Frequently Asked Questions
Here are some answers to some common questions...
Buying or selling a home can be an intimidating experience… but it doesn’t have to be. Let the residential real estate professionals at Edwards Realty Trust walk you through the process. Our expert brokers will help take the anxiety out of the buying or selling process so you relax and let us handle all the details! Our seamless process takes care of all your needs from start to finish, and we’re always just a phone call away to answer questions, review market trends and provide update on the process.
Did you know that Edwards Realty Trust offers classes to home buyers and home sellers to help them understand the process? Well we do! The classes are free and you don’t have to be our client. Our Home Buyers Class and Home Sellers Class are 100% free and open to anyone, especially those who are thinking about starting the home buying process or listing their home.
We’ve included some of the most common we get about the home buying and home selling process.
COMMON HOME BUYER Questions
What if a home inspection reveals a serious problem?
If inspections reveal a serious problem, the buyer can usually get out of the purchase contract. Usually the cost of fixing the problem becomes a part of the home purchase negotiations. You want an experienced real estate team like Edwards Realty Trust on your side to get the problem solved. The Edwards Realty Trust team can get any needed contractors or companies involved, get the home re-inspected and get the home sale deal done.
What about Radon or lead paint?
Radon is a radioactive gas produced by the natural decay of other radioactive substances. When random enters buildings and is trapped in high concentrations (usually in basements with inadequate ventilation), it can cause health problems. A certified radon testing and removal company can be used. Lead paint use was banned in 1978. The federal government estimates that lead paint is present in 75 percent of all private housing built before that time. It was often considered a “premium paint” and generally used on more expensive homes, so it is more common on larger or higher cost homes from before that time. It was commonly used on doors, windows, and other woodwork. A lead-based disclosure statement must be attached to all sales contracts and leases regarding residential properties built before 1978, and a lead hazard pamphlet must be distributed to all buyers and tenants. Buyers have the right to test for lead paint.
Edwards Realty Trust partners with multiple lead-removal certified painters that can be used to fix this issue.
What if my appraisal doesn't go through?
Edwards Realty Trust will supply your appraiser “comparable properties” that are used to help establish the home’s selling price. Occasionally, the appraisal value may fall short. Should that happen, getting a second appraisal is recommended or the buyer may be willing to make up the shortfall. In these cases, you may be asked to make other concessions, such as leaving behind appliances or other items you planned to take with you.
Should I price my home above market value?
Your Edwards Realty Trust realtor will meet with you and help you set the price for your property. There are many factors that can affect the way you price a property including the current market value, how “hot or cold” the current market is, and current buyer trends. Edwards Realty Trust has extensive experience pricing properties to maximize your return on your investment.
COMMON HOME SELLER Questions
How much should I offer?
You need an experienced realtor like pros at Edwards Realty Trust on your side to ensure that you are not bidding too high on a property. We have the experience, know the local market and can potentially save you thousands on the purchase of your new home. Edwards Realty Trust has your back and will make sure that your inspections are done properly, and we’ll be on the lookout for anything suspicious or potentially problematic for you in the future. Our goal is to help you find the perfect home and get the most for your money within your budget.
What is a contingency?
Contingencies are the terms in the contract that must be met before the transfer of ownership for the property will take place. They cover things like inspections, financing, or the sale of another home. Both sellers and buyers can place contingencies in the purchase contract. Edwards Realty Trust will listen to your family’s needs and ensure that you have the correct contingencies in place.
Do I need to get an appraisal?
Almost every mortgage company requires an appraisal of the home as a condition of your mortgage. No lender wants to underwrite a loan for more than a home’s value, because the home is the collateral for your mortgage. The mortgage company will arrange for an appraisal, although the borrower is responsible for paying the fee. Edwards Realty Trust works directly with lenders and appraisers to make sure you can an appraisal as quickly as possible and at a fair price.
What happens after I submit an offer?
Once you make an offer and your realtor delivers that offer, the seller can accept it, reject it, or they can counteroffer. Negotiations are part of the home buying process. Edwards Realty Trust has negotiated hundreds of deals and can negotiate on your behalf to ensure that you are getting a fair deal. Your realtor will discuss this process with you before she submits your offer.