Frequently Asked Questions
Why Do I Need A REALTOR®?
A REALTOR® is a member of the National Association of REALTORS®. Every person selling real estate in Florida must be licensed to sell real estate by the State. A REALTOR® is someone who has taken the additional step of joining the Board of REALTORS and has subjected themself to the REALTOR® code of ethics. REALTORS® have the tools, technology, training, and experience to guide you through the home buying or home selling process.
Many people, whether they are looking to buy or sell a piece of real estate, are concerned about the added costs of hiring a REALTOR® to help with the process. While it is true that with the current advances in technology, it is easy to find Florida real estate websites that allow you to browse the dazzling array of properties available, there is a lot more to buying a home than just finding one that you like. If you are trying to sell your Florida home, a REALTOR® can be an invaluable addition to your game plan and make the difference between your home lingering on the market for months or getting sold far more efficiently.
Property real estate agents understand a variety of loan and mortgage programs for different prospective buyers and they can also estimate for the buyers the principal and interest re-payment information on each loan offer. With some of their experienced in house sales staff, REALTORS® can also easily assist clients in shopping for their homeowners insurance. Florida REALTORS® can assist their clients in estimating applicable property taxes, any possible increases that may arise from reassessment when making a home purchase and making accurate estimates of the closing cost, escrow accounts and any pre paid items that home buyers are likely to expect during their closing sale which eventually might affect the initial cost of owning the property.
What buyers and sellers sometimes do not understand, is that working with an experienced REALTOR® can save you a lot of time, money, and stress in your real estate transactions. Give the Orlando area experts at Realty Exectives Florida a call and let them help you have an enjoyable real estate experience.
Why Do I Need To Be Pre-Qualified?
Sellers often require a pre-approval or proof of funds letter to be submitted with an offer to purchase; this is to give assurance that a buyer has the ability to purchase the property before putting a property under contract. Getting pre-approved for financing also benefits the buyer because if pre-approved, a buyer can be confident that he or she will have the purchasing power to complete a transaction before becoming emotionally attached to a property or spending money on inspections, only to find out later that he or she cannot qualify for financing.
What Is The Difference Between Short Sales And REO's?
A short sale is a property where the owner is usually behind on payments with the bank and typically owes more on the mortgage loan than the current market value of the home. A short sale means that the owner of the property is selling it for less than the outstanding balance on the mortgage loan. In a short sale the seller is the homeowner but the sale is contingent upon the approval of the mortgagee or lender accepting a payoff less than the outstanding balance on the loan. On the other hand, an REO is a property that has already been foreclosed on and now the lender has title to the property and is the actual seller of the property.
What is The Difference Between A Real Estate Sales Associate, A Broker-Associate And A Broker?
The State of Florida requires real estate sales professionals possess a license from the state, by doing this the State controls education and experience requirements and enables it to resolve consumer problems through the Florida Real Estate Commission. The terminology used to describe real estate professionals varies from state to state. In Florida:
Brokers are required to complete additional education and must have a minimum level of experience they must also pass the Florida Real Estate Broker Exam. In addition, a Broker must have an office, open to the public, and registered with the Department of Business and Regulation as a real estate brokerage. All Broker-Associates and Sales Associates work for a Broker.
A Broker-Associate has achieved all the requirements necessary to be a Broker but chooses to work for a Broker instead of opening their own office.
Sales Associates have completed the necessary educational requirements and have passed the Florida Real Estate Sales Associate exam. All Sales Associates must work for a Broker.
Do I Need To Have An Appraisal Done?
Usually if you need a loan to purchase a property a lender will require an appraisal. This is done so the lender can be confident the property is worth the amount it is lending to a buyer. The appraisal is usually ordered by the lender and is conducted as part of the mortgage financing.
If you are purchasing a property without financing, you are not required to order an appraisal but an appraisal done by a qualified appraiser will give you peace of mind that you are paying an appropriate price for the home.
Do I Need To Have An Inspection?
Most lenders require inspections if you are going to need to finance the purchase but cash buyers are not required to get obtain an inspection. However, it is highly recommended to have an inspection done right away. For a relatively small amount of money a home inspection can uncover any major defects that may be present in a home that may not even be known to the seller. This gives a buyer the power of knowledge, so that the buyer can either negotiate with the seller to make necessary repairs or possibly even walk away from deal, if the problem is too difficult cure.
Why Should I Get A Home Warranty?
A Home Warranty typically covers replacement or repair of major appliances or mechanical features in a property if they break down for specified time period after closing. This can be a great relief to a buyer when a problem arises with a covered item after closing. Placing a Home Warranty on a property is a benefit for the seller too, because homes that are covered by a Home Warranty are more attractive to potential buyers, they often allow sellers to sell the home quicker and for more money than homes that are not covered by a Home Warranty.
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