FREQUENTLY ASKED QUESTIONS
Selling Your Property
Why is a real estate agent important?
Real estate agents are qualified professionals who are experts in the property market and can help you sell your home at the best price. They provide credible property appraisals and ensure properties are actively promoted and marketed to reach the maximum number of buyers. Real estate agents assist in the negotiation of property sales with keeping your confidentiality in mind.
Why should I choose One Big House to sell my property?
One Big House is the recognized name in real estate - accredited and known in the industry. It has strong digital presence in Atlanta - ensuring your property reaches more buyers than any other real estate group.
What is an exclusive listing agreement?
It is most commonly used for residential properties. With an exclusive agency agreement, you give only one agent the rights to sell your property.This may entitle the agent to a commission if the property is sold during the fixed term of the agreement.
What is the agent's role at an open house?
An agent's job at an open house is to listen closely and observe buyer interest. By engaging in meaningful conversation, the agent can learn more about potential buyer's requirements. This helps the agent to discuss the aspects of the property relevant to the buyer.
Why should I be out during an open house?
It allows the buyer an unobtrusive experience of living in the house he/she is interested in. It is to give them freedom of "mentally moving in" in the house without the presence of the current owner.
Why is it important to declutter an open house?
A first impression is often the most powerful one and decluttering plays an important role in creating a good first impression. Decluttering involves removing personal items that can be easily removed to give a neutral tone to the house in order to help the buyer imagine themselves living in the property.
How long should it take to sell my house?
Once your home is placed on the market, the length of time it takes to sell depends on a number of factors such as timing and economy.
What does 'overcapitalised' mean?
The term 'overcapitalised' refers to a situation where you have spent more money on your property than you will get in return for the sale price. You might have done extensive work on your property to increase its market value but there is no surety that all that expense will be reflected in the final sale. While it is important that you keep your property in good shape but we advise you to be careful of spending too much.
What should I do before selling my property?
These are a few things to help you sell faster: get all the necessary repairs, have your property inspected for any infestation such as termites, put all the warranties for home appliances and other items in order. We advise pre-sale home inspection to guide you on what you need to do.
Can I sell my house without an agent?
Absolutely. There is no legal requirement for you to hire an agent. An agent is however highly recommended if you want the best price for your property. Agents are knowledgeable and are experts in negotiating deals on your behalf. It takes away a lot of pressure and work off your shoulders. You may actually save money by maximizing your sale value through an agent.
Buying a Property
These are some of the questions you should ask before buying a property:
- Why is the owner selling?
- How long has the property been on the market?
- Are there any known issues with the property, land or neighbors’ properties?
- Exactly what is included in the sale?
- How long have the owners lived there?
- Is the property listed with an agency?
- How much are HOA and other fees?
What is a debt-to-income ratio?
A debt-to-income ratio is the percentage of a person's monthly earnings used to pay off all debt obligation
What are the steps to buy a home?
If you already have a home then an appraisal to find out how much equity you already have. Your One Big House agent can discuss various buying plans with you based on your equity and can help you create a budget and choose a home loan and apply for pre-approval.
You should also research property market and neighborhoods and finalize property must-haves. Start house hunting and if you like one, have your agent review contract. You must have the property inspected and then make an offer. After you sign the contract and pay a deposit, you must arrange for the insurance. An agent can take care of all the necessary steps.
What are the costs of buying a property?
Deposit - usually 10-20% of the home’s overall cost, mortgage insurance if you borrow more than 80% of the property purchase price, building insurance, legal help such as lawyers or property managers, building, pest and strata inspections, HOA fees, moving costs are some of the foreseeable costs of buying a property.
How can I work out the budget I can afford to buy a home?
Talk to the experts at One Big House, they can help assess your current budget and develop a plan for you.
Where do I search for properties?
Website portals such as One Big House is an excellent resource. Also, contact One Big House real estate agent as they may know other properties that are up for sale
What should I look for in a neighborhood?
It varies from person to person and what age group you fall into. If you are a young family your requirements may be different from a retiring couple. An agent can help you give a snapshot of the neighborhood that you are interested in or can guide you to the area best suited for your requirements.
What is the difference between being prequalified and preapproved for a loan?
If you're pre-qualified it means that you 'may' get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a pre-approval. If you're pre-approved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment - and the lender is willing to give you a loan. In this case, you will be provided an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been pre-approved because they know that there will not be any problems with the purchase of their home.
What is a Multiple Listing Service (MLS)?
A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and can use it to find a house in a particular price range or area.
What is the title insurance?
Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.