Michael Petruccelli asks; What are comparable sales?

Michael Petruccelli says;  Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."

Michael Petruccelli asks; What is community property?

Michael Petruccelli says; In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area.

Michael Petruccelli asks; What is an estate?

Michael Petruccelli says;  The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.

Michael Petruccelli asks; What is an executor?

Michael Petruccelli says;  A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.

Michael Petruccelli asks; What is the Fair Credit Reporting Act?

Michael Petruccelli says; A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

Michael Petruccelli asks; What are some tips for first time home buyers?(11)

Michael Petruccelli says;  An agent can provide comparable sales and examine the pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 3 months. Pending sales will become the comparable sales by the time your home closes.

Michael Petruccelli asks; What are some tips for first time home buyers?(10)

Michael Petruccelli says;  Negotiate the Offer - Buyers sometimes make the mistake of comparing the sales price of a home to other homes they have seen. It's a mistake to compare sales prices among homes for sale. That's because sellers can ask any price they want. It doesn't mean the home will sell at that price.

Michael Petruccelli asks; What are some tips for first time home buyers?(6)

Michael Petruccelli says; Get a Loan - It's not always necessary to have a mortgage broker or bank in your back pocket before buying a home, but it's smarter to get loan preapproval in advance. This way you know for certain how much home to buy.

Michael Petruccelli asks; What are some tips for first time home buyers?(3)

Michael Petruccelli says; You can waste the agent's gas and not your own when you tour homes. Some agents will preview homes for you. An agent can generally spot overpriced listings and advise you accordingly.

Michael Petruccelli asks; What are some tips for first time home buyers?(2)

Michael Petruccelli says; An agent can send you listings directly from MLS that fit your parameters, and you won't waste time looking at active short contingent listings that are under contract. Agents often know of new listings coming up that are not yet on the market.

Michael Petruccelli asks; Is Generation Y bigger than boomer, but full of financial woe? (6)

Michael Petruccelli says; Gen Y workers are woefully under insured. They are the least likely working group to take advantage of workplace insurance coverage such as life - not just ancillary coverage such as life, disability, accident and long term care insurance, but major health plans as well. And even though they don't always purchase coverage at work, 60% of them list benefits as the second most important aspect of job satisfaction, behind job security.

Michael Petruccelli asks; Is Generation Y bigger than boomer, but full of financial woe? (5)

Michael Petruccelli says; Credit card debit is high, with 43% carring too much debt on their cards. The average Gen Y holds three credit cards, with 20% of them carring a balance of more than $10,000. They are the least likely of any generation to own their own homes.

Michael Petruccelli asks; Is Generation Y bigger than boomer, but full of financial woe? (4)

Michael Petruccelli says;   Nearly 70% of GenY is not building up a cash cusion, and 56% of those who work admit they have not done anything to build retirement or financial security.

Michael Petruccelli asks; How do you prepare for an Open House? (6b)

Michael Petruccelli says;  Make some necessary repairs - Make sure all light switches operate properly, eliminating any "mystery switches" that could give buyers doubts about the quality of the electrical system.