Ask the Realtor with David Garves (Sponsored)
Sep 13, 2016 04:23PM ● Published by David Garves, Broker/Realtor with TheMLSonline.com
Broker/Realtor David Garves
Q: What is the most common question(s) home buyers ask you and what is your answer? Questions, questions, questions… every buyer has them. Considering the purchase of a home is most likely a persons largest investment they’ve made at the time, it’s great to have as many questions as they can think of. The most common, however, depend a little bit on the process they are in for purchasing a home.
For people just starting the process:
Q: “I’m ready to buy a home, what’s the first step?”
A: While searching online and looking through open houses is much more fun than filling out paperwork, the first step a home buyer should take is getting pre-approved for a loan. Most sellers in the Twin Cities will not consider an offer without a pre-approval letter from a reputable lender. The worst feeling in my job is to find a home buyer a home that they love - but are not qualified to buy.
For home buyers who are pre-approved for financing and ready to look at homes:
Q: “How much do real estate agents charge?”
A: This is another great question to ask, because there is no set commissions in the state of Minnesota. Typically however, there is no charge for a realtor to represent a home buyer. The home seller is charged a set commission and both the realtor representing the seller and the realtor representing the buyer are paid from that commission. Note - be sure to ask about hidden costs such as “admin fee’s” and guaranteed commissions when asking this questions.
And, for home buyers out looking at homes:
Q: “What is the home really worth?”
A: Every home I show a home buyer will come a report showing recent sales within a half or quarter mile of the home we are looking at. Typically, this will include 15-25 homes sold within the last six to twelve months and give a great idea of the value of the homes in the area. It will also provide an average price and an average price per square foot to make sure the home buyer is aware of what the neighborhood is selling for. Remember - equity is made on the purchase of a home, not on the sale.
The realtor is there to work for you and part of his/her job is to make sure you have all your questions answered. Ask as many as you can think of until you're comfortable in your home purchase! Buying a home is a huge achievement. Be comfortable and have fun with it.
For questions regarding the Maple Grove real estate market, contact Broker/Realtor David Garves call/text 763-221-5834 or email dgarves@TheMLSonline.com.