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FAQ's

We are here to serve you the best we can. We hope these Frequently asked questions help you answer some of the many questions you may have.

Just remember as with any, and all relationships they always start with good communication, so please start with the Contact Form to let us know what your Real Estate needs are, and to answer your questions that are not listed.

In a home buying procedure, which fees are payable by the buyer?

The following fees are payable by the buyer:

Origination fees
Insurance impounds
Appraisal fees
Discount points
Credit report fees
Escrow payments
Interest adjustment fees
Homeowner’s Association Fees
Mortgage insurance impounds
Prepaid insurance
One-time mortgage insurance premium (for FHA mortgages)
Tax impounds
VA funding fee (for VA mortgages)
Title insurance policy fee
Documentation fees

Which fees are payable by the seller?

The seller would pay for the following:

Escrow fee
Discount points
Interest adjustment
Home warranty program
Pest inspection
Title insurance policy fee
Tax service
Real estate commission

How can you save money on your mortgage payments?

If you make an additional payment for your mortgage every month, then that would pay down your principal quickly. This also helps you shorten the repayment term and save money.

If you are a first time home buyer, what are the essential steps that you should follow?

Essential, and recommended steps:

Save money.
Do some homework.
Check your credit report for probable mistakes.
Become pre-approved for a mortgage.
Collect data on current real estate deals and make a comparison.
Take the help of a realtor (real estate agent).

What are closing costs?

Closing costs are costs that are incurred by the buyers and sellers for changing ownership of a property.

What is the amount of down payment necessary to buy a house?

Usually, a down payment of 20% is required by traditional lenders. However, you can make a lower down payment in case you obtain private mortgage insurance (PMI). You can make a down payment as low as 5% through utilizing PMI.

What is the full form of FSBO?

FSBO stands for For Sale By Owner. It is that method of purchasing and selling of real estate barring the presence of a real estate broker.

What is the difference between a real estate agent and a real estate broker?

Most states require real estate sales professionals to be licensed by the state, so that they can control education and experience requirements and have a central authority to resolve consumer problems.

The terminology used to identify real estate professionals varies a little from state to state. Brokers are generally required to have more education and experience than real estate salespersons or agents.

The person you normally deal with is a real estate agent or salesperson. The salesperson is licensed by the state, but must work for a broker. All listings are placed in the broker's name, not the salesperson's.

A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her.

Why should I use their services?

A real estate salesperson is more than just a "sales person." They act on your behalf as your agent, providing you with advice and guidance and doing a job - helping you buy or sell a home. While it is true they get paid for what they do, so do other professions that provide advice, guidance, and have a service to sell --such as Certified Public Accountants and Attorneys.

The Internet has opened up a world of information that wasn't previously available to homebuyers and seller. The data on listings available for sale is almost current - but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.

If you're selling a home, you gain access to the most buyers by being listed in the Multiple Listing Service. Only a licensed real estate agent who is a member of your local MLS can get you listed there - which then gets you automatically listed on some of the major real estate web sites. If you're buying or selling a home, the MLS is your agent's best tool.

However, the role of an agent has changed in the last couple of years. In the past, agents were the only way home buyers and sellers could access information. Now agents are evolving. Because today's home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.

The real estate agent is becoming more of a "guide" than a "salesperson" -- your personal representative in buying or selling a home.

How do I select the right Real Estate Agent?

Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.