Frequently Asked Questions
Why should I use a Realtor?
-Real estate is constantly changing and in the state of Texas, you can be sued for up to 4 years after closing a real estate transaction. A real estate transaction is a legal contract between two parties. As a Realtor, it is my job to stay up to date on all changes as well adhere to a Code of Ethics. My clients interest and confidentiality is top priority. Texas is also a non-disclose state. This means that the MLS is only place the actual "SOLD" price of a home is recorded.
What is MLS?
-MLS is an abbreviation for Multiple Listing Service. This is a database of properties listed by a Realtor. MLS syndicates to multiple websites nationwide. Only licensed and paying members are able to access this database.
Who pays closing costs?
- Both buyers and sellers pay closing costs. Seller's normally pay all Realtor fees but there are also title fees, transfer fees, recording fees and more. Buyers may also have lender fees.
What is title insurance?
-Title insurance is an insurance that protects the lender and buyer against any losses incurred from disputes over the title property.
How long does the loan process take?
-Normally 30-45 days but all transactions are different and can encounter different issues or requirements.
What is a comp or comparable?
-These are properties that recently sold that are similar in size, location and upgrades as the home for sale. These properties are used by Realtors to price the home correctly when listing. Appraisers also use comps to determine fair market value of a property.
What is an appraisal?
-An appraisal is done by a licensed appraiser. Banks/lenders require appraisals before lending. An appraisal tells the bank the fair market value of a property. A bank/lender will only lend this amount.
What is an option period?
-An option period is a negotiated time period on a contract that gives the buyer the UNRESTRICTED right to terminate and receive the earnest money back.