buyer faq's

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 The seller pays a pre-negotiated commission to the listing agent, who in turn pays the buyer’s agent through cooperation under the multiple listing service (Realtracs). The buyer’s responsibility is to hire the REALTOR® that provides the most value, expertise and trust. 

 Yes. In today’s hot market, if you are not paying cash for your home, we recommend getting pre-approved with a local lender. You need to be pre-approved and/or have a ‘proof of funds’ letter to be submitted with your offer. Many offers won’t be accepted without an accompanied pre-approval letter.

 Earnest money is a deposit the buyer gives when making an offer on a property. If the offer is accepted, the buyer has a certain amount of time (stipulated in the contract) to provide the earnest money via check or wire transfer. 

 Closing costs are expenses incidental to the sale, such as appraisal fees, loan fees, recording fees, etc. They are usually between 2-3% of the home’s price and can be negotiated in the contract. 

 Remember this acronym >> PITI. This stands for principal, interest, taxes and insurance – the sum components of a mortgage payment. PITI represents your total monthly mortgage payment, and helps both the buyer and the lender determine the affordability of an individual mortgage.