FAQ

Frequently Asked Questions

Can I Ask You for Advice?

OF COURSE!!! That’s what we’re here for – we are your partner, your confidant, your guide! As your agent, either as a Buyers Agent or as a Sellers Agent, accomplishing your goals is to accomplish OUR goals! You can ask us anything – doesn’t mean we’ll know the answer but it means that if we don’t know it, we’ll find it out! We are here for YOU!!!!!

What Is Pre-approval?

Pre-approval is the stage before approval. It is the preliminary evaluation of a potential borrower by a lender to determine whether or not they can be given a prequalification offer. It means that the Buyer has taken the step to have their finances reviewed and that specific lender is willing to lend a specific amount of money to buy a home. Note that preapprovals do not guarantee a loan. It also means that a Buyer is serious about getting a loan and has sought out financial assistance.

Is Renting or Buying Better?

This depends on your lifestyle and your future plans. It also depends on the market – whether it is strong for the seller or strong for the buyer! It also depends on what you purchase, whether it be a home, condominium, farm, fixer upper or new construction. Consider buying a home if y0u have the savings, the credit, the stability and the clarity that you’re going to stay in one place. Otherwise, if you’d rather not have the responsibility of maintaining a home, you might want to continue to rent or consider a “hybrid” of both and purchase a condo. Or if you don’t have the emergency funds for regular maintenance items, owning may not be for you. Renting is much more flexible and you can invest more per year. Owning allows you to build equity and is excellent for your taxes as loan interest is tax deductible. It also allows you do to what YOU want to the house versus what your landlord will allow you to do.

Do I Need a Home Warranty?

A Home Warranty is a contract between a homeowner and a home warranty company for s specific period of time (normally one year and can be re-upped for more) that provides for discounted repairs or, in some cases, replacement service for a homes major components like a furnace or HVAC. A Home Warranty is designed to give a Buyer peace of mind that if a component goes out that it will be fixed or replaced – especially during the first year when money has a tendency to be tight for emergencies. Some Sellers offer a Home Warranty as part of their sales package; however, more often than not, Buyers must negotiate a Home Warranty as part of their final package. While there are good points to Home Warranties, there are also some negatives; warranties can be voided if the home owner has tried to fix the item themselves or if there has been improper maintenance on the system. Further, the homeowner has little or no say in the model or brand of the replacement component or may not like the job the company-designated contractor does. The homeowner cannot choose who comes to work on their component – those jobs are done by designated contractors of the Home Warranty Company. More often than not, it is good to have a warranty. However, it is also good to have an emergency “slush fund” in case something comes up that the warranty does not cover and must be covered by the homeowner themselves.

Am I Ready to Be a Homeowner?

Taking the leap from being a tenant to becoming a homeowner is a big milestone in most everyone’s life! Only you and your lender can get a true answer to that question. However, there are mitigating factors…are you planning to live where you are for the long-term and are you ready to settle down & accept more responsibility? Do you pay the same amount in rent as you would for a mortgage? Can you cover the downpayment of at least 3.5% for an FHA loan? Do you have a steady income and not too much debt? Seek out the advice of a certified Mortgage Professional and see if you qualify to take the next step!

Should I Do a Final Walkthrough?

ABSOLUTELY YES!!!!! The final walkthrough should be done as close to the closing time as possible. Most contracts allow for a final walkthrough up to 72 hours prior to closing (check your contract for specific verbiage). You want to do a final walkthrough to personally check to make completely certain that all your repairs are completed to your satisfaction and that everything that is on your repair receipt is accounted for. It also provides an opportunity for you & your agent to go ROOM BY ROOM taking careful time to inspect the condition of the interior, exterior and yard to ensure that it is in the same condition or better than it was the last time you saw it. If any damage has occurred by the Sellers moving out or items have been left behind (other than things agreed to in the contract), this allows you time to get this rectified prior to closing and have it completed by the Seller.

What Should I Expect at Closing?

First, CONGRATULATIONS!!! You did it!!! You made it through the home buying process and when this closing is done, it’s YOURS!!!!! On closing day (aka settlement day), you need to make sure you’ve done all your finger exercises because you’re going to be signing A LOT of paperwork! Attending the closing normally is the Seller, the Buyer, their respective Agents, your Mortgage Lender and the Closing Attorney. While this differs from state to state, those are the folks that normally are there. Provided that everything has gone through in an acceptable manner (home inspection items complete, appraisal complete, final walkthrough complete, etc), you will need to make sure that prior to going to the closing, that you have the utilities set to be turned over into your name on the property and that you’ve got your Homeowners Insurance set up. The Closing Attorney will have all sorts of forms, mostly boilerplate (standard) forms from the state where you live, transferring the home from one party to another. The Closing Attorney will collect the amount of money that you’ve been told to bring by your Mortgage Lender. In some cases, your Mortgage Lender will go over your loan papers. Sometimes, you’ll meet with them first to go over all this paperwork – other times, they’ll do it afterwards. Once all the paperwork is signed (the Buyer signs much ore paperwork than the Seller!), you get your keys and it’s YOURS!!!!!

Together, We'll Find The Great Space You Deserve

Our staff with be here with you throughout the entire process representing you & your best interests.