It’s that time of year where house hunters are out in full force. Here are some quick answers to some of the most common questions I hear.
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Here are some of the questions that I’m often asked by my clients and what my answers typically are:
What is a short sale?
The easiest way to understand a short sale is that it occurs when a homeowner owes more on their house than they would be able to get by selling. They’ve gone to their lender and received permission to sell the house as a short sale.
Although you can usually get a short sale for a lower price than a regular home on the market, there are some important things to consider before buying one. The first and most important is that it could take a long time to close. I’ve seen short sales take six months to sell, and I’ve seen other short sales go into foreclosure.
Short sales are not impossible to buy, but you have to be patient and flexible. Foreclosures, or properties that are owned by a bank or lender, can usually be obtained a bit more easily. The lender won’t make any repairs, but they’ll usually give you a good deal.
What is this area like?
While there is some general info that Realtors can give, it’s illegal for them to steer buyers in a particular direction. Instead, they’ll share information via links that will talk about crime, schools, and other information you might be interested in knowing.
How are the schools?
Again, Realtors can provide links for you to learn more about the particular school districts, but they can’t steer you in one direction or another.
What are the average utility bills?
This is often easy information to acquire by asking the seller for an average of their last year of utility bills. This information can also be obtained through the utility companies themselves in most cases.
If you have any other questions about buying a home that we didn’t cover today, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.