Select one of the frequently asked questions below to learn more about buying, and selling a home. Also, begin to think about important things to consider when diving into your real estate search.
Frequently Asked Questions
Questions about Buying
There are many advantages to owning a home. The most appealing advantage is that you own the house, which gives you, instead of a landlord, control of your living space. Additional benefits include potential tax savings on local property taxes and interest paid on a mortgage, building equity as your property appreciates in value, and, if you get a fixed-rate home mortgage loan, the stability of knowing your payments won’t increase substantially, unlike rent.
With Champ Realty, you have the added benefit of having a trustworthy resource to rely on for any future questions, concerns, or issues that arise for homeowners. Our agents are committed to providing the best customer service experience long after the final closing papers have been signed.
Buying a home is a big decision worthy of serious consideration and forethought. Prior to working with our agent, we recommend you contact a lender. Make sure you are fully ready and prepared for this type of financial commitment by asking yourself the following questions:
- Do I have steady income?
- Is my debt lower than my total income?
- Do I have enough money to pay for the down payment and closing costs?
- Am I working hard enough to improve bad credit?
- Does my budget allow for unexpected repairs and routine maintenance?
If you are unsure of the answers to these questions, your first step should include contacting a mortgage lender who will help you determine what you can afford. The experienced and knowledgeable agents at Champ Realty will work closely with you to evaluate your housing needs, find a house that doesn’t extend beyond your means, and help you secure the best loan and rate available.
We believe in transparency and that honesty is the best policy. If your our agent doesn’t believe you are receiving the absolute best closing price, loan rate, or think the house isn’t the best option for your specific needs and budget, they will tell you their honest opinion – regardless of the outcome.
Closing costs are fees charged by those involved with the home sale, such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, and local government offices for recording the deed, just to name a few.
The closing process can be a confusing and stressful time, but the agents at Champ Realty will help you navigate the process and explain what is being charged and ensuring you receive the best deal on costs associated with title insurance, loan points, escrow or closing day charges, property taxes, and document fees.
Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim. If you are financing the purchase price, your lender will require a title policy.
Questions about selling
Start by finding out its worth. Contact your Champ Real Estate agent for a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties.
There are many determining factors that comprise the value of a home, but ultimately it comes down to one thing: a house is worth what is paid for it. Another factor that can affect a home’s valuation is timing.
In a seller’s market, when demand for housing is higher than the inventory of available homes for sale, a home can sell above and beyond the asking price. However, in a buyers’ market, when the market is saturated with homes for sale, buyers have more leverage to negotiate a lower price; therefore, lowering the original estimated value of a house.
Besides the costs related to making repairs and improving the overall appearance of the home, as the seller you will also need to pay the following:
- A real estate commission, if you use an agency to sell.
- Advertising costs, marketing materials, and other fees if you sell the home yourself.
- Title insurance premiums
- Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and fuel tank rentals.
- Any other fees normally paid by sellers in your area.
To get a better handle on all costs, ask your Champ agent. They are experienced in dealing with this information daily and can give you a fair estimate of the closing costs you can expect to pay.