Are you a real estate buyer or a seller? Both camps will ask their realtor the same Real Estate FAQs. Below are 10 of the most common questions that both buyers and sellers often ask me.
Real Estate FAQs for Buyers
- Should I secure financing before house hunting? You should definitely secure financing before you ever go to your first property showing. You’ll need to know exactly what your spending budget is before you walk into a potential negotiating scenario.
- Would it be better for me to rent-to-own? The answer to this question depends upon your current financial and credit situation. If your credit score has taken a hit, and you don’t think that you can improve your score in enough time to secure housing, then you might consider a scenario where you can rent-to-own your home. Also, this is a good alternative if you don’t have enough money on hand for a proper down payment.
- Should I wait to sell my current home before buying? Ideally, you should wait to sell your current house, first. You won’t be financially responsible for one mortgage while applying for another — this makes lenders nervous. In addition, if you sell your house before buying another, then you could possibly have enough profit on hand to invest into your new property.
- How can I obtain information about the prospective neighborhood? It’s against the law for realtors to use discriminatory practices such as steering. This includes bad-mouthing an area based on the racial and ethnic makeup, religion, or any other markers that could be used to discourage certain groups or single them out. With this said, it’s legal to ask for resources such as crime rates in the area, the average resell value of the homes, or common amenities in the area.
- Should I pay for an inspection? If you’re the buyer, then you have every right to pay for a home inspection before finalizing your purchase. However, you could always ask the seller if they’ve conducted a pre-sale inspection. If they have, then they’ll be willing to share proof of documentation.
Real Estate FAQs for Sellers
- Should I get a pre-sale inspection performed? It’s definitely in your best interest to do so. This will allow you to fix any issues before placing your property for sale. This also prevents low-ball offers and deals that fall apart.
- Are there legally things that I need to disclose to buyers? As the seller, you are legally required to disclose issues such as roof repairs, deaths and murders that occurred on the property, and foundation cracks.
- What’s the difference between a sale price and the listing price? The listing price is the price that you, the seller, hope to generate from the sale of your home. This is your full asking price. The sale price is the amount of money that you’ll actually generate when the sale of your home has been completed.
- Should I expect to receive my full-ask price from the buyers? A full-price ask is always the goal, but it’s not always the reality. A buyer always has the right to negotiate down your asking price. If you’re motivated to complete the sale, then you’ll agree to lower the price a bit.
- What to do if I receive a low-ball offer? Don’t take low-ball offers personally. You don’t have to accept them. More often than not, the buyer isn’t educated about what is a reasonable offer, and their goal is to save as much money as possible on their purchase.
Certainly, you have other questions in mind. Contact me — I’m here to help!