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BUYER QUESTIONS: »
SELLER QUESTIONS: » |
BUYER QUESTIONS:
How much can I afford to buy?
First, a lender is your best source. They will take into consideration your debt-to-income ratio, plus your credit score as well as the particular type of loan that best suits your needs. Contact local lenders familiar with this area. Many lenders can preapprove or prequalify you on the phone in minutes.
What is the difference between "preapprove" and "prequalify" mentioned?
"Preapproved" means that the lender will run your credit report and may require proof of income or other documentation. "Prequalify" is a quick way a lender can tell you what you qualify for simply based on your verbal answers to income and debt without running your credit.
I have never bought real estate before; what's the first step?
My first recommendation is that you contact a local lender to be preapproved for the maximum amount your income, debt and credit score allows based on that lender's guidelines.
What is the advantage to getting preapproved before looking at property?
If you know the maximum amount you are approved for, it will save both of us time by narrowing down the search, in terms of time and number of properties given serious consideration. Additionally, by taking this all-important step first, this will prevent you from looking at properties that perhaps you can't afford, which leads to disappointment on your part. I want this to be a positive experience from the beginning!
There are so many loan types, but how do I know which is the best loan for me?
If you have an accountant or other financial adviser, you might want to discuss with that professional to determine factors such as amount of down payment, the long-term benefits of various loan types, etc. Also, a local lender is an excellent choice for explaining loan types or which loan products best suits your personal needs/situation.
How much will my closing costs be?
Closing costs are determined by your sales contract and are negotiable between you and the Seller. If you don't have a sales contract yet, I can provide an estimate based on several anticipated factors such as sales price, down payment and a possible split of closing costs. However, until you have a fully-negotiated contract, exact closing costs cannot be accurately determined.
What are escrowed and prepaid items on your Estimated Closing Costs statement?
Escrowed items are funds collected at the time of closing for property taxes and homeowner's insurance and are held by your mortgage company; they will hold these funds and will pay your property taxes directly to the county tax collector and your homeowner's insurance company on the annual due date. Prepaid items are what has to be prepaid in advance of closing, which typically includes the first year of your homeowner's insurance and homeowners' or condominium association dues, if applicable.
What is the Homestead Exemption on property taxes?
Florida residents are entitled to a $25,000 Homestead Exemption based on the taxable value of your primary residence. This is computed by taking the assessed value (not the same as your property's current market value) and reducing by $25,000 before multiplying by the local millage rate. This will result in several hundred dollars annually on your property tax bill. To receive the Homestead Exemption you have to file with the county property appraiser's office. The deadline to file is March 1st. Additional exemptions may apply, such as $500 Widow/Widower, $500 Disability, $500 Blind Person, $5,000 to Total Exemption for Disabled Veterans. |
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SELLER QUESTIONS :
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How much is my home worth?
There are several ways to determine your home's value, one is paying for a professional appraisal in advance of listing. However, I am able to provide a free complimentary market analysis using recent sales and current active listings in your area to determine a sales price.
How much will my closing costs be?
Closing costs are determined by your sales contract and are negotiable between you and the Buyer. If you don't have a sales contract yet, I can provide an estimate based on several anticipated factors such as sales price and a possible split of closing costs. However, until you have a fully-negotiated contract, exact closing costs cannot be accurately determined.
We are anxious to move, should we take the first offer?
Every Seller's personal situation determines how comfortable they are with waiting for the "best" offer. If the first offer is full-priced with terms that you like with a workable date of closing, why wouldn't you take it? However, if someone submits a low offer with unfavorable terms, such as closing costs split, date of closing, etc., then I would recommend you counter with more favorable terms to your liking. This is a decision that is heavily weighted on individual circumstances. My advice is based on what I know about your circumstances in helping you make the best decision for you. I provide personalized responses. This is absolutely NOT a one-size-fits-all answer!
How do we prepare our home for showings?
First, a good, deep cleaning will go a long way in how positively potential buyers view your home. Clutter usually makes a home seem smaller, so tidy up clutter where possible. People who smoke or have pets may not be aware of related odors, but should make every effort to eliminate and minimize their reoccurence. Potential buyers often view a home that isn't clean as one that also hasn't had good maintenance. |
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Please submit real estate questions that interest you or that you feel would benefit you in buying or selling real estate.
Raju@centurysale.com |
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