Reliable answers to all your Real Estate questions. Buyers, sellers, investors, foreclosures... ask away, we can help!
First step is to speak with a lender. They will provide a pre-approal letter and outline costs to purchase, down payment needed, estimated monthly mortage (+tax/insurnace) payments, and your maximum approval amount.
With this information your can know the homes you are considering will be a good financial fit for you.
Next step is to speak with an experienced Realtor to begin the search for a home that matches your needs. Location, size, bedrooms, bathrooms, basement, garage, yard, and other features you are looking for.
In most cases a buyer has an opportunity for Due Diligence perior. This can include completeing inspections (normally at the buyer's expense) such as a General inspection, Radon inspection, Well, Septic, Roof, Pool, and others that are appropriate for the home. This is also the time to check for city violations or other information that is important to know before proceeding with the purchase.
Generally 7-10 are given for this inspection time, but these details can be negotiated as part of the buyer's offer on the property.
Short answer - YES
Long answer - It may not be in your best interest. Rember the agent listing the home is working for the seller of the home, to help them achieve their goals (generally the highest/best offer). They can assist a buyer also but their primary duty is to the seller, not you. Sellers pay all commissions, even the buyer's agent so there is NO cost to the buyer to find their own agent. An agent they are comfortable with, an agent with a fiduciary duty to work in their best interest!
The Earnest money deposit is funds collected from the buyer, deposited and held with either the title company handling the sale or the buyer's agent's brokerage. Those funds come back to the buyer as a credit against money due on the day of closing.
Generally, $1000-$5000 is deposited, depending on the sales price of the home.
The deposit shows the sellers the good faith intentions of the buyers. It is in place to ensure both parties adhere to the contract terms.
If there is a breach of contract, the buyer or seller may have a claim to the deposited funds depending on the situation. Have a specific question? Just call us.
Once you find the right home, the loan/financing portion will generally take 30-35 days. Allow a few days or a week to negotiate out an offer (or a few hours if everyone is very motivated and responsive). - total time approx. 5-6 wks
Finding the right home... That's the tough part. Some buyers will look for months based on the available inventory in their desired location and needed home features. Other buyers will find the right home in just a couple of weeks.
Talk to a knowledgeable agent about current market conditions and inventory levels.
Generally, we would suggest to being the process at least 6 months prior to a lease ending.
Renters also may want to inquire if early lease termination or month-to-month lease extension is an option if the search process goes faster or takes longer than expected.
A knowledgeable lender can help you estimate the amount of money needed to close on a home (funds needed on the day of transfer).
Closing Costs consist of Lender and Title Company fees
Down Payment can be anywhere from 0% to 20% of the purchase price depending on the financing used and buyer qualifications.
We can provide a list of great lenders, or contact your own bank or credit union.
This can be tough - If there is an inspection or due diligence period allowed there will be some situations that could result in allowing for the release of a contract. However, this is not a blanket "I changed my mind" sort of opportunity.
The best option is always to consider all aspects of a home, location, and price before submitting and financing an offer. Working with an experienced agent who has a good idea of what you need and want in your next home will ensure you are in the right situation once you have a signed contract.
If something still happens and you need to release a contract - the Earnest Money Deposit could be in jeopardy.
Your home doesn't have to be in any particular condition to sell. After visiting your home, a Realtor can provide estimated sales prices based on recent sales and pending sales of comparable homes in your neighborhood.
Generally, a home with fewer repairs or updates needed will sell for a higher value. However, your agent can help you make educated decisions on updates/repairs needed and how they will affect the value of your home.
Sometimes ~ However, most offers include other factors in addition to the final sales price, which should be considered. The best offer is the Right offer based on the seller's situation.
Terms such as sales price, close date, inspections, financing type, lender, seller-paid concessions, and more all should be factored into the decision of which offer is best.
In Ohio, selling your house without a real estate agent is possible, and it COULLD save you a lot of money in agent commission fees. If you sell a house worth $200,000 you'll pay at least $10,000-14,000 to real estate agents. That's a huge chunk of your potential profits.
Without a listing agent, you can cut commission expenses in half, and you'll have more control over the sale. But because of added responsibilities, such as setting a listing price and negotiating with buyer's agents, selling without an agent, is often only a viable option for experienced home sellers willing to put in the time and effort.
