CENTURY 21 Kandi Realty, Ltd. FAQs
Have a real estate-related question? We have the answer! Check out our FAQs below to learn more about our company and services.
According to Rocket Mortgage, first-time buyers made up 33% of all homebuyers in 2020. If you're looking to buy your first home, talking to your local lender and getting preapproved is always the best first step. When looking at homes for sale, knowing what price range you are qualified to purchase is key. If you put an offer on a property, the seller will undoubtedly ask for a preapproval letter. If you are looking to sell your home and buy a new one, talking with your realtor about the value of your current home and some potential improvements is a good start. Talking with your local lender is also a good first option.
The first step when buying a home is to talk with a local lender and get a pre-approval letter. Then, look for experienced real estate agents, like a CENTURY 21 Realtor, to discuss your wants and needs. From there, you'll look at homes together, then compare the properties you've looked at. When you find the home of your dreams, you'll make an informed offer. If the offer is accepted, your Realtor will set up the home inspection, well test, and septic certification (if applicable). You'll then officially apply for a home loan. There could potentially be further negotiations while contingencies are removed and the appraisal is finalized. Then you'll go through the closing process, and you can move into your beautiful new home!
In our current market, mortgage payments tend to be less than rent payments. Paying a mortgage is also a long term savings option as you build equity over time. Rent tends to increase, while your mortgage payment will stay the same. Unlike a rental property, you have the option to customize a home to fit your needs or style. There can also be an added tax benefit when purchasing. To start looking for homes for sale, contact us today.
Working with real estate agents comes with many benefits. They can provide local information on schools, zoning, utilities, and so much more. Your agent is also there to help you understand the purchase agreement, what your options are, negotiate the terms of the purchase agreement, provide the necessary forms, walk you through the home inspection, and set up and navigate closing. We help with it all! We are here to guide you through the process and answer any questions so you can make the most informed decision.
PMI stands for Private Mortgage Insurance. It is the insurance a borrower pays when they don’t have 20% of the purchase price as a down payment. This protects the lender if you stop making payments on your home loan. This should not be confused with homeowners insurance, which covers the owner of the home in case something happens to the property. As an experienced real estate broker, we are here to make the home buying and selling process as smooth as possible. Contact us today for more information.
Although you aren’t required to have a home inspection, it is highly recommended. We have been a real estate broker for over 30 years, and we have never had a buyer regret paying for a home inspection. Nothing lasts forever, so most homes have a list of items that will need repair or replacement. Having a home inspection helps give the buyer an idea of what work might need to be done and how soon. We also like to have a contingency in place if an inspector finds something the buyers are concerned with. That way, the buyers can cancel their offer or start additional negotiations to have some items repaired or replaced if needed.
Talking with your CENTURY 21 Realtor to set up a market analysis is the best way to find the value of your home. Our real estate agents will visit your property, which is a great time to ask questions, understand how the process works, and point out any upgrades so they can find comparable properties. Once we know more about your property, we search for similar properties that have sold within the last year. With this data, we arrive at a price range that we expect the current market will support.
Buyers and sellers both have closing costs and they are very different. A buyer's closing costs include charges for things like lender fees, loan origination fees, appraisal fees, title insurance, and closing document preparation. Speak with your lender to get a Good Faith estimate of what these fees might be for your situation. For sellers, closing costs include state deed tax, deed preparation, real estate commission, and miscellaneous items from the home inspection. Your CENTURY 21 real estate broker will give you a detailed net sheet to help explain these costs. When you work with CENTURY 21, you can save on your closing costs, because we don’t have a buyers or sellers transaction fee or administration fee! Contact us to learn more.
Speaking with a bank before looking at homes for sale is highly encouraged. That way you'll know exactly what you can afford, and you won't be disappointed looking at a home that is out of your price range.
There is no magic number of homes to look at before putting in an offer. Our CENTURY 21 real estate agents want you to make an informed decision on what home will suit you best, so we like buyers to see a few houses. Seeing multiple properties will help buyers understand what is currently on the market, and they can also learn how to know when homes are priced appropriately. Contact us today to get the process started.