Answers to Your Real Estate Questions!

Coldwell Banker Realty Corp600 East Main StreetLansdale, PA 19446

215-855-5600www.cbrealtycorp.com

How do you find a good agent?

ENTER YOURCOMPANY

DBAHERE

• Recommendations from family and friends is the most common way buyers and sellers partner with a realtor. Although there are many other methods to connect you with the right realtor. Do your research! Look online at agent profiles, reviews, and testimonials. Interviewing a few different realtors can be a great option. The agent with the highest listing price isn’t always the best. Look for an agent who is organized, knowledgeable of both the industry and community, and most importantly LISTENS to your wants and needs. Communication is the key success, your realtor is going to be representing you therefore chemistry is extremely important. To start your search, visit our agent profiles!

If I have bad credit, can I still buy a home?

• Yes! Although it can make it a little more difficult. If you plan on buying a home in the near future try to plan ahead and get your finances in order. Try to start paying off your credit cards in full and in a timely manner. Start saving a little bit each month, it will eventually add up! Depending on your situation, you could be a good candidate for a federal mortgage program as well. Some programs even feature low to no down payment options! We also recommend getting pre-qualified and pre-approved. Pre-qualified is an estimate of what you can afford where as pre-approved is when a confirmed lender gives you commitment to support your purchase. This can help narrow down your search and realistically determine what you can afford. For more information check out our FHA loans video.

What’s the difference between list price, sales price, and appraised value?

• List Price: The initial advertised price the seller puts the property on the market for. This is typically and estimate of what the seller wants/hopes for. This price can change subject to the seller.

• Sales Price: The amount the buyer offers to pay for the property, the sales price tends to be negotiated by the buyer and seller. The sales price is the final price that is accepted.

• Appraised value: The opinion of a certified inspector on the value of a property based on an analysis of comparable properties sold and the condition of the property.

How do I get my home ready for sale?

• Clean and organize! Clean and dust windows, floors, walls and ceilings, fresh up rooms and most importantly de-clutter! Keeping your rooms organized and without clutter, will let buyers imagine how they can make your property their own. Try to eliminate over-powering odors. Fresh flowers are always a nice touch to spruce up the inside of your home. Not only is it important to have an interior appeal but the exterior is just as important. Keep your lawn cut and watered regularly. Consider adding potted plants next to your front door and maybe even a fresh coat of paint on the door. Remember first impressions mean everything!

What are Closing Costs?

• There is an assortment of expenses incurred with the conclusion of the home transaction, these expenses are called closing costs. They are fees for services, taxes, and interest charges associated with the purchase of a property. These charges can include loan points, title insurance, escrow, document fees, transfer taxes, commission, and more. All closing costs must be finalized before settlement.

What is title insurance and why do I need it?

• Title insurance is an insurance policy that protects lenders or owners entitlement to the “real property” from unforeseen or fraudulent claims of ownership. Hidden title problems can typically result from omissions in deeds, errors in examining records, forgery or falsification, or undisclosed beneficiaries. The title insurance company will defend claims and cover costs if there is an attack to your title. Title insurance leaves you with peace in mind that your property investments are protected.

What are the pros and cons of For Sale by Owner (FSBO)?

• For sale by owners are properties with sellers who opt out of using a real estate brokerage. Most FSBO sellers choose to take this route to eliminate the payment of commissions or if they already know a private buyer. What these sellers are not aware of are its limited marketing opportunities. Real estate brokerages use their local MLS (multiple listing service) to promote the property to thousands or other real estate agents and in addition, the MLS syndicate the listing to hundreds of real estate listing sites for consumers. FSBO listings are limited to a much narrower customer reach with fewer websites allowing these types of listing.

FSBO Cont’d

Another major impact FSBO sellers are typically troubled with is overpricing. Agents use the MLS to generate a comparative market analysis to come up with the right price point for a home. Overpriced properties can go unsold for months, so pricing right is crucial in the success of a home sale. There are an array of more reasons why you should list your home with an realtor but marketing and pricing initiatives are among the most influential. Contact us for a free home evaluation and marketing program!

Don’t see your question here? Contact us!

Coldwell Banker Realty Corp

at 215-855-5600 or info@cbrealtycorp.com

www.cbrealtycorp.com