FAQ

Frequently Asked Questions (FAQ):

1. What is this Greenridge Phone search?

The internet has had a tremendous impact on the way people search for homes. They expect an immediate response to their requests for information. Smartphone users expect this even more than internet users. The KWKLY system is a customer service solution that meets the demands of our technically savvy customers. Homebuyers can now get on-demand property information sent directly to their web-enabled mobile phone KWKLY provides homebuyers instant property information including photos and the ability to connect directly to the listing agent. Imagine the marketing power of Greenridge Realty and KWKLY for your home.

2. Why do REALTORS® want me to talk to the bank and get pre-approved for a mortgage?

With a Pre-Approval letter buyers know exactly how much they can borrow and how much house they can afford. The Pre-Approval letter tells the seller that buyer is capable of buying their house. In todays market the issue is not if the seller can get an offer, but can the buyer get financing and close the deal. Also the worst thing in the world is start looking at homes priced in one range and then later find out you do not qualify for that price range because every new home you look at in the lower price range will not measure up and you will be disappointed.

 3.  I bought my 3 Bed/2 Bath home for $125,000 and did $23,000 in remodel and repair, why isn’t my home worth $148,000? 

It seems like simple math and logic, if all things were equal this would be true. However, the cold hard truth its not that simple. Your home value is based on your neighborhood. If all the 3 Bed/2 Bath homes are selling for $125,000 then that is the market price for your home and style. If you take the same home and move it on the shores of Lake Michigan the asking price may start around $700,000. When buying and selling LOCATION, LOCATION, LOCATION is the number one rule. Always ask your agent for a CMA when buying and selling.

 4. I can afford the monthly payment on a home, I can’t get a loan can you help me get a Land Contact? 

Most people selling homes on Land Contract are either people who have a lot of equity in their home or investors. Individual home owner typically do not want to mess with Land Contacts. Investors are selling the homes to make money and may have money tied up in the home for renovation, holding costs, cash purchase, etc. they want their money back to move on to the next project. In either case the sellers want a certain amount of cash out of the deal and they are not going to bring money to closing. If a buyer is going to buy on land contact they will need a down payment that will cover at least all the closing costs to cover commissions, taxes, title, etc. So expect the down payment at the very minimum to be between 8 -15% of the sales price.

If you have a questions that is not answered here please email me at Bob@DeRoseRealEstate.com

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