Real Estate FAQ

Here are some questions we are frequently asked and their answers. If your question isn’t answered here, please feel free to use the form at the bottom of this page to ask.

Q: Who pays the Realtor’s commission?

A: In most cases the seller pays. But, the actual check is written at closing by the seller’s attorney. In some cases a buyer may elect to hire their own agent and pay that agent for their services.

Q: When should I consult a bank or mortgage lender?

A: It is advisable to be pre-qualified for a mortgage by a bank or mortgage lender prior to looking at Real Property.

Q: How do I determine the best listing price for my home?

A: Consult with a Real Estate professional and seek a market analysis from 2-3 professionals that specialize in your area.

Q: Should I make a purchase offer subject to a satisfactory home inspection?

A: Many buyers, particularly first time buyers, choose to have a professional home inspector review their proposed purchase to protect them from obtaining a property with potential problems that they cannot afford or do not want to correct.

Q: If my homes sells in the first week, was it under priced?

A: In most cases, no. It was probably priced correctly. Houses sell quickly, many times at full price because they were priced exactly where a prospective, buyer who is ready, willing, and able, would expect to pay. And, where the buyer might have been afraid to lose the property to another buyer had s/he not acted quickly at full price.

Q:Is it wise to make a full price offer on a home I really like during the first week it is on the market?

A: If the buyer is knowledgeable of that particular market place at that particular period of time and feels that the property meets their needs and is fairly priced then a full price offer:
necessary because of multiple offers
will not be overpaying.

Q: Why should I agree to pay closing costs, escrows (sellers concessions) for a prospective buyer of my home?

A: By agreeing to pay for prospective buyers closing costs, the seller makes their home available to more buyers. Many buyers do not have the cash necessary to purchase a home under conventional standards ie: down payment and all closing costs and escrows. It is legal to have the sellers pay concessions to facilitate mortgage financing. It is the net amount after concessions that should concern the seller.

Question

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