Frequently Asked Questions
These are brief answers to many of the questions you may have about buying or selling your home. More detailed answers are found by clicking on the links within the answers. If you need to know something that is not covered here or elsewhere on my website, please contact me and I'll find the answer.
What is a pre-approval letter?
Before you shop for homes you will need to get what is called a "pre-approval letter" or a "pre-qualification letter" from your lender or mortgage broker. (either will work to see homes, but there is a difference) Consider this letter is your "passport" to tour homes within your price range that meet all of your buying criteria. The steps to Home Ownership.
This "pre-qualification letter" also assures SELLERS that the people touring their home for sale are ready willing and able buyers and not just nosy neighbors looking for dust bunnies. Click here to learn more about mortgages and approval letters.
What is the difference between a loan officer and a mortgage broker?
A mortgage broker works as a conduit between the buyer and the lender, the loan officer typically works directly for the lender (bank).
A mortgage broker doesn't loan money, but instead works with borrowers to help them find a mortgage that meets their special needs. They shop to find the best loan deals from lenders offering a particular type of loan.
Brokers usually work with numerous lenders, attempting to match the right lender with each individual client. Some brokers actually have hundreds of lender contacts. Because they have so many lenders from which to choose, brokers are more likely to find loans for borrowers with special needs, like problem credit, than individual lenders.
Are Foreclosures always good deals?
Foreclosures can often be very good values. It has been my experience that lenders try to get top dollar for foreclosures just like regular sellers do. Some compromise easily and some can be very stern. It pays to pull comps in the area and get as much history on the home as possible through tax records.
Many people feel they can "low-ball" a foreclosure house. This may work sometimes, but I have seen many well priced foreclosures go for above list price and get several offers.
My advice about buying foreclosures? Inspect, Inspect, Inspect. A good home inspector is invaluable.
What is a short-sale?
In a nutshell, a short sale is where the owner of a property has experienced financial distress or will experience financial distress that will preclude him from making his mortgage payments as agreed. This distress can happen because of a job loss, death, a job transfer or many other situations.
In a short sale the bank has agreed to consider offers that will actually net them less or "short" them the amount of the mortgage. To learn more, click here for more on short-sales.
Who writes the stuff on your website?
Except for a few pages where I have indicated I have copied someone else's work, all of this site has been written by me. If you happen to see my stuff on someone else's website, I would appreciate a heads up.
Why do you sell Real Estate?
If you are one of my Face Book Friends, you often hear me say "I love my job!". I love houses. I got my Real Estate License in 1982 when I was very young (about two years old). I started off selling Time-Share at a beautiful resort on the beach in Daytona FL. I could play in the sun with my friends, sell property and have a great time doing it. I later moved to Tampa where I sold property when interest rates were upwards of 14%!
On my days off you will find me in my shop with my power tools. I have always got some remodeling to do. If I am not in my shop, I am looking at house plans.
Coldwell Banker RPM