Robin Jones blogs about what you really need to know when it comes to appraisals.

“Appraising is the science of determining the value of a home. Your real estate appraiser must be state-licensed and certified.

Don’t confuse a comparative market analysis with an appraisal. REALTORS® use CMAs to determine a realistic asking price. Your appraiser’s report will be much more detailed.”

Between a comparitive market analysis, a home inspection, and a property appraisal, the onslaught of information can definitely get confusing. It is important to have a Realtor who will work with you, and for you, and they will guide you through the process.

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I am interested in buying a house from a friend that is about to go into foreclosure. The bank told my friend just to bring someone in if they are interested, and that they don’t need to involve any REALTORS®. Is that even possible? Also, I don’t know whether I can get approved for a loan since I have a mortgage now that I am paying on. I do have pretty good credit though. Will I have to sell mine first?

-Annie

First, I would suggest speaking with a lender and get pre-approved to see if you can carry the two mortgages. I would discuss my options on your current home with the lender. Are you able to carry two mortgages? If you are able to carry both mortgages, and you meet the debt-to-income ratio, are you planning on using one of the homes for an investment property, or are you planning on selling your current home down the road?

After speaking with a lender, and deciding what your plan is for your current home and the one you are considering purchasing, I would then contact a Realtor that is knowledgeable in short sales and foreclosures.

I would highly recommend using a Realtor to represent at least you, and maybe the seller of the home you are looking at purchasing. The asking price that the seller’s give you might not be the amount the bank will accept. Also, the amount the seller’s are given might be what is needed to pay off all of the debt on the house. With today’s market, the price for the home might be above what the market is bringing right now, and you don’t want to overpay for a property.

I would not cross this bridge alone. I would find an agent you can trust and who has knowledge in the foreclosure and short sale industry. I would interview a few agents to get a feel for their knowledge and experience in this area. If you are ok with dual agency, that agent can represent you and your friend (the seller) through this transaction. They will be able to help make sure the offering price is fair in today’s market, and they can help you get all of the proper documentation filled in correctly in addition to doing the leg work and follow up with the bank .

Mabel Davis is a REALTOR® with Keller Williams Elite in Pennsylvania.

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Can I sell my half of my house to my wife? We are getting divorced but we have not even separated yet. Before we do, I would like to sell my half of our house to my wife. She wants it, I don’t, and I need the money to move out. Is this something that can be done with a REALTOR® or lawyer, or can it be written up in the separation papers? Is it something that we can just do without divorce or separation involved? -Zanadua

Absolutely, in fact it’s quite common. My advice to you would be to consult a licensed attorney in your state for further information. He or she will be able to guide you through the process and ensure it is done correctly. When a husband and wife buy a home together, they own it as “tenants by entirety.” In essence this means that each spouse owns the whole estate and not a fractional part. When there is a divorce, the tenancy by entirety is dissolved into a “tenancy-in-common,” whereby each spouse has a one-half interest in the property. To answer your second question: I wouldn’t recommend doing this without the help of an attorney and I would like to emphasis that this is not within the scope of a Realtor’s expertise.

John Agnello is a REALTOR® for Long and Foster, Real Estate Inc. in Cherry Hill, NJ

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I just recently got married, and we’re starting our house hunting very soon. My question is, should I go ahead and complete the paperwork with the social security office,  etc. to get my name changed, or should I wait until after we’ve made the home purchase? I am worried that there will be issues with having a new name on all my paperwork and documents, but still having my maiden name on credit reports. We really can’t afford to have to wait around if a problem comes up with the two different names. (We are really trying to make the Nov. 30 cut-off date.) On the other hand, I’ve heard it’s a pain and it’s costly to change your name on the deed. Please let me know if you have had this come up or if you have any insight. Thanks! -Sarah

I agree that you are probably cutting it to close in time to get all of your name change paperwork done in time to close before November 30th with your new name. According to my lending specialist, the notary must identify the signers as the borrowers and if you don’t have a new driver’s license, etc, the notary may have a problem. I would suggest that you change your name after the close of escrow. Your only expense should be approximately $50 to have an escrow company draw up a quit claim deed to switch to your new name after close. Good luck and happy house hunting!

Karen Crystal, REALTOR® at Ewing & Associates Sotheby’s International Realty, specializes in estate properties. She brings a unique blend of efficiency, honesty, integrity and business- savvy to her clients.

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Let’s say a real estate agent is licensed in Texas. He has a client who lives in Michign, but is moving to Florida. He wants to help the client find a home in Florda but is not licensed in that state. If he refers his client to a licensed agent in Florida, can he split any commission with that agent or is there any type of referral fee? -Eric

The Texas-licensed REALTOR® can receive a referral fee from the Florida-licensed Realtor. That agreement would be between the two agents.

