• What if my taxes and mortgage are due and we are due to close?

    This is a common question. As mentioned previously, the closing date may become a moving target from issues out of the control of the agents. In most transactions if you make your normal mortgage payment and the full amount is not used, the mortgage company will issue you a prorated refund of the portion of the month that was not used. Check with your agent to be sure.

  • What do disclosures cover and when do I get them?

    There are required disclosures and customary disclosures given to the buyer within 7 days of an accepted offer. These disclosures are material facts about the property that may affect the value or safety. Some of the most known disclosures are: natural hazards disclosure, transfer disclosure statement, CC&R’s, HOA’s, lead based paint, and agency disclosures. You have until day 17 of the executed purchase agreement to review and approve of them.

  • How definite is the scheduled closing date?

    Buyer Possession. Seller vacating. Without fail, it’s the single biggest headache in most real estate transactions, the number one problem that often rears its head midway through when needs or circumstances change. Often each of the parties, buyers and sellers, have a contradictory expectation of possession …… We work our hardest to make sure time frames are met and time lines are adhered to, but there are many issues that are out of the control of the real estate agents hands such as lender issues, escrow/title difficulties, buyer/seller issues. Remember to keep the main goal in focus and get to the end.

  • If the buyer does not pay for the services of the real estate agent, how do you get paid?

    Real estate brokerages cooperate amongst themselves according to what a commission is published as in the MLS. The agent representing the buyer is compensated through the listing broker for bringing the buyer for the property.

  • What are some of the costs I am going to be responsible for prior to closing this deal?

    Buyers …… 1 /2 escrow fees, appraisal fees, inspection fees, lender fees to acquire a mortgage if one is needed, document signing fees.

    Sellers ….. 1 /2 escrow fees, sellers title insurance, real estate agent fees, HOA transfer/doc fees, transfer tax fees.

  • How are listing prices determined?

    There are several motivations for sellers to have to move. As a seller, try to be as non emotional about the sale of your property as possible. If your real estate agent and you have done your homework and have priced the property accordingly to the market then stick with your plan. A buyer rarely will want to buy a property for more than its worth and a seller will rarely want to sell a property less than what it’s worth. The market will determine what that price is according to the area and buyers pool. Most homes end up selling for a reasonable price. Sometimes, however, depending on the sellers motivation, there is a drastic discount on the price that it was listed for and sold for. This is not the norm but it can happen. Your real estate agent can look at the property and help you decide if a particular property is overpriced or if there are circumstances not known to the general public that may give you an advantage on price negotiation. It is generally not a good idea in a stable market to keep making extremely low offers on properties and expect to have them accepted.

  • What do I do when there are multiple offers?

    Multiple offer situations can be stressful for both buyers and sellers on deciding on what strategy to go with. As a seller it is important to look at the big picture including price, financing terms, contingencies, and move in/out terms. Also having buyers bid against each other may end up in a higher contractual price, but the property will still most likely need to appraise. Having Prestige Properties on your side to help you decide the most qualified offer.

    Buyers on the other hand will need to access how much they are willing to pay for the house and still be satisfied. When in a bidding war with other buyers it can be easy to become emotional about winning the process which in turns can lead to paying more than you were anticipating. It may also behoove you to sometimes make an emotional plea to the seller via letter that will move the seller to accept your offer knowing the property will be going to a great buyer. Other things to sweeten the deal besides increasing your offer price are decreasing contingency periods, and reducing repair requests up front.

  • Do I need a lockbox or sign on my property?

    It is generally a good idea to make the property accessible as possible for the greatest amount of traffic. Having a lockbox is an easy acceptable way for agents belonging to a specific MLS to have access with prior owner permission. It also is a great way for the listing agent to keep track of the amount of showings and on who to follow up on after the showing.

  • What happens if the appraisal does not come in at value?

    In seller’s markets, multiple offer situations often drive up the purchase price higher than any comparable sales in the area, so sellers worry the appraisals will come in low. In buyer’s markets, when prices are soft or falling, sellers are also concerned that the home will bring a low appraisal. Low appraisals can happen in any marketplace. Don’t panic both sides have options: The seller can go down in price, the buyer can go up in price and pay the difference in cash, there can be a meeting in the middle, a second appraisal can be ordered if it is not an FHA loan, or the parties can cancel the escrow.