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Frequently Asked Questions about Real Estate
Buying What is the first step to buying a home? How do I know for sure how much home I can afford? Will it cost me anything to get prequalified? When can I meet with a Realtor? How can I find out what homes are selling for in a given neighborhood? How many homes do I need to view before I make an offer? After I find a house I really like, how do I buy it? How much do I offer? How much will my payments be? Other than my loan payment, is there anything else I'll need to pay? How much down payment will be required? How much in closing costs do I need to pay? How can I save on closing costs? How long does the homebuying process take? When can I move in?
Selling How much is my house worth? How do I prepare to sell my house? What repairs do I need to make? When is the best time to sell my house? How long will it take to sell? How am I assured that my house will sell for the highest amount? How much in closing costs do I need to pay? Will I need to pay some of the buyer's closing costs? How can I save on closing costs? After everything is said and done, how much money will I net? Can I buy another house while I'm selling this one?
Buying What is the first step to buying a home? Finding out how much you can afford is the first step you should take. This can be done by prequalifying for a home loan. This step will also help you narrow your search for both a neighborhood and particular houses. Also you should start to carefully consider the size, location, and type of home you would like. As you consider these areas you can do a little research on your own or you can have us help you. You could drive through different neighborhoods that you like to see what kind of property interests you or we could access our MLS System and view current listings. At this early stage you will need to consider which features you'd like in your new home.
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How do I know for sure how much home I can afford? Since we have an in-house mortgage division, one of our loan officers can do a full prequalification which includes pulling a credit report on the spot!! We'll carefully review your qualifications and your available down payment and explain all financing options available to you. Some of your loan options may include our FHA Low Down Payment program.
Will it cost me anything to get prequalified? Absolutely nothing. Our mortgage division is here to help make your purchase as painless as possible. They'll review your documentation including income, assets, and credit and prequalify you at absolutely no cost!!
When can I meet with a Realtor? How about today! Our team of professional agents are available during the day, evenings, and on weekends to meet with you.
How can I find out how much homes are selling for in a given neighborhood? Once you are working with one of our agents you can simply contact your agent or come to our office and we'll check the MLS and get all the details on properties for sale in any neighborhood you are interested in.
How many homes do I need to view before I make an offer? There really is no right or wrong answer to this. Some homebuyers make an offer after seeing just one property while others may need to see upwards of five to seven properties before making an offer. When you see a property that you just have to have, that's when you make your offer!
After I find a house I really like, how do I buy it? This is the fun part of the homebuying process. Once you find a house you really like the next step would be to meet with your Professional agent and make an offer to purchase that property. Your agent will go over the details of your offer to make sure you understand all the terms.
How much do I offer? Your agent can help you get an idea of what you might offer by reviewing a list of similar properties that have sold recently. We will guide you in determining the value of the property but the final offer amount is ultimately your decision.
How much will my payments be? Your monthly payment will depend on the sales price of the house and on the amount of your down payment. Your Professional Mortgage loan officer can tell you how much your payments will be or to get an immediate estimate try our easy to use payment calculator.
Other than my loan payment, is there anything else I'll need to pay? Yes. When you purchase a home there are other expenses involved other than just your loan payment. You will need to pay for and maintain hazard insurance, pay property taxes, possibly mortgage insurance, and if your new home involves a homeowner's association you will need to pay monthly homeowner's association dues. Ask your agent and/or your loan officer for the amounts of these additional payments.
How much down payment will be required? The amount of down payment required is determined by the loan program you select. Depending on your income, credit, job stability, and other factors, you may be required to put as little as 3.5% down for an FHA loan or from 3% to 20% down for a Conventional loan.
How much in closing costs do I need to pay? The seller of the property typically helps the buyer with their closing costs. The typical closing costs include lender fees, escrow, title, and other fees which usually amounts to about 2% of the sales price. Your Professional Mortgage loan officer can provide you with a Good Faith Estimate that details the costs you will need to pay at closing.
How can I save on closing costs? The most common way of saving money on closing costs is to have the seller pay some of your closing costs. Depending on the amount of your offer, the seller may be willing to pay all of your closing costs for you!!.
How long does the homebuying process take? This varies from transaction to transaction but typically from when the decision to go forward with buying a home is made, it only takes from 4-6 weeks to close escrow.
When can I move in? Depending on what your contract states, after escrow closes you can usually move in within 3 days!! That's it!
Selling
How much is my house worth? A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. The most common way of determining a home's value is to have an appraisal on the house or we can prepare and provide you with a comparative market analysis.
How do I prepare to sell my house? Doing whatever you can to put your house's best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Here are several ideas for making your home show better:
What repairs do I need to make? If you want to get the most for your property you probably need to make minor repairs and some major repairs before putting your house on the market. The trick is not to spend too much on pre-sale repairs especially if there are few houses on the market. On the other hand making those repairs may be the only way to sell your house in a down market.
When is the best time to sell my house? There is no "best" time to sell per se. The price you get when selling a house depends on supply, demand and other economic factors. The month in which you sell can make a difference both in the amount of time it takes to sell and in the ultimate selling price. The real estate market picks up as early in the year as February and continues to build momentum through May and June. Once mid-summer comes around the market usually slows. After that, real estate sales activity tends to pick up for a second but less vigorous fall market which usually lasts until November when the market slows again as buyers and sellers begin to make plans for the holidays.
How long will it take to sell? This depends on how well it is priced. If it's priced right it may sell within days or a couple of weeks. If it's overpriced it will take longer to sell or may not sell at all. Your motivation to sell will likely dictate how well you price your property.
How can I be sure that my house will sell for the highest amount? When we take a listing we immediately input the information into the Multiple Listing Service which is accessed by hundreds if not thousands of local agents. In addition, we advertise all our listings on our website, on the internet's most popular real estate websites, in local publications, we distribute fliers door-to-door, mail postcards throughout the neighborhood, and notify select local agents. In short, we do whatever it takes to maximize exposure of your home to as many potential buyers as possible. This will ensure that you receive the highest possible price for your home.
How much in closing costs do I need to pay? Typically, the costs involved to sell a property amount to a total of seven to eight percent of the sales price. If you agree to help the buyer with their closing costs then that would be in addition to your normal closing costs.
Will I need to pay some of the buyer's closing costs? You are not required to help the buyer with their closing costs. However, sometimes this may be the only way to make the deal happen. Ultimately, it's your decision.
How can I save on closing costs? The easiest way you can save on closing costs is to limit how much you help the buyers with their closing costs. Also, be sure to ask your agent about our special discounts when you purchase your next home with us!!
After everything is said and done, how much money will I net? As soon as we receive an offer on your property we will give you a Net Sheet which shows the bottom line based on that offer. Once we get close to closing the escrow company will provide us with an estimated closing statement which outlines all the costs you'll need to pay. This is the closest estimate we will have prior to closing.
Can I buy another house while I'm selling this one? Absolutely. There are several ways to do this. Each one has its pros and cons. First, you can wait until your house is in escrow. The problem with this is that you may feel rushed into purchasing your next home from a possibly limited inventory. Another way of doing this is to make an offer on a house you like subject to you selling your house within a certain number of days. The problem with doing it this way is that you may be forced to reduce the price of your house to a level you feel is too low so you won't lose your new dream house. Finally, if you don't need the funds from your sale to use as a down payment for your new house you can proceed with your purchase without delays. The downside to this is that if you don't sell your house quickly thereafter, you may be stuck with having two mortgage payments, unless you intend to rent your house out. To make sure you don't experience any of the inconveniences mentioned, your Professional agent will coordinate the two transactions for you from beginning to end.
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