is my agent paid?
If you are a
buyer, your agent is paid from the proceeds of the purchase of your
home/property. The seller pays a fee to his/her agent for the sale
of his property. That fee is split with the buyer's agent. If you
are a seller, your agent is hired for a percentage of the sale of
your property. Sometimes referred to as a "Success fee",
the fee is not paid until the property is sold and closed. Your
agent is responsible to advertise and promote the property and assist
you in the sale and close of the transaction. He/she is not compensated
until the property sells.
do I do to apply for a loan?
Your agent can
assist you in contacting a lender that has access to dozens of different
loans. The lender will assess your income and expenses, check your
credit scores and discuss loan options to help you decide which
loan program is the very best deal for you.
is the best time to buy a home?
mainly, on your situation. There are many homes on the market at
any given time. More tend to be marketed in the spring and summer.
Your finances may be a consideration as you plan to buy. Ask your
lender to help you assess your circumstances.
important is my credit?
is the one of the most valuable assets you have. The decision to
loan you money is based to a great degree on your credit score.
The credit score is based on numerous factors. Probably the biggest
factor is your history of paying on time. Sometimes there is very
little credit history so you may want to take some time to build
a stronger history before you decide to buy a home. Ask your lender
to review your scores and give you some input as to what would be
best for you.
is a Buyer's Agent?
If you are planning
to buy real estate, you should know that unless you have a written
agreement with a licensed real estate agent, you are not being fully
represented. All agents are automatically subagents of the seller
under law, unless they have an agreement with the buyer. A buyer's
agent can help you find the right property for you, prepare your
offer to purchase the property and negotiate it for you. After you
have an agreement, the buyer's agent will help you through the steps
to closing your property. Your buyer's agent looks out for you and
your interests - he/she have a primary responsibility to you and
your interests. Without a buyer's agent, you take a chance with
an agent who has a legal loyalty to the seller and may not be looking
out for everything that your buyer's agent is trained to look for.
ready to start the process to buy a home, it's extremely important
that you meet with a lender and make application for your loan.
Your lender will ask you a series of questions to determine what
kind of a loan is best for you. He/she will also check your credit
scores and will process you through the Underwriter to get you pre-approved
for your loan. This will position you very strongly as you select
your home and make an offer. Being pre-approved is like making a
cash offer. It is a much stronger position than just being pre-qualified.
is a professional home inspection and who pays for it?
As a part of
the offer to purchase, the buyer has the right to have a professional
home inspection done on the property. This is highly recommended
especially if the home is not new. The home inspection will reveal
the condition of the systems and general structure of the home.
Usually, the inspection will include a pest and dry rot report,
a required report for all FHA loans. We recommend that the buyer
be present at the time of the inspection to hear the inspector's
information and evaluation of all of the home's systems and any
specific needs. After the inspection is completed, the buyer and
his/her agent should review the inspection to determine if there
are any serious defects in the property. If such is present, they
may want to (1) not go forward with the offer or (2) ask the seller
to repair or replace as needed. The cost of the inspections is the
responsibility of the buyer.
I find a home For Sale By Owner, can my agent help me buy it?
Your agent can assist you with the purchase of any home, from a
builder, a FSBO (for sale by owner) or listed by a Realtor with
another company. Your agent is hired by you and you can depend on
him/her to represent you in any transaction.
I offer to purchase my new home, how long will it take to close
it so I can move in?
There are several
factors that will determine the exact timing of your closing but
expect that - if there are no problems - it should close in 30 days.
is escrow and what does it do?
Escrow is a neutral,
third party that is hired to act upon the instructions of the buyer
and the seller. Escrow is usually done with a title company, but can
be done by an attorney or even a real estate broker. In our state,
title companies act as escrow, prepare and deliver a preliminary title
report, issue title insurance on the property, assist in the signing
of loan documents and record the deed with the county after the lender
gives permission. In addition, they pay off the old mortgage and disperse
the funds at closing. They make our lives much easier!