You’ve Got Questions - I’ve Got Answers
DO I NEED A REAL ESTATE LAWYER TO BUY IN CALIFORNIA?
No, in Calfornia you do not need a real estate attorney to buy a property. The only time an attorney would be necessary in real estate is for litigation purposes and when forming a living will or trust.
WHAT PERCENTAGE OF THE FINAL HOME SALE PRICE DO YOU CHARGE?
When you are buying a home there is NO fee to the broker that is paid for by the buyer. Brokers are paid by the selling side in a transaction. On the selling side the commission typically is 5% with rooms for variation depending on the transaction.
HOW WILL YOU FIND POTENTIAL BUYERS FOR MY PROPERTY?
Your home's first impression is the single most important thing because your property will be judged in comparison to many others on the market. Having a strong start is crucial. We spend lots of time and money of our own to pay for professional photo, video, Facebook/Instagram ad's and paper marketing content. On top of this, we are very well connected and share your property with a strong network of brokers in the area.
HOW WILL I KNOW IF I'M READY TO BUY A HOME?
Beyond savings for a downpayment and closing costs. You won't know until you speak with us to determine if you are "ready". Readiness is determined by your savings, your loan approval amount, and if you are personally happy with your numbers. Furthermore, we always tell our clients, the right time is the time that makes the most sense for you and your family.
WHAT IS THE MINIMUM DOWNPAYMENT I COULD USE TO BUY A HOME?
For an FHA Loan - 3.5%
For a Conventional Loan technically it's 3%, but we would not recommend this. The industry standard for a conventional loan is 5%.
WHAT IS A MORTGAGE?
A mortgage is a type of loan to finance a property. The majority of people are not wealthy enough to purchase a house in total. Thus, a mortgage serves as a secure loan that comes with a fixed interest rate and gets paid off over 15 or 30 years.
WHAT IS A SELLER'S MARKET?
In a seller's market the high demand for homes and lack of inventory drives up prices. In this market the seller also has more negotiating power. 4 things that make it a sellers market: 1. Low inventory, 2. Low interest rates, 3. Economic factors, 4. High Demand
HOW LONG DOES IT TAKE TO SELL A HOME?
From start to finish including photography, home prep, DOM, and escrow it can take anywhere from 30-60 days. How quickly it goes into escrow is dependent on the current market and how we priced the property.
WILL I MAKE MORE MONEY IF I PRICE MY HOME HIGH?
Although it's tempting to think that pricing your home for more will get you more money, this is actually harmful to the success of your sale. Market stats show that if a home is overpriced it is highly likely the home will not get as much attention and will end up selling for less than the seller could've gotten if priced fairly.