FAQ

Frequently Asked Questions

INFO FOR SELLERS

How do i prepare to sell MY HOME?

No matter how you go about selling your home, there’s always some level of preparation involved. For starters; evaluate the condition of your home. Taking care of any repairs before listing can help you achieve a higher return. Declutter your property inside & out, this will also save you time with packing once you sell. Get your home’s paperwork in order; this includes land surveys, home warranty documentation, tax bills, utility bills and any permits for past renovations.

This is not an all inclusive checklist, rather a few suggestions that can help you start to prepare.

What is my home worth?

There are many online sources that provide an estimated market value for your home. They use both public information and data submitted by users to determine what your property is worth. To get an accurate valuation for your home the best option is to talk to a Real Estate professional who will prepare a CMA or Comparative Market Analysis. If you have signed a Listing Agreement your agent should not charge for this service. Another option is to hire a licensed appraiser.

how will my home be listed or marketed?

Each client may choose different services for marketing their home. The most common is listing the home on the MLS or Multiple Listing Service. If you choose to do so, your agent will also place a “For Sale” sign in your front lawn. At Mercado Advance Realy, Inc. we can also feature your property on our website!

how fast will i sell my Home?

The market began moving incredibly fast in 2020, with many homes going pending — meaning they had an offer accepted, but not yet officially closed — after just two to three weeks. Your home may sell as quickly as two months after you put it on the market; but these are just averages, and some homes sell more quickly while others take more time, depending on both local market factors and your price point. To be safe, give yourself time and ease stress we estimate about three months to finalize a sale.

INFO FOR BUYERS

What do i need to know before buying?

Before you start your house hunt, your first step is finding a mortgage originator or lender. They will let you know if you qualify for a mortgage and confirm how much of a mortgage you can afford. Some clients choose to apply with their current bank, while others rather search for mortgage options elsewhere. Putting in an offer will require either Proof of Funds or a Pre-Approval Letter from your lender.

What Is Pre-approval & what do I need to get pre-approved?

Pre-approval means that a lender has agreed to lend you an amount of money towards the purchase of your home. This is not a full or final approval, yet it allows you to know your maximum available funds to narrow your search and better negotiate. Your lender will ask for two years of Income Tax Returns, your most recent bank statements & 1-2 months of income proof.

This is not all inclusive list, some lenders may ask for additional information.

What Should I Expect at Closing?

Closing costs for buyers and sellers of real estate vary according to where you live, but as the buyer you can expect to pay anywhere from 6% to 10% of the home’s sales price in closing costs at settlement.

What Should I Offer?

A good rule of thumb is to offer 5% to 10% lower than the asking price, considering that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept. This tip is typical of a slow market, in a fast market your agent will likely suggest that you offer 5% to 10% higher than the asking price.

Can I Ask You for Advice?

For a more comprehensive understanding regarding the home buying process you can contact us to speak with a Real Estate professional.

FAQ