FAQ
Frequently Asked Questions
Looking for clarity on real estate transactions? Delve into the Freeman Wang Team’s FAQ page, where we address your concerns with precision and expertise. Gain valuable knowledge and make informed decisions during your home buying or selling process. Our team is dedicated to providing the guidance you need for a successful real estate journey.
A real estate transaction refers to the process of buying, selling, or transferring ownership of a property. It involves the legal and financial procedures that occur when a property, such as land or a building, is transferred from one party to another. This process typically includes negotiations, contracts, inspections, and the final transfer of funds and property title. Real estate transactions can involve various types of properties, including residential homes, commercial buildings, and vacant land.
Preparing your home for sale involves the initial step of ensuring its presentation. This includes conducting a comprehensive cleaning of the entire house and addressing minor repairs. Clean the floors, thoroughly sanitize the bathrooms, and eliminate any grime in the kitchen. Simple tasks like patching wall holes, replacing burnt-out lightbulbs, and fixing broken appliances can help your property stand out in a competitive market.
Additionally, consider repainting the walls with neutral colors, such as white, cream, or gray, as this can expedite the sale by creating a sense of spaciousness and enabling potential buyers to envision themselves living there. If you’re not vacating the property before listing it, you should depersonalize and declutter by storing away family photos, personal items, and knick-knacks. In some cases, you might need to rent a storage unit to accommodate these items.
When it comes to the duration of selling your home, it typically takes between 55 and 70 days, which comprises 25 days on the market and an additional 30 to 45 days for the closing process. Nevertheless, the exact time required for selling a property hinges on various factors, including:
- Listing Season: Homes tend to sell more quickly during the spring and early fall.
- Local Housing Market Conditions: Homes tend to sell faster in a seller’s market characterized by low inventory and high demand.
- Property Condition: Well-maintained homes often sell faster compared to those needing more extensive repairs.
- Buyer’s Financing: The buyer’s method of financing can impact the timeline. Mortgage-based transactions generally take around 42 days to close, while cash deals can be finalized in just one to two weeks.
These are the fees that you pay when you buy or sell a home. They usually vary from 2% to 5% of the home’s purchase price and cover things like appraisals, title insurance, legal fees, inspections, and more.
This is a deposit that you make when you offer to buy a home. It shows that you are committed to buying the property and is typically around 1% to 3% of the home’s purchase price.
This is an insurance policy that protects you from any problems with the title of the property that may come up after closing.
This is an evaluation of the value of a property done by an appraiser.
This is a check of a property by a professional inspector who looks for any issues or defects with the property.
This is a condition in a real estate contract that makes the contract depend on certain things happening.
This is an account set up by the lender to hold money for property taxes and insurance payments.
This is insurance that protects lenders from losses if you stop paying your mortgage.
This is when multiple agents have the right to sell a property.
This is a type of mortgage where the interest rate can change over time based on market conditions.
This is a type of mortgage where the interest rate stays the same for the whole term of the loan.
This is the difference between what your home is worth and what you owe on your mortgage.
These are taxes that homeowners or landlords pay on real estate.
These are fees that homeowners pay to an organization that manages and maintains common areas and amenities in a community.
These are legal documents that finalize the sale or purchase of a property.
At closing, all parties involved in the sale or purchase of a property sign legal documents and exchange funds
After closing, you will receive copies of all signed documents and keys to your new home if you are buying one.
A good rule of thumb is to offer 5% to 10% lower than the asking price. However, sellers often take this into account and deliberately put their house on the market for more than they expect or would accept.
This is a clause in a real estate contract that makes the contract dependent on the results of an inspection of the property
This is a type of loan that allows homeowners to borrow against the equity they have built up in their homes.
This is a type of contract that allows a tenant to rent a property with the option to buy it at a later date.
This is a type of contract that allows a tenant to rent a property with the option to buy it at a later date.
This is when someone rents out their property for a short period of time, usually less than 30 days.
This is when only one agent has the right to sell a property, but the seller reserves the right to sell the property themselves without paying commission.
This is when only one agent has the right to sell a property, and the seller must pay commission regardless of who sells the property.
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