frequently asked Questions
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What is a short sale?
The easiest way to understand a short sale is the sale of a home in which the proceeds from the sale are less than the balance of debts secured by liens against the property and the home owner cannot afford to pay the liens in full.
What is Foreclosure?
Believe it or not, foreclosures can actually be a smoother transaction than a short sale. A foreclosure, sometimes referred to as a REO, is a property that is owned by a lender. If you’re considering the purchase of a foreclosure, it’s important to understand that most are sold “as-is”.
What is Earnest Money?
An earnest money deposit is also frequently referred to as a good faith deposit. When a buyer purchases a home, they provide the seller’s real estate company a deposit to hold in their escrow account.
Should I talk to the bank before going to look at homes?
Buying a home can be a very solid investment. This being said, renting can also be a better option for some, depending on the circumstances. The current interest rates are incredible.
Do I really need a Realtor to buy a home?
When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same!
How does the market look right now?
Without a doubt, one of the most popular questions among consumers is how is the real estate market doing. Even if you are not going to be selling a house anytime soon, people that know you are a real estate agent will ask this question...
When should I sell my home?
This is one of my favorite questions from home sellers. Why? I will answer honestly while most agents will always say “right now.” It is still easy to spot an agent that gives advice based on what’s best for them.
How do I get my home ready to sell?
An excellent question for any seller to ask a Realtor is “what should I do to get my house ready for the market?” There is a lot of work to be done before you list your home.
Can I use real estate websites to set the perfect price for my home?
No, you can’t. There are several trendy real estate websites out there now that offer pricing options for sellers. They draw on massive databases to give you an idea of your home’s value currently.
How do you figure out the value of my house?
What real estate agents do and what appraisers do are a bit different. The result, however, is getting to what a buyer will most likely pay for a property. Both appraisers and real estate agents use what’s called comparable sales or “comps” to determine fair market value.
How are list price and sale price different?
The list price is the price you list the home for sale. It is the reasonable goal you set for your sale, one you hope to get close to as you make the transaction. The sale price is the price that you actually sell the home for, after negotiations...
Does assessed value have anything to do with market value?
NO! NO! And no! Assessed value has nothing to do with market value. The assessed value is nothing more than a figure the local municipality uses to collect the appropriate amount of taxes.
What commission do you charge?
It is essential for you to find out what commission the real estate agent will be charging. You might be thinking that is would be great if you can find an agent who will charge a lower rate than everyone else.
When will you be doing an open house?
Many homeowners think that an open house is an essential marketing activity. They are not! Who can blame a seller though when a significant percentage of real estate agents promote them like they are necessary to sell a home.
What will you be doing to sell my house?
Finding out precisely what your real estate agent is going to be doing to sell your house is another critical question. Every real estate agent has a broad range of services they offer.
Do you have contractors you can recommend for work needed on the house?
A real estate agent wears many hats in a sale. Any agent who has been in the business for a while will have a list of contractors that can help prepare for a home sale.
What should I do to prepare for showings?
One of the most crucial aspects of selling a home is the buyer’s first impression. There are some simple things you can do to ensure the buyer feels good about your house.
Will you be representing me at the home inspection?
There is a percentage of real estate agents that try to get away with doing as little as possible during a real estate transaction. The home inspection is a milestone your real estate agent should be attending.
How will you be communicating with me?
One of the most vital things when hiring a real estate agent is proper communication. The agent you hire should ask up front how you prefer to keep in touch whether it is email, text or an old fashion phone call.
What happens if my home doesn’t appraise?
One of the things that can happen when you have multiple offers is your home sells for too much. The appraiser is unable to justify the price based on comparable sales data.