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Real Estate Tips For January 2014

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Here are 10 Tips that will significantly help you and give you greater insight into how I view the world of real estate.

Tip #1
There are 3 methods of appraising real estate that appraisers use and they are as follows: 1) comparable sales method, 2) replacement cost method and 3) the income method.

Tip #2
There are 3 approaches that can be used to establish real estate values when using the comparable sales method and they are as follows: 1) the appearance approach, 2) the square footage approach and 3) the assessment approach.

Tip #3
There are 6 benefits to ordering a preliminary mortgage payoff figure from a seller’s lender either before or immediately after putting a property on the market. These benefits will result in selling a property much faster.

Tip #4
Home sellers should contact their mortgage lender, prior to or immediately after putting their property on the market to determine if their mortgage is assumable or if there is any special financing available that will attract and qualify more home buyers.

Tip #5
An older home that is worth $200,000 and a new home worth $200,000 should have the same assessment for property tax purposes.

Tip #6
Tenants should always read the Landlord Tenant Law that applies to their specific geographical area before signing leases and taking possession. Doing so can prevent a lot of arguments, disagreements, arbitrations, mediations, threats of lawsuits and actual lawsuits.

Tip #7
Assessed values may not represent the current market value of properties but they can be used to calculate current values if you know the secret formula.

Tip #8
Verifying building permit, certificate of occupancy and added assessment information prior to signing agreements of sale to purchase real estate is critically important if sellers have made improvements to their property. Doing so can prevent sales from terminating, threats of lawsuits and actual lawsuits occurring between sellers, buyers and real estate agents.

Tip #9
Home buyers have the right to negotiate that their deposit monies be held in an interest bearing escrow account from the time agreements of sale are signed up until the time of final settlement.

Tip #10
Home sellers and real estate agents should always determine if home buyers must sell and settle another property before signing agreements of sale and taking properties off the market. Doing so can prevent sales from terminating, threats of lawsuits and actual lawsuits occurring between sellers, buyers and real estate agents.

Remember to look for my “Real Estate Tips For February 2014” article in about four weeks.


Phil Mitsch

Agents’ Note: Phil Mitsch is America’s leading economic recovery, real estate, lending and motivational coach. He is also the real estate industry’s all time, top producing residential Realtor. His 1) biography, 2) testimonials, 3) seminar topics, 4) books, 5) videos, 6) audios, 7) economic recovery tips, 8) real estate tips, 9) lending tips and 10) motivational tips can be found at For further information, contact Phil Mitsch Enterprises in Cherry Hill, New Jersey at 856-665-6569, on Twitter at @philmitsch, or by email to



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