Real Estate FAQ

What is the first step in buying a home?

The absolute first step is to get approved for a mortgage. Without a pre-approval it will be very difficult, if not impossible, to purchase a new home.

How should I prepare my house before selling it?

First impressions matter in business, especially in real estate. There are certain steps you can take to improve the attractiveness of your home prior to listing it such as deep cleaning, decluttering, and making small repairs.

What is an “MLS”?

MLS stands for “Multiple Listing Service”, which are lists of properties in a local area. Each property is assigned a numeric code by the MLS organization.

How big is an acre?

An acre of land is an area of land equal to 43,560 square feet. One square mile is equal to 640 acres, called a “section”.

What is included in a home square footage?

Square footage includes finished, heated space, also known as “livable space”. Garages, unfinished basements and attics, for example, are not factored in when referring to square footage of a home.

What is “earnest money”?

Earnest money is something of value that a buyer puts forth to bind an agreement, such as the sale of real estate. This is a payment that shows the seller that the buyer is serious about the purchase. The money is placed into an escrow account until the final closing.

What are closing costs?

Closing costs are expenses incurred by buyers and sellers when the ownership of a property is transferred. Some examples of costs include recording fees, documentary fees, real estate commission, tax prorations, settlement or attorney fees, lender fees and title insurance.