The art of negotiation has changed a bit because of this new economy. Buyers on Cape Cod are getting exceptional deals these days. Sellers notice this and are trying their best to keep as much money as possible in their pockets. One way Seller’s are trying to do this is by selling their properties “as-is”.

It’s very important to consider the "as-is" connotation….especially, if you’re marketing the property this way. The first thing that comes to a Buyer’s mind is, "What's wrong with it?" "What is the seller hiding?". That's just not a good way to start a transaction.

Most Seller’s, however, don’t get to the “as-is” stage until days of long negotiations have brought them down to their bottom monetary line. I hear it all the time from sellers, "I’ve come down enough. The Buyer’s are getting one hell of a deal. At this point, I'm selling my house as-is". Well, Mr. Seller, what if the buyer accepts the as-is provision, but the appraiser says the front porch handrail needs to be replaced, or that it needs a new roof? What if the buyer's mortgage company won't lend on the property unless there is a clear termite and moisture inspection and your home needs a rotted board replaced in order to get a clearance? Believe it or not, both mortgage AND insurance companies are demanding such upgrades. I have seen it happen several time now in the Provincetown, Truro and Wellfleet markets. Do you REALLY want to kill an entire sale over relatively inexpensive repairs?

It’s also very important to keep in mind that, In most cases, if you truly MUST sell strictly "as-is", you’ll be limiting your buyer pool to cash buyers, rehab loan buyers and private investor funded buyers. In this economy, you want to keep your buyer pool as large as possible, so, if you truly want to sell, it’s imperative that you consider being more flexible so you can work with VA, FHA and conventional buyers. To limit your liability for repairs, you can cap the amount you are willing to spend; just keep in mind that if the buyer can't come up with additional funds for necessary repairs, you could lose the deal.

Although, the economy has wreaked havoc on the real estate market throughout the nation, a lot of buyers are seeing this as an opportunity to buy something they might not otherwise be able to afford. Now is definitely the time to take advantage of some remarkable opportunities and acquire great properties that will become valuable income producers while appreciating over the coming years.

If you already have a great home that you use as your primary residence, you can still take advantage of all the great real estate opportunities out there....buy a second home! You can take advantage of great tax deductions and have a wonderful vacation retreat and/or income producing property!

The IRS allows for up to 2 residences for a taxpayer to deduct mortgage interest. The requirement states that the second home must have a sleeping space, toilet and a place to cook. In addition, the second home must be at least 50 miles from the primary residence. (Note about the 50 mile rule - say you commute 45 miles to work each day, a second home could be a "crash pad" near your employer but 50 miles from your home). Also of note is what qualifies as a second home: house, townhouse, condominium, boat, RV, mobile home...even trailers.

Can you rent your second home and still take the mortgage interest and property tax deductions? Yes! As long as you use it for 14 days or 10% of the time it is rented, whichever is greater. Another benefit: if you rent your second home out for 15 days or less and for fair market value, the rental income is not taxable. Of course, I would advise that you speak to a qualified accountant to answer any questions or concerns you may have regarding a second home.

Outer Cape Cod in the towns of Provincetown, Truro, Wellfleet and Eastham as well as the Islands of Nantucket and Martha's Vinyard are primarly second home markets. In my opinion, these towns offer the most beautiful beaches and natural landscapes of all the resort towns. Come on out here and call me, Deb Camuso to take a look at these beautiful places and see all of the amazing real estate opportunites!