FAQ

The first step is to get your pre-approval! Different loans have different requirements for your pre-approval. If you need help getting your pre-approval and picking , please contact me.
It will be helpful to go ahead and have your last three paycheck stubs, your last two years tax returns, your most recent bank statement, and your rental history on hand. If you are self-employed you will need at least 2 full years of self employment income.
Please get the lender everything in a timely manner, or within 24 hours of request.
YES! I am a licensed Realtor and can show you ANY property, regardless of the listing agent or the company.

Our next step is to put in an offer on the home and negotiate a price that is acceptable to both parties. Several things can happen through this process. They will be discussed below.

When you have put in an offer on a home, and have been notified that there are multiple offers, it is important to bring your highest and best offer. This means that you are bidding for the home you like against one or more other people. The seller will likely take the most attractive offer.

When you have put in an offer on a home, and have been notified that there are multiple offers, it is important to bring your highest and best offer. This means that you are bidding for the home you like against one or more other people. The seller will likely take the most attractive offer.

A home inspection varies in cost depending on the square footage of the home and detail of the inspector. It is important to note, that a home inspection is generally NOT required by your lender, but HIGHLY SUGGESTED. A home inspection assists in your decision to purchase the home by allowing you to negotiate repairs, get an overall condition of important aspects of the home (i.e. HVAC, roof, plumbing, crawl space, and electrical components), and giving you an idea of costs that you may incur once the home is yours. Typical cost $300-$425

No. Please don’t. I would not advise putting anything on a credit card or making any large ticket purchases such as a car, boat, or motorcycle. Basically, if you can’t afford to pay for it flat-out, wait for it until you have your house.

Maybe… this is a negotiable part of all contracts written by me. You can request certain repairs, the seller can counter offer your request, or you can choose to walk away from the contract if something is found that you are not comfortable with or you and the seller can not reach a mutual agreement regarding the repairs. (It is important to note that not all contracts have an inspection contingency, but all contracts I write for my buyers will.

The seller pays my commission.

In short, earnest money is a “good faith” deposit, that will generally be held by the listing agent’s brokerage until closing. This money is your money and will be used as a credit to you at closing, usually in the form of closing costs or prepaids. Giving earnest money could be the difference in having an accepted contract and an offer that was rejected by the seller. Not giving earnest money could look like you are not serious about purchasing the home to the seller. Earnest money is held until closing or until it is requested back from an unsatisfied contingency in your contract.

An underwriter is employed by your lender to access your eligibility for the loan. It is usually up to the underwriter to make the final decision as to whether or not lend you the money for your new home.

The closing date is written into your contract based on what type of loan you have, and a conversation with your lender regarding how long they will need to process your loan.

Maybe. Maybe not. There are things that can happen within the process of your loan that may require you needing an extension.

Maybe. Maybe not. There are things that can happen within the process of your loan that may require you needing an extension.

An appraisal is ordered by your lender to access the value of the home that you are purchasing. Your lender will want your appraisal to come back either at or above the purchase price.

The buyer DOES NOT pay my commission in a transaction. The seller will pay the buyer’s agent commission at the time of closing! My services are free for you to use. There is a $190 transaction fee that is charged by my broker. This fee will be paid at closing. Most offices do have a fee of this nature and it is not un- common practice. Please ask me about it if you have concerns with the ability to pay it. This fee is not a part of my commission.

No. This is my career. I work hard and strive for the best possible experience for my clients. I only work on commission and am not an hourly or salaried employee. (Certain circumstances may arise where it may be possible for me to reduce my commission, though generally I will not reduce my commission)

No. The lender will be responsible for checking your credit.

There is no way for me to give you an accurate monthly payment until we have all of the factors. Each of the following will determine your monthly payment: Purchase price, property taxes, and interest rate will all factor. Other factors may be if you are rolling in your closing costs, funding fee, or down payment. Until I have all of those factors, I can only give you an estimated monthly payment.

Generally around an hour.

Maybe. Maybe not. If a home is occupied, the seller may want more notice than less than an hour. I generally try to set all of my appointments no more that 24 hours in advance.

There are some programs that require a 640 or above, some that will go down to a 600, and others that will go down to a 570. It really depends on what program you are interested in and eligible for.

No. You may write them a letter if you like, and I will see that it gets to them. If you have specific questions for the seller, please let me know and I will have all of your answers in a timely manner.

Most often you will receive the keys to your new home at closing. Sometimes, the seller may have arranged to give occupancy after the closing date. If that is the case, we will make arrangements to get you the keys on the day you have agreed to take occupancy.

We will not know the exact dollar amount of what to bring to closing until we get closer to closing. You may know up to 3 days prior, however, it is not uncommon to find out the day of closing.

Probably not. If you have entered into a legally binding document and do not have a contingency to satisfy, you can’t just back out. You can be held legally responsible for breaching your contract. In some situations you may have the legal right to walk away from the contract. These situations pertain to certain contingencies which have not, or cannot be met.

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Let's Find You Together The Place You Deserve

I am Prakash ‘PC’ Singh

Realtor

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