FREQUENTLY ASKED
QUESTIONS
How’s the market?
Spring and Fall are our best market times. Currently our market has low inventory and
we are in need of homes to sell. We have buyers looking for second homes and rental
investments. The mortgage rates are good, with a 30 year fixed being below 4%.
Do I really need a REALTOR® when
buying a home?
Yes. Only real estate professionals who are members of the NATIONAL ASSOCIATION
OF REALTORS® (NAR) can call themselves REALTORS®. All REALTORS® adhere
to NAR’S strict Code of Ethics, which is based on professionalism and protection of
the public. Some of the basic principles of the Code of Ethics include: protect and
promote your client’s interests, but be honest with all parties. Avoid exaggeration,
misrepresentation, and concealment of pertinent facts. The consumer can expect
honest and ethical treatment in all transaction-related matters.
Should I sell my current home before
buying a new one?
It would be a good idea. If a seller does accept a contingency sale, they usually expect to
receive a nonrefundable due diligence fee, to pay for their time off the market. The time off
the market is usually longer for a seller with a contingent sale, especially if the contingent
property is not under contract. Selling your current home before you enter the process of
buying another makes the transaction better for all parties. The buyer has more bargaining
power, it helps them qualify for a loan and the seller is more willing to negotiate.
Should I talk
with a bank
before looking at
homes?
Yes, absolutely. Having pre-approval
by your lender gives the buyer ability
to let the seller know they are qualified
to purchase the home. Sellers feel
more confident in the sale when
the buyer is pre-qualified with their
lending institution.
How long does
the seller have
to respond to my
offer?
Generally, most sellers respond in a
timely manner. If you prefer, your
REALTOR® has a form that will
accompany the offer to request a
response within a reasonable amount
of time, such as 24 to 48 hours.
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EMERALD ISLE REALT Y
How long does
it take to buy a
home?
Once a buyer decides on a home and
a contract is accepted by the seller, the
buyers can move forward toward their
loan process. The average loan process
takes around 30 to 45 days. If the
contract is for cash, they can generally
close in approximately 14 days.
How much do I
have to pay an
agent to help me
buy a home?
Emerald Isle Realty does not charge
a buyer fee to help with the buying
process. Most of our success fees are
paid by the seller at closing. However,
in some circumstances when the seller
is not offering commission, such as
for sale by owner, the buyer could be
asked to pay for the services provided.
How many homes should I see before
making an offer?
That will depend on the buyer’s specific needs and the inventory available. If the
REALTOR® has a good idea of the requirements of the buyer, such as price and specifics
(examples: bedrooms, bathrooms, open floor plan, square footage), they can provide a
list of homes for the buyers to view. Generally, they will have a good number of homes
to show the buyer to choose from based on their criteria.
What do you think the seller will
accept as a fair price?
The seller is looking for the best price, terms and conditions. Your REALTOR® can
provide the most recent sales to help you with your decision. The scope of agency
includes seller agents, buyer agents and dual agents. You will need to cover the Working
with Real Estate Agents brochure with your REALTOR® to be an informed consumer
on who the REALTOR® represents.
What should I expect at closing?
At the closing, your closing attorney will have the closing statement prepared with
the closing costs and the deed transferring to the new buyer. You will need to arrange
with the closing attorney how they wish to receive your monies for closing costs and
down payment. The attorney will cover all the details of the closing and record the
new deed. The buyer will then receive the keys for his/her new property.