Real Estate FAQs
What's the difference between a listing agent and a selling agent?
Traditionally, all agents involved in a real estate transaction legally represent the Seller (both the "Listing Agent" and the "Selling Agent"). When a Buyer's Agent is involved, the person buying the property is represented by the "Selling Agent", who is known as the "Buyer's Agent". For a more in-depth explanation, check out this resource.
How long does it take to buy a house?
When buying a new house, every buyer moves at a different pace depending on their comfort level but it is typically 5 to 6 weeks from the time of mortgage application to close.
What's the difference between being pre-qualified and pre-approved for a mortgage?
A pre-qualification is issued from a financial institution or lender prior to submitting an offer. Credit is not pulled to issue a pre-qualification. A Qualification comes to the buyer once an appraisal is done which involves a significant credit check along with other lender regulations.
Can I buy a home and sell my current one at the same time?
Yes, you can buy a home and sell a home at the same time. Many people do this. There are several factors involved and it is wise advice to consult a Realtor as to the timing and risks.
What is an FHA home loan?
An FHA home loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.
What kind of credit score do I need to buy a home?
When buying a new home, different lenders have different requirements and programs but a minimum FICO of 580 is required when going FHA.
What other fees are there other than the down payment?
When buying a new home, your lender will give you an estimate of closing costs on the purchase of a particular house you've selected. This is called a "Good Faith Estimate".
What is a buyer's representative?
A buyer’s representative is an agent who advocates for the buyer—not the seller—in a real estate transaction. For a more in-depth explanation, check out this resource
Do I have to sell my home to the person with the highest offer?
When selling your home, you don't necessarily have to sell to the person with the highest offer. Again, we recommend having the service of a licensed Realtor to guide you through the home selling process—but the price is not always the only factor.
Why should I use a real estate agent when selling my house?
When selling your house, a Licensed Realtor can help you with a competitive market analysis, marketing, open houses, and working with cooperating brokerage firms in our local multiple listing service, as well as navigating contract negotiations.
How should I prepare my home to sell?
When preparing your home to sell, presentation is everything! Home buyers are attracted to clean, spacious and attractive houses. Your goal is to dazzle buyers. Check out some of our home selling tips.
How much commission do you charge?
When working with a real estate agent from Maleno. there is no standard commission. The commission is negotiable and set by each independent Broker or Agency.
Is there a best time to put my house on the market?
Many think of Spring and Summer as being the best time to put your house on the market. However, we have found that the competition of similarly priced homes will be less in the "off-season" giving you less competition in the marketplace. For example, if you are selling a $300,000 home in the summer, then there may be 35 or more on the market; but in winter, there may only be 5--giving you an advantage.
