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Again, your loan officer will be the best source to give you a current answer for today’s lending requirements. Buying real estate is exciting and terrifying, all at the same time. There are many steps to the home buying process, and each step creates a new set of questions. Knowing the answers to the ten most common home buying questions can alleviate some of the stress of buying real estate.
Your Realtor can use this information to help you determine whether you can negotiate if you want to put an offer on the home. This doesn't mean that a younger real estate agent won't be a skilled professional, but experienced real estate agents may have wiser insights. Homebuyers and the home sellers who need them to move the market can at least flip the calendar and hope for the best as 2023 begins. In fact, they may have good reason to do so, real estate experts say. And if they don’t have the answer, they know the experts who do.
Can you recommend any real estate attorneys, inspectors, mortgage brokers, or escrow agents?
Finding the right one is up to you, but this list of questions can help you navigate the interviewing journey to connect with a real estate agent that is the best fit. In most states, a real estate agent can also represent the buyer. However, the agent probably shouldn’t represent both buyer and seller. Negotiating is a large part of the process, and it’s best to have an agent fighting hard for your case. One of the more challenging part of buying, selling, or owning a home is knowing the professionals you can trust to call on when you need help. An experienced agent should have a strong network, so ask them about who they recommend for further assistance.
Asking a Realtor what their average closing time is can give you an idea of how efficiently and diligently they work to satisfy their clients. As with many realms in our digital era, plenty of Realtors email and text to keep in touch with clients. If you’re the kind of person who prefers phone calls or in-person meetings, it’s good to identify communication styles up front and make sure they are in sync. • What kind of services they offer and what experience they bring to the table. You are now leaving the SoFi website and entering a third-party website.
How do you come up with your listing price?
What you’ll pay and when depends on whether you’re buying or selling a home. QuestionWhy it matters How much did the home sell for compared to the original listing price? If the agent sold the house for a lot less than the original listing price (90% or less), they might not be pricing accurately. An agent who hasn't been active in your neighborhood within the last 24 months might not be familiar with local market trends. They should be able to tell you exactly how they came up with their suggested asking price, whether through a comparative market analysis or by looking at comparable sales in your area.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to stricteditorial integrity, this post may contain references to products from our partners. Your monthly mortgage payment won't just include the principal and interest on your home, it will also include property taxes.
questions you should ask your realtor
A good agent will also have your best interest at heart and should try to find you the best deal and answer any questions you have during the entire process. “ starting to understand that where they listed six months ago is no longer market value,” saidColdwell Banker Warburg agent Kate Wollman-Mahan. There are the real estate agents who know the square footage, can speak to how many bathrooms are enough, and whether or not the school district fits the bill. Then there are the uncommon real estate agents who offer a different kind of experience.
According to a study by Redfin News, the average list-to-sale ratio in the United States is 99.6%. Even if you have a good idea of how the home buying process works, it’s still important to ask the agent to explain the process to you from start to finish. Be sure to take notes and ask for any clarifications you may need. You never know if there’s a factor you’re not considering or if the agent has more accurate information for you.
Answer: Usually 620+
If an agent doesn’t work on weekends, a time when most house showings occur, that’s something you’ll want to know before you give them the job. Any successful professional would have a short list of satisfied clients from previous transactions. An agent who can’t provide their references can’t guarantee a satisfactory experience for you. On one hand, an agent working with a lot of clients at once may not be able to devote the time you need from them. On the other, an agent with fewer clients, or none, may be a sign you should look elsewhere.
This fee is usually paid for by the sellers, or builder in the case of a new-home construction, and happens on or soon after closing. Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. Overall, real estate professionals believe the clouds have lifted and slivers of sunlight are on the horizon for the market in 2023.
Find out if the realtor you’re talking to has done any transactions representing either buyers or sellers in the neighborhood you’re interested in. The MLS is the shared online database where real estate agents list houses. Technically, a listing agent doesn’t have to cancel an agreement if they haven’t violated any of its terms. Keeping you locked in an agreement could lead to negative online reviews and complaints to the local real estate association.
Beyond a compatible schedule, you’ll also want an agent who is easy to get a hold of. In the best-case scenario, a REALTOR® will be available for phone calls. If they’re only available through text and email, it could be challenging to get in contact when you need them. Make sure that the communication style is a good fit before moving forward. In most cases, working with a full-time agent will accelerate the process.
Your Realtor should know plenty of reputable home inspectors and appraisers. Both an inspector and an appraiser will help you progress in the closing process. A good inspector will help point out potential flaws in the home and even make suggestions on what you might need to upgrade in the future. Even if you and your Realtor have different tastes in homes, having them walk through the reasons whether a certain home is or isn’t a good purchase can be very enlightening. They may point out benefits or flaws you haven’t thought of, which could help inform your final decision.
To make sure that your agent is the real deal, you can do a license holder search through the Texas Real Estate Commission . You can search for an agent by name or license number, license type, license status, city, county, zip code, and email. Through your search, you can better find a reliable agent who upholds TREC’s code of conduct.
An experienced agent will know that different houses may require different strategies during the selling process. They should have these strategies ready to implement, so ask them for plenty of details. For example, you can ask about the photographer they work with to get the best photos of your home for the listing and if and when they post on social media about the listing.
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