homebuyers questions


FREQUENTLY ASKED QUESTIONSsell your home


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1. I've been thinking of selling by owner.

A: First off, you aren't the first person who has thought about selling their home themselves. Selling a house "by owner", has crossed the minds of many looking to sell a home. After all, wouldn't your money be better off elsewhere, instead of in a realtors pocket. Well, before you go spending all that money you will be saving, lets go over some things. Yeah, everyone know someone who sold their house by themselves and saved thousands, right. At least that's what they are telling you. Because lets face it, no one like to say they made a mistake. Folks, there is a reason why all but a few use a realtor.

Why would you want to sell your home by owner? To save money, right? Let's think about that. Why do you think someone would choose to look at a home that was being sold by owner? To save money. Selling a home by owner is a red flag that you don't know as much as you think. Most buyers looking at homes sold by owner, are looking for a deal. So 9 out of 10 times, the money saved not using a realtor, ends up going to the buyer. Using a realtor gives you peace of mind, knowing that you are working with a professional who has been through the home buying process many times. Also, realtors spend a lot of money on marketing. This money brings potential buyers to your home. Realtors will sell your home faster then you can by owner. Using a realtor means that you don't have to haggle with potential buyers. Using a realtor is the painless way to sell a home. Most people who attempt to sell their house by owner, end up with a realtor. Usually after wasting a lot of time and effort.

So why do all but a few, use a realtor? Because it is the biggest investment you have, and most of all, because it makes sense. Lastly, while you may think that realtors make more money then they should, think again. There is a lot of behind the scenes work that goes into selling a home. Believe me, if you know a realtor who makes good money, it is because they work real hard.

2. How expensive of a house can I afford?

Check our affordability calculator for a place to start. Of course, every loan has different circumstances.

3. Can I put no money down?

This question is like asking how much is air fare from San Francisco to Miami. The air fare depends on when you are going, how long you are staying etc.

A lender uses ratios as a factor in determining the amount of loan you qualify for. There are two ratios. The first ratio is your total housing payment (Principle + Interest + 1/12 of the annual real estate Taxes + 1/12 of the Homeowners Insurance + Mortgage Insurance if required) divided by your gross income. The second ratio adds long term debt to the housing expense divided by your gross income. Ratios can vary based on several factors.

The most important factor is your past credit history. The higher your credit score the higher your debt to ratio percentage can be. The second most important factor is the amount of assets you have available for closing, and how much you will have left over after closing. The length of time you have been on your job and whether you are employed or self-employed are factors in determining how much you qualify for.

No two people have the same financial situation. Getting a letter of approval tailored to fit your situation is essential.

We can assist you in qualifying you for the maximum mortgage that you feel comfortable with.

4. What can First-Rate Realty Corporation offer me?

We can offer more then most agents because we treat our business seriously. We're not playing at it or dabbling in it. We no longer believe that the traditional real estate agent who 'does it all' is a resource in today's world. Just as you require a surgeon to operate, a receptionist to check you in, a nurse to care for your post-op needs and a physical therapist to get you back in shape, you need a counselor to help you find the right home, a project manager to market and close your home, and a client care provider to make your transaction happen.

We approach the real estate business as project managers. That means that we are responsible for the coordination and communication around every client's file. For our buyers that means we are educationg about the process, defining search parameter, defining the individual decision-making style, reviewing options, negotiating the deal and coordinating the details. This approach requires specialists.



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