General FAQ
How does my Agent get paid?
In a traditional existing home sale, it's common that the seller pays a predetermined amount to the selling and buying agents. Every real estate transaction is different, so consult your agent for an accurate answer to your individual transaction.
What are closing costs?
Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges.
What does Pending mean?
Pending simply means Under Contract or no longer for sale. Pending occurs after a home is listed for sale and the seller accepts in writing an offer from a buyer. Homes that are pending can come back available if a contingency in the contract is not removed or either party fails to execute the terms of the agreement. The home is Sold after the seller and buyer sign their respective closing documents.
What is a contingency?
A real estate contingency means additional criteria must be met before a transaction is closed. For example, a seller's home sale can be contingent on the buyer's home selling first or the home inspection being executed.
What is the MLS?
MLS stands for Multiple Listing Service - a database of homes created, maintained, and paid for by real estate professionals. In Indianapolis we have the BLC, which stands for Broker Listing Cooperative.
In a traditional existing home sale, it's common that the seller pays a predetermined amount to the selling and buying agents. Every real estate transaction is different, so consult your agent for an accurate answer to your individual transaction.
What are closing costs?
Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges.
What does Pending mean?
Pending simply means Under Contract or no longer for sale. Pending occurs after a home is listed for sale and the seller accepts in writing an offer from a buyer. Homes that are pending can come back available if a contingency in the contract is not removed or either party fails to execute the terms of the agreement. The home is Sold after the seller and buyer sign their respective closing documents.
What is a contingency?
A real estate contingency means additional criteria must be met before a transaction is closed. For example, a seller's home sale can be contingent on the buyer's home selling first or the home inspection being executed.
What is the MLS?
MLS stands for Multiple Listing Service - a database of homes created, maintained, and paid for by real estate professionals. In Indianapolis we have the BLC, which stands for Broker Listing Cooperative.
Buyer FAQ
Do I need a pre-approval before looking at homes?
Yes, it's a best practice to have a lender's pre-approval before looking at homes. A pre-approval letter confirms the amount you're able to purchase a home for, and equally gives a seller that same confidence when they see your offer to purchase their home.
How many homes should I look at before buying?
We believe a buyer should look at however many homes it takes to reach their desired outcome. Buyers often have time restrictions, so we keep that top of mind. If a buyer has time flexibility, we often recommend looking at a variety of homes (when available) to provide perspective. On the contrary, we also support a buyer who falls in love with one home and wants to buy it!
Should I do a final walkthrough?
Whenever possible, yes - schedule and attend a final walkthrough. This applies to new construction homes as well. We believe it's important that a buyer sees the home in the condition they will receive it, and have the opportunity to confirm any inspections response items were completed, or no new damage is visible.
Yes, it's a best practice to have a lender's pre-approval before looking at homes. A pre-approval letter confirms the amount you're able to purchase a home for, and equally gives a seller that same confidence when they see your offer to purchase their home.
How many homes should I look at before buying?
We believe a buyer should look at however many homes it takes to reach their desired outcome. Buyers often have time restrictions, so we keep that top of mind. If a buyer has time flexibility, we often recommend looking at a variety of homes (when available) to provide perspective. On the contrary, we also support a buyer who falls in love with one home and wants to buy it!
Should I do a final walkthrough?
Whenever possible, yes - schedule and attend a final walkthrough. This applies to new construction homes as well. We believe it's important that a buyer sees the home in the condition they will receive it, and have the opportunity to confirm any inspections response items were completed, or no new damage is visible.
Seller FAQ
How accurate is the Zillow Zestimate?
Largely based on public record, Zestimates are only as accurate as the data behind them. We often say, Zillow has not been in the home to support the value of home improvements or deterioration so it definitely can't replace a professional market analysis from a savvy real estate agent or appraiser.
Should I be at home for showings of my house?
If at all possible, please leave your home for the duration of accepted home showings. This will give the buyer and their Agent to take their time touring your home with the peace of mind they can speak freely and ask questions. Often times when a seller is present for the showing the buyers feel rushed and can't picture themselves living in the home as well.
Largely based on public record, Zestimates are only as accurate as the data behind them. We often say, Zillow has not been in the home to support the value of home improvements or deterioration so it definitely can't replace a professional market analysis from a savvy real estate agent or appraiser.
Should I be at home for showings of my house?
If at all possible, please leave your home for the duration of accepted home showings. This will give the buyer and their Agent to take their time touring your home with the peace of mind they can speak freely and ask questions. Often times when a seller is present for the showing the buyers feel rushed and can't picture themselves living in the home as well.
