Home Articles Frequently Asked Questions and Answers About Real Estate

Frequently Asked Questions and Answers About Real Estate

When it comes to real estate people have a ton of questions that they want to ask their realtor. Some of the questions are frequently asked by every single potential client. Realtors are there to make your transition from your old to your new home smooth and trouble free.

How do realtors get paid?

Often times the realtor is paid through a commission by the individual selling the property. The realtor helping a buyer to find a potential home or property to purchase is often times compensated by the listing broker. If the property is being sold by the owner and not listing brokers then the buyer will be in charge of paying the realtor.

Can a prospective buyer attend the home inspection?

If you intend to purchase the property you are allowed to go to the home or property inspection. It is however advised that you make your appearance during the last moments of the inspection so as not to distract the inspector. Towards the end the inspector will be done inspecting and they can give you a tour of the property and respond to any queries or concerns you might have. If you are selling the property it is not advisable to be present during the inspection as you might be charged with a legal obligation of revealing any information that emerges during the inspection. The seller can have the buyer’s agent present during the inspection if they are concerned about the security of the premises of they can alternatively hire a certified and licensed inspector.

Who should attend the appraisal?

The appraisals take duration of about thirty minutes and neither the buyer nor the seller needs to be in attendance. Both the buyer and the seller can send the realtors if they have some comparables they would love presented especially if it is an exquisite piece of property. The seller can however be in the premises if they want to and they can also assist in giving the appraiser some of the items that they think should be upgraded to assist in marketing the appraised value.

Duration of time taken to close

The seller is required to sign only a few papers so their closing time can be as little as thirty minutes and at times even less. The buyers closing time depend on if they are making the purchase using cash or they are borrowing money to make the purchase. For cash purchases the buyers closing time will be very quick but for loan purchases there is a lot of documents to sign which might take up to one hour or more.

Purpose of getting pre-approved

Prior to becoming too attached to a property you intend to purchase it is important that you send your pre-approval letter. If the property is listed on the seller’s market any potential buyer who has not been pre-approved will make offers that will not get any consideration. Getting pre-approved lets you know if you qualify to purchase the property or not and if not the reasons. Reasons such as poor credit scores in the past can result to you not being able to make that offer on your dream property. Getting pre-approved will limit the number of individuals allowed on the premises hence eliminating thieves surveying and profiling the property.
When it comes to purchasing a piece of property in real estate the first step is becoming preapproved. Getting preapproved allows the buyer to determine how much money they can borrow. Once the buyer is aware of how much they can spend on a home they can search online for homes or properties within that price range. This saves the buyer a lot of time they would have wasted perusing through homes that they cannot afford and allows then to concentrate only on those that lie within their budget limit. The estimation on the loan received from the lender will also present the buyer with a precise breakdown of how they are expected to make the payments. This allows them to plan on how to get the down payment money such as through liquidating assets, taking extra time to save more money or looking for mortgage gift finances from your family. Getting pre-approved also indicates that the buyer is genuine to the seller and the real estate agent.

Duration of time taken to make a purchase

The standard period of time taken for the sale of a property to be complete is about thirty to forty days. The duration is however dependent on how well prepared the buyer is among other factors. If the buyer is well-prepared the duration of time can be much shorter than the standard estimated period. The prevailing market conditions also have an impact on the time taken for a sale to be completed.