The Many Benefits Of Working With A Real Estate Professional
1. What type of benefits can a real estate professional offer?
Properly price your property, provide comps, qualify potential purchasers, screen real purchasers from lookers, negotiating offers, & facilitate the closing.
2. How do I choose a real estate professional to work with?
Ask friends & colleagues for a referral, interview a few, find someone who is organized, truthful, trustworthy, easy to work with, scan advertisements in newspapers & on the internet, schedule appointments with a few different agents from different companies.
3. What information should I provide to the real estate professional?
Every document you have regarding your property, including survey, map, copy of deed, title report, tax receipts, certificates of occupancy, & outstanding permits. The more the better.
4. Should I try to sell my property without the help of a real estate professional?
It’s not an easy process. You will save a lot of time & aggravation by allowing a real estate professional to do their job.
5. How do I determine a selling price for my property?
Your real estate professional will provide you with a Comparative Market Value Analysis. Take into account also the state of the market-is demand strong or weak?
6. What should I know about appraisers?
Appraisers are licensed by the State, they should be an objective third party & have no financial or other connection to the parties in the transaction. An appraisal could take weeks to prepare & cost hundreds of dollars. Because of this, sellers usually rely on their real estate professional’s advice regarding value.
7. What is the difference between a comparative market value analysis & an appraisal?
A comparative market value analysis takes into account comparable properties that are active listings, under contract listings & recent sold listings. Basically analyzing the market segment of the subject property, including demand levels. An appraiser’s report is much more detailed & is the only valuation report that banks will consider when deciding to lend money to a purchaser.
8. What is an appraisal report?
Appraisals are very detailed reports comparing a subject property with 3 similar properties in a side-by-side evaluation, making pricing adjustments based on how the properties compare with each other. It also includes the appraiser’s opinion as to the flaws of the property & the state of the market.
9. What does the appraisal mean to you?
The final loan commitment from the lender hinges on a satisfactory appraisal. If the appraisal doesn’t come in high enough, the borrower’s loan may be rejected, which could cancel the closing, allowing the purchaser to get their down payment back.
10. What if the bank appraisal comes in low?
Don’t panic. There are steps you can take to make the deal still work. Your real estate professional will help you. You may have to adjust the purchase price to make the deal work.
11. Is an appraisal the same as a home inspection?
No. Appraisers do not test the mechanical systems of the house or the appliances. They don’t look at the roof, chimney or the siding. Inspectors typically work for the buyer & come in to a home between having an accepted offer & signing the contract to check out the house.