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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: Are condominium or homeowner association assessments tax deductible? |
| A: No. Your interest and taxes are deductible just as in a freestanding single-family residence, but not your monthly assessments. |
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| Q: When do my mortgage payments start? |
| A: Your first mortgage payment is usually due 30 days after closing - the date will be included in your closing documents |
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| Q: What's included in my monthly house payments? |
| A: Your monthly payment covers principal and interest on the loan, and may also include your mortgage insurance, property taxes and hazard insurance, depending on the terms of your loan. |
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| Q: What is a contingency? |
| A: Conditions - or "safety valves" - written into real estate offers and contracts to protect the buyer. |
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| Q: Can you help me with service providers? |
| A: Yes, I can supply recommendations of reliable and skilled service providers in your area. Your Dream Town consultant is in no way compensated for making referrals. |
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| Q: What are assessments? |
| A: Fees paid by a condominium owner to the condominium association to cover protection and maintenance of common areas, or by a homeowner in a townhome or gated community to the homeowner's association. Also the statistic used by local governing agencies to determine your property tax. |
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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: What is earnest money? |
| A: The deposit the buyer makes along with an offer to the seller, held by the seller's Realtor in escrow until closing and applied to the down payment at closing. |
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| Q: How low can my offer be without being insulting? |
| A: Don't worry about insulting the seller - this is business. The seller can always come back with a counter offer or refuse the offer altogether. |
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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: If I’m interested in a home for sale by owner, do I still need a Buyer’s Realtor®? |
| A: Yes. Having a Realtor® represent your interests is just as vital in purchasing an unlisted property as in a more typical transaction. Most "do-it-yourself" Sellers welcome Buyers' Realtors® and are willing to pay their commissions in order to make the complex transaction easier. |
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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. |
