About Selling A House
1. How do I prepare my home before I sell it?
By making your home presentable, by giving your entire house a full cleaning, and by making any small repairs. Such as painting your walls a neutral color; white, creams, and grays can make your home seem bigger. Decluttering and depersonalizing can also help potential buyers better see themselves in your home.
2. How long will it take to sell my home?
It can take an average of 55 to 70 days. Including the 25 days it’s on the market and the 30 to 45 days it takes for the closing period. It can depend on the time of year you’re selling your home, the condition of your home and the condition your local housing market is in, and finally, how the buyer is financing.
3. Why is my home’s assessed value different from the market value?
Buyers and sellers affect the market value of a home. While the assessed value is determined by professional appraisers.
4. Should I buy a new home before selling my old one?
This decision depends on you. A new home can give you peace of mind, as it prevents you from looking for temporary housing while you are selling your old home. However, you would now be paying two mortgages. Which can be a problem if your sale is taking longer than expected.
5. How can I save money when selling a home?
You can try selling the home on your own, thus eliminating the seller’s commission. And you can have a lawyer handle all the necessary paperwork. But, a real estate professional is highly recommended to have by your side. Since they will not only have extensive experience and knowledge about the real estate industry but also know how to manage the paperwork. Selling a home also requires you to handle listings, organize showings, and handle the negotiations. Many things, that a real estate agent can pull off your life plate, so you don’t have to add worry to it.
6. Should I pay my buyer’s closing cost?
Paying the buyer’s closing cost allows them to make a better offer or help the sale close faster. The buyer would take out less in the mortgage, therefore, being more likely to qualify for a loan and have the sale go through, assuring them of the purchase.
7. Do I need a home inspection?
As a seller, you do not. But as a buyer, it is their responsibility to get a home inspection. Although, the advantages of having a pre-listing inspection are: being able to discover any major problems with your home, having the ability to choose your home inspector, and being able to list your home at a higher price if the results of the inspection are great, and the buyer may waive the inspection contingency that will lower the chances of your deal falling through.
8. How can a real estate agent help me sell a home?
A real estate agent has the following: comprehensive knowledge of the area, a good idea of how much your home can offer you, and access to a network of professionals. All these attributes will contribute to your home-selling journey. As well as the well-known ability to market a house, deal with paperwork, and set up open houses.
Buying A Home
1. What is the first step for buying a home?
The first step you should take is checking your credit score. Your score is what lenders look at to determine if you qualify for certain types of mortgages. It is wise to check over your credit history to see what you can do to improve or correct it. A high credit score can help you qualify for loans with a lower interest rate. It also helps to look up different mortgage lenders and see the loans you prequalify for, so you can create a budget and look for homes in that range.
2. How long will it take to buy a home?
It can take 4 1/2 months to shop for a home, with an additional 30-45 days to close on a home.
3. Can I back out of buying a house?
Yes, but you may lose your security deposit that was given to the seller upon signing a contract. There could even be legal consequences if you back out of the agreement for a reason not outlined in the purchase agreement.
4. Should I sell my home before buying a new one?
Selling your home before buying a new one may leave you looking for potential occupancy, whether it be a rental or a stay with family/friends. Basically, you end up moving twice and you might need to pay for a storage unit. The pro in selling your home first is the money you make from the sale will give you the opportunity to give a strong offer of cash towards the one you want to buy.
5. How much does the buyer pay in closing costs?
Closing costs usually fall between 3-5% of the home’s sale price. Buyer and seller can negotiate about who should cover the closing costs. The seller has a limit though (seller contribution maximum). The seller pays the amount appropriate to the mortgage type. The national average closing cost for purchasing a single-family home was $6,905.
6. How can I save money when buying a home?
Check to see if you are eligible for financial programs or loans available through the FHA (Federal Housing Administration). It is recommended by financial experts to save up for a 20% down payment. That way, you don’t have to pay for private mortgage insurance that can cost anywhere from .3% to 1.2% each month of the loan’s principal month. There are also commission rebates that are available in 42 states. Home buyer rebates are when the real estate agent or broker shares a percentage of the payment they receive at closing with you, so you get some of your money back.
7. What is earnest money/hand money?
Earnest money is reffered to as a “good-faith deposit” from an interested buyer and is usually 1 to 3% of the home’s purchase price. This money can go towards closing costs or a down payment on the home and is held by a third-party (escrow).
8. What is title insurance?
This insurance protects homeowners from claims against thier home that happened before they purchased it like a prior owner’s failure to pay taxes.
9. What should my down payment be on a house?
Lenders usually require at least 3% for the sale to go through and some require 5%. If you’re a first time buyer , veteran or rural resident, there are special programs available to help you afford a home that may also not require you to worry over a down payment.
10. How long can the seller take to respond to my offer?
It can take as long as 72 hours to several days or to several weeks.
11. Why do I need a mortgage before I buy a house?
It can help speed up the underwriting and buying processes, especially if you have a positive history of making payments on time, a good credit score, and a consistent income.
12. How can a real estate agent help me buy a home?
A real estate agent can help you buy a home by finding homes within your budget, schedule visits to houses you like, and negotiate with sellers. Their knowledge and experience can also help you find homes that aren’t on the market yet. Making buying a home easier and more of an enjoyable experience.
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