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Frequently Asked Questions
Listed below you will find the answers to some of the most common questions related to the Real Estate market and the different types of processes that are involved during a transaction.
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What is a Realtor?
Why should I use a real estate agent?
What is a broker?
Can a home depreciate in value?
How can a home’s value depreciate?
Is an older home as good in value as a new home?
What is an escrow account?
What is my credit score and how is it calculated?
What is a Multiple Listing Service (MLS)?
What are closing costs?
What is underwriting?
Can I appoint someone to attend the closing on my behalf due to my being ill, out of town?
What is a homeowners association (HOA)?
What is a counteroffer?
What is an appraisal?
What does FSBO mean?
At first glance, selling your house on your own seems like a cost-cutting measure, the largest being avoiding paying a commission fee. However, embarking on selling your home on your own can require a huge investment in time and expense. Things to consider when selling by owner include:
-Determining whether your home needs upgrading or updating (structure, exterior, interior, landscaping, etc.)
-Determining your home’s value
-Advertising and marketing your home
– “Staging” your home and conducting showings
What is a contingency?
What are comparables or comps?
How long does it take to close a loan (day of the closing)?
-The buyer provides funds covering mortgage and title fees
-The seller receives a check for proceeds earned from the sale
-The real estate agent receives a check for commission
-The final step is when ownership is transferred to the buyer and the buyer receives the keys to the home.
In most cases, the process of explaining and signing the loan documents takes approximately 30–45 minutes.
What is a Short Sale?
What is a Foreclosure?
Is there a way to prevent private mortgage insurance (PMI)?
What is PITI and what does it stand for?
Is it expensive to use a buyer’s agent?
What is title insurance?
Where can information about pre-construction properties be found?
What is the difference between being pre-qualified and pre-approved for a loan?
How long does the loan process take?
What is the difference between a “Listing Agent” and a “Selling Agent”?
The selling agent, sometimes referred to as the “Buyer’s Agent,” represents you during the process of finding a home, providing information about the property, arranging times for you to view homes you are interested in, submitting offers to the listing agent and representing you in the closing process.