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Seller Buyer General Questions
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Seller
- I think most if not all Realtors will agree with me the answer is NO. Websites are commonly referred to as third party real estate websites which means they are not local and they base their estimates of home's values on computer calculations and formulas that are not unique to your home. If they are a plus or minus 5 percent of price you could potentially be over paying 10 percent or loosing the same. So, how do you know? Talk to a professional Real Estate Agent.
- This question often leads to a pricing mistake that sellers make. Sellers believe they should price their home two to five percent or even more in some cases then the Realtor suggests to leave room for low-ball offers. If you price your home right with your realtor. There is no need to leave room for negotiations because in today's market buyers are working with professional realtors that are well educated and prepared with the tools to guide their clients when making an offer.
- The right to sell your house by your agent until your home sales is not standard or universal. When it comes to the length of the contract, every real estate agent has a different preference of time. You should keep in mind the average days on the market when considering listing your home. If the average number of days on the market is 36 days for houses but 156 days for land then a 6 month agreement may not be enough. Most agents prefer 6 months for residential and longer for land.
- Because of this, it is important for you and your agent to decide beforehand what is aspects in a seller's offer is most important to you. You will have an opportunity to make a counter offer or accept their offer as presented. This is can be a difficult decision to make but try not to get upset and follow decisions you and your agent have already made.
- A well descriptive and comprehensive marketing plan is something you will expect to hear about from your realtor. The days of placing a professional real estate sign in front of your house and hope a buyer walks to it. Are not over! Traditional methods still work, newspapers, mailings, signs, door to door and have help many many property owners without the use of internet but I do agree that a good company should have a good website to maximum exposure.
- A good company should focus on training and skills rather than technology and social media, quality realtors and most important a quality marketing team.
- Usually abbreviated as CMA, is a report prepared by a real estate agent to help a seller determine the value of their home. As a seller, understanding the value of your home in the context of the current real estate market is critical to getting the most value from your transaction.
- Most buyers obtain financing for their purchase from a bank, the bank will hire an appraiser. An appraiser will perform an appraisal, the appraiser is looking for potential safety and hazards or concerns that will cause the home to not meet city codes and safety standards. Bank required repairs can be but are not limited to broken windows, broken pipes, roofs in poor condition, missing electrical switches, peeling paint, mal function faucets, toilets or simply missing handrails.
- A CMA report is a valuable tool to help Sellers ensure they are choosing an accurate listing price.The report is also used by Buyers to help them understand that they are making the right decision for a competitive offer.
- To know and understand a CMA is equally important for Sellers and Buyers. To generate the report, an agent obtains unique data based on the location of the subject home. Then compares to those similar that have recently sold, currently pending and on the market.
- As a seller, it means that if the appraisal is accurate your price is too high. We have the option to say someone has to cover the extra but the reality is you may have to lower your home's price to get it sold and approved for loan by the bank. Unfortunately, if your area is going through lower sales, you may have to work with your realtor and convince the appraiser that your home is worth more than those pending or recently sold.
- Realtors use up-to-date data and a handful of methods to come up with the value of your home. This is why we say CMAyourHouse which means let us determine the value of your House. The most common method used is by doing a complete comparative market analysis. CMAyourHouse is an in depth evaluation of recently sold homes that are comparable to yours. A professional in real estate who studies homes and prices will take into account many factors and will include, but is not limited to:
- Location (School District)
- Number of Bedrooms
- Number of Bathrooms
- Square footage
- Roof age
- Roof Material (warranties)
- Window quality
- Kitchen Upgrades
- Bathroom finishes
- Flooring type
- Lot Size
- Lot features (waterfront, view, terrain, etc)
- Style of residence
- This cannot be answered with a simple now. Real estate market cycles are different and they market varies from community to community. Most cases, the Spring months are the best time to be selling a home. But the reality comes down to when is it the right time for you and that depends on each individual and or family. Since every home sellers situation is different, you should plan and set a time with your realtor. Selling a home during fall or winter months actually may be better but it is a purely a combination of both your motivation to sale your home and the price we set on our home.
