CHARMING 3BR/2BA TOWNHOUSE IN AMAZING LOCATION IN LITTLE ITALY. ENJOY THE STAINLESS STEEL APPS, CHERRY WOOD CABINETS, NEWLY RENOVATED BATHROOM, CENTRAL A/C, BASEMENT w/REC ROOM AND STORAGE SPACE. LOCATED 1 BLOCK FROM HARBOR EAST. AMMENITIES: WHOLE FOODS, 24HR CVS, RESTAURANTS, BARS, SHOPS, LANDMARK MOVIE THEATER AND 1 BLOCK FROM INNER HARBOR.

NEWLY RENOVATED 2BR/2.5AB TOWNHOUSE w/AMAZING CRAFTSMANSHIP. ENJOY BEAUTIFUL HARDWOOD FLOORS, GOURMET KITCHEN w/GRANITE CTRS, STAINLESS STEEL APPl & GORGEOUS TILED FLRS, EXPOSED BRICK, LAGRE RECROOM IN BASEMENT w/HALFBATH, SPA-LIKE BATHS THROUGHOUT FEATURING AMAZING TILE WORK, LARGE BACK PATIO & DECK. w/PARKING PAD POTENTIAL. AMAZING LOCATION CLOSE TO PARK, SQUARE & 95.

Custom Built Waterfront Home! Property features 100+ft pier, 100+ft of wtrfrt, GE Monogram App Package, 3.5" Maple Hrdwds, 42" Yorktowne Maple Cabinetry, Brkfeast Bar, 20" Ceilings, Balcony overlooking Living Room, Variegated granite, Pellet Stove, Wood burning flagstone faced fireplace, two car garage and MUCH MORE! This property is impressive...A TRUE MUST SEE!!!

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NEWLY CONSTRUCTED 3 BEDROOM /2.5 BATH SINGLE FAMILY HOME W/ AMAZING FINISHES! ENJOY BEAUTIFUL HARDWOOD FLOORS, GOURMET KITCHEN W/ GRANITE, STAINLESS STEEL APPLIANCES, BREAKFAST NOOK & TILED FLRS. HAS SEP DINING ROOM & SPACIOUS LIVING ROOM. ENJOY WALK-IN CLOSETS, CROWN MOLDING, JETTED TUB, GRANITE VANITIES, LARGE YARD, LARGE BASEMENT W/ ROUGHIN. AMAZING NEW HOME, SHOULD QUALIFY FOR TAX CREDITS!

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THIS BEAUTIFULLY DONE & METICULOUSLY MAINTAINED 1BR,1.5BA CONDO WITH DEN HAS A CONTEMPORARY INTERIOR DESIGN W/HIGH CEILINGS, OPEN FLOOR PLAN & GREAT CLOSET SPACE. GORGEOUS KITCHEN WITH GRANITE COUNTERS, SS APPLICANCES, BREAKFAST BAR, DEEDED PARKING. EXCELLENT LOCATION. ACROSS THE STREET FROM SAFEWAY. EXTREMELY CLOSE TO WATER, WALK ON PROMENADE TO FELLS POINT, 3 BLOCKS TO CANTON SQUARE.SEE TODAY!!

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1BR/1BA CONDO LOCATED ON THE WATER IN THE HEART OF FELLS POINT AT HENDERSON'S WHARF. ENJOY THE LIFE OF A GUEST WITH THE COMFORTS OF HOME WITH A 24 CONCIERGE AND FRONT DESK SERVICES, SECURITY, COURTYARD, FITNESS CENTER. PROPERTY FEATURES GRANITE COUNTERTOPS, EXPOSED BRICK, OPEN FLOORPLAN, WALKIN CLOSETS, WASHER AND DRYER. AMAZING LOCATION. SUBJECT TO 3RD PARTY APPROVAL, AS IS SALE, INCLUDED ALL S/S PAPERWORK.

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Spacious brick end of group townhome with 3 bedroom,2.5 baths,2 car garage.The bright eat in kitchen has stainless appliances,large pantry and ample counter space.Wonderful maintenance free deck adds outdoor living space.Open & airy master suite has vaulted ceilings and a master bath with a large soaking tub with separate shower. Conveniently located to shopping and easy access to 695 and I-95.

