Frequently Asked Questions

Why Do I Need To Be Pre-Qualified?

Sellers generally require a loan pre-approval or proof of funds letter to be submitted with an offer to purchase.  This is to give assurance the buyer has the ability to purchase the property before putting a property under contract and taking the home off the market. 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 they cannot qualify for financing.

What Is The Difference Between Short Sales And REO's/Bank Owned Homes?

A short sale occurs when the owner owes more on the mortgage than the current market value of the home. A short sale means the owner of the property is selling it for less than the payoff on the mortgage loan. In a short sale, the seller is the homeowner but the sale is contingent upon the approval of the lender(s) accepting a payoff less than the outstanding balance on the loan. On the other hand, an REO/bank owned home is a property that has already been foreclosed and now the lender has title to the property and is the actual seller of the property.

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.  

Do I Need To Have An Appraisal Done?

Mortgage lenders require an appraisal so they can be confident the property is of sufficient valure to secure their loan. The appraisal is ordered by the lender and is conducted as part of the mortgage process.

If you are purchasing a property without financing, you are not required to obtain appraisal, but an appraisal done by a qualified appraiser will provide you with a professional evaluation of the home. 

Do I Need To Have An Inspection?

It is highly recommended to have the inspections completed as soon as possible to fully understand what you are buying.   For a relatively small amount of money inspections may uncover major/minor 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 the buyer can make the seller to make necessary repairs or, if necessary, cancel the contract if the problem(s) is too difficult or expensive to cure.

Why Should I Get A Home Warranty?

A Home Warranty typically covers replacement or repair (with a specified service call fee) of covered appliances and mechanical features in a property should they break down during the covered time period after closing. This can be a great relief to a buyer when a problem arises with a covered item during the term of the warranty. 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 as they often allow sellers to sell quicker than homes that are not covered by a Home Warranty.

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