- Think of what you would want the home owner to tell you about the house you are buying. It is important to disclose anything that you are aware of in your home. When it comes to buying or selling anything, you are always better off being upfront. If you are aware of any defects and you can't repair them, it is good to let a buyer know, this can avoid potential issues once your house is under contract or even after you have sold your home. Nobody likes or wants to be at the bad end of a deal.
- Here are some things you need to know. One of the most common questions we get from home sellers is what should I fix to get my house ready for the market? Not preparing your home for the market can create negatives through the eyes of a potential buyer and will put the home owner in negotiation disadvantage. Doing a few things like: declutter, fresh neutral color paint, new floor when needed, deep clean, a pre-inspection to see potential code and hazards are a good practice when you have the budget to do repairs and get your home to the best appeal for the highest and best use of your money. Presenting our home the best possible way to buyers is absolutely true when it comes to selling your home.
Buyer
- If cash is not a problem for you, then the obvious is how do I borrow or get pre-approved for a mortgage? To get approved for a loan means that a mortgage company has looked into your finances and has agreed to give you a loan and how you can afford to borrow.
- Gives you expertise and guidance
- Offers objective information and opinions
- Stands in your corner during negotiations
- Gives you a broad search power
- Ensure an up-to-date experience
- Be by your side during emotional moments
- Provides you with fair and ethical treatment
- This is a deposit made to the seller and that money represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the tittle search, property appraisal and inspections before closing. Earnest money can be considered a deposit made in good faith.
- Taking out a longer loan than necessary
- Not shopping around for the best rates and offers
- Not considering your credit score
- Overlooking fees and penalties
- Not reading the fine print
- Not calculating the cost of the Home
- Not enough cash in a reserve account
- Underestimating interest rate on a loan
- As a buyer, it means that if the appraisal is accurate the home you are buying is not worth as much to the bank and you will have to pay the difference out of pocket. Or it is your opportunity to ask the seller for a price reduction, pay all your closing fees and or add some new features to the house to cover the difference. A new floor, roof, windows, bathroom, paint, etc. Unfortunately for both sellers and buyers, this is a common answer from a property under appraising circumstances. If the buyer does not want to pay
- Remember that buying a house involves a contract
- Debt-to-income ratio
- Understand your monthly cost
- Be aware of interest rates
- Commute times to work, grocery shopping, hospitals etc
- Get informed about local schools or school district
- Get to know the local community lifestyle
- Take noise level into consideration
- Get an experienced local Real Estate Advocate
- Think about commitment
- Look beyond paint
- Buy the house you know that you can afford
- Enjoy the home buying process and be patient because it can be longer than expected
- There is no right or wrong answer but there is a lot of ways to mess things up. If you qualify for a zero down payment then one would think, I don't need any money. Not true so you need to know and create a budget. For example, know your total income and expenses so you can create a budget based on your habits, lifestyle and goals. Budgeting can give a more clear picture of where your money is going. This way, you can identify and decide how much to set aside from your earnings but it will only work if you're committed to it. A professional may advise to save 6 months of expenses but this answer can be different from other professionals. When it comes to saving for a down payment, you may not need as much as you think. Consider other eligibility factors, some mortgage products may required down payment as low as zero, three percent of the total home price. Talk to your local lender and learn what options are available to you.
- Closing cost can include lender fees and third party fees, which can include inspections, credit report, origination, application, title search, title insurance and underwriting fees.
- The pre-qualification for a Home-loan or mortgage and it is usually provided with a value so you know how much is the house you can afford to buy.
- A pre-approval allows your realtor to work with your criteria and the lender's financing options. It becomes more real than just a dream. It is the time for your realtor to take you shopping. Keep in mind that preapproval letters do expire typically within 60 to 90 days.
- A zero down payment mortgage does exist but there is another expense you need to avoid, the closing costs. This may be possible if you qualify for that type of mortgage and or a home buyer assistance program.