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SPACIOUS 3BR/2.5BA TOWNHOUSE IN PEACEFUL COMMUNITY SURROUNDED BY FOREST. ENJOY THE LARGE FOYER, PRIVATE PATIO OVERLOOKING OPEN SPACE, OPEN FLOORPLAN, LARGE MASTER SUITE,KITCHEN W/ BREAKFAST ROOM THAT LEADS TO ADDITIONAL PATIO, WALKIN CLOSETS & CLASSIC FIREPLACE. AMAZING LOCATION THE BEAUTY OF COUNTRY LIVING WITH THE CONVENIENCES OF URBAN LIFE STYLE. FHA APPROVED COMMUNITY.

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Great 3 bedroom, 1 bath rental property in Eastdale Heights. Plenty of parking on st, close to major highways, fantastic backyard for entertaining and more.

Great 2 bedroom, 1 bathroom property in Eastdale Heights. Plenty of parking on st, close to major highways, fantastic backyard for entertaining and more.

Article From Houselogic.com

By: G. M. Filisko

Published: March 11, 2010

When you're evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.

Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.

Here are seven tax benefits for homeowners.

1. HOMEBUYER TAX CREDITS

If you purchase your first home before April 30, 2010, you're entitled to a tax credit of up to $8,000. If you currently own a home, but sell it to purchase another home before April 30, 2010, you're eligible for a federal tax credit of up to $6,500.

2. DEDUCTIONS FOR LOAN FEES

Typically, you can deduct the "prepaid interest" you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.

However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you're following the rules.

3. PROPERTY TAX DEDUCTIONS

In the year you purchase your home, you're entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.

4. THE MORTGAGE INTEREST DEDUCTION

Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you're required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.

5. HOME OFFICE EXPENSES

If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you're entitled to the deductions before claiming them.

6. THE COSTS OF SELLING YOUR HOME

In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.

7. THE GAIN ON YOUR HOME

If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn't available on rental or second homes.

The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn't count.

This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.

MORE FROM HOUSELOGIC

More on the mortgage interest deduction
(http://www.houselogic.com/articles/mortgage-interest-deduction-vital-housing-market/)
Claiming your homebuyer tax credit(http://www.houselogic.com/articles/claim-your-homebuyer-tax-credits/)

Tips to use when preparing your return(http://www.houselogic.com/articles/tax-tips-homeowners-preparing-2009-returns/)

OTHER WEB RESOURCES

More information on homeownership deductions(http://www.nolo.com/legal-encyclopedia/article-29693.html)

IRS information on the mortgage interest deduction(http://www.irs.gov/pub/irs-pdf/p936.pdf)
G.M. Filisko is an attorney and award-winning writer who's enjoyed the tax advantages of homeownership for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: G. M. Filisko

Published: February 25, 2010

Here's how to clean up your credit so you get the least-expensive home loan possible.

Getting the loan that suits your situation at the best possible price and terms makes homebuying easier and more affordable. Here are seven ways to boost your credit score so you can do just that.

1. KNOW YOUR CREDIT SCORE

Credit scores range from 300 to 850, and the higher, the better. They're based on whether you've paid personal loans, car loans, credit cards, and other debt in full and on time in the past. You'll need a score of at least 620 to qualify for a home loan and 740 to get the best interest rates and terms.
You're entitled to a free copy of your credit report annually from each of the major credit-reporting bureaus, Equifax(http://www.equifax.com), Experian(http://www.experian.com), and TransUnion(http://www.transunion.com). Access all three versions of your credit report at www.annualcreditreport.com(http://www.annualcreditreport.com). Review them to ensure the information is accurate.

2. CORRECT ERRORS ON YOUR CREDIT REPORT

If you find mistakes on your credit report, write a letter to the credit-reporting agency explaining why you believe there's an error. Send documents that support your case, and ask that the error be corrected or removed. Also write to the company, or debt collector, that reported the incorrect information to dispute the information, and ask to be copied on any materials sent to credit-reporting agencies.

3. PAY EVERY BILL ON TIME

You may be surprised at the damage even a few late payments will have on your credit score. The easiest way to make a big difference in your credit score without altering your spending habits is to diligently pay all your bills on time. You'll also save money because you'll keep the money you've been spending on late fees. Credit card or mortgage companies probably won't report minor late payments, those less than 30 days overdue, but you'll still have to pay late fees.

4. USE CREDIT CAREFULLY

Another good way to boost your credit score is to pay your credit card bills in full every month. If you can't do that, pay as much over your required minimum payment as possible to begin whittling away the debt. Stop using your credit cards to keep your balances from increasing, and transfer balances from high-interest credit cards to lower-interest cards.

