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What is the difference between a real estate agent and a REALTOR®?
A REALTOR® is a member of local, state, and national professional organization that call agents to a higher standard of professionalism through the Code of Ethics.
What are my benefits of working with a REALTOR®?
There are many good reasons. REALTORS® are experts in their field. They will offer you their advice and opinions about market conditions, contracts, and negotiations; making the process as smooth as possible.
When should I begin searching for a home?
If you have a specific date that you must be in a home, you should begin your search at least two months prior to that date. Two months will allow for one month to find the perfect home and enough time for inspections, loan approval and processing. If you have a home to sell, you should list your home for sale before starting your search.
How long does it typically take from the time I find a house until I can move in?
That depends on the situation. A home can close in less then 10 days if the buyers have met all of their lender's closing requirements. Generally, you should allow between 3 to 6 weeks; maybe longer depending on how soon the seller can vacate the house and how quickly you can close on the home.
What happens after I sign the contract?
Your REALTOR® will lead you through the process of providing the lender with all the necessary documents for loan approval, scheduling inspections of home, and securing homeowners insurance.
Do I have to pay a fee for an agent to help me?
Typically, the Buyer's Agent is compensated by the listing Broker. If this fee is not offered by the listing Broker or is insufficient then compensation will be negotiated through the written Buyers Representation Agreement.
When should I apply for a loan?
Buyers should meet with a loan officer before beginning their search for a home. The loan officer can then issue a pre-qualification letter that tells a seller that you are a serious buyer, have spoken with a lender, and appear to be qualified for a mortgage.
Can a real estate agent help me with new homes or for homes for sale by owner?
It's always best to have an agent looking out for your best interests.
How much house should I buy?
Qualifying for a loan is based upon income, amount of debts, and credit scores. It is best to talk to a loan officer.
What programs are available for first-time home buyers?
There are several different programs available, depending on your location, your mortgage source, and your income. The requirements and benefits vary greatly from program to program. Consult your REALTOR® and your mortgage lender for more information.
How much will my closing costs be? In addition to the down payment, the amount of closing costs will depend on several factors, such as the selling price of the home and the type of mortgage. Your REALTOR® and your loan officer can give you more specific information on the items typically paid by buyers.
How much should I offer for a house?
We know the house will sell for the list price. To assist you in your decision, your agent will research comparable sales in the particular neighborhood and will help you in making an offer.
Should I spend the money to have a home inspection?
The cost of a professional home inspection could be the best money you ever spend on your house. Not only does the home inspector look for any defects from the roof to the foundation, but the inspector will often give you tips on maintaining and repairing your house. Home inspections are also recommended for newly constructed homes.
What is an appraisal? Will I need one?
An appraisal is a detailed analysis by a licensed appraiser of the market value on the home you want to purchase. Lenders will require an appraisal before the loan is approved.
What is the best time to sell my house?
In addition to supply and demand, and other economic factors, the time of year you choose to sell can make a difference in how long it takes to sell your home and in the selling price. Usually the strongest selling season for our area is March through July. You'll have the best results if your house is available to show to prospective buyers continuously until it sells.
How is the list price determined?
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. Your REALTOR® will prepare a comparative market analysis to provide the background data on which to base your list-price decision. Beware of an agent whose opinion of value is considerably higher than the others.
What am I legally obligated to disclose about my home?
According to property codes, sellers are required to disclose all material facts about their property. This applies to properties for sale by owner or those listed with a REALTOR®.
How do I get my house ready to sell?
A person's first impression, from when they drive-up until they walk through the front door, will often determine their overall decision about buying your home. Making your home look as nice as possible at all times will increase your chances for a quicker sale. Ask your REALTOR® for information regarding staging your home for showings.
What kind of return is there on remodeling jobs?
Before you spend a lot of money to get your home ready to sell, consult your REALTOR® as to what is necessary. If you are thinking about extensive updating, the best return on your investment is remodeling the master bath and kitchen. Often times only a fresh coat of paint, new carpet, and a thorough cleaning and removal of clutter will do the trick. Note: It is best to keep colors neutral.
How can I get more buyers through my house?
Price and location determine the number of showings of your house. If it is priced correctly the greatest number of potential buyers will occur during the first two weeks the house is on the market. After that period, showings will slow down significantly. An overpriced home will typically be shown only to justify the value of correctly priced homes in that market.
How long will it take to sell my home?
That depends on the price, the competition in the market, and how well you have prepared the house to sell.
Should I be home when my homes is being shown?
We recommend that you not be home when the house is being shown. Let the home speak for itself. Your REALTOR® is skilled at pointing out the best features of your home as they pertain to the buyers needs.
What are the estimated proceeds from the sale of my home?
More important that the sales price of your home is the proceeds you receive at closing. Your REALTOR® will prepare a net sheet with an estimate of a seller's closing cost as related to the loan the buyer is pursuing (Conventional, FHA, VA, Cash).
