There is no doubt that the world of real estate can become a little confusing from time to time. Questions ranging from simple term definitions to investment advice can bog down the unfamiliar mind. Luckily enough, your agent will be able to answer all the questions on your mind and more, but we thought we would give you a head start. Join us today as we go over some of the most commonly asked questions to real estate agents.
What do I do first?
What you do first is the same, no matter if you’re buying or selling—get an agent. By having an agent, you will have someone who will be able to help guide you through the process and answer all future questions. After you have one, your first step will be different depending on what category you fall into. If you are looking to buy, the next thing you should do is to get approved for a loan, or at least find out how much you may be approved for. This will allow you to look at homes with a realistic picture of what you can afford. If you are selling, the first thing would be to get an appraisal, and go from there.
If I’m buying, how long will it be until I can move in?
This question is a classic one, and the best we can give you is a rough estimate. On average, once a seller agrees to a price, it will take 36 days until closing—the day the keys are transferred to you. However, this all depends on how you plan to pay for the property, as cash sales will take less time, but FHA and VA loans will take longer, thanks to the added red tape. If you are looking to pounce on a short sale, expect to be in limbo for a much longer period of time—about 90-120 days.
How many homes should I look at?
Much like the question above, this one determines a lot on your personal choices and preferences. Some people have found their perfect home inside of a week, whereas others like to take their time and think before making a move. Our advice to you is to explore all the options you have, but at the end of the day, you will know in your gut if it is the right home for you.
What should I disclose to potential buyers?
In short: everything. You should disclose everything you know about your home to potential buyers, as it is less headaches that you will have to deal with later on. Also, it is better for you to address it upfront than to have the buyers address you at the negotiation table, where you could lose out on money. If you know about, the home inspection will probably find it, so bite the bullet and tell them upfront.
We understand that this whole process can be a little intimidating, but it doesn’t have to remain that way. Look no further than your agent for all the questions you may have about the process!