Frequently Asked Questions:
I've never bought or sold a home, who is involved throughout the process?
Well it can be a very complex ordeal but a good agent will make it seem simple. Below is a nice flow chart of the different aspects of what is involved.
How long should I expect the transaction to take from the time we have an accepted offer?
Every transaction is different. Assuming the buyer is going to get financing then the transaction should take between 30-45 days. Its seems like a lot but with inspections, negotiations, title reports, insurance, appraisal, loan conditions, credit, underwriting, preparing docs there is actually a lot that has to happen. For cash sales you can close them from 7 days to 21 days depending on where the cash is coming from and if the title is clear.
How long does a short sale typically take?
In general a short sale usually takes from 3-6 months. There are instances where it can be 30 days but you have to be very lucky and time the short sale just perfectly. There are also situations where the bank might not approve it for over 12 months. Each bank, each transaction, each Seller, and each buyer's offer affect the short sale process and timeline.
How do you determine the appropriate value of my home or a home I want to purchase?
For Realtors it's fairly simple unless your home is so unique that it cannot be compared to others than it takes a bit more work. As agents we find comparable "comps" sales within the last 6 months that look like your home. Then we take some adjustments up or down depending on what is better or worst about the comparable homes. We also take a look at Active and Pending sales too in addition to the ones that have sold because that will give us an accurate representation of what the current market climate is like.
After all the fees are taken out how much money will I actually get from my home sale?
This is a tricky one because there are so many variables to consider. Depending on what county you preside in Sthere are different closing fees and different title fees to pay. You sale price will also determine how much your owner's title policy will cost. There are also other items like prorated taxes, insurance, and interest on any loans. You will also need to consider any repairs that will need to be completed and lender fees and courier fees.
If you are looking for a very rough estimate as an example here you go:
$250,000 Home Sales Price
Real Estate Marketing/Commissions for both Brokers and Escrow, Title, Government, Recording Fees
$231,250 Your Sales Net
(then subtract your loan payoff if applicable)
l$155,000 loan to ABC Bank
I have multiple homes to sell? Can I get a discount?
Yes. Real estate is very much a case by case scenario with many variables to consider. Also if selling a home is a slam dunk then you should get a discount for it. If selling a home is going to be a nightmare then it should cost more. As a real estate company we need to make good business decisions and you as the client need to do the same.
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