expert advicE
your Questions — anSWered Q
I found what
I think is going
to be a great real estate
E
ach month, Growing Wealth will answer questions
deal. how much should
asked on our Member Advisor hotline or sent
I OFFer?
to us via e-mail. If you need expert advice from
our professional Member Advisors, be sure to e-mail
A
every property is
unique and should
your question to editor@growingwealthmag.com!
be analyzed as a stand-alone
investment, rather than
applying a fixed percentage
Q
I’m a novice stock investor and some of these decisions can discount to the market value.
become overwhelming. For instance, how do I pick the rIghT
The analysis begins by
securities broker?
comparing the subject
property to similar homes
A
Selecting the right online broker can be rather tricky these days with so many
throughout the area that
quality firms in the marketplace. Your ultimate decision should reflect your
have recently sold. Sales
personal priorities. Are you looking for the lowest commissions, the easiest trading
price information is readily
platform, the greatest financial strength, direct access to the markets, or the best tools?
available in public records
If your response is, “all of them are important to me,” then you might start by checking
and often accessible over
out Scottrade, OptionsXpress, Sharebuilder, e*TrAde, and Td Ameritrade.
the Internet. but be careful
A staff favorite: Scottrade. They offer low fees — $7 stock trades, great customer
when using comparables.
service, and state-of-the-art tools. Plus, the company has many local offices where
you may need to make
you can talk to someone in person. This is a great benefit for people who are new
adjustments based on
to the online trading game. Sometimes a little extra hand-holding is exactly what
projected market value
the doctor ordered.
increases or decreases, as
well as for different features
in your subject property.
Once you have a projected
Q
What is the best contract to use for a ShOrT SALe?
future sale price, you can
subtract all the costs that
A
A written contract for real estate is considered a legally binding and
you will incur during this
eenson
enforceable agreement between parties. That means it can be as short
transaction. you need to
and simple or as long and complex as the parties want. Having said that, when a
account for closing costs, ob St
lender is part of the equation a more formal and standardized contract is appropriate.
financing, repairs, marketing,
It’s usually best to use a contract the lender and real estate agent have worked
utilities, and of course your
with previously. This will speed up the process because they don’t have to review
profit. When these costs
every paragraph or debate the language of otherwise standard provisions.
have been subtracted from
geon, and B
The contract used most commonly is the reAlTOr
®
-approved Purchase and
your projected value, you
Sale Agreement for the state where the short sale property is located. If you want
will know the maximum
y Stur
ar
to add other provisions or contingencies, or override a paragraph with different
amount you could afford
i, G
language, just attach an addendum with the wording you want.
to pay for this property.
o
wsk
e Sitk
Q
What are the BeST items to sell on eBay?
ev
A
It’s best to concentrate on products you know well as easily undercut because your product will be distinct.
and in which you have a keen interest. Following And there are always plenty of bidders for unique items.
ornett, St
the hottest trends can be effective in the short term but not in remember: Old doesn’t necessarily mean collectible!
on C
the long run. When the market gets flooded — as it did with you’ll need a steady stream of customers interested
iPhones — your sale price will fall because demand won’t in the types of products you sell and who check in
y Aar
equal new supply. weekly. To gauge your level of interest, search your
If you’re able to focus on unique or vintage items, you’ll category under “closed” items. If the recent sales look
typically enjoy a stronger ebay experience. your price won’t be promising, go for it!
C
ompiled b
Have a financial question you’d like answered? If so, send it to editor@growingwealthmag.com.
30 I July 08 I Growing Wealth I growingwealthmag.com
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