Frequently Asked Questions      

  1.  What does it take to get pre-approval before attempting to purchase a property?

    The reason for getting a pre-approval letter before shopping for a home has many benefits. Saving time and money are two important considerations. By obtaining a pre-approval you will know how much home you can afford. This will stop you from looking at properties that are out of your price range. The pre-approval letter will make your shopping more effective and help you to get to settlement a lot faster. Remember time is money.

  2.  What does it take to be qualified to purchase a home? 
    To get qualified for a purchase a buyer need to contract a licensed loan officer at a legal lending institution. The loan office will ask for documentation to determine you (DTI) Debt –to- Income ratio. The DTI is the ratio between your income and the debt that you have before buying in relation to the debt you will have after the purchase. This is considered your front end and back end ratios. The institutions use these guidelines to determine how much home you can afford to purchase based upon lending laws and regulations.
     
  3.  After identifying a property to purchase, and ratification of the contract to purchase has been completed, how long does it usually take to settle?

    After the property has been ratified by the buyer and the seller, the title company will need to review the title and title insurance will need to be purchased, by the buyer, inspections must be completed, repairs made if needed, and the lender will have to get the money for the buyers purchase this can vary anywhere between 7 to 90 days depending on a number of different activities.

  4.  How important is an approval letter in the buying process?
     
    The approval letter let the sellers know that your money is ready and you are prepared to purchase. You are showing them that you are ready, willing and able to purchase their property within so many days.

  5.  What things should you consider first before selling your home?
     
    Before selling your home the sellers should understand what makes a home sale in today’s market. First the property needs to be price to sale, and second the properties condition is important. In today’s market many properties are for sale, and many of them have been prepared for selling. Making the competition for the sale a big consideration. Most buyers desire to move in and be able to continue on with life, without having to fix up the house to live in it or to resale.

  6.  How can a pre-home inspection help to sale my home?
     
    Pre-inspections can and will disclose things to the seller that could be an issue which could stop your home from selling. Having a pre-inspection can help the Seller save money, by doing repairs prior to selling, if not some Buyers will try to have the price reduced down because of the repairs that are disclosed.   

  7.  What does it mean to sell your home AS IS?
     
    To sell a home in AS is condition, which means no repairs or improvments will be done, Buyer would be taking property in its current condition.   Now if a Property has issues such as electrical, plumbing, or mechanical, the FHA or VA lenders will request the repair be done prior to settlement.

  8.  What is the mandatory required contribution from a seller to a buyer?

    The mandatory maximum amount a seller can contribute to the purchaser is 3% of the purchase price.

  9.  What are some of the requirements needed from a landlord before renting his property?
     
    A Landlord attempting to rent his /her property should obtain a renter license and consult an attorney and of accountant regarding taxes and the legal concerns associated with rental properties.

  10.  Do I have the right to not accept vouchers?

    Landlords attempting to rent his/her property should obtain a renter's license, consult with an attorney and an accountant regarding taxes and legal concerns associated with rental properties.  Landlords are like anyone else in America, who cannot discriminate in relations housing according to the Federal Fair Housing Laws.