Space Los Angeles
Real Estate
Frequently Asked Questions (FAQs)
FAQs from Buyers
You are not the one who decides the value of your home– the market does. Location, condition, competition, and lending/mortgage rates are all factors that determine the value of your home.
You can sell whenever you wish, but you will more than likely lose money if you buy a home and sell too quickly! The payments you make in the early part of your loan mainly go to the interest portion of your loan, not the principal. If you sell early in the process, unless you have made extra principal payments, got the home at an extremely low price, or made a large down payment, you will most likely have to bring money to the closing table in order to sell.
Traditionally, most homes have sold during the spring months. In the current volatile housing market, the time of year is not the most reliable predictor of the best time to sell.
This is almost always a bad idea! Sellers think buyers won’t be able to see everything, and they need to be there to point out important home features. Most buyers feel uncomfortable when the home owners are present, and it can actually do more harm than good. Buyers often won’t even open cabinet or closet doors when the seller is home, and if they cannot view a house comfortably, they’ll just move on.
FAQs from Sellers
The Multiple Listing Service Website provides up-to-date information for every home on the market. I constantly check the New on Market list so I can be on the lookout for my clients. I will get you this information right away, the way that is most convenient for you; by phone and/or email. In addition, we are aware of many “off market” properties if one of these meets your needs I will forward to you.
Homeowners trying to sell their home without agent representation are usually doing so in the hopes of saving the commission. If you see a FSBO and want the advantages of my services, let me contact the owner for you and make an appointment. Most times the homeowner will work with an agent, even though their home is not listed, since the agent is introducing a potential buyer to their property.
This expense depends on a number of factors, not just the cost of the house and the type of mortgage you would like. You should plan to come up with enough money to cover three costs: earnest money – the deposit you make on the home when you submit your offer (to prove to the seller that you are serious about wanting to buy the house), the down payment (a percentage of the cost of the home that you must pay when you go to settlement), and closing costs (the costs associated with processing the paperwork to buy a house.)
You will pay the closing costs at settlement. This amount averages 3-4% of the price of your home. These costs cover various fees and processing expenses. When you apply for your loan, we will give you an estimate of the closing costs, so you won’t be caught by surprise.
Celebrate and focus on moving into your new home! I will be with you every step of the way to ensure you are aware of deadlines. The first 17 days will be about inspections, disclosures, and figuring out mortgage related items. The last couple of weeks will be focused on moving in. You will want to schedule your move, pack items and notify businesses of your address change. I will provide you with a moving checklist to help you remember all the details. I will also give you a good faith estimate and HUD statement, which will indicate the amount you, will need to bring to closing.
Still Have Questions?
Contact us to discuss your buying or selling needs. We have answers to all of your questions and we are happy to help!