Frequently Asked Questions
Answers
Q. What does the term “Agency” mean? Back
- Agency is the term used by Real Estate professionals that describes the relationship between a client and agent or customer and agent. As a listing agent, the agent represents the SELLER (Seller Agency).
The BUYER who signs a contract with an agent to locate a home, that agent represents the BUYER (Buyer Agency). An agent may also work as a (Non-Agent) who is just the agent who put the Buyer and Seller together but not representing either one. When you have your first appointment with an agent, they need to review agency law with you as required by New Hampshire RSA.
Q. When I make an offer on a property, what do I need to do?Back
- You will need to make a deposit with your offer (There is no set amount; however, a seller may require you to make an additional deposit as part of their terms in accepting your offer). You will need to specify the type of loan and the amount of the loan. You will need to set a closing date. (This date is a target date; closings can be on or before the actual date.)
You will need to decide if you want any inspections done on the property along with any other contingencies that may be part of your Purchase and Sales contract. You should also include a pre-approval letter.
Your real estate agent will help you through this process.
Q. Do I need to be Pre-Approved for a loan before I start looking for a property?Back
- A pre-approval is a great negotiating tool. The Seller will know that you are already able to obtain financing.
Q. How do I know if the property is in good condition for the price I am offering?Back
- If you have any questions about the property, we recommend that you hire a Home Inspection Company to work for your behalf. The home inspector will inspect the property from the basement to the roof! They will check all the major systems and the condition of every aspect of the property. At that time you may have the Home Inspector test the water, septic, radon and lead paint.
Q. What do I do if the property I like is with a different real estate agency?Back
- Your agent can still set up the appointment, show you the property and work with you through the closing. Our office is a member of the Multiple Listing Service for New Hampshire and Vermont. Agents in our office can show you any listing in either state.
Q. Why should I list my property with American Star Real Estate?Back
- Our team of professional agents are knowledgeable about the real estate market and its trends. Our agents will give you a market value for your property based on recent home sales and currently listed properties. We advertise locally as well as regionally. We list your property on our own web site as well as several other sites and the MLS system. Your property is being marketed for the world to view 24 hours a day!
Q. What type of improvements should I consider making to my property before I sell it?Back
- Many families tend to learn to live with a cracked window or broken door. All of these types of items should be repaired. However, do not over improve! Use caution in planning major improvements that you think will enable you to get more for the house than you paid for it. Of course, an investment in a paint job where it is obviously needed will be well worth the cost. The same is true for replacing worn or stained carpeting. Most people out shopping for a house would rather plan their own major changes, and you are usually wiser to sell them the potential at a price that they can afford.
Q. Isn’t every real estate agent a REALTOR?Back
- Not every licensed real estate agent is a REALTOR®. REALTORS® are members of the local, state and national REALTOR® associations, whose members abide by a strict code of ethics. REALTORS® have the expertise, resources and dedication to guide you through your real estate transaction.
Q. What is the difference between PRE-QUALIFIED and PRE-APPROVED?
- A Pre-Qualified Buyer simply has a letter from a lending institution that states that they think, based on a verbal discussion with the Buyer, that they may be able to loan to the Buyer.. All is subject to verification.
A Pre-Approved Buyer is a Buyer that has had all of their personal information, credit history, banking info, etc. verified. Some Pre-Approved Buyers have even gone beyond this point to be completely Pre-Approved by having all their information submitted to the Underwriting Department of the bank. Once the Buyer passes this point, the hardest part of the financing section is done! This the the BEST type of Buyer Pre-Approval ... Now, all that is needed to finish the process is the HOUSE!
