Welcome to Our FAQ Page

 A:  Changes in practices arising from claims by sellers related to broker compensation

 A:  August 17, 2024

 A: Buyers and their agent will need to reach an agreement in writing about how compensation for their services will be paid prior to touring a home.

 A:  A seller still has the option to offer compensation to the buyer agent.  However, the seller agent is prohibited from sharing agreed on compensation, if any,  in the local Multiple Listing Service (MLS).

 A: These changes does not increase costs for the buyers or sellers.  These practices continue to give the buyers and sellers the choices to choose regarding their real estate services and compensation.

 A:  Offers of compensation could be communicated with real estate professionals through negotiation and consultation outside of the MLS.

REALTORS (R) still have the responsibility to their clients to abide by the duties of the Code of Ethics to continue to use their skill, care, and diligence to promote and protect the interests of their clients, and to treat all parties in a transaction honestly.  

 A: No.  Fannie Mae, Freddie Mac, and the FHA do not allow commissions to be added to the mortgage balance.  

A buyer may consider a personal loan.  However, those loans would carry a higher interest rate and procuring a personal loan may make it difficult for the buyer to qualify for a mortgage.

 A: The choice is  up to the buyer whether to use a real estate professional.

Buying a home is one of the largest financial transactions most people will ever make.  An experienced Real Estate Professional is there to help buyers navigate difficult negotiations, their homebuying journey, and make choices that work best for the buyer. 

 A: You may be ready to buy a home if you have stable employment, a good credit score, saved for a down payment, and are committed to staying in the area for several years. 

Still uncertain?  Schedule a consultation to determine where you are.

 A: Your affordability depends on factors like your income, debts, credit score, and down payment. A mortgage pre-approval from our knowledgeable lenders can help determine your budget. 

 A: Pre-qualification is an informal estimate of how much you might borrow, while pre-approval involves a lender reviewing your financials to offer a specific loan amount. We recommend buyers have a pre-approval prior to actively searching for a home.

 A: During a home inspection, look for structural issues, plumbing and electrical problems, signs of water damage, and the overall condition of the property. Although, your home inspector is aware of what to look for during your inspection, it doesn't hurt to have a second set of eyes.

 A: To make an offer on a house, work with your trusted real estate professional to draft a purchase agreement that includes your offer price, contingencies, and terms. 

 A: Effective August 10, 2024, the Department of Veterans Affairs (VA) has temporarily lifted its ban on buyers paying for professional real estate representation.

The VA continues to evaluate this issue.

 A: It could be beneficial to both you as the seller, and to the buyer.

Offers of compensation made by sellers help to reduce up-front costs, particularly for low-income and first-time homebuyers, and buyers from underserved communities.  Offers of compensation makes homes more accessible to buyers with professional representation.

Offers of compensation increases the potential buyer pool and the likelihood of receiving the best offer for the property for sell.

 A: Your listing price should be based on comparable sales in your area, current market conditions, your home's features, and advice from your trusted real estate professional. 

 A: Making minor repairs and cosmetic updates can improve your home's appeal and value, but major renovations may not always offer a significant return on investment. 

 A: The time it takes to sell your home depends on factors like location, market conditions, pricing, and the condition of your property. On average, homes sell within a few weeks to a few months. 

 A: A real estate professional helps you prepare your home for sale, markets your property to potential buyers, negotiates offers on your behalf, and guides you through the closing process. 

 A: Boost your home's curb appeal by enhancing landscaping, cleaning and decluttering, applying a fresh coat of paint, and updating outdoor fixtures and entryways.