Q&A
BUYING a home
Are you ready to buy a home?
Have questions?
Get all the answers to your questions so you can start your home search today.
Are you pre-approved to purchase a home and do you need to be prior to starting a home search?
Getting pre-approved is simple. You just need to have some financial documents together such as your bank statements, W-2, 1099 or investment documents showing proof of funds. You do not have to be pre-approved to start looking at homes but if you come across a home that you love, you are ready to move forward. It may also reduce the potential of having to compete with another offer.
How do I start my home buying search?
There are several ways you can start your home search, but having a real estate agent help would reduce the amount of time it would take to set up your own search on some of the home searching sites. In addition, there may be homes that are not listed online that a realtor may be able to show you.
How is the residential market?
Depending on where you reside, the market is slightly different. To understand a true analysis of the market, let our team of experienced agents reach out to answer any questions you may have.
How do the rates affects my home buying purchase?
Interest rates can greatly affect your buying power. Let our team connect you with a lender to discuss getting you pre-approved and provide an estimated payment for your purchase.
What home purchase price can I afford?
There are a couple ways to figure out if you can afford a home. Use a mortgage calculator to provide an estimate of your payment. You should make at least three times the amount of your payment. Let our team help connect you with our preferred lender to help put some numbers together for you.
How much money do I need to put down to purchase a home?
Depending on the loan, you could put as little as nothing down. Let our team connect you with one of our lenders to see what programs you may qualify for.
What information do I need to provide to get preapproved?
To get pre-approved, you will need to submit some financial documents to your lender. The lender will need to pull a credit report in order to provide the most accurate information and to get you pre-approved. Let our team connect you with one of our preferred lenders.
Can I purchase a home if I just got a new job?
Depending on your work history, and providing an offer letter for the new job, you may be able to purchase a home, or you may need to wait for a little. Let our team connect you with one of our preferred lenders to learn more.
What areas should I live in?
That is a very tough question. Our team of agents would need to learn a little bit more about you in order to suggest some areas to live in. Reach out to our team of agents today so they can provide additional information to answer this question.
How do I learn more about a community, I am not familiar with?
Moving to a new area can be overwhelming. Let our team of experts help you by providing an area tour once our discovery session is completed.
How do I find out about the condition of a home I am interested in purchasing?
You can sometimes learn about previous issues from a seller’s property disclosure. Once you go under contract, you would hire an inspector who could also provide information about the condition of the home. Let our team of agents help you in securing the right documents and hiring the right inspector.
How low can I offer on a home?
Every home is different. It really depends on how long it’s been on the market, whether the home is listed at market value, and how motivated the seller is. Let our team of agents help you suggest the best offer for the home of interest.
What is title insurance?
Title insurance protects a buyer against loss or damage due to defects in the title. Let our team of agents review the title search for you to be sure there are no liens or any defects prior to closing.
What are the home loan steps?
When you are ready to buy a home and you wish to finance the home, connecting with reputable, responsive lenders in your area is important. The first step is to get pre-approved, so be sure to have all of your financial documents together to expedite the process. Your lender can give you a list of what is needed. Our team of agents can suggest and connect you with lenders that will be by your side throughout the entire home buying process.
Can I borrow money to renovate?
Lenders have programs available that will provide renovation funds. There are HELOC, HELOANS, and renovation loans available. Let our team of agents connect you to a lender to learn more.
Are fixer uppers good or bad?
Depending on your goals, what the investment is, and the location of the home, fixer-uppers could be a great investment. Let our team of agents help locate great investment opportunities.
How do I choose a lender?
When choosing a lender, it is important to choose one that is local, responsive, and can turn things around quickly. This is imperative because you have a due diligence period that protects your escrow deposit, and if a lender is unresponsive, it could jeopardize your ability to keep it. Let our team of agents connect you with a reputable, rockstar lender.
Do I need a realtor to buy a home?
Although you can purchase a home without a realtor, using your own realtor could help you negotiate the contract price, concessions, inspection repairs, and any other things necessary in order to close. Not very often is there a smooth transaction, so it’s important to have someone looking out for your best interest to make sure you are protected and getting the things that are most important to you. Let our team of agents help you buy your home.
Should I rent or buy?
Renting or buying is a tough decision but really depends on your financial status, job status, your goals and budget. Let our team of agents help you make the best decision for you.
Who can provide an area tour of the community to identify where to live?
Our team of relocation agents can provide area tours, educate you on the market and developments in the area, set up tours of local schools, and help you get acclimated.
What should I look for when I am relocating?
When relocating, it is important to have a discovery session with one of our professional agents so they are able to learn about your goals, hobbies and interests, drive times, career, family, budget, home criteria, and what’s important in a community. Let one of our relocation specialists help you get started.
How do I learn about the school district?
Depending on what state you are moving to, there are websites to learn about the public schools, charter schools, and private schools. Let our team of agents help you learn about the schools in the area of interest.
How do I know if I have a good realtor?
When choosing a realtor, it is important to find someone that is experienced. The more experience they have, the better they will be able to strategize through the contract. It is also important to have a realtor that wants the best home for you and is not just trying to sell you any home. Our team of agents go above and beyond for each and every one of their clients.
Do I pay a realtor to buy homes?
Typically, the seller pays the buyer’s agent, but with the new law, the buyer could be responsible for paying the buyer’s agent. The buyer does have an option to opt out of seeing any homes where the seller is not paying the buyer’s agent’s commission. Our team of agents talk through this in more detail.
