Should I get my own Agent or use the Listing Agent?
No one that could ever be involved in your transaction is in quite the same position as your own agent. They can and will give you all information good or bad in order for you to make the best decision. When you have your own agent, there’s no incentive for the agent if you buy a certain house.
What should I know before making an offer?
As far as the property is concerned things like the history of the property, length of time on the market, any flood zone issues, and any known defects or adverse conditions are good things to know. As far as other information you should have an idea of costs associated with the purchase such as closing costs, insurance premiums, homeowner’s association dues, taxes, and house payments.
What are legitimate reasons for voiding a contract?
Any information that becomes known to the purchaser during their inspection period that either changes the way they feel about a property or that they consider incurable are enough to void a contract. Keep in mind that if discovered during the inspection period the buyer doesn’t even have to provide a reason although it’s probably the decent thing to do. Good agents who communicate well go a long way in preventing these situations.
What is considered Breach of Contract?
Plain and simple, breach of contract is acting against the provisions already established on a contract. If the contract says it is subject to the buyer getting a mortgage and they cannot, this is not breach. If the contract is subject to the appraisal meeting the sales price and it does not, this is not breach. If the contract is subject to a satisfactory inspection and the buyer is not satisfied, this is not breach. Acting in bad faith or not doing something you indicated in writing as doing is considered breach.
What is the best way to choose a lender?
Choose your lender by looking at a list of all their charges not simply the rate. Also, consider the service end of it. Getting a return phone call is nice, especially on the weekend or after business hours. And some lenders retain their mortgage therefore you’ll likely be dealing with one person throughout most of the life of your loan while others sell your mortgage so you may not know who you’re dealing with and they may not have much of a connection with you.
How do FSBO Properties work?
Like a game without rules. Or one that the rules get made up as you go along. Here’s the deal: people typically are so nice as long as your actions benefit them. But once your interest conflicts with theirs, you can see a different person. Agents keep people on track even when situations become difficult by providing good options and positive communication. Most people don’t like confusion when dealing with their money or time and how can they not be confused when it’s something that they never do? The real issue is that people don’t know what it is that they don’t know and this can increase the liability for the buyer.