Frequently Asked Questions
Question about selling
First impressions matter in business, but especially in real estate. Anyone walking through your home or touring it virtually will be looking for ways to negotiate the price down. Each room should look clean and decluttered with no overt damage insight.
Getting a pre-sale home inspected is a great idea, especially to get your client the best price for their home. Some homebuyers will feel uncomfortable purchasing a house without seeing a home inspection. Many will often hire their own inspector. It’s better to be safe than sorry.
Once the house is on the market, it may take anywhere from four to six weeks to sell, depending on the market. However, if the market is fairly hot, a seller could see their house under contract within a week. On the flip side, if the market is slow or issues arise such as negotiation, lack of exposure, or the house conditions aren’t ideal then the property can sit on the market for a while.
In a real estate transaction, the agent is usually paid by the seller via commission. A real estate commission fee is determined upon a percentage of the sale price or a negotiated flat fee.
A tax assessor gives the assessed value for a property. The assessment usually happens yearly for taxing purposes. The fair market value is an agreed upon price between a willing buyer and seller. There is usually a difference between the assessed value and market value. For homeowners, the assessed value can be a double-edged sword. Because, if their annual assessed value increased then their yearly taxes will also be raised. On the flip side, when selling a house it can help boost its market value.
Question about Buying
The absolute first step for you is to get approved for a mortgage. Without being approved for a mortgage it will be quite difficult, if not impossible, to purchase a new home. To get prequalified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you.
Yes, a home inspection is one of the most vital steps when purchasing a property. A professional inspector has a keen eye for how well the house has been taken care of. An inspector can give information on structural and cosmetic issues, along with any local code issues. Moreover, a home inspector will help you better determine the home’s value.
Earnest money is similar to a deposit when renting a place. It is made in good faith to demonstrate to the seller that the buyer’s offer is serious. The amount is completely up to you and essentially takes the property off the market. Earnest money is refundable if you back out before the end of your due diligence period.
If you get cold feet about a property that is okay. Sometimes, you have second thoughts or want to go in a different direction. Know that if you are passed the due diligence period, you forfeit your earnest money deposit.
A mortgage is a type of loan to finance a property. The majority of people need to use a loan to purchase a property. With that being said, a mortgage serves as a secure loan that comes with a fixed interest rate and gets paid over a 15 or 30 year time frame. If need be, you can refinance your mortgage and payments in the future.