- To buy a house with no money:
- Apply for a zero-down VA loan or USDA loan.
- Use down payment assistance to cover the down payment
- Ask for a down payment gift from
- Get the lender to pay your closing cost
- Get the seller to pay your closing cost
- Once you are approved and ready to Buy
- Find Home and write an offer
- Find Home inspector buyer pays
- Bank Finds Appraiser buyer pays
- Title, Escrow & Underwriter
- Sign off and Get Keys
- First time homebuyers are truly best served by starting the buying process with their lender. With that said, it is important to understand that your realtor and your lender do need to have communication. It is in your best interest to assured that you know your budget and your realtor can help you to stay within that budget.
General Questions
- This is a detailed examination of the historical records concerning the real property. These records include deeds, court records, property indexes, name indexes and tax records among others. The purpose is to verify the Seller's right to transfer ownership and to discover any claims, defects, rights or issues affecting the real estate property.
- The closing costs will include title search fees, taxes, notary fees, loan fees, escrow fees, recording fees, reconveyance fees, real estate sales commission and other fees if it does apply.
- Some of the defects can be but are not limited to liens, encumbrances, restrictions, unpaid taxes, unsatisfied mortgages, judgements against the seller and restrictions limiting the use of the land.
- The parties involved in the transaction decide which escrow company will close the transaction. Although it is very common for your real estate agent to recommend an escrow closer, the parties involved have the right to decide. The law prohibits escrow companies from paying referral fees to real estate agents. It is done this way to protect the parties' right to select their own escrow closer.
- This depends on the claim. One extreme case, you may lose your entire home and still be liable to pay off the mortgage balance. Most claims are not as bad but even the smallest claim can cost your time and money.
- The buyer or seller may select a closing date, but both must agree to it. The purchase and sale agreement may state the closing date as "closing to occur on August 20th 2022 or sooner." In most transactions, closing occurs between 30-90 days from the date the agreement gets signed.
- A contingency can be exercised by both buyers and sellers and could occur when buyer has entered into a contract, putting down "earnest money" that can be used for the down payment to hold the house in same condition. Seller can take earnest money if buyer does not meet the agreed contingent.
- A neutral professional's opinion of a home's value based on the subject house benefits and features. The appraisal value is used when a mortgage company is involved in the buying process, refinancing or selling a property.
- Assessed value is not the same as market value or appraised value. There are many home that could be sold for significantly more than the taxed value other home can't do the same. The assessed value is used for tax purposes and is multiplied by the local tax rate to determine the home's yearly taxes. The assessed value does not determine a buyer's motivation or what the buyer could potentially pay for a home once is in the market.
- Yes, the homeowner has the option of choosing different types of coverage.
- Title insurance policy is a contract insuring the ownership or interest for the subject property. A title insurance policy insures the owner or others having interest in the property against loss due to defective title or adverse claims against the title.
- If you claim is accepted then yes. The title insurance company may defend your title in court if necessary. The title insurance company will indemnify you against monetary loss or damage due to covered title defects. This is all based on the terms of your title insurance policy.
- Coverage last as long as you retain an interest in the real property and some cases goes for longer period of time.
- The buyer or borrower usually pays the appraisal fee, fees are depending on each company and it can be around $750 dollars
- Escrow is an impartial third party process in which documents and funds are deposited by the buyer, seller and the lender to facilitate the closing for a real estate transaction. Escrow is required to follow mutual written instructions. Escrow is the coordinator between all parties involved in the transaction to obtain signatures on all of the documentation. Escrow also works closely with the title officer to clear liens and encumbrances against the property and record the documents with the county.
- In most cases, Buyer and Seller may agree between themselves as to who should pay for the cost of title insurance. If the Buyer pays for the title insurance policy is to ensure the lending institution providing the purchaser's financing. This is not set by law as to who should pay and is all negotiable.
- Opening escrow is the first step in the closing process. To open escrow, the parties involved in a transaction deliver earnest money and the purchase and sale agreement, which outlines the transaction and provides closing date, contingencies and financing details.