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Frequently
Asked Questions
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Q: Why buy instead of
renting? |
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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? |
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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? |
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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? |
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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? |
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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. |
