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Below are some of the most
commonly asked questions we receive regarding buying or selling
property. If your question isn't answered here please don't
hesitate to
CONTACT US.
 How
do I find an agent to work with?
First of all, you need to find someone with whom you are
comfortable, someone you can trust to assist you through
the process of buying or selling. You may wish to interview
several agents prior to reaching a decision. We have always
felt that honesty, integrity, experience, and knowledge
are critical to the process.
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What
can one agent offer that another may not?
Everyone has individual experiences that transfer into their
daily interactions. Real Estate brokers do, too. There are
specialties that are available to agents in terms of education
and designations, and areas of specific interest that can
develop into expertise. If you are looking for representation
in a specific type of property, you may wish to assess the
agent's experiences in that direction.
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What
does "multiple listing" mean?
Just about all real estate agencies cooperate with other
agencies in showing and selling their specific listings.
When a family or individual decides to sell their property,
that person finds an agent to work for them in the marketing
and sale process. When the home is listed, it is entered
into the multiple listing database, and the information
shortly appears on "realtor.com" as well. If you
are searching for a home to buy, the agent you have chosen
to represent you is in a position to show you all property,
whether listed with that agent's office or another. Most
of the time, the listing agency has already agreed to share
their commission with the selling agency.
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What
is a buyer's agent?
A real estate agent who is working on his/her buyer's behalf,
representing that buyer-client and advocating for that client's
interest.
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When
should I find a bank or mortgage company?
Some people are more comfortable finding a source of financing
before searching for their home to purchase, choosing to
be "preapproved" for their financing. Others prefer
to wait until they identify the home to buy. There are so
many different loan programs available, both "conventional"
and "government", and many lending institutions
which specialize in a variety of programs. The real estate
agent you choose will be able to assist you in determining
programs that may best suit your needs. That person will
provide you with a selection of loan originators and lending
institutions for you to interview and consult with prior
to making your decision. If you are uncertain about your
price range, the agent you choose will probably advise that
you have a prequalification meeting with a lender to provide
you with direction prior to starting your search.
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What
is the "secondary market"?
The "secondary market" refers to international
investors who purchase large blocks of loans. In other words,
a block of loans from New England may be sold to a group
of investors in California. There are regulations which
are established to provide consistency in requirements for
these loans. These regulations apply to both the requirements
for the purchaser and requirements for the property.
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Is
it important to have a home inspected?
We always recommend home inspections. Each home has characteristics
of its own, some may be considered to be problems to one
buyer and not to another. Sellers are required to provide
property disclosures for the buyer of their home, but there
may be issues developing that they know nothing about. Inspections
usually take about 2-3 hours of time, and are valuable not
only from the aspect of diagnosing defects but also from
the educational value you gain from learning about the home
you wish to buy. It is also good to learn what maintenance
needs to be done to keep problems from developing in the
home. Inspections which are most frequently done include
(but are certainly not limited to): general building inspection
(covers structure, electrical, plumbing, and basic heating
systems), septic systems, wells, radon (both air quality
and water levels), pest, lead, water quality. A developing
area of concern pertains to mold. There are inspections
available for this, and you should consult your home inspector
with questions and concern about mold.
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What
is the difference between an inspection and an appraisal?
A home inspection is usually not required by the financing
institution, but an appraisal is. The home inspections are
to discover/learn everything that you can about the home
you wish to buy. The appraisal is done by a licensed appraiser,
chosen by the lender, to verify the property value.
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How
do I make an offer after I find the right property?
The agent you select to represent you will complete the
Realtors Purchase and Sale Agreement with you. This standard
industry form contains contingencies for inspections, financing,
title search, and allows for additional concerns/items that
pertain to your purchase. The Property Disclosure which
has been provided to you by the seller of the property needs
to be initialed and signed by you, attached to the Purchase
and Sale Agreement. In addition, the Lead Paint Disclosure
needs to be completed, acknowledged, and signed by the seller(s),
the real estate agent(s) involved in the transaction, and
the purchaser(s). After the offer is presented to the seller(s)
by their listing agent (or representative of that agent),
the seller response will be communicated to you in a timely
fashion. The negotiation process may be quick and easy,
or may be more tedious and require more time. Your agent
will work with you every step of the way to the point where
you have a signed agreement on the property, or decide to
turn away from this property.
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After
I find a home to buy, how long does it take?
Once you reach an agreement to purchase the home, typical
financing takes between 30 and 60 days to "close"
the transaction. During that time, the lender will be receiving
documentation verifying information which you provide to
them at the time of loan application. They will be gathering
information pertaining to the property as well, such as
the appraisal of value and the title documentation from
the title attorney who does the title search. There may
also be a "plot plan," which is completed by a
surveyor for the purpose of verifying that there are no
encumbrances on the property lines. (It is important to
know that a plot plan is not a boundary survey, which is
quite a bit more expensive.)
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FREQUENTLY
ASKED QUESTIONS
