TOP 5 QUESTIONS I’M ASKED AS A REAL ESTATE PROFESSIONAL
July 15, 2021
TOP 5 QUESTIONS I’M ASKED AS A REAL ESTATE PROFESSIONAL
1: How Much Do Real Estate Agents Charge?
Typically, you aren’t paying a real estate agent to help you find your dream home. A home seller pays their real estate agent a percentage of the home sale price, and that agent pays the buyer’s real estate agent for bringing in the buyer.
2: How do I prepare my home before I sell it?
Buyers want to see a clean home with lots of potential and few repairs. Before you sell, consider giving your entire house a deep clean and hiring an inspector to look for possible problems.
3: How can I figure out how much a home is worth?
The best way to figure out your home’s current value is to reach out to local professionals. Real estate agents or professional appraisers can give you an estimate through a consultation or competitive market analysis.
Again, online calculators are just a rough estimate of your home’s value. Whether you are buying or selling, you may find yourself doing some Internet research to see the value of homes in the area. But before you accept the first number, know that not all online calculators are accurate. Everything from new appliances to construction down the street can affect your home’s value.
4: How many homes should I view before buying one?
That’s up to you! For sure, home shopping today is easier today than ever before. The ability to search for homes online and see pictures, even before setting a foot outside the comfort of your living room, has completely changed the home buying game. Convenience is at an all-time high. But, nothing beats visiting a home to see how it looks and ‘feels’ in person.
5: What is earnest money?
When you make an offer on a home, your agent will ask for a check to accompany it (checks are the same as cash, and the deposit is typically 1% to 2% of the purchase price). Earnest money is made in good faith to demonstrate - to the seller - that the buyer’s offer is genuine. Earnest money essentially takes the home off the market to anyone else and reserves it for you.
The personal check/certified funds are deposited in a trust or escrow account typically the title company or real estate agent’s for safekeeping. If a deal is struck, the earnest money is applied to the down payment and closing costs. If the deal falls through, the money is returned to the buyer.
Important: If the terms of a deal are agreed upon by both parties, but then the buyer backs out, the earnest money may not be returned to the buyer. Ask your agent about the ways to protect your earnest money deposit and the ways to protect it – such as offer contingencies.