5. TAKE CARE WITH THE LENGTH OF YOUR CREDIT

Credit rating agencies also consider the length of your credit history. If you've had a credit card for a long time and managed it responsibly, that works in your favor. However, opening several new credit cards at once can lower the average age of your accounts, which pushes down your score. Likewise, closing credit card accounts lowers your available credit, so keep credit cards open even if you're not using them.

6. DON'T USE ALL THE CREDIT YOU'RE OFFERED

Credit scores are also based on how much credit you use compared with how much you're offered. Using $1,000 of available credit will give you a lower score than having $1,000 of available credit and using $100 of it. Occasionally opening new lines of credit can boost your available credit, which also affects your score positively.

7. BE PATIENT

It can take time for your credit score to climb once you've begun working to improve it. Keep at it because the more distance you put between your spotty payment history and your current good payment record, the less damage you'll do to your credit score.

OTHER WEB RESOURCES

How FICO scores are calculated(http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx)

Answers to frequently asked credit report questions(https://www.annualcreditreport.com/cra/helpfaq)
G.M. Filisko is an attorney and award-winning writer who keeps a close eye on her credit scores. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: G. M. Filisko

Published: April 09, 2010

Knowing how to read your good-faith estimate can help you save money on your home loan.

When you're shopping for a mortgage loan, it's sometimes hard to understand the jargon lenders use in the good-faith estimate explaining the costs and fees you'll pay when taking out a mortgage.

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you'll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you'll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

1. KNOW WHICH FEES CAN INCREASE AND BY HOW MUCH

In the past, lenders provided an estimate of the costs involved in getting your home loan, and if those costs rose by the time you closed on your home, tough luck. The good-faith estimate shows some fees the lender can't change, like the loan origination fee that you pay to get a certain interest rate (commonly called points) and transfer costs.

The form also lists the charges that can increase by up to 10%, like some title company fees and local government recording fees. The lender must cover any increase over that amount.

Finally, the good-faith estimate lists the fees that can change without any limit, such as daily interest charges.

2. LOOK FOR ANSWERS TO BASIC LOAN QUESTIONS

In the summary section, lenders explain your loan's terms in simple language. Can your interest rate rise? If so, a lender must spell out how much the rate can jump and what your new payment would be if it does. Can the amount you owe the lender increase, even if you make your payments on time? If it can, a lender must show you the potential increase.

3. EVALUATE THE "TRADEOFFS" ON A LOAN

In the new "tradeoff table," you can ask lenders to provide details on the tradeoffs you can make in choosing among home loans. If you'd like the same loan with lower settlement charges, how will the interest rate change? If you'd like a lower interest rate, how much will your settlement charges increase?

4. COMPARE APPLES TO APPLES WITH THE SHOPPING CHART

Included on the good-faith estimate is space for you to list all the terms and fees for four different loans, so you can make side-by-side comparisons.

5. KNOW WHAT'S MISSING FROM THE GOOD-FAITH ESTIMATE

The new form lacks some key information, such as how much you'll reimburse the sellers for property taxes they've already paid on the home. It also doesn't tell you the amount of money you'll have to bring to the closing table. Some lenders have created supplemental forms providing that information. If yours hasn't, ask for it.

MORE FROM HOUSELOGIC

More on the new good-faith estimate form(http://www.houselogic.com/articles/homebuyer-tax-credit-what-you-need-know/)

OTHER WEB RESOURCES

The new U.S. Housing and Urban Development good-faith estimate(http://www.hud.gov/content/releases/goodfaithestimate.pdf)

More on shopping for a loan(http://www.hud.gov/offices/hsg/ramh/res/Settlement-Booklet-January-6-REVISED.pdf)

G.M. Filisko is an attorney and award-winning writer who has encountered many settlement statements that bore no resemblance to the lender's good-faith estimate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: Terry Sheridan

Published: June 02, 2010

Know the basics of FHA loan rules and you stand a better chance of selling your house or condo.

Make your house FHA-friendly, and it will appeal to more homebuyers. Why? Because the Federal Housing Administration is insuring the mortgage loans used by about 30% of today's homebuyers.

If your house passes the FHA rules, it will appeal to buyers who plan to use an FHA-insured mortgage. If your house doesn't qualify for an FHA loan, you're cutting out 30% of potential buyers.
FHA is especially important to first-time homebuyers and those with small downpayments because it allows borrowers with good credit to make a downpayment as low as 3.5% of the purchase price.
Here's how to make your home appealing to FHA borrowers:

KNOW THE FHA LOAN LIMITS IN YOUR AREA

Start by checking to see if your home's listed price falls within FHA lending limits for your area(https://entp.hud.gov/idapp/html/hicostlook.cfm). FHA mortgage limits vary a lot. In San Francisco, FHA will insure a mortgage of up to $729,750 on a single-family home. In the White Mountains of New Hampshire, the loan limit is $271,050.