Amy Downs is a REALTOR®  with Keller WIlliams Realty in Dallas, TX.

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We have a contract on our house for $365,000 and our buyers are borrowing $325,000. We are concerned that our house won’t appraise for $365,000. With the way the market is going, we’re thinking that it might come in a little lower. I know that it will appraise for more than what the buyers are borrowing, but if it comes in lower that the asking price, does it affect the buyers getting their mortgage? -Jennifer

Yes, it is most likely that the property will need to appraise at (or at least very near) the agreed upon contract price. Mortgages are conditioned on a specific loan-to-value ratio. In this case, it looks like the buyers will have about a 10% down payment and will therefore be financing about 90% of the value of the property. It is extremely likely that their loan cannot exceed this 90% threshold. If the property does not appraise for the sales price, your real estate contract should specify what protocols come into play. It is possible you will need to renegotiate the sales price of the home.

Ian MacMillan is a REALTOR® for Windermere Real Estate Company in the Greater Seattle Area.

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What does contingent mean in home buying? -Rose

“Contingent”means any term in the purchase agreement that must be met or satisfied for the purchase to be completed. Typical contingencies include financing (the mortgage must be approved), inspection, and the sale of the buyer’s home. If the contingency is the latter, the sale will only move forward once the buyer’s home has sold. Depending upon your part of the country, this contingency may or may not be generally accepted. The fewer contingencies in a purchase agreement, the stronger the offer. When you make an offer, think about how the seller will view it. Especially if you are in a competitive bidding situation, be sure to put your best foot forward. Your REALTOR® will be the expert to guide you in best positioning your offer.

Diane Brooks is a REALTOR® for F.C. Tucker Company in Zionsville, Indiana.

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Home sales nationwide jumped an impressive 9.4 percent in September as buyers took advantage of the first-time buyer tax credit and low mortgage interest rates. Although sales activity is at the highest level in over two years, Lawrence Yun, National Association of REALTORS® chief economist, explained that a self-sustaining recovery is still a few quarters away and an extension of the tax credit will help that goal. As we await Congress’ decision, many wonder what will happen to home sales if the tax credit is not extended.

Ken Snyder blogs about why his local market may not be getting a boost from the first-time buyer tax credit:

“Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.  The rise in sales is generally attributed to several factors, namely the first-time buyer’s tax credit, rock bottom prices driven by foreclosure sales, and continued record low interest rates.  Combined, these factors have driven the percentage of first-time buyers to an all-time high.  But I think the reasons we see less of a sales rise in the Northeast in general are exactly the same one causing sales to rise more in other areas.  Let me explain.

The first-time buyer tax credit has been a huge driver in many parts of the country.  However, in the Back Bay and South End for example, where one bedroom ’starter’ condos easily cost $400,000 and up, the annual income needed to purchase a ‘first-time buyer’ home exceeds the income cap on the first-time buyer credit. So we see less of an impact from that program in our most expensive neighborhoods because most buyers make too much money to qualify for it.”

If the first-time buyer tax credit is not extended, the fear is the current momentum will not carry into next year. While the tax credit definitely has a postitive effect on the market, Snyder’s local data shows that buyers are still willing to purchase a home even without the incentive.

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REALTORS® are doing their best to inform potential clients about the amazing deals they can find in real estate right now. They blog, use Facebook, and talk about affordability when they meet people face to face. And yet the question remains, why are buyers so reluctant to buy? Given the current economy, some trepidation is expected. But buyers who wait to buy until they feel more comfortable may miss out on a great deal.

 Kim Patrick blogs about what it take to become a homeowner:

“The home buying process isn’t as complicated as most people make it out to be. The most fearful yet significant part of this process is getting qualified. Most people avoid this step for fear of being told ‘no.’ Well, I advise people to not look at it as a ‘no’ but as a ‘not yet.’ I also tell them that it’s best to find out where you stand and more importantly what stands in your way so that you can began to tackle it now, because you will have to do it eventually.

The number one concern is foreclosing. For those who are fearful of foreclosing, my advice is simple…stay within the price range you are most comfortable with. The majority of the people who foreclose couldn’t really afford the home in the first place. If you are knowledgeable and honest about your financial situation, you should have little to no problems.”

Becoming a homeowner has always had its hurdles, but media spin and overwhelming data has made the current market more daunting than usual. Realtors who can guide reluctant buyers through the home buying process and address their client’s concerns can further show why a Realtor is such an important asset when buying a home.

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