What is an appraisal?
The appraisal is ordered through the lender to verify the value of a home, as a lender will not loan out more money than this determined value.
What is a title company?
The title company is the institution that houses escrow and ensures the transaction is being handled up to local, state, and national law. They also hand out the deeds and titles of properties.
How is the value of a home determined?
We do a CMA, Comparative Market Analysis, which is when we look at the community a home is in and see what similar properties have sold for recently.
What is an escrow?
Otherwise known as an earnest money deposit (EMD), this is an initial deposit by the buyer soon after a contract is signed by both parties! It is typically one percent of the purchase price, however the higher the escrow the stronger the offer!
What is the importance of hiring a buyers' agent through a buyers' agreement?
This is a sign of commitment by both the agent and the buyer to ensure that they will be working together to ensure the transaction goes as smoothly as possible.
What is a home inspection and what's the purpose behind it?
The home inspection allows for the buyer to verify what the good, the bad, and the ugly aspects of the home they are under contract for are.