Whether buying or selling a home, there are many questions along the way. Make sure you hire a real estate professional that can help answer all of your questions and help you navigate the path to your sale. Here are some of the common questions I get asked from buyers and sellers:
Do I need to get pre-approved before looking at houses? Well...you don't have to, but if you are seriously in the market you definitely should. Getting pre-approved gives you an advantage over buyers that are not pre-approved. You'll be in a position to make an offer and act fast if you find your "dream" home. How else would you know what you can truly afford? There is much more that goes into getting pre-approved than just knowing what you are comfortable paying per month.
Can I find properties that are rent to own? Hmmm...This is a like a great Where's Waldo book. It can be done, however, most agents do not have a great source to help you find rent to own options because most owners willing to do that want too much for their home and do not want to pay a commission. You will need to spend countless hours emailing ads on Craigslist and other sites trying to see who will take the bait. In the end, you may not have success or you will end up settling on a place in a less than desirable location because the options are very limited.
Should I sell my current home before buying a new one? Great questions! This is where getting pre-approved comes into play again. That should ALWAYS be your first step. Only then can you see if you even have the option of buying before selling your current home and what you can afford. If you are not comfortable (or not qualified) paying 2 mortgages at the same time, you definitely need to get your home ready to sell, first.
Who pays the real estate agents? Simply put, the seller. The seller enters a listing agreement with their agent for a specified percentage of the sale. That seller's agent then offers a co-broke commission out to any buyer's agent that procures the sale. This is why buyer's agency is essentially free to buyers and a GREAT idea to have an advocate on your side.
What is a short sale? A short sale is when a distressed seller is trying to sell their property for the current market value, or sometimes just below market value, which is usually significantly less than what they owe. Maybe they've refinanced too much and not paid down the mortgage, maybe the market declined and they have some life-altering reason why they are asking to be forgiven for the debt in-between the amount owed versus the current sales value. It's a very lengthy process, but with a great team of experts, it can lift a huge burden off of a seller's shoulders. Contact us today if you think you may need a short sale.
What is a foreclosure? A foreclosure is a bank or lender owned property that was either abandoned or taken back at auction from a seller defaulting on their payments. Start searching all foreclosures for sale in MA and CT here.
How many homes should I look at before purchasing one? Great question! The best answer is, AS MANY AS IT TAKES! Not every buyer has the same needs and some buyers have an easier time than others. Don't let your agent pressure you into making a decision if you are not ready. When you find the right home you will know. Contact us today if you're looking for patient, knowledgeable agents that will search with you until the end.
How long does it take for my offer to get accepted or rejected? Traditionally, offers can take anywhere between 24-48 hours to receive an answer. Some circumstances can make it take longer such as work schedules, life events and bank-owned properties that have to be reviewed during limited hours. If you are worried about your offer, make sure you put your best foot forward and submitted all appropriate documentation to go along with it to ensure a timely answer.