Plus, selling for sale by owner (FSBO) has risks. Research shows that FSBO homes typically sell for about 6% less than those listed with agents - 6%, that's the entire commission you just tried to save - and a lot more work you took on.
You'll also still have to offer a competitive buyer's agent commission — usually 3% of the sale price. You'll be responsible for all the work of a trained real estate agent, so if you have other obligations, such as a job or a family, selling FSBO might not be for you.
You may save time and energy and walk away with MORE money by working with an experienced Realtor who can sell your home for top dollar - despite paying commissions..
Many potential sellers love to rely on public real estate sites for "estimates"... for the best answer talk to an experienced Realtor. They can provide value based on the individual aspects, conditions, and features in your home and for your neighborhood.
YOU know your home is not exactly like your neighbors, or those down the road..... but if they are similar in size and bedroom count - the public site estimates won't know the difference. Working with a Realtor allows for a more accurate personalized value comparison.
5-7% is what most Northeast Ohio Realtors charge. Note, there are not a set fees Realtors are required to charge. Sometimes it is a flat percentage, sometimes it is "graduated" - the percentage lowers as the sales price goes up.
There are discount and limited-service real estate brokers in the market. But remember the saying "you get what you pay for"? It can apply to Realtors as well. The cheapest isn't always the best. Working with an inferior agent could result in ineffective marketing, long market times, missed buyer appointments, poor communication, and lower sales prices. None of which a seller wants to encounter.
Realtors do not get paid until your sell your home sells. Keep in mind a higher commission with an experienced Realtor could result in a faster sale for a higher price - which means a higher profit to you.
Listing agreement terms are based on what is mutually agreed upon by the Realtor and the seller. Discuss what is the average market time for homes like yours and in your neighborhood. Unique homes with a smaller buyer pool may take longer to sell.
As your Realtor to explain the options to terminate a Listing Agreement ~ but we feel, the relationship should be mutually beneficial. If it is not succeeding we never want to keep our clients in a negative situation.
Funds/credits paid from one party to another at closing. Most often the buyer will ask the seller to give a concession (credit) to help the buyer pay for their closing costs (funds due at closing). Buyers and sellers should always consider the "net" offer after any concessions are given.
As you would to any offer - with respect and in a timely manner.
Sellers can counter with a price and terms that are sensible for them. Most Realtors will tell a seller, the 1st offer is often the best offer. A Realtor will do their to make an offer work but not offers can come to terms beneficial to both parties.
A Realtor can help estimate title comany closing costs for you.
The comparable information your Realtor used to help determine your home value for setting a list price is some of the same information the appraiser will consider. When an offer is accepted those comparables should be considered to help ensure you are accepting a reasonable offer price that will not run into appraisal issues.
A low appraisal could require the sales price to be reduced.
Cash offers do not require an appraisal.
Agents can in some situations provide different comparables to a lender for consideration but they may not be used and it could delay financing.
Any house, any condition, any features can be sold! It just that price will be relfective of the situation.
It is preferred the buyers and their agent have an opportunity to tour the home alone. They will feel more at ease to take their time, consider all the features and speak to their agent freely. This is an important part of the process for buyers to decide if your home is the right one for them.
Although there are times when it can be informative for buyers to ask direct questions to the sellers. More often buyers prefer to talk openly to their agent in private away from sellers. A home is a very personal space and buyers normally never want to say something to offend a homeowner.
Note - buyers will always be accompanied by a licensed Realtor.
With some good due diligence, anyone can purchase a foreclosure. Each bank/foreclosure seller works a little differently. Be sure you are familiar with what you are purchasing and the bank stipulations. Working with a Realtor experienced specifically with REOs and foreclosures is key.
Sometimes yes - It is important that offer financing matches the property condition. Some homes will qualify for FHA financing, some conventional, and some will require cash only due to property conditions and/or utilities being off.
Sometimes yes - Buyers can always request an inspection/due diligence period as part of their offer. Not all banks will agree, however. If there is one, properties are most often sold as is. So although a buyer may be permitted to an inspection period, the results are for information only, not an opportunity to request repairs. Buyers can typically request a release however if the results are unsatisfactory. But it is important to read the bank addendums carefully (despite how long they are).