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C21 Team Feltrim »      Real Estate FAQ

     Real Estate FAQ

Real Estate FAQ

  • Q1:Why should I use a Real Estate Company?

     

    A reputable real estate company with professional agents who are actively engaged in the market will be able to give advice on pricing as well as changes in real estate law.

  • Q2:How much is the commission?

     

    The commission charged by Florida real estate brokerages is 6%. This is evenly split between the buyer’s agent and the seller’s agent.

  • Q3:How much should I list my property for?

     

    Real Estate agents will provide you with a recent market study showing prices achieved for comparable homes. You then decide how competitively you wish to list your home.

  • Q4:How much should I offer for a property I wish to acquire?

     

    As above the agent will provide you with a recent market study, how close to the asking price you offer will depend on how much you like the particular home and the supply of similar properties. Ultimately the decision is yours.

  • Q5:Are there any costs associated with buying a home?

     

    Yes, there are closing costs, which are approximately 2% of the purchasing price, as well as annual property taxes that vary by country.

  • Q6:Do I have to come to Florida in person to close on the property?

     

    NO, many times buyers and sellers will be sent closing papers by mail or email. These can be signed and returned to the title company.

  • Q7:What is a Home Owners Association?

     

    Many communities have an association responsible for maintenance, upkeep of common areas and enforcement of rules and regulations. The owners pay for these services.

  • Q8:Can I get a mortgage for my property?

     

    Banks are offering loans but qualification will depend on credit rating and the particular use of the property.

  • Q9:What is a short Sale?

     

    : A short sale is a property that is listed for sale below the outstanding mortgage balance. The bank may forgive all or part of the deficiency: these types of sales are normally very lengthy process.

  • Q10:What is REO?

     

    When a bank forecloses on a property they refer to the property as “Real Estate Owned”. These properties are then offered for sale, sometimes at very attractive prices in order to sell quickly. The potential buyer will be required to provide “Proof of Funds” in order for their offer to be considered by the bank.

  • Q11:What is the Multiple Listing Service?

     

    The multiple listing service or MLS is a database of properties that are actively available for sale or have previously sold. Real Estate companies market their listings to other agents through this service.

  • Q12:Can I sell my property myself?

     

    Yes, you do not have to list the property with Real Estate Brokerage, however, you will not be able to market your property on MLS. This will significantly reduce the exposure of your property to the market.

  • Q13:What is Property Management?

     

    If you purchase an investment property and do not want to manage it yourself then a real estate company with a property management division can manage it for you. Their fee and commission will vary depending on the type of service you require.

  • Q14:What is title insurance and who pays for it?

     

    Title Insurance is a form of indemnity insurance which insurance against financial loss from defects in title. Mortgage companies require that the buyer purchases title insurance at closing. The cost of the title insurance is normally paid by the seller, however this cost can be negotiated in the contract.

  • Q15:Do I have to hire an attorney for closing?

     

    You are not required to hire an attorney, the realtor will use forms for negotiating the sale or purchase of the property that have been approved by the Florida Bar. The title company will conduct a search of the title and provide you with the necessary insurance.

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