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1) |
Q |
How Much Do I Need As A Down Payment In Order To Buy A House? |
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A |
Currently, there are some lenders who are arranging 100% loans. Ideally, a 20% down payment will keep monthly payments down since a mortgage insurance premium cost is not added to the monthly payment with that much down. However, lenders recognize that most people just don't have that kind of money. Instead, most lenders are willing to deal if the buyer can offer between 5% and 10% of the purchase price in cash. Also, there are various programs which provide financing for home purchases. Examples are FHA and VA (Veteran's Administration) loans. Phone Cherry Hill Realty at 618-457-8177 to speak with a Realtor about home financing options and information about various lenders. |
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2) |
Q |
How Do I Know Whether A House Or Property Is Priced Fairly? |
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A |
Pricing a home is done through comparative market analysis at Cherry Hill Realty. See "Price" on this website. |
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3) |
Q |
What Are Closing Costs? |
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A |
Closing costs are the fees that must be paid to complete the transfer of ownership. The borrower is usually responsible for paying these fees, but the seller may contribute all or part of the costs. They usually include loan origination fees, title search costs, appraisal fees, termite inspection fees, deed preparation fees, etc. |
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4) |
Q |
What Is A Home Inspection? |
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A |
A home inspection is a professional inspection to determine a home's overall condition and identify structural and/or mechanical problems. The home inspection is generally an expense of the buyer. |
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5) |
Q |
What Is Charged By A Realtor To Sell A House Or Property? |
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A |
The fee (commission) to sell a house or property is most often a percentage of the selling price which is paid to the real estate broker upon completion of a real estate sale. It is generally based upon the individual real estate broker's expenses to market and sell real estate, taking into account any unique circumstances relating to specific real estate. |
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6) |
Q |
Can A Realtor Show Any House Or Property On The Market? |
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A |
A real estate professional can show any house or property on the market through a coop relationship with other brokers. It is to the client's advantage to work with one agent to find property which best meets the buyer's specific needs and expectations. |
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7) |
Q |
Who Does An Apprasial? |
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A |
Appraisals are professional estimates of the value of property as of a given date and are done by certified appraisers, generally for the purpose of acquiring a loan to purchase a home or investment property. |
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8) |
Q |
What Occurs At A Closing On The Sale Of A Home Or Property? |
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A |
A closing is a meeting where the deed to a property is transferred from the seller to the buyer. A complete transfer of ownership takes place through the signing of various closing and financing documents. |
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9) |
Q |
What Is An Escrow Account? |
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An escrow account is a separate account set up and handled by a person who is bonded by law to carry out the provisions of a real estate agreement or account. |
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10) |
Q |
What Is A Buyer's Agent? How Does The Agent Represent Me As A Buyer? |
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A |
A buyer's agent is hired by the buyer to negotiate on the buyer's behalf. This is different from the usual arrangement where a seller hires a real estate broker and pays the broker a commission. The real estate professional works exclusively for the buyer and negotiates on his/her behalf for a commission. |
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11) |
Q |
How Do I Know If There Are Major Unkown Problems With A House? |
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A |
Buyers in the process of making an offer to purchase real estate, are given a disclosure statement which has been completed by the owner. The disclosure statement indicates the problem or conditions known to the buyer. In addition, a buyer may request a home inspection and contract with a home inspector to evaluate a home's overall condition and identify structural and/or mechanical problems. |
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