FAQ

When you decide you want a new home there are a lot of questions you will start asking yourself.  That’s ok! Everyone has questions.  Here is where I would like to help you find the answers.  There is even a place where you can email your questions to me and I will send back an answer.  Please don’t take this as the Gospel!  Every situation is different.  This should help you get started on the right path.

Where do I start?

First of all you should talk to a lender.  They will go over your finances and let you know what you can afford.  If you are not in the position to buy a house now, a good lender will get you started on a plan that will get you where you want to be.  Don’t be discouraged if now isn’t your time.  Just think, you will be able to afford a better house if you wait.  If now is your time, Call Me!

What happens after I find a lender?

You will start looking at houses in your price range.  Drive around the town you are looking to buy in and get to know the areas.  You will be able to tell where you want to live and cut down on looking at homes that are not in your desired area.

Who can show me houses?

This is very important:  Any Realtor can show Any listing!  As you are driving around write down the addresses of the homes you like.  Choose a Realtor you are comfortable with and who you think has your best interest in mind. 

What is a Buyers Representation Agreement?

This is an agreement between you, the buyer, and a Realtor.  You are agreeing to let them represent you on your purchase.  This is usually done up front.  If you sign one, make sure you understand the effect.  If you look at a property without this Realtor and you decide it is the one for you, the Realtor you signed the agreement with will still be representing you.

How do Realtor’s get paid? 

Showing property and assisting you in buying or selling is our main job.  When a Realtor takes a listing a commission is charged.  If another Realtor brings the buyer, the commission is split between Realtors.  This all takes place at the closing.  There is no money up front.  Listing Realtors decide what the split will be.  The Realtor representing the buyer needs to be the first to show the property to the buyer. 

What happens after I find the house I want?

Now is the time to write up a contract and make the seller an offer.  Your Realtor will give you advice on the best price for the property. 

Some details of the Contract:

                Earnest Money:  this is an amount of money presented with the contract to let the seller know that you are serious.   It goes toward the purchase price and secures the contract.

                Commitment:  the title company will send both Buyer and Seller information in the mail about the title of the property and any exceptions.

                Survey:  this can be a buyer or seller expense.  A lender will decide if a new survey is needed or if an old one can be used.

                Inspections:  the Buyer has the right to get the property inspected by a licensed home inspector of his or her own choosing.  A home inspection will help the buyer get to know the property better and let them know if there are problems with the property.

                Closing:  this will be the last thing that happens.  It is when both parties come together to CLOSE the deal.  It cannot happen until all the components of the contract have been met.

Your Realtor will be able to go over the contract with you anytime to make sure you understand the effects of it.  ALWAYS ask questions if there is something you do not understand.  Some Realtors take for granted that this may be your first time to buy a house.  If there is something you want to know, ASK!

How long does it take? 

From the time you make an offer to when you get to move in can range from 45 to 60 days.  A cash deal can go much faster.  It will take time to work out all the components of the contract, like getting the inspections, title search, survey, and any repairs that need to be done.  Processing the loan also takes time.  Remember, this is a hurry-up and wait game, so try to be patient.

Ready to Sell, Now What?

When you are ready to sell your property you can start the interview process.  Pick a Realtor you think will have your best interest at heart.  Realtors will come and take a look at the property and let you know what they think it will sell for.  They will also suggest any repairs that may need to be made.  If you are too far apart from each other on the price, it is a good idea to get an appraisal.  Make sure you use a reputable company that knows the area and that lenders also use.  Getting a bad appraisal will only make matters worse.  The Realtor will have the knowledge of what comparable properties in the area have sold for.  This is their job, let them do the job you are hiring them to do.