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Anthony
Stokes-Pereira
Licensed Real Estate Agent
Prudential Rand Realty
95 S. Middletown Rd
Nanuet, NY 10954
Direct: 845 770-2188
Office: 845 624-8100 Ext: 188
Fax: 845 624-7137 |
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Buyers
FAQ |
Sellers FAQ
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"Questions that buyers
frequently ask us." |
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Q.
How many homes should I plan to view and how should I make the
final decision? |
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A.
Generally you should view a number of homes so you can become
familiar with what you can expect to get for your money. When you
find a home you really like, it's a good idea to go back and look at
it at a different time of day. This will give you greater insight
into what it will be like living in the home full time. |
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Q. How can I check my credit rating before I apply
for a mortgage? |
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A. Your credit rating is
based on a combined score generated from three credit bureaus who
look at your credit history, amount of credit available, and recent
inquiries to determine what's called your FICO score. A smart way to
go is to have your Financial Manager check your rating
for you and, if appropriate, suggest ways for you to improve your
credit. For a small fee, you can get your score or review your
credit report by going online to
www.myfico.com or contacting the credit
bureaus directly at:
Equifax,
www.equifax.com (1-888)
766-0008
Experian,
www.experian.com,(888)
397-3742
TransUnion,
www.transunion.com, (800) 916-8800 |
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Q. Why should I consider paying points? |
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| A. Buyers often choose to pay a one-time charge called mortgage
"points" in exchange for a lower interest rate. Usually paid at
closing, each "point" costs 1% of the mortgage amount, or $2,000 on
a $200,000 loan. The lower rate reduces the monthly mortgage
payment, and points paid in conjunction with the purchase of a home
are generally tax-deductible in the year they're paid (see tax
advisor). Monthly savings will often exceed what was paid in points
in just a few years’ time. |
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Q. What is the purpose of an attorney review? |
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| A. In states where the real estate agent writes the contract, there
may be an attorney review period. This specified period allows the
attorney to cancel the contract or request it be altered. Both buyer
and seller would then have to agree to the revised contract in
writing. During this period, either party may void the contract
without penalty. |
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Q. What is title insurance and why do I need it? |
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| A. Basically, title insurance assures that you have clear title to the
home you’re purchasing. A title search is the primary component of
“due diligence,” a process that will be started either by your
attorney, if you are using one, or by the title company you choose.
The title search determines whether the seller actually owns the
property and if there are any claims against it |
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Q. What happens if the house I want to purchase does not appraise at
the amount expected? |
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A. If the house doesn’t appraise at the
amount expected, other alternatives are typically found. A second
appraisal may be sought, the buyer may be willing to put more money
down, the seller may adjust the price or offer other concessions, or
the two sides may negotiate to split the difference between them. |
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Sellers FAQ |
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Questions that sellers frequently ask." |
Q. Why shouldn’t I
price my house a little high, since I can always drop the price
later?
A. That’s a strategy that sounds good but, in fact, is more
likely to result in a lower price. Here’s why. The first few weeks a
house is on the market is when it will have the most activity. If a
house is overpriced, it has to compete with houses at that higher
price level, which are houses at that higher price level, which are
almost certainly larger or have newer/more luxurious features.
So the overpriced home is unlikely to attract an offer. Worse yet,
those first weeks are when real estate agents preview the house. If
it’s overpriced, they may not even bother to show it to their
buyers. Eventually, the seller will have to drop the price and may
end up with an even lower price because buyers will wonder why the
house has been on the market so long and may factor that into their
offer.
Q. What is meant by the term contingency in
a sales contract?
A. Sales contracts typically contain several contingency
clauses, or stipulations that the sale is subject to. For example,
with a mortgage contingency, if the buyer is unable to obtain
financing within the specified timeframe, neither the buyer nor the
seller is required to complete the purchase. Among other common
provisions in the subject to section are termite and other
inspection issues and the purchaser’s need to sell a current home
first.
Q. What is an escape clause?
A. An escape clause, also known as a kickout or knockout
clause, is a provision that allows the party to void the contract.
For example, the seller may retain the right to look for a more
favorable offer, with the original purchaser retaining the right, if
challenged, either to firm up the first sales contract (such as by
waiving a contingency) or to void the contract. As another example,
sellers might insist upon an escape clause in a contract that hinges
on the buyers’ selling their home.
My neighborhood knowledge can work for you. Invite me in. I'll
will bring results. |
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REALTOR® -- A Registered collective membership mark
that identifies a real estate professional who is a member of the
National
Association of REALTORS ® and subscribes to its
strict Code of Ethics. Inquiries regarding the
Code of Ethics should be directed to the
board in which a REALTOR® holds membership.