Buying and Selling Real Estate Frequently Asked Questions (FAQ)

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					Contents
General FAQ in Buying Real Estate ........................................................................................... 2
   Why should I buy instead of rent? .............................................................................................. 2
   Will bad credit hurt my chances of buying a home? .................................................................. 2
   Are there special homeownership grants or programs for single parents? ................................. 3
   How do I know if I can get a loan? ............................................................................................. 3
   How do I find a lender? .............................................................................................................. 3
   In addition to the mortgage payment, what other costs do I need to consider? .......................... 3
   When I find a home I want, how much should I offer? .............................................................. 4
   What if my offer is rejected? ...................................................................................................... 4
   What is a house “closing”? ......................................................................................................... 4
   How does seller financing work?................................................................................................ 4
   What will happen at closing? ...................................................................................................... 5
   How much time should I spend viewing houses? ....................................................................... 5
   How much can I afford? ............................................................................................................. 5
   How do I go about finding open houses? ................................................................................... 5
   How long should a closing take? ................................................................................................ 5
   What are bidding wars? .............................................................................................................. 6
   What will the lender look at when I apply for a mortgage? ....................................................... 6
   What does it mean to get pre-approved? .................................................................................... 6
   What is the minimum down payment I can make on a home? ................................................... 6
   Should I pay discount points? ..................................................................................................... 7
   Should I lock in my rate? ............................................................................................................ 7
   What will my mortgage payments include? ............................................................................... 7
General FAQ for Selling Real Estate .......................................................................................... 8
   How early should I accept an offer? ........................................................................................... 8
   Should I be at the house when the real estate agent shows people around? ............................... 8
   When should I sell my house? .................................................................................................... 8
   How do I set the selling price for my house? ............................................................................. 8
   Do I need a real estate agent or attorney to sell my house? ........................................................ 9
   Will I owe taxes when I sell my house? ..................................................................................... 9
   Can I finance the sale for the buyer? .......................................................................................... 9
   Do I have to accept an offer made on my home? ....................................................................... 9
   Can I stay in the house longer than the date stated o
				
DOCUMENT INFO
Description: Selling and buying your home is a big decision. There are many factors that should be considered here: current market conditions, the equity you have, current interest rates and financing options, your emotional motivation as well. If you have decided to jump into the market, this guide will help the seller and buyer navigate through some of the frequently asked questions that arise.
This document is also part of a package Buying and Selling Real Estate 22 Documents Included