Frequently Asked Questions
The first step is to get approved for a mortgage. Without being approved for a mortgage, it will be quite difficult, if not impossible, to purchase a new home. When a potential first home buyer reaches out to us, we have them go through the tenant screening process and then guide them to a reputable mortgage corporation and trusted advisor.
Getting a pre-sale home inspected is always a good idea, especially to help get the best price for your home. Many homebuyers will feel uncomfortable purchasing a house without seeing a home inspection report. Some will often hire their own inspector.
There is no law that requires a buyer or a seller to conduct an inspection when purchasing or selling any home. However, for buyers, a home inspection will give you a good picture of what you are walking into and potential repairs necessary prior to move-in.
It’s essential to take into account all the hidden costs of repair, renovation, or replacement of appliances, structure, plumbing fixtures, electrical upgrades, roof materials, etc.
As in business, first impressions matter a great deal in real estate. Anyone walking through a house or touring it virtually will be looking for ways to pass or negotiate down on the price. As a seller, you must make sure that the plumbing, HVAC, and electrical system are all working properly. Each room should look clean and decluttered with no overt damage in sight.
Once the house is on the market, it may take anywhere from four to six weeks to sell. However, if the market is fairly hot, a seller could see their house off the market within a week. On the flip side, if there is a lull in the market or issues arise such as negotiation, lack of exposure, or other housing conditions, the property could potentially sit on the market for months.
This the answer primarily depends on one’s funds and ability to find temporary housing. If you need more equity to purchase a new home or meet a mortgage plan, then it is best to sell your current property before purchasing the next one. That being said, many sellers need arrangements for short-term rental between move-out and move-in.
When selling a home, it’s important you disclose any issues to potential buyers. If you’re aware of defects with a roof, appliance, or home in general, you need to be honest and upfront. Whenever possible, it is best to fix any defects before putting your house on the market. This can avoid potential issues (and even lawsuits) once your home is under contract, and even long after the home is sold.
The easiest way to determine a listing or selling price is to get a professional appraisal. A professional appraisal will compare your house to similar houses in your area (also known as a comp) and give you a good idea of a potential selling price. When evaluating a “comp”, it is important not only to find similar houses in the area but also to look at how recently those homes were sold. Recent sales are a more accurate guideline when setting the price on your home. Grace Tung will have local sales figures and can give you a good estimate of the worth of your house.
Contact us and we can schedule an appointment to meet with you. We will tour the home, go over recent market activity in your subdivision or neighborhood, and make recommendations for maximizing your profit and minimizing the time your home is on the market.