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What
You Need to Know!
Frequently
Asked Questions
Below
are Answers to Many of Your Real Estate Questions. If you Need
More Information, Please
Contact
Us!
1)
How Much Home Can I Afford/What is My Down Payment?
The home
you can afford depends on various factors including type of loan,
interest rate, down payment, etc. We can let you know within
a matter of minutes your approximate amount of affordability
as well as your down payment. Down payment is also dependent
upon the type of loan, credit rating, etc., but there are loans
currently available for 1% of the purchase price or less as down
payment!
2)
How Much Does it Cost Me to Use 400 North Properties as My Broker?
As a
Buyer, it will normally cost you nothing to use us to represent
you in the real estate process. The only costs you will incur
will be down payment, closing costs, and other various fees involved
in your home buying process. The Seller is normally responsible
for commission. Commission to be paid by the Seller is negotiated
at the time the Listing Agreement is signed, and is usually a
percentage of the selling price, but can be a set fee as well...we
tailor to fit your needs!
3)
What is Earnest Money?
When
making an offer to purchase a home, you will need to put up an
earnest money deposit as a sign of good faith to the Seller.
The deposit then becomes part of the purchase price, and will
be held in an escrow account until there is an acceptance of
the offer or a price is not agreed upon. If an offer is agreed
upon by Buyer and Seller, and the Buyer backs out, the Seller
may opt to keep the earnest money in most cases as liquidated
damages.
4)
How Do I Get Pre-Qualified or Pre-Approved?
We have
the ability to get you pre-qualified or pre-approved through
various lenders. Pre-qualification is a very quick process, and
enables you to know what price you can afford based on down payment,
your debts, etc. Pre-approval is a bit longer process, but can
be done relatively fast. Pre-approval means your credit, employment,
funds, etc. have been approved by the lender.
5)
What are Closing Costs?
Closing
costs are charges paid to different entities associated with
the real estate buying process. Closing costs you may incur include
application fees, appraisal fees, attorney fees, county or city
taxes, credit report, document fee, escrow fees, Home Owner Association
fees, loan fees, mortgage insurance fees, points, title insurance,
etc.
6)
What is a Point?
One point
is equal to 1% of the new loan. Different lenders charge different
amounts of points. Be careful not to be "sucked in"
by a low interest rate, only to pay higher
fees in the form of points!
7)
What is Title Insurance/
Should I Purchase it?
Title
insurance protects the insured against loss due to defects, liens,
encumbrances, etc. that may not be disclosed to the new owner
on or before the date of closing. Title insurance is highly recommended...the
cost is nominal, and could save you thousands should the title
be encumbered.
8)
What Should a Home Inspection Include/Do I Need One?
Every
home inspection should include, but not be limited to the following
items: appliances, ceiling, doors, electrical wiring, floors,
foundation, heating and A/C, home siding, insulation, leak detection,
plumbing, potential hazardous materials, roof, septic tanks or
sewer lines, ventilation, and walls. We recommend everyone to
get a home inspection done. The cost is minimal, and may detect
damage not visible to the untrained eye.
9)
Do I Have to Sign a Long Term Contract to Use 400 North Properties
as my Broker?
Our philosophy
is, "If you're not happy, we're not happy". Therefore,
we do not require you to stay in a listing agreement contract
with us if you are dissatisfied with our services. We include
a "30 day out" clause in each listing and/or buying
agreement that we draw up. If at any time during your contract
you are unhappy, just give us 30 days notice to terminate, and
we bow out...you owe us nothing! This assures you that we will
do our best to exceed your expectations. We will find the right
buyer for our sellers, and find the right home for our buyers!
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Feel Free
to Contact
Us About
any Other
Questions
You May
Have...
Just Click
HERE!
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Residential Home Listings
We can help you find the perfect house to call home!
From first time home-buyers, to empty-nesters, 400 North Properties
can help you find EXACTLY what you are looking for. Click
here
Foreclosed or Distressed Properties
For information on SELLING a foreclosed or distressed
property, Click here.
For information on PURCHASING a foreclosed or distressed
property Click here.
Residential Land & Lot Listings
Building Your Own Home? Need Land? We can help you find anything
from small residential lots - to large estate properties. Click here
Buyer Information
Buying a home with us can be a fun and fulfilling experience!
And best of all, our services are FREE to the buyer! Click
here
Selling Your Property?
If you don't want to endure the hassle of trying to sell
your own home, let us do the work for you! We will make your
real estate experience enjoyable, as well as profitable! Click here
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