Buyers
|
Question : What qualities should I look for in an agent? | [ Top ] | Answer :
First and foremost, the agent you choose should be someone whom you feel confident can represent you in the sale or purchase of your home. They should be able to answer your questions, explain their process, what you can expect from them, and how they will accomplish what you have hired them to do. Many factors make a good agent; however, I believe you should look closely at the following:
People Person: Agents have to be able to communicate and enjoy working with people. Every transaction requires us to talk to several different people, buyer’s agent, buyer’s, loan officers, Title agents, attorneys, inspectors, etc.
Knowledge of Contracts: Bottom line, you want someone who can protect your position and understands the contracts well enough to do so.
Use of Technology: Technological advances have created unlimited opportunities as communication and advertising mediums. There’s no going back, only forward!
Negotiations: I have worked with great agents who believe their only “job” is negotiations. There is a fine art to negotiating and also knowing when and what is negotiable. Creating Win-Win solutions is the optimal goal of negotiation in Real Estate.
Availability: Nothing else really matters if you can not reach your agent. |
|
Question : What should I do first if I want to buy a home? | [ Top ] | Answer :
It is often easy to get caught up in the excitement of buying a home--how many bedrooms, baths, decorating, etc.
The most important factor is how much house you can afford. There are online calculators you can use to help determine the monthly costs of buying a home; however, there is more to consider than income vs. payments. Your years of employment, FICO scores, and income will determine the rate of interest you will pay. A ½% difference in interest rate can change the amount of home you can purchase.
Your first stop should be with a loan officer to evaluate your purchasing power. Not only can they determine the amount of home you can comfortably afford, they have numerous loan programs to choose from.
Once you have decided on a program and price, they will provide you with a prequalification letter. It is a rare instance where you will be able to submit an offer on a home without a prequalification letter.
|
|
Question : Should I always offer less than the asking price? | [ Top ] | Answer :
It is a general misconception that all homes are overpriced and the buyer should always offer less. In the same way agents help sellers determine the fair market value of a home, we will assist the buyer. Your agent can provide you with the most recent data available on the property you have chosen.
After researching the area, we can provide you with information about what other comparable properties have sold for, the amenities and time on market, to help you determine a fair offer price. Basically, it is a Buyer’s Comparative Market Analysis.
By offering a “low-ball” price, you may offend the seller and they will not respond at all.
If indicated by data, a lower, but fair price will provide you an opportunity to enter negotiations and potentially arrive at a satisfactory price for both parties. |
|
Question : Can I do my own inspection of the property? | [ Top ] | Answer :
Legally, yes! I do recommend my clients have a professional home inspection. The cost of a professional far outweighs the savings. Not only does a professional inspector have experience, they also know what they are looking for. They have inspected far more homes than the average person and most often have knowledge about certain areas, builders and operating systems within the home, such as A/C units.
The home inspector will provide an objective opinion of the condition of the property, so you can make an informed decision. There are numerous components in a home which you will want to verify the condition of.
Attic
Roof
Structure
Drainage
Spas
Garage
Insulation
Crawl Space
Basements
Heating & Cooling
Evaporative Coolers
Water Heater
New Construction
Pools
Chimney
Doors & Windows
Electrical
Interior
Exterior
Plumbing
“Knowledge is power” rings true in the inspection of a home. Knowing the condition of your home is important in the decision process. After all, you will be the one responsible for future repairs and maintenance. |
|
Question : Won't the Homeowner Warranty take care of any repairs? | [ Top ] | Answer :
Homeowner warranties are available to offset the cost of future repairs and I highly recommend them. Many companies will not automatically cover a repair. Pre-existing conditions are not covered by any home warranty and generally must be repaired or disclosed prior to placing the warranty.
If the home inspection indicates the questioned repair was operating at the time of the inspection, the Homeowner warranty will, in most cases, cover the repair. Hand in hand, the home inspection and the homeowner warranty, offer you the most protection. |
|
Question : What is Title insurance? | [ Top ] | Answer :
Title Insurance is real estate title protection. A policy of title insurance protects the insured against a partial or total loss arising out of defects, liens and encumbrances in the title to real estate
There are actually two types of Title Insurance, an Owner’s Policy and a Lender’s Policy. If you have a mortgage or loan on your home, the lender will require a Title Policy to protect their interests.
An owner’s policy assures your interest in the property and assures the new homeowner, has marketable title, free from liens. The Title Company assumes the risk of loss against a number of potential claims, including, but not limited to Forgery
Fraud
Defects
Legal incompetents
Wills not properly probated
Errors
Liens such as unpaid taxes
Outstanding dower rights Be sure to ask your Title Officer about the degree of protection offered in the title policy.
