Buyers Frequently asked Questions:
Do I really need a Realtor when buying a home?
A real estate agent is more than just a sales person. A real estate agent may act on your behalf, providing you with advice and guidance when buying or selling a home or investment. Because the market is constantly changing, the information available on listings is not always 100% accurate. Zillow and Trulia are not always up to date and can give you wrong information at times. This is a prime example of why you need a real estate agent. They can provide you with the most current information about what has sold or is still for sale.
Trying to buy a home without a Realtor can really make the home buying process more of a headache. Having a Realtor is always recommended when buying a home. Thier goal is to make the process as painless as possible. Buying a home can be a very stressful time and having an agent helps walk you through the steps on order to make a better experience. One thing not to do when buying a home is calling the listing agent because you don’t want to “bother” your Realtor. This is one thing that real estate agents hate.
Who pays for the Realtor fees when buying a home?
In most cases the seller pays the Realtor fees.
What is a short sale?
A short sale happens when a seller of a property owes more than what they are selling if for. The mortgage lender has to agree to discount a loan balance or agree to take less money for the home. In order for the sale of the property to go through it has to have approval from the bank and owner. The process is anything but short and could take months to complete.
What is a foreclosure?
A foreclosure is a property owned by the bank, they may also be referred to as REOs. When considering buying a foreclosure, it is important to understand that most of them are sold as-is. Foreclosures are often purchased by investors, fixed and sold to owner-occupant.
What is an earnest money deposit?
An earnest money deposit or EMD is frequently referred to as a good faith estimate. When a buyer puts an offer on a home, they provide the title company to hold in their escrow account. The main purpose of this deposit is to show the seller how serious you are about purchasing their home.
How much should I offer?
When making an offer on a piece of real estate, you are the only one who can determine how much you should offer a seller. It is suggested you ask for your Realtor’s advice and thoughts, but ultimately you are the one that makes the decision on what to offer.