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| What should I consider when buying a new home? top
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The following are a few key things to consider when buying a new home.
Affordability: Obviously, affordability is important. We can assist you in finding the right loan program to meet your lifestyle.
Size: Amenities are also a big consideration. Do you need a single family residence v/s a townhouse? If you enjoy working on your yard, a townhouse is obviously not the best choice. Number of bedrooms, baths, family room, formal dining room; are all other serious considerations. A house that is too big can be just as much of a problem as one that is too small. Other considerations include: Where you work, shop, meet your community (visits to a Church, temple etc.), school district rankings etc. Long commutes get very stressful over time. Finding a location central to all your needs is important. |
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| What is a pre-approval and how can I get one? top
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A pre-approval is obtained from a lender after they have reviewed your credit, income and assets. This information is used to compile the best loan program and purchase price for you. Once you have your pre-preapproval letter, your real estate agent can start looking for your dream home. At NT and Associates, we have 30 years of experience in financing. So whether it’s searching for the home you want, or finding the financing that makes it comfortable for you, call us. |
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| What is an MLS? top
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A Multiple Listing Service (MLS) is a tool used to by Realtors to post information on their property listings. Realtors use this service to locate properties that are currently available, in escrow or have been sold. The information is also invaluable for Realtors to establish current values of properties and understand market trends. While the MLS is available to Realtors only, much of the information on our website and other Internet sites such as Realtor.com are from the MLS. |
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| Can I search for a home on my own? top
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Absolutely! And you should. The more informed you are, the better decisions you can make. Use our search feature to view what is available in the areas of your interest. You can view these areas by clicking anywhere on the map or simply do a city search. The search helps you compare properties of similar style and amenities to get an idea of what current values are. You can also save your searches and revisit what has already been viewed. Meet with your Realtor to compile a list of homes you would like to see. Once that list is compiled, your Realtor will make appointments for you and take you on a private viewing tour. |
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| Should I first look for a home, then look for financing? top
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See Question 2. |
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| What is a foreclosure property? top
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A foreclosure property is one that is going through a foreclosure process. This process usually occurs when the current owner defaults on their payments. The foreclosures process ends with a sale of the property either to another party or the bank takes title on the property. Bank-owned properties are known as REO’s (Real Estate Owned.) |
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| Aren’t REO’s / foreclosure properties usually cheaper than similar properties? top
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Not always. The bank is trying to recover as much money as possible. They will have a local Realtor advising them of current values, but will tend to price at the average to higher end of the market.
Also, most lenders will not do any repairs on the property. They obviously have never lived in the property, so the disclosures required are less than on other non-bank owned properties.
REO’s can be great investments or first time purchases, but you must be an informed buyer. Your Realtor will be more than happy to help if you are interested in REO’s. Our website offers a free exclusive search for REO / short sale properties, to keep you informed about the market and current property values. See our Advanced Search feature to know more. |
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| What is a short sale property? top
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A short sale is a property that is being sold for less than what is owed on the property. These sales need the lender’s approval and tend to have escrows much longer than a normal sale. 60-180 days in escrow, is not unusual for these types of transactions.
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| How does a real estate agent earn money in a transaction? top
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Every state varies, but in California, Realtors are paid on a commission basis by the seller. All commissions are negotiated at the time the property is listed. The usual figure is 6%.
3% each, to the seller’s and buyer’s agent.
At NT and Associates, we have many commission plans, and will work with you to help you save thousands of dollars. We will work with you on a plan that best fits your needs.
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| I want to sell my home. Do I need an agent to do this? top
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You do not need an agent when selling your home. But obviously, we highly recommend it.
Realtors have access to volumes of information to make sure your home is priced correctly. They are aware of marketing and financing trends. They have the tools to make sure your home is exposed to possible buyers around the world. They know how to weed out unqualified buyers so time is not wasted in a long drawn out escrow that doesn’t close. They are current on all laws and disclosures involved in the sale of your property.
Unfortunately, we are a very litigious state. An improper disclosure can come back to you and cost you thousands of dollars. Realtors are professionals. Chances are you take your car to a mechanic when it needs work; you go to a dentist for a problem tooth; an attorney for legal advice. Your home is probably your biggest asset. It only makes sense to trust a professional Realtor to handle it. If you are thinking about selling, talk to us about our various commission plans. We may be able to save you thousands of commission dollars.
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