How do I setup my new utilities?
Our team of agents can help you set up all of your new utilities. This is a free service provided to all of our clients.
Is buying a condo, single family or townhouse the same?
There are different fees associated with all of these. Whether you are buying a condo, townhouse, or a single-family home, it is important to be sure that the community is in good financial standing and that there are no assessments. Our team of agents can provide all of this information, as well as additional details.
Is there a better time to purchase my home?
The best time to purchase a home is when you are ready and when you find the home you cannot live without. Our team of agents can answer any questions that pertain to purchasing and when.
How do I homestead and what does that mean?
Every state is different, but homestead exemption reduces your annual property tax bill. This must be completed by March 1. Let our team of agents help you to be sure you file on time.
How do I learn about the lease restrictions on my investment home?
If you purchase a condo or a townhome, you can look at the rules and regulations or bylaws to learn about any leasing restrictions. If you purchase a home, you can look up the zoning to identify any lease restrictions that exist in that zone. Our team of agents would be happy to help identify this for you.
How do I rezone my property and can I?
In order to rezone your property, you need to submit an application to the local planning department, attend public hearings, and wait for approval from the government. All of this requires fees. Our team of agents can help you with this process.
How Long do I have to wait to purchase a home after filing bankruptcy?
You may need to wait two years once a bankruptcy has been discharged. Every lender may be a little bit different, so let our team of agents connect you to a lender to learn more.
New home vs resale? What should I do?
There are benefits to purchasing a new home, such as lender credits, concessions, and warranties, but you can also purchase a home warranty on an existing home. Let our team of agents help provide all of the information you need in order to make a decision on whether you wish to purchase a new home or an existing home.
Selling my home
Are you ready to sell your home?
Have questions?
Get all the answers to your questions so you can start the listing process today
When is the best time to sell my home?
Selling your home is best when you are not rushed to do so, which gives you more time to get the most for your home. Let our team of agents help you list your home and get you top dollar.
What do I need to do to prepare my home to sell?
Neutralizing your home and minimizing it is a great way to prepare your home to be listed. Let our team of agents help you by walking through your home to make suggestions on any kind of repairs, renovations, or other things needed to get your home ready to be listed.
What factors should I consider before I sell?
You should know where you are moving to, what the average time on the market is, and when you need to move prior to selling. These are just a few things to consider, but our team is here to help identify the factors that are important and that you should consider before selling.
What is my home worth?
Let our team of agents run a free comparative market analysis to help you understand what your home value is.
Do I need a realtor to list my home?
Having a realtor list your home could help you get more exposure and possibly sell your home prior to even going on the market. In addition, they would manage the entire transaction, allowing you the time to focus on your career, your family, or anything else requiring your time. In addition, your realtor will negotiate on your behalf and work to get the deal to the closing table.
What repairs should I make prior to listing?
In order for a buyer to get insurance, there needs to be a clean four-point. Any items that come up on a four-point inspection would need to be remediated prior to closing in order for a buyer to get insurance. It is also important for all of the major components in the home to be operating. Any maintenance or wear and tear items would be at the discretion of the seller. Our team of agents can review the inspection repair contingency to help identify items that may need to be repaired. Another reason why it’s important to have one of our experienced agents help you.
How much money will I get back after renovating my home?
Typically, you only get about 30% or 40% back on renovations. However, having a renovated home could potentially bring you more buyers and reduce the amount of time your home would be on the market. Our team of agents can help you decide which renovations could bring more value.
What am I obligated to disclose when listing my home?
When listing your home, you should disclose any leaks, mold, plumbing issues, roofing issues, or other major issues while living in it. Our team of agents could help you by providing a seller’s property disclosure for you to fill out.
How do I find a realtor to list my home?
AskGIlit.com. We are a real estate agent referral service and happy to assist with any real estate-related needs, as well as connecting you to agents that could list your home.
Should I get an appraisal before listing my home?
An appraisal could certainly help to be sure you are listing at market value, but one of our experienced agents can provide a comparative market analysis that can give you a good idea of what your home may be worth.
Should I get an inspection before listing my home?
An inspection can provide a list of some of the items that may come up during a buyer’s inspection and also give you the opportunity to repair these items before listing your home. Although every inspector is different, it would be helpful — but not necessary. A buyer will pay for their own inspection. Our team of agents can connect you with a great inspector if that is something you would like to move forward with before listing your home.
Is it better to list a vacant or occupied home?
You should check your lease agreement with your tenant. Most agreements allow you to sell your home while tenants are in place, but it is important for your tenant to allow for showings and keep the home clean and show-ready. Our team of agents likes to work directly with the tenant so they are able to work around the tenant’s schedule for showings and respect their space.
Can I sell my home if I have tenants in place?
Be patient. If there is little to no activity, it could be reflective of the price point. Be sure not to wait too long before lowering the price if this is the case, because you will lose a lot more buyers by waiting and potentially have your home on the market a lot longer.
How do I handle offers and negotiations for potential buyers?
Our team of agents will handle all negotiating and review all offers for you. Sometimes it’s not only about the offer price, but also the inspection period, the closing date, the financial strength of the buyer, and the credibility of the buyer’s agent.
How do I establish a pricing strategy for my home?
Let our team of agents help establish a pricing strategy for your home.
Although our guidance is free our experience is priceless.
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