FREQUENTLY ASKED QUESTIONS
**IF YOU HAVE ANY QUESTIONS IN ADDITION TO THESE PLEASE FEEL FREE TO CONTACT ME**
- What is the difference between a Bid and an Offer?
To put it simply, both are one and the same. When you make an offer/bid to buy a home, you are letting the Seller know that you’re interested, how much you would like them to consider selling the home to you for and letting them know if you what Buyer/Seller is either paying for in addition to the accepted price of the home. This Offer/Bid needs to be accepted by the Seller in order to commit both Buyer and Seller to the different things asked for in the contract and the terms which both Buyer/Seller will need to perform to get to the Closing table.
- What is an Earnest Deposit?
An Earnest Deposit is what’s called a Good Faith deposit. It’s monies put down to commit the Buyer (traditionally 1% of the offer price) to start the process towards signing for ownership of the home.
- What is a List price?
The List price is the number the Seller is looking to sell the house to a Buyer. List prices can either be firm numbers (non negotiable) or starting numbers.
- Can I offer less than the List price?
Any Buyer can make an Offer/Bid for less than the List price. If this is done, then negotiations may take place. With any less than list price offer, it’s important to recognize that the Seller has the ultimate decision to accept. It’s also important to go into this scenario with a strong position and flexibility since this may come down to negotiating a win win for both Buyer and Seller.
- Do I need to do anything after Seller accepts my offer?
Yes, as a Buyer, you have several responsibilities to ensure that the contract closes. Likewise, the Seller has points in time that they are responsible to perform as well. With ANY contract, Buyer/Seller is not only responsible for their respective pieces of the puzzle BUT there are set times too that if allowed to pass may hurt your ability to move forward with the best outcome.
- What happens after the Seller accepts my Offer?
Once the Seller accepts, the clock starts ticking for a variety of steps. One of those steps is to order inspections. A buyer has 10 calendar days to perform all inspections. There are several other time frames to keep on top of. It’s extremely important for my Buyer/Seller and I to keep on top of these dates as this could make or breach a contract. Once each step is completed along and your loan is approved, you’ll be notified to head over to sign for your new home.
- Can I ask the Seller for a huge list of repairs?
Asking for repairs is understandable. The best way to ask is to make sure you have a complete list, determine the importance of the repair, provide backup support and get the request in within the allotted contract period.
- Why is my Lender asking me for so much information?
Contrary to popular belief, Lenders are trying to find ways to make the process as hard as possible. The housing crisis, thankfully, seems to have passed and we’re now back on better footing. Getting to this place took time and quite a lot of work from the Federal government, Lenders and Loan companies to make sure that we don’t go back to days when every home on every block was in Foreclosure. Because of the past, the present is requiring Lenders/Mortgage companies to make sure that the Buyer can afford the loan in the future. In order to do that, they must gather required documents which can seem endless. Rest assured that this is for the Buyer’s protection. It’s nothing personal
- Why should I consider a home/AC/Termite inspection?
First let me establish that a Buyer has every right to decline a Home inspection. For certain loan types, Buyers are required to obtain minimum Termite inspections. But let me explain why it may be in your best interest to do an inspection with a qualified Home Inspector.
I rarely meet a person that has X-ray vision. If you’re one of those folks, well call me cause I would love to have you on my team. But if you’re like me and the majority of folks, your lack of Xray vision means that you can’t see through walls, appliances, ceilings or rooftops. A home inspector won’t have X-ray vision either BUT he/she will be able to physically check out all these and many other parts of the home to make sure you know what you’re buying and ask for repairs if necessary.
- How do I know how much money to bring to my signing?
The Title company will work with your Lender throughout the process to gather and compile information their list of documents needed for your loan to go through. At the end of the process, the Lender will have the numbers ready for Title to give you the amount to bring to the closing table.
I also work closely with all Lenders and Title so part of my role is to make sure I get that number to you as soon as possible. I personally dislike mad dashes or last minute hiccups but I know it can happen. So, if we find ourselves in this situation, doing everything I can for you to get your keys is the #1 priority for me.
- When do I get the keys?
A Buyer gets keys for a home when all parts of the contract is completed, when loan docs are signed and WHEN it records. Recording means that the name of the owners are now transferred to you, the Buyer, in the County where the home resides.