Seller's Frequently Asked Real Estate Questions

What is my property worth?

That is a good question. I see what is selling every day. Send in the reply form, and I will prepare and send you a market analysis based on the most recent sales.

Q: Can I use my condo/ house as a rental property and what can I “write off against my taxes”

Q: How many weeks can I expect to rent my property?

Q: Are there any restrictions to renting my condo/ house during the season?

Q: Do I have to play closing costs if I sell my property?

Recent Sales

It is difficult to keep up with all the activity in this fast-paced market. The buyer and seller should know the latest pricing on comparable  real estate transactions to make informed decisions.  Provide me with your specifics, and I will return a list of current, relative pricing.

Q: Are pets always allowed in my condo/house.

A: Usually the most active time of the year for sales is the spring months of March, April, May & June. The reason is that most buyers would like to buy and use and or rent their property as soon after settlement as possible. The “spring selling season” is by far the “Hot” time to sell. The market is at the top right now and it is a good time to find a buyer at the highest price available. After the “season” sales slow down considerably.

Q: Can I use my condo/ house as a rental property and what can I “write off against my taxes”

A: Yes you can use your “second home” as a rental property. Check with your C&A for more info.

A: Yes, Ocean City is open year round, however the crowds are gone from October- May. The “off season” or “second season” is the most relaxing time of year for area year round residents.

Q: How many weeks can I expect to rent my property?

A: Usually 8 to 10 weeks during the middle of the summer. Many properties rent for more weeks.

Q: Are there any restrictions to renting my condo/ house during the season?

A: Over 99% of Ocean City residents property can be rented, however there are a few buildings that limit rentals. Call me for the list.

A: Usually the seller of a property pays the sales commission, and a $299 “administration fee”. There is a clause in the sales contract that states who pays the cost of transfer and recordation fees (about 1.67 % of sale price). It gives the following options. Buyer pays all transfer and recordation fees, seller pays all the transfer and recordation fees, buyer and seller split the cost of transfer and recordation fees.

A: In almost all cases, owners are permitted to have pets but tenants may not always be allowed to have pets.