Susie Genet, Chinowth & Cohen Realtors
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Do you have a real estate question? You can contact me directly at firstname.lastname@example.org and I will do my best to answer it!
I want to buy a house, what do I do first?
Generally, the place to begin is by determining how much you can afford and whether or not you qualify for a mortgage. The easiest way to do this is to speak to a loan officer. The lender can determine if you are eligible for a home loan and how much you will qualify for.
Why do I need a Real Estate Agent to help buy a house
Buying a home is a big decision and using a professional to help you make that decision only makes sense. As a buyer, there is no charge for an agent's services as the seller generally pays the commission. Agents have access to the most update information on the houses on the market and will help educate you as to the process as well as negotiate the contract. Additionally the agent will help keep everything organized and get you safely to closing!
What is the MLS?
MLS stands for Multiple Listing Service. This is a database, generally run by the local real estate board, that lists all of the homes for sale in the area that are listed by real estate agents. There are some special circumstances under which a seller may request that a property not be listed on the MLS. Much of the information that is on the MLS is available to the public through public searches; however, some of the data is only accessible by real estate agents.
What does PITI mean?
This is an acronym that stands for Principal, Interest, Taxes and Insurance. All of these added together make up your monthly house payments.
Why do I need earnest money?
When you submit an offer on a property, the earnest money is the deposit that proves to the seller that you are serious about wanting to buy the house. If the offer is accepted, the money willl be put into an escrow account until closing where it will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies.
How do I determine how much to offer?
In our current market, homes are generally priced above what the seller actually excpects to receive. To determine the price you want to offer, it is important to look at comparable sales in the area. This will help you to see how the sellers home is priced relative to others in the neighborhood. Make adjustments if there are additional ammenities, determine what you can afford and then you'll be ready to make an offer.
How much land is an acre?
An acre of land is 43,560 square feet. It is about 3/4 of the size of a football field.There is really no rule to use in calculating a realistic offer. Naturally, the buyer wants the best price and value and the seller wants the highest price, but negotiations can be influenced by many factors, such as a seller who may be changing jobs and wants to sell quickly, or a buyer who really wants a specific home.
What does FSBO mean?
This is an acronym that stands for For Sale By Owner.
What is a "short sale?"
A short sale means that the lender has agreed to accept less than the full amount due on a mortgage at the time of the sale of a property. Not all lenders are willing to do this and not all sellers or properties will qualify. For lenders a short sale is an option they may consider if a property's value falls below what is owed on it and the owners cannot make the payments or have to move. In order to qualify for a short sale, the homeowner will be required to submit financial documents and possibly a hardship letter to demonstrate why the loan cannot be paid. If you are purchasing a short sale, you should be prepared to be patient. The banks often take anywhere from 2-6 weeks to determine if they are willing to accept the offer.
What is homestead exemption?
In Oklahoma, the Homestead exemption is an exemption of $1,000 of the assessed valuation of a primary residence that you own. To qualify you must 1) Be the homeowner of record on the property by January 1 and 2)you must be a resident of OK. Check with the county clerk's office in your county to determine how to file.
How do I figure out a home's square footage?
Determining square footage is a fairly complicated procedure best done by an appraiser. Even then, the numbers may vary depending on the appraiser. It generally includes only the livable space of a home. The garage, an unfinished attic or basement should not be included in calculating square footage. The county tax records is one source of finding a home's square footage but if there have been any additions to the home, these records may be inaccurate.
The information contained herein is deemed reliable but is not guaranteed.