Q: Why buy instead of renting?
| A: There is the personal satisfaction of owning a home - your piece of the rock. When you own you are in control not the landlord. If you want to knock a wall down go ahead. Then there are the enormous financial benefits that come with owning your own home. The belief that owning a home is more expensive than renting is generally not the case. There the tax benefits - You can deduct the cost of your mortgage from your taxes and you can deduct the property taxes you pay as a homeowner. And you gain equity as your home increases in value. When renting you write a check with no financial returns. |
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| Q: Do I need a real estate agent? |
| A: There is so much information at a prospective buyers fingertips on the internet, today. The internet is a great place to start and get ideas of what's available, where and at what price. You can also find answers to many financing questions on the net. Still, using an agent is a good idea. So many details go into buying a home and a experienced real estate agent can guide you through the entire process and save you time and money. |
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| Q: What should I do first? |
| A: The first step for a potential buyer is to get your credit reports. Do this step at least six months in advance so you will have time to remove any discrepancies. Get pre-approved (not pre-qualified) Meaning a lender has committed to loaning you money depending on the house you choose to buy. Pre-approved buyers are much more attractive to sellers alleviating their worries of financial difficulties complicating the process. If a seller need to sell the property quickly your loan is ready. |
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| Q: How much should I offer? |
| A: An experienced real estate agents help can be vital here. There are a few things to consider: Is the asking price in line with the CMA? The houses condition - will you need to spend additional money to make it the way you want it? How long has the home been on the market? Can you afford what you offer? Is this the home you really want? A knowledgeable real estate agent can help you answer each of these and any other offer questions that might arise. |
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| Q: What is Agency Disclosure? |
| A: Agency Disclosure is a state requirement that discloses to you the principal (the buyer in this case) who the agent or agents represent in the real estate transaction. |
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| Q: What does an agreement for buyer representation include? |
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A: It is a contract with a beginning and an ending dates. In it you recognizes your willingness to be represented by the company and it agents. It included what compensation, if any you will pay for real estate related services. The agreement states whether you'll work with one company or several.
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Q: How are buyer agents compensated?
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| A: In most cases a fee or commission based on the sellers proceeds from the sale is shared between the sellers and the buyers agent. |
| Sometimes buyers pay agents directly for finding and purchasing a home services, If so the charges must be outlined in an exclusive buyers agreement. Some buyers offer incentives to give their agent additional motivation. |
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| Q: What about those abbreviations? |
| BA |
Bath |
| FDR |
Formal Dining Room |
| BR |
Bedroom |
| LR |
Living Room |
| MBR |
Master Bedroom |
| DR |
Dining Room |
| FP |
Fireplace |
| FR |
Family Room |
| LL |
Lower Level |
| Dck |
Deck |
| Pvt |
Private |
| Pwdr rm |
Power Room |
| Brk |
Brick |
| grmet kit |
Gourmet Kitchen |
| Hdwd |
Hardwood Floors | |
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