Frequently asked Questions from Buyers and Sellers
Should I be pre-approved prior to looking to buy a home? Yes. Getting yourself pre-approved will help you determine your budget on how much you want to spend on a house and if you can afford the monthly payment. And sellers appreciate having that readily available to provide with the offer.
If I have a bankruptcy on my credit report, can I buy a home and when? Yes. Most lenders require 2 years of good credit history after the bankruptcy. You might be able to land a conventional loan two years after a Chapter 13 discharge. FHA and VA loans are even more lenient. Borrowers can be eligible for these government-backed loans just a year removed from filing a Chapter 13 bankruptcy.
Can one real estate agent show you any property listed? Yes. As long as the listing brokerage will work with the buyers agents brokerage on getting the listing sold also known as a co-op, one real estate agent can show you any property. It does not have to be the listing agent. You want your own representation as a buyer.
Can an agent contact a For Sale by Owner? Absolutely!!! For Sale by Owners may be willing to co-op with a brokerage as well.
Are the "Make me Move" listings on Zillow listed through a brokerage? No. These are sellers trying to get a feel for the market and putting their home on the site to see if buyers will bite....Similar to a For Sale By Owner (FSBO)
What do I need to provide to the lender upon getting pre-approved? The lender will request 2 years of tax returns, W2's, paystubs, 12 months of bank statements, divorce decree (if applicable), DD214 for military.
What is the lowest allowable credit score a lender will allow to obtain financing to buy a home? Smaller lending institutes like your local banks will more than likely require a 630 credit score and up. When using a mortgage company, they have different options they can provide. The Federal Housing Administration, or FHA, requires a minimum of 580 which is needed to make the minimum down payment of 3.5%. A mortgage company can evaluate the reasoning for the lower credit score and possibly do a re-score when it comes time to close on the home so DO NOT rule out buying. Buyers think medical debt being on their credit report and causing the score to be lower will keep them from buying.....this is not true!!!! Keep that in mind....great information!!!!
Possession at closing-what are the risks of not taking possession of the home at closing? Once the deed is signed and transferred at the closing table, the home is then the buyers responsibility. If anything shall happen before possession is given, it will fall under the buyers insurance. Make your decision for possession based off of this fact!!!
How will your brokerage sell my home versus another brokerage in town? Agents at Rise Realty are knowledgeable residential real estate/auction/commercial/property management fields, innovative, technically savvy, team oriented andoutside of the box thinkers. BOOM!!!
Where will my home appear on the internet once it is listed for sale? Which sites? Zillow, Trulia, Realtor.com, our website along with other brokerages idx sites, Multiple listing Services which reaches over 4500 agents, Craigslist, Facebook, Instagram, Homes.com, homefinder.com along with many others.
Author:Michelle Ross Phone: 740-409-1151 Dated: April 13th 2017 Views: 260 About Michelle: In 2005, I obtained my real estate license at Hondros College of Business out of Westerville, Ohio. ...
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""Rise Realty is an excellent team of Realtors! They were very motivated to help us sell our home. They had it sold in less then three weeks! They were quick to respond and kept us well informed. We couldn't have had a better experience. Thank you Rise Realty for giving us such a great Realtor!" "