HOME INSPECTIONS

Most buyers will ask for a home inspection, whether or not they're using an FHA loan to buy the home. You must give FHA buyers a form(http://www.ncradon.org/docs/foryourprotection.pdf) explaining what home inspections can reveal, and how inspections differ from appraisals.

HOW MUCH DO YOU HAVE TO REPAIR?

If the home inspection reveals problems, FHA will not give the okay to buy the home until you repair serious defects(http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/05-48ml.pdf) like roof leaks, mold, structural damage, and pre-1978 interior or exterior paint that could contain lead.

DEALING WITH FHA APPRAISERS

Help the lender's appraiser by providing easy access to attics and crawl spaces, which usually must be photographed, says appraiser Frank Gregoire in St. Petersburg, Fla.
Your buyer can hire his own appraiser to evaluate your home. But FHA only relies on reports by its approved appraisers. If the two appraisals conflict, the FHA appraisal preempts the buyer's appraisal.

HELP WITH FHA CLOSING COSTS

Most FHA buyers need help with closing costs, says mortgage banker Susan Herman of First Equity Mortgage Bankers in Miami. So a prime way to make your house FHA-friendly is to help with those costs.
FHA currently allows sellers to pay up to 6% of the sales price to help cover closing costs, but is considering lowering that limit to 3% in the fall of 2010.

IF YOU'RE SELLING A CONDO

FHA also has to approve your condo before a buyer uses an FHA loan to purchase your unit. Be sure your condo is FHA-approved for mortgages(https://entp.hud.gov/idapp/html/condlook.cfm). The list has been updated, so if your association was approved a year ago, check again to make sure it's still on the approved list.
FHA generally won't insure loans in condo associations if more than 15% percent of the unit owners are late on association fees. Ask your property manager or board of directors for your association's delinquency rate.
Other rules cover insurances, cash reserves and how many units are owner-occupied(http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46aml.pdf) and the types of condos that can be purchased with an FHA mortgage(http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46bml.pdf).
FHA sometimes issues waivers for healthy condominiums that don't meet the regular rules. If your condo isn't FHA-approved, it doesn't necessarily have to meet every single rule to gain approval. Ask your REALTOR® to consult with local lenders about getting an FHA waiver for your condo if it doesn't meet all the requirements.
FHA also limits its mortgage exposure in homeowners associations. With some limited exceptions, no more than 50% of the units in an association can be FHA-insured(http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46aml.pdf).

FHA LOANS FOR PLANNED-UNIT DEVELOPMENTS

FHA no longer requires lenders to review budgets and legal documents for planned-unit developments.

MORE FROM HOUSELOGIC

Show Your Support for FHA(http://www.houselogic.com/articles/show-your-support-for-FHA/)

OTHER WEB RESOURCES

Why Ask for an FHA Loan?(http://www.hud.gov/fha/choosefha.cfm)
Find a State Program to Help Homebuyers Afford Your Home(http://www.hud.gov/buying/localbuying.cfm)
Terry Sheridan is an award-winning freelance writer who has covered real estate for 20 years, and has owned and sold three homes.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: G. M. Filisko

Published: March 19, 2010

While you'd like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can't control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it's time to lower your price.

1. YOU'RE DRAWING FEW LOOKERS

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it's overpriced and are waiting for the price to fall before viewing it.

2. YOU'RE DRAWING LOTS OF LOOKERS BUT HAVE NO OFFERS

If you've had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. YOUR HOME'S BEEN ON THE MARKET LONGER THAN SIMILAR HOMES

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you're pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there's something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. YOU HAVE A DEADLINE

If you've got to sell soon because of a job transfer or you've already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It's not how much money you need that determines the sale price of your home, it's how much money a buyer is willing to spend.

5. YOU CAN'T MAKE UPGRADES

Maybe you're plum out of cash and don't have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn't as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it's time to accept that buyers expect to pay less for a home that doesn't show as well as others.

