As an agency with 12 different real estate agents and brokers, we have come into contact with many kinds of people. Every one of them has questions. It doesn’t matter if they are buyers, sellers or both. Everyone has questions when it comes to real estate. That is why we asked a couple of our agents to tell us their buyer and seller frequently asked questions.
Each of our agents and brokers works with buyers and sellers every day, so they know the most pressing questions on their clients’ minds. The real estate industry is overwhelming and complicated. That is why you need an experienced agent you can trust. Let’s get right into the buyer and seller frequently asked questions about East Central Indiana realty.
Buyers FAQ:
Will my credit score affect my ability to buy a home?
Lower credit scores can make it more difficult for you to buy a home. While it is not impossible, it can become a long process. Sometimes taking a couple of months to boost your score will make it much easier to secure a home mortgage.
How much do I need for a down payment?
This depends on your mortgage lender. Usually, they will require a 5-20% down payment, depending on your loan type. Talk to your mortgage lender about your options!
What is the difference between preapproved and prequalified?
Prequalified means that you received an estimate of how much you might borrow from a mortgage lender. Preapproved means you are preapproved for a mortgage. This gives you a competitive edge when buying a home.
Do you have anything that is rent to own?
Rent to own, also known as contract sales, are usually pretty rare, and most sellers want at least a 10% down payment.
What is the difference between appraisers and inspectors?
The bank hires appraisers to determine the price of the house. The buyer hires inspectors, and they are looking for possible issues with the house, foundation problems, electrical issues, etc.
Should I get a home inspector?
Home inspectors can take a lot of stress off your shoulders. They are professionals who can check out the house and inform you if there are any possible issues with the property. Sometimes if a home inspector sees significant issues, your realtor can work to get this resolved by the homeowners before you purchase.
Is the asking price comparable to other homes with the same amenities?
All home buyers want to know that they are getting a good deal. Prices compared to amenities vary depending on the location. That is why you need an expert realtor who understands the local housing market.
Sellers FAQ:
How much are closing costs?
On average, closing costs will make up about 3% of the selling price. These costs include title insurance, credit report, application fee, etc. These are just examples. Talk to your agent about what is included in your closing costs.
Why should we pay for the closing costs?
Closing costs can be expensive additional costs that prevent home buyers from closing. Agreeing to cover the closing costs can help get the house sold.
How long does it take to sell a house?
Selling a home can be a long process. Even if you were to accept an offer the first day your house was on the market, it could still take 30-50 to close officially.
What is the difference between a List Price and a Sale Price?
A list price is a price you would be asking for your home. The sale price is the price that the house sold for.
When is the best time to sell?
Multiple things affect the housing market. The main thing to think about is the time of the year. Usually, March through October are the best month to put your house on the market. Especially in Indiana, selling your home during the warmer months is a good idea if you want top dollar for your home. Many agents would suggest early spring, if possible.
Should I make updates or sell it as is?
The rule of thumb is that if something needs to be repaired, fix it. Making your house more appealing to buyers will boost the price of your home and make it sell quicker.
What steps does it take to get close to a house sale?
Much of your house sale will be up to your realtor. They will help oversee and move the process along. You may work with your realtor to sort through offers and negotiate with buyers. Your realtors will keep you updated with official offers. Once you have accepted an offer, you will have many papers to sign!
Get More Information
Whether you are a buyer or a seller, we know that you are probably overwhelmed. There are many questions to ask and things to know about real estate. Hopefully, our agents have answered some of your buyer and seller frequently asked questions. We have more excellent home buying and selling tips and tricks on our blog.
We work closely with our clients to put their minds at ease. Our agents are here to help you! Get in contact with an agent you can trust to find you the best deal. If you are interested in purchasing a home or selling a home in East Central Indiana, learn more about American Heritage Realty. We have been in operation since 1977, and we have the expertise and technology to help you buy a home or sell a home. Get to know us!