Frequently Asked Real Estate Questions
Welcome:Thank you for visiting Commercial Brokers, a firm that brings its knowledgeable staff and personalized attention to every real estate transaction.
We provide a full range of residential and commercial real estate services to Greater Lafayette, Indiana and the surrounding area. Let our skilled professionals represent you as buyers and sellers of residential homes and commercial properties. Our expertise and supportive staff will insure a positive outcome to your unique situation.
Question 1: How do I choose the person I want to work with?
Answer 1: Good personal chemistry between client and agent is essential for a strong professional relationship. It is important to interview several prospective agents to make sure they understand your goals before selecting the one that you would like to work with. We highly recommend that you choose a Realtor® as only real estate agents who are members of the National Association of Realtors can call themselves Realtors®. Christy Carr and I are both experienced Realtors® with strong ties and a solid network within the community.
Question 2: How do I know what price range I can afford?
Answer 2: Pre-approval for a mortgage will establish the target price range for your home search. Pre-approval is absolutely essential in the home buying process. We have long term relationships with several lenders and mortgage originators in our area who will review your personal financial situation to ensure that you will receive the best mortgage terms available. When you are pre-approved, you are provided with a letter from the lender. Once you have identified the home of interest, your negotiating power will strengthen as you will be more attractive to a seller.
Question 3: As a buyer, should I have my own agent? and will you show me properties that other companies have listed?
Answer 3: As a buyer, it is important to have an agent representing your interests in the transaction. A buyer broker relationship will establish the agent’s responsibility to represent only your interest through closing. Though the seller generally pays the commission, you benefit by having your own agent working exclusively for you. As the buyer’s agent, we look beyond our own listings. We search other companies’ listings to show you every property that matches your search criteria.
Question 4: What distinguishes Commercial Brokers from other real estate companies?
Answer 4: Commercial Brokers has a unique staff with a broad range of training and experiences. We listen carefully at the beginning of every relationship to understand your situation. We select our listings carefully and limit the number to match our capacity. Our goal is to ensure optimal service and client satisfaction. When we represent you, as a buyer, our thorough interview process yields results to help you locate and purchase the best possible property. Whether we represent you as a buyer or seller, we will provide you with the personal attention that you deserve, as we oversee every detail of the sale process.
Question 5: How will you communicate with me?
Answer 5: Clear, effective, consistent and concise communication is an integral part of every real estate transaction. Our technologically savvy staff uses all forms of communication to keep you updated on the status of your transaction. As a seller, we will provide a marketing plan, then notify you of all showings, inquiries and overall activity on your property. We provide actual market feedback from those who have viewed your home. With this information, you will be able to respond to the changing market conditions in real time. We represent our buyers and sellers aggressively to protect your interests through every stage of the process. Our goal is to achieve an accepted offer through persistence in negotiating until our clients are satisfied with the results.
Question 6: Will you give me names of past clients as references?
Answer 6: I’m glad you asked! We are proud of our performance and we have many satisfied customers. You can find testimonials on our website and we will be happy to give you a list of references that you may contact. Visit our testimonials page by clicking the link located on the left side navigation bar.
Question 7: Why should I buy rather than rent?
Answer 7: Your personal situation should be considered before making that decision. Our initial interview will lead you through a process that will help to determine which choice would be right for you. As property managers as well as Realtors we can offer services to assist you in getting settled regardless of which solution you choose. As a homeowner you will build equity, take advantage of current tax deductions and have an opportunity to benefit from home value appreciation.
Question 8: Should I get an appraisal or inspection?
These days, both buyers and sellers may want to consider this approach. As an experienced professional Realtor, Christy will complete a Competitive Market Analysis for sellers prior to listing your property. This will reflect the approximate value based upon recent comparable sales in your area. As a seller, if there is a concern about your home appraising for list price, it could save time and provide valuable information to ensure a closing. A seller’s inspection can be another effective disclosure of condition so that minor defects do not become issues that would adversely affect negotiations.
As a buyer, it is very important to have reliable information on the condition of the home that the inspection process would provide. We work closely with reputable licensed inspectors who can provide invaluable information that could identify potentially costly defects. Christy recommends an inspection for every house she sells…even new construction! Most lenders will require an appraisal as a condition of the loan commitment.
Question 9: How long does it take to close a transaction and should I expect any cost to me?
Answer 9: On average, it will take thirty to forty-five days to close a transaction if the buyer is obtaining financing. If a cash purchase is being made, the transaction time can be significantly shorter.
As a seller or buyer, you should expect to pay some closing costs, which are determined by the final sale price of the home. A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction will be provided prior to closing.
Question 10: Does the Seller need to disclose defects?
Answer 10: Yes. Except in certain situations under Indiana law, Sellers must complete and sign a Seller’s Disclosure form. We ask Sellers to complete this form when they list their home with us. The purpose of this form is for Sellers to disclose their current actual knowledge of the functions and features of the home, including the appliances, electrical system, water & sewage system, roof, heating & cooling system and foundation. For most everyone, the purchase of a home is the largest investment of their life.
At Commercial Brokers we understand the challenge and stresses of this decision. Be assured that our staff will provide the guidance and advice to make this process a positive experience and successful outcome for you.