a check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.
I was wondering how much money I would need to pay you to show me some houses ? I'm pretty sure I can get a loan with my parents help, but I hate to ask them to pay for this right now and I don't have much money saved up and I'm afraid I will need what I do have to pay for other cost. Thank you
*Unless you hire us as a Buyer's Agent, you won't need to pay us for this service at any time. Our commission is earned when we sell a property and then the seller pays the commission at the closing from the proceeds of the sale of their property.
I don't have a question or comment, but I wanted to tell you to keep up the good work. I find your site not only informative, but interesting. I think I see why other local companies do imitate your work. Hope your having a good one...
*Thanks for the encouraging words. Our goal is for there to be something of value to our readers.
We have seen a house that isn't with your company that we would like to see, but we don't want to use the company who has the sign in front. We wondered if you could show it to us ? The reason we haven't called is that my cousin said we would have to pay two commissions if we used another office. How much more would it cost to have you show it to us if
we wanted to buy this house ?
*Yes, we can show it to you. The seller is charged a commission, which is split between the two agencies, when the property sells. It doesn't cost any additional money for you to use the agency of your choice.
What is a credit report ?
*This is a record that lists all past and present debts and the timeliness of their repayment, it documents an individuals credit history.
We are going to have you list our house, but we think we need to do some fix ups before we have people see it. Do you help people get their homes ready to sell ? We just need a few ideas and we would be willing to fix the flaws, but we just
don't know where to start.
*You're on the right track, doing little cosmetic repairs and making everything look it's best prior to marketing is always time well spent. We would be delighted to help you out with some ideas.
Is there anything that will clean our sinks, showers and toilet ? The Versailles water has them in really bad looking condition and I know it will be a big turnoff to people looking at our house.
*A product that we have really good luck with is The Works, they make a product for toilets and a spray for sinks and tubs. It is some strong stuff, so be sure to use gloves ! For really bad stains you might let it set for a few minutes and scrub with a brush. It's very economically priced and you can get it at $ General and Wal-Mart for under $2~ money and time well spent.
We are thinking about putting our place up for sale. We were wondering how much you would charge us to list our place ?
*We don't charge to list properties. We only get paid if and when we sell your property. We charge a commission which is paid at the closing, so you aren't out any money until your property sells.
We called a real estate agent to sell our home and they said we should try to sell it ourselves first. We just aren't interested
in doing this, but they didn't seem interested in our selling our home. Why would they do this and would your company consider taking the listing ?
*I can't speak for other agencies. Some of the reason could be your asking price, condition of the property, an agent who doesn't have much experience, etc. We would be delighted to have the opportunity to visit with you about marketing your property ~ just give us a call at (573)378-5151~ Just remember "Priced Right=Half Sold"
My friends say that I will have to have a down payment. What exactly is this ?
*A down payment is the portion of a home's purchase price that is paid in cash and not part of the mortgage loan.
Is it possible to buy a house with no money for a down payment ?
*Yes, not having a down payment is one of the top two reasons most people continue to rent. If you have decent credit and fall into a certain income range, you could be on your way to owning your own home with no down payment.
What are the most important home improvements I can do to increase my home's resale value ?
*The top home improvement projects are the kitchen and baths~ they are also amongst the most expensive. Sometimes replacing the sinks and faucets will make a dramatic difference, as well as giving the cabinet doors a good polishing and maybe replacing the hardware.
What is an amenity ?
*A feature of the home or property that serves as a benefit to the buyer~ it can be natural (such as location, woods, water) or man-made (such as a swimming pool, gardens, tennis courts, etc.).
What is my credit history and why is it so important ?
*Your credit history is a history of your debt payments. Lenders use this information to gage a potential borrower's ability to repay a loan. Your credit history can make a difference in getting your loan.
I'm getting ready to sell my house and I have a hole in one of my walls that I have a mirror over. Do I have to mention this to people who look at my house ? I am going to leave the mirror with the house.
*In all fairness here ~ yes. Honesty is the best policy.
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