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General FAQs
Buyer FAQs
Seller FAQs
General FAQs
Why should I choose a professional real estate broker?
Real Estate Brokers are the housing specialists. Not all brokers are Realtors. Only a real estate professional who belongs to the National Association of Realtors is. Professionally licensed and trained, a Realtor can save you time, money and frustration. As the key source in the home buying or selling process, a Realtor has the most information in one place, knows the local market and has access to properties you may be interested. Also, your Realtor will have access to lenders, insurance companies, inspection companies, title companies and other valuable information to make sure your purchase or sale is successfully completed. I have the knowledge and expertise on real estate as this is the job I do every day.
Through continuing education, I am aware of real estate laws, environmental concerns, new tax changes effecting real estate and many other things that the average buyer or seller would not know that could adversely affect you by not choosing a Realtor.
Buyer FAQs
How much home can I afford?
It is recommended you make an appointment with a lender who will take into consideration various factors all relating to what you can "qualify for". Some of these include present income, credit history, intended down payment, length of employment and other assets. When the whole picture is there, your lender will have the proper ratios and be able to advise how much home you can afford.
How can I find a lender? Can my Realtor help?
Absolutely. Your Realtor will have excellent resources for lenders, insurance companies, inspection companies, home warranty companies and be able to make recommendations allowing you the choice. Realtors work with these individuals and companies day in and day out and definitely know the ones they would recommend to make the process smooth and efficient. Contact me and I'll help in your search.
How do I know what to look for?
A good place to start is by making a list. A Want List and a Need List. An example of a want list might include a fireplace, a three car garage, a huge yard etc. On your Need List you might see something more like 3 bedrooms, 2 baths, 2 car attached garage, formal dining room. Size of home and lot, locations and architectural features are also things to add to your lists.
How do I choose the right neighborhood?
If you have lived in the area, you are probably set in knowing where you would like to live. If not, ask friends, business associates, company employees (if transferring) where they live, where they wished they had bought, and discover what is important to you. You can ask your Realtor for neighborhood guides, school guides, relocation magazines and any other published materials that may help. Then, maybe just a driving tour through certain neighborhoods. Again, it's up to you to tell your Realtor the things you are looking for in a neighborhood. An active inner city lifestyle, loft living downtown perhaps, the suburbs, the areas with the schools that will fit the needs of your children, more country living. Most major cities have a big variety of choices offering the style of living you desire.
How do I make an offer on a property I like?
Your professional Realtor will lead you step by step through the entire home buying process. She will provide you with comparative sales in the area to help guide you in what price to offer and other terms of the sale. The offer will be presented to the Sellers and the process begins. When the terms of sale are agreed upon by all parties, the home will then be "under contract" and you will be on your way to owning your home.
What should I consider before purchasing?
Even before starting to look at houses, find out what price house or condominium you can afford. In general, you can afford to buy a home equal in price to three times your gross annual income. More precisely, the price you can afford to pay for a home will depend on six factors: 1.your income; 2.the amount of cash you have available for the down payment, closing costs and cash reserves required by the lender; 3.your outstanding debts; 4.your credit history; 5.the type of mortgage you select; and 6.current interest rates.
What is the difference between prices?
A seller's advertised or list price should be treated as only a rough estimate of what he or she would like to receive. Some deliberately overprice, while others ask for close to what they hope to get, and a few actually underprice their houses with hopes that potential buyers will compete and overbid. The appraisal price is another estimate of value. The appraised price is how much money a professional appraiser estimates the home to be worth and usually is based on comps, or sales of comparable homes in the same area. Purchase price and sales price are the same thing. Both terms mean the amount of money the successful buyer actually pays out to purchase the home.
Are there first time buyer discounts?
Numerous programs exist to help first time buyers purchase a home. A host of private lenders offer low-down payment loans. The U.S. Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Loan limits vary depending on thecounty where the property is located. Fannie Mae has a program allowingpeople to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans.
How can I find a home inspector?
Contact the American Society of Home Inspectors; 1735 N. Lynn St.; Suite 950; Arlington, Va. 22209
Who pays closing costs?
Closing costs vary from one transaction to another and often total in the thousands of dollars. They may be paid up front or added to the buyer's loan balance. However, anxious sellers may offer to pay some or all of the costs to induce a sale. Here are some basic rules of thumb concerning closing costs. Historically, if one or more real estate agents are involved, their commissions are traditionally based on the sales price and paid by the seller at the time of closing. In recent years, buyers have paid for agent services in some cases.
Seller FAQs
How is the price set?
It's critical to price your home right in relationship to the current real estate market and to the conditions prevailing in your local marketplace. Since the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. A Comparative Market Analysis (CMA) provides the background data on which to base your list price decision. Study the comparable sales material presented to you by the different agents you interviewed initially. If the CMAs are over two or three months old, have your agent update the report for you. If all agents agreed on aprice range for your home, go with the consensus. Experts recommend that more than one agent come and do the analysis. Watch for an agent whose opinion of value is considerably higher than the others.
What are contingencies in a purchase?
There are two standard contingencies: a financing contingency, which makes the purchase conditional on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows the buyers to have professionals inspect the property to their satisfaction. A deposit could be forfeited by the buyers under certain circumstances, such as the buyers backing out for a reason not provided for in the contract. The purchase contract must include the sellers' responsibilities such as passing clear title, maintaining the property in its present condition until closing, and making any agreed upon repairs to the property.
What is a seller obligated to disclose?
It varies from state to state. Under the most restrictive state, the seller and the sellers' broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him and which are not known to, or within reach of the diligent attention and observation of the buyer. In the case of residential properties, the seller must provide the buyer with a Real Estate Transfer Disclosure Statement, which specifies the existence and condition of all known physical attributes of the property. Sellers are responsible for disclosing only information within their personal knowledge.
When is the best time to sell?
In addition to supply and demand, and other economic factors, the time of year you choose to sell can make a difference both in the amount of time it takes you to sell your home and in the ultimate selling price. Generally, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June. With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer. Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, season which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays.
I want to buy a home. What do I do now?
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