Buyers
WHAT IS THE DIFFERENCE BETWEEN A "LISTING AGENT" AND A "SELLERS AGENT"?
Listing Agents usually deal with sellers, and are the ones who will list a property for sale on the Multiple Listing Service (MLS).
Selling Agents (also called Buyers Agents) mostly deal with the homebuyers. They will sell the homes (which have been placed in the MLS) via the listing agents.
The majority of agents will focus on one or the other. Some agents will also divide their time between sellers and buyers and are usually regarded as the best ones since they are dealing with both sides of the coin.
The Warfield Group works with both buyers and sellers.
Selling Agents (also called Buyers Agents) mostly deal with the homebuyers. They will sell the homes (which have been placed in the MLS) via the listing agents.
The majority of agents will focus on one or the other. Some agents will also divide their time between sellers and buyers and are usually regarded as the best ones since they are dealing with both sides of the coin.
The Warfield Group works with both buyers and sellers.
WHAT IS A HOMEOWNERS ASSOCIATION?
Homeowners association is a nonprofit association that manages the common areas of a condominium or "planned unit development" (PUD). Unit owners pay a fee to the association in order to maintain areas such as a pool or playground that are owned jointly. It could also cover other things such as lawn care, snow removal etc.
How much does a Real estate agent Charge?
In real estate, the seller pays out the commission to both the sellers agent and the buyers agent.
So, that means if you are a buyer, it is FREE!
On the other hand, if you are a seller, you are going to pay out a commission to the agent who sells your home and the buyers agent who brought someone to your home to buy it.
So, that means if you are a buyer, it is FREE!
On the other hand, if you are a seller, you are going to pay out a commission to the agent who sells your home and the buyers agent who brought someone to your home to buy it.
What are closing costs?
Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property.
Sellers
When is the "Best" time to put my home on the market?
Along with economic factors such as supply and demand, the time of year you choose to sell can impact both the length of time it takes to sell your home and its ultimate selling price.
Typically, the real estate market picks up around February, continues strong through late May and June, and tapers off during July and August. The summer is usually the busiest time for moving since school is out and buyers may be looking to get their children in school before the new school year. September through November generally marks a rally not as strong as late winter and spring, followed by a slowdown from Thanksgiving through and beyond the Christmas and New Year holiday period.
Typically, the real estate market picks up around February, continues strong through late May and June, and tapers off during July and August. The summer is usually the busiest time for moving since school is out and buyers may be looking to get their children in school before the new school year. September through November generally marks a rally not as strong as late winter and spring, followed by a slowdown from Thanksgiving through and beyond the Christmas and New Year holiday period.
What are Comparables or Comps?
These are referred to as recently sold properties that are similar in size, location, and amenities to the home for sale. These properties help an appraiser determine the fair market value of a property.
Who is responsible for making repairs, if any, as a result of the buyers home inspection?
Because the buyer orders one or more home inspections doesn't obligate the seller to make repairs or modifications as a result of those inspections. Typically, however, inspection reports are used to negotiate repairs of major problems, or environmental or safety hazards that may be noted. The purchase contract should provide guidance for these negotiations.
What is an apraisal?
A report made by a qualified person setting forth an opinion or estimate of value. The term also refers to the process by which this estimate is obtained.
In conventional and FHA mortgages, the lender receives a copy of the complete report, showing the basis for the appraiser's estimate.
In conventional and FHA mortgages, the lender receives a copy of the complete report, showing the basis for the appraiser's estimate.
What are the disadvantages of pricing my home on the high end?
Several factors may come into play:
- You might help sell similar homes that are priced lower.
- Your home may be on the market longer.
- You could lose market interest and qualified buyers.
- You might create a negative impression of the property.
- You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
- You may have to accept less money.
- A potential buyer may face appraisal and financing problems resulting from the inflated price.
Mortgages
How Long does the loan process take?
The number of days from application to closing can vary from just a few days to 45 or more days, depending on a number of factors. Some of the factors include: loan type, whether an appraisal is needed, and title clearance. Time delays also occur if outside sources or the borrowers do not promptly provide documents to the lender.
What is an escrow account?
When borrowers make their monthly mortgage payments, they generally also pay one-twelfth of the anticipated annual amount needed to pay taxes and insurance premiums. These additional funds are deposited into an escrow account until the lender pays the taxes and insurance premiums as they come due. The borrower benefits for budgeting reasons because costs are spread through the year rather than as a lump sum. This method allows the lender greater control in avoiding tax delinquencies or lapses of hazard insurance coverage on the property. Mortgage documents often stipulate lenders that establish an escrow account.
Are there requirements for an FHA Inspection?
Yes, the appraiser is going to be looking for a few key items in the home that are not required in a conventional loan. Here are the things that the appraiser is going to be looking for and if found, the mortgage will not be approved until it is fixed.
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1. Chipping and Peeling Paint
2. Utilities not in working order 3. Negative Grade 4. Vertical cracks in foundation walls 5. Exposed wiring 6. Shortage of smoke detectors 7. Broken Windows 8. Missing Flooring 9. Nonfunctioning bathrooms |
10. Faulty railings on stairs (or non existant railings)
11. Unsafe decks 12. Patio doos without decks must be permanently secured 13. Wet basement 14. Roof with curling shingles 15. Well and septic must meet distance requirements and certification standards 16. Attic must be accessible |
For a little more information on this one, feel free to download this document provided by Chris Safe at Bell Mortgage.
| fha_inspection_requirements.pdf |
What is underwriting?
Underwriting is the process of evaluating a loan to determine whether the loan is a good risk.
