Want to know more? You are always welcome to call one of our agents. Please find answers to common questions below
What is a CMA?
A CMA or Comparable Market Analysis identifies homes sold or actively on the market that are similar to the subject property in question. Gathering information about comparable home sales in the same area as the subject property is a helpful tool to assist home owners and their real estate agents determine 1) an estimated fair market value of a home and 2) determine the best listing price for the home to be competitive in the existing market place.
What is an appraisal and do I need one?
An appraisal is an official opinion of value report created by a certified Appraiser. Appraisers use recent comparable market sales to determine a fair market value of a home. They make value adjustments that may be based on differences in location, square footage and upgrades to the home. Most Sellers do not need an ato ppraisal before listing their home. Buyers who are depending on a Lender to give them a loan to purchase a home will need to pay for a home appraisal as part of their non-recurring closing costs.
I want to buy a home. Where do I start?
We highly recommend that your first call is a Loan Officer or Loan Broker – or better yet a few of them. Knowing exactly what you can afford is the key to home buying success. Lenders have various loan programs and you’ll need someone to point you in the right direction for you and your family. Loans have underwriting requirements; conditions that must be met before the lender will give you a loan. Most people know about credit score and down payment requirements but those are just the tip of the iceberg. An experienced loan officer can help guide you through the maze and prevent any last minute surprises that can derail your purchase. We have an extensive network of experienced Lenders that we can refer you. Just ask!
How much is “Closing Costs”?
Closing costs are usually categorized into 1) Recurring and 2) Non-recurring closing costs. Recurring closing costs are charges that Buyers have to pay up front to purchase a home such as pre-payment of their home insurance premium, prorated property taxes etc. Non-recurring closing costs are one-time charges to Buyers and Sellers related to the real estate transaction. Commonly, non-recurring closing costs to Buyers include loan points, appraisal or inspection fees, title and escrow fees etc. Sellers pay for agent compensation, maybe a home warranty and any agreed upon repairs. Closing costs vary depending on the terms of the contract. Our agents provide both Buyers and Sellers a detailed estimate based on each specific offer made or received to help you make the right decisions prior to contract signatures.
How do real estate agents get paid?
Real estate agents work on commission. That means they only get paid when a home is bought or sold. It is that simple. All the services our agents provide are intended to bring results and once we get you to the finish line, payment is collected from a pre-negotiated commission. Usually commissions are negotiated between home owners who want to sell their home and their Listing Agent. The Listing Agent in turn offers part of this commission to Buyer’s Agents to make sure those agents are compensated for their work as well.
Why do Sellers pay Buyer Agent compensation?
This tradition may seem unfair at first glance, but think about it this way: If a buyer had to pay their agent to help them find a home, they would have less money to pay you for yours. Further, many buyers struggle to make the initial down payment on a home. Adding a commission expense to their closing cost may prevent them from qualifying to buy a home at all.
Ready to find out more?
Call for a free consultation today!