It is customary for the seller to pay the owner’s policy, with the buyer paying for the lender’s policy.
For more information on Title Insurance. |
|
Sellers
|
Question : What qualities should I look for in an agent? | [ Top ] | Answer :
First and foremost, the agent you choose should be someone whom you feel confident can represent you in the sale or purchase of your home. They should be able to answer your questions, explain their process, what you can expect from them, and how they will accomplish what you have hired them to do. Many factors make a good agent; however, I believe you should look closely at the following:
People Person: Agents have to be able to communicate and enjoy working with people. Every transaction requires us to talk to several different people, buyer’s agent, buyer’s, loan officers, Title agents, attorneys, inspectors, etc.
Knowledge of Contracts: Bottom line, you want someone who can protect your position and understands the contracts well enough to do so.
Use of Technology: Technological advances have created unlimited opportunities as communication and advertising mediums. There’s no going back, only forward!
Negotiations: I have worked with great agents who believe their only “job” is negotiations. There is a fine art to negotiating and also knowing when and what is negotiable. Creating Win-Win solutions is the optimal goal of negotiation in Real Estate.
Availability: Nothing else really matters if you can not reach your agent. |
|
Question : How do I determine the price for my home? | [ Top ] | Answer :
1) You can have a professional appraisal done for about $300-400. An appraisal is always your best option if you own a unique property with very little or no comparable sales.
2) Or, you can get a CMA (Comparative Market Analysis). Your agent will compare recent sales of comparable properties in your area to create an estimate of value. Some of the items we look at are: - Amenities
- Number of rooms
- Size of rooms
- Lot size
- Two vs. three car garage
- Location of lot
- Basement and size
- Improvements
The true value of a property is the price a ready, willing and able buyer is willing to pay and a seller accepts at a point in time. |
|
Question : How long will it take to sell my home? | [ Top ] | Answer :
There are no guaranteed answers here. When researching data, we look at the number of “days on market” of all listed, pended and sold properties. We then search for price changes to determine if the original asking price was the reason for extended days on market. We utilize the data available to determine an average.
You’ve heard the phrase, “Location, Location, Location!" It is true, but only partially! The three main determining factors in the sell of a property are:
Price: Even the very best agent in the city will not be able to sell an overpriced property. Price must be reflective of what is happening in your particular area and based on the other two determining factors.
Condition: Deferred maintenance, including landscaping, is generally the most common adjustment to price when evaluating two exact properties. If you have not kept up with the “upkeep” on your home, you can expect to adjust the price.
Location: Location is more than the city, subdivision or area of town. It includes the placement of the lot within the area or subdivision. An interior lot will command a higher value than an exterior lot which backs to a road or a school.
Additionally, market conditions and inventory will determine the selling time of your home. In a buyers market with excess inventory, the time on market will be extended and the price may be affected.
|
|
Question : Is an "Open House" beneficial? | [ Top ] | Answer :
Open Houses are a good tool for agents to locate buyer’s, but rarely result in the sale of the property which is being held open. The majority of people who walk through an open house are neighbors, “lookey-loos”, and people just driving by. Most qualified buyers are already working with an agent.
That being said, Open Houses do offer the opportunity to expose your home to the general public. During an Open House, your home should be “show ready” and you should be gone. Let your agent do their work
If you are having an Open House, there are some safety measures you should consider:
Remove all valuables from sight, and store all medication in a safe place. There have been reported incidences of people who take advantage of open houses to scope out these items. These situations are rare, but you should take precautions. |
|
Question : What is Title insurance? | [ Top ] | Answer :
Title Insurance is real estate title protection. A policy of title insurance protects the insured against a partial or total loss arising out of defects, liens and encumbrances in the title to real estate
There are actually two types of Title Insurance, an Owner’s Policy and a Lender’s Policy. If you have a mortgage or loan on your home, the lender will require a Title Policy to protect their interests.
An owner’s policy assures your interest in the property and assures the new homeowner, has marketable title, free from liens. The Title Company assumes the risk of loss against a number of potential claims, including, but not limited to Forgery
Fraud
Defects
Legal incompetents
Wills not properly probated
Errors
Liens such as unpaid taxes
Outstanding dower rights Be sure to ask your Title Officer about the degree of protection offered in the title policy.
It is customary for the seller to pay the owner’s policy, with the buyer paying for the lender’s policy.
For more information on Title Insurance. Have a question - just ask, we'll get back to you promptly.
Contact Us
* Indicates a Required Field.
|
|
