small Smithsonian_National_Museum_of_Ame

"There's No Place Like Home"

Dorothy Gale ~ The Wizard of Oz

 

Buying and Selling FAQ

What the first step of the home buying process?

Getting pre-qualification for a mortgage is the first step of the home buying process. Getting a pre-qualification letter from a lender get the ball rolling in the right direction. Knowing how much home you can afford narrows down online home searching to suitable properties, no time is wasted considering homes that are not within your budget. 

What is a mortgage commitment letter?

The mortgage commitment letter is the most important document a borrower receives from the lender prior to closing. It informs the borrower of the loan application approval and the commitment of the funds for the loan. There are often conditions outlined in the letter that require fulfillment prior to or at the closing of sale. The commitment should also set forth the basic terms of the loan, as well as the fees associated with the lender and charges to the borrower.

How long does it take to buy a home?

From start (searching) to finish (closing), buying a home takes about 4 to 8 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). 

Market conditions are a major factor in how fast homes are sold. In hot markets with a lot of sales activity, buying a home may take a little longer than normal.

When should I sell my home?

Of course, you want to sell when you are likely to get the best possible results. But when is that? The answer is complicated. Generally speaking, the best time to sell is when you are ready. There are advantages to selling in every season, in spite of what some agents may try to tell you.

How do you figure out the value of my house?

What real estate agents do and what appraisers do are a bit different. The result, however, is getting to what a buyer will most likely pay for a property. Both appraisers and real estate agents use what’s called comparable sales or “comps” to determine fair market value. Real Estate agents will perform what’s called a comparative market analysis.

How are list price and sale price different?

The list price is the price you list the home for sale. It is the reasonable goal you set for your sale, one you hope to get close to as you make the transaction. The sale price is the price that you actually sell the home for, after negotiations. A terrific agent should be able to help you set a price that will be close to the sale price.​

 

Move Smart, Sell Fast

MariaPhillips.net

Thanks for submitting!

Address:

Coldwell Banker Realty
752 Boston Post Rd
Madison, CT 06443

Email:

Phone:

(203) 843-1742

  • Facebook
  • Instagram
  • LinkedIn