For Home Buyers:
What do all those letters behind a REALTOR®’s name mean?
Those are designations. It means that your REALTOR® has spent a lot of their own time and money to further their education beyond the basics of real estate principles. For example, if you choose someone with a CRS (Certified Residential Specialist) it means that they have received advanced training in listing, selling, investing, taxes, and technology. Only 5% of all real estate agents have the CRS designation because of the amount of study, dedication, and experience that is required.
What’s the difference between being pre-qualified and pre-approved for a loan?
Being “pre-qualified” means that you have started the qualification process by speaking with a lender and verbally given them information about your financial status. The lender then will do a credit check and send a letter to you stating that they believe you will be able to get a loan.
Being “pre-approved” means that you have filled out a packet of information sent to you by the lender and provided written documentation of your financial status. Getting pre-approved puts you in the best position to make an offer quickly and easily when you find a property you want. Sometimes speed can be the determining factor in obtaining a home.
How do I make an offer?
- You sit down with your REALTOR® and decide on terms of the contract by answering these types of questions:
- How much do you want to offer?
- Determine if you will need financing, and if so, how much will you need?
- What amount do you want your binder deposit to be?
- Do you want to ask the seller to make any repairs to the property?
- Will you ask for any additional items other than the standard fixtures?
- When will the closing date be?
What is a binder deposit?
A binder deposit is the amount of “earnest” money that you place in escrow with someone qualified to have an escrow account. This signifies to the seller that he can take his property off the market until closing. Usually, the larger the amount of the binder is, the better. It tells the seller that you are serious about obtaining the property.
Do I really need a home inspection?
Absolutely! You need to know exactly what you are buying. Usually a home purchase is a person’s largest single investment in his lifetime. You certainly wouldn’t want to find out after closing that you are facing major repair bills. It’s insurance that you’re truly getting what you pay for!
Do I need a survey?
Yes, you need to know the exact boundaries of the property you are purchasing, and the only way to determine that is with a survey. This can save a lot of headaches with neighbors in the future.
What about closing costs?
The seller typically pays the real estate commission, the documentation stamps, and the owner’s title policy. The seller and buyer share the closing fee charged by the title company. Property taxes are prorated, with the day of closing belonging to the buyer.
The buyer typically pays anything associated with obtaining a loan, the survey, the home inspection, and a pest inspection.
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For Home Sellers:
What do all those letters behind a REALTOR®’s name mean?
Those are designations. It means that your REALTOR® has spent a lot of their own time and money to further their education beyond the basics of real estate principles. For example, if you choose someone with a CRS (Certified Residential Specialist) it means that they have received advanced training in listing, selling, investing, taxes, and technology. Only 5% of all real estate agents have the CRS designation because of the amount of study, dedication, and experience that is required.
How can I get top dollar for my home?
As the old saying goes, “first impressions are lasting”. Sometimes you only get one chance to make a good first impression; so curb appeal is key! Make sure the yard is regularly mowed and the lawn is landscaped, with no yard clutter.
On the inside, spend the money necessary for any repairs that are needed; you will more than recover your expenses in the end. The best thing to do is to pretend you’re a buyer and “fine-tooth” comb your home before prospective buyers have a chance to “nit-pick”.
With today’s busy lifestyles, most people like homes that are move-in ready.
How do I price my home to sell?
Listen to your REALTOR®! This cannot be emphasized enough! Your REALTOR® is a professional and stays abreast of current marketing trends by doing comparative market analysis every day. After all, this is one reason you hired a REALTOR®.
What about closing costs?
The seller typically pays the real estate commission, the documentation stamps, and the owner’s title policy. The seller and buyer share the closing fee charged by the title company. Taxes are prorated, with the day of closing belonging to the buyer.
The buyer typically pays anything associated with obtaining a loan, the survey, the home inspection, and the pest inspection.
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