6. THE COMPETITION HAS CHANGED

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what's still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

MORE FROM HOUSELOGIC

How to ready your home for sale at little cost(http://buyandsell.houselogic.com/articles/5-tips-prepare-your-home-sale/)

How to review offers on your home(http://buyandsell.houselogic.com/articles/6-tips-choosing-best-offer-your-home/)

OTHER WEB RESOURCES

Setting the right price(http://www.nolo.com/legal-encyclopedia/faqEditorial-29056-2.html;jsessionid=B60313EBD643285161AAED862B593357.jvm1)

More on setting the right price(http://public.findlaw.com/abaflg/flg-4-4a-1.html)

G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: G. M. Filisko

Published: March 30, 2010

After finding a buyer, all you have to do to make it to closing is to avoid these five traps.

Finding a buyer for your home is just the first step on the homeselling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.

MISTAKE #1: IGNORE CONTINGENCIES

If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don't do cheap patch-jobs and expect the buyers not to notice the fixes weren't done properly.

MISTAKE #2: DON'T BOTHER TO FIX THINGS THAT BREAK

The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn't in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.

MISTAKE #3: GET LAX ABOUT DEADLINES

Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you're selling, move out a few days early, so you can turn over the keys at closing.

MISTAKE #4: REFUSE TO NEGOTIATE ANY FURTHER

Once you've negotiated a price, it's natural to calculate how much you'll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

MISTAKE #5: HIDE LIENS FROM BUYERS

Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn't going to close.

MORE FROM HOUSELOGIC

How maintenance adds to home values(http://www.houselogic.com/articles/value-home-maintenance/)

Reducing closing stress(http://buyandsell.houselogic.com/articles/7-steps-stress-free-home-closing/)

OTHER WEB RESOURCES

More on calculating closing costs(http://www.hud.gov/offices/hsg/ramh/res/sc3sectb.cfm)

More on the closing process(http://www.homeclosing101.org/closing.cfm)

G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: Marcie Geffner

Published: June 10, 2010

Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.

You just received a purchase offer from someone who wants to buy your home. You're excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.

CHECK YOUR EMOTIONS

A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that's a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.

COUNTER THE PURCHASE OFFER

Unless you've received multiple purchase offers, the best response is to counter the low offer with a price and terms you're willing to accept. Some buyers make a low offer because they think that's customary, they're afraid they'll overpay, or they want to test your limits.

A counteroffer signals that you're willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you'd like to take with you.

CONSIDER THE TERMS

Price is paramount for most buyers and sellers, but it's not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

REVIEW YOUR COMPS

Ask your REALTOR® whether any homes that are comparable to yours (known as "comps") have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

CONSIDER THE BUYER'S COMPS

Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

If the buyers don't include comps to justify their low purchase offer, have your real estate agent ask the buyers' agent for those comps.

GET THE AGENTS TOGETHER

If the purchase offer is too low to counter, but you don't have a better option, ask your real estate agent to call the buyer's agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer's agent) has a reputation for lowball purchase offers. If that's the case, you might feel freer to reject the offer.

DON'T SIGNAL DESPERATION

Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home's listing describes you as a "motivated" seller, you're signaling you're open to a low offer.

If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you're motivated, the next purchase offer you get might be more to your liking.

MORE FROM HOUSELOGIC

6 Tips for Choosing the Best Purchase Offer for Your Home(http://buyandsell.houselogic.com/articles/6-tips-choosing-best-offer-your-home/)

6 Reasons to Reduce Your Home Price(http://buyandsell.houselogic.com/articles/6-Reasons-To-Reduce-Your-Home-Price/)

Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Article From Houselogic.com

By: G. M. Filisko

Published: February 10, 2010

Be sure you're walking away with all the money you're entitled to from the sale of your home.

When you're ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there's nothing left for you to do. Not so fast. It's easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

1. TAKE SERVICES OUT OF YOUR NAME

Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.

If you're on an automatic-fill schedule for heating oil or propane, don't pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you're entitled to a refund of prepaid premium.

2. SPREAD THE WORD ON YOUR CHANGE OF ADDRESS

Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

3. MANAGE THE MOVERS

Scrutinize your moving company's estimate. If you're making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don't use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

4. DO THE SETTLEMENT MATH

Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.

5. REVIEW CHARGES ON YOUR SETTLEMENT STATEMENT

Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras-such as a discounted commission or a home warranty policy-make sure that's included. Also check whether your real estate agent or title company added fees that weren't disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.

6. SEARCH FOR MISSING CREDITS

Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you've prepaid taxes for the year, you're entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank?

7. DON'T LEAVE MONEY IN ESCROW

End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

OTHER WEB RESOURCES

(http://www.realtor.com/home-finance/sellers-basics/closing.aspx)Closing costs explained(http://www.homeclosing101.org/costs.cfm)

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.