Frequently Asked Questions

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MLS stands for Multiple Listing Service.  The MLS is a private database that is created, maintained and paid for by real estate professionals to help their clients buy and sell property. Buyers and sellers can work with the professional of their choice, confident that they have access to the largest pool of properties for sale in the marketplace.

Why the MLS works for home sellers:
The whole MLS idea is a boon to sellers because of “supply and demand.”
How can you, as a seller, get access to the largest number of buyers? Placing an ad in a newspaper? Or putting your home information into a computer accessible by every MLS member who will show your property to their qualified buyers in your price range?
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It’s not required, but it is a good idea.  Following the inspection, the home inspector will be able to answer questions about the report and any problem areas.  This is also a good opportunity to hear an objective opinion about the home you’d like to purchase and it is a good time to ask general maintenance questions.

Your home should fit the way you live, with spaces and features that appeal to the entire family.  Before you begin looking at homes, make a list of your priorities:  location, size, lot, amenities, etc.  Establish a set of minimum requirements and a “wish list”.  Minimum requirements are things that a house must have for you to consider it, while a “wish list” covers things that you’d like to have but aren’t essential.

In order to determine how much you can afford, we need to understand debt to income ratios.
First, we must determine what your gross annual income is and divide that income by 12. (12 months)
Second, we must determine your long term debt.  For example:  home mortgage (principal & interest), taxes & insurance (T & I), school loan, car loan, credit card debt, etc. and calculate the monthly payments.
Third, the debt to income ratio is established by dividing the monthly debt by the monthly income.  The debt to income ratio should, in most cases not exceed 35%.
Forth, if the debt to income ratio is 35% or less and your credit rating is decent, there is a good chance you will be able to get approved for a mortgage loan.

Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser to objectively evaluate your home’s worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider.

Question about selling

Depreciation of property value is the decrease or dip in the selling value of your home. This is calculated as the ‘factor’ product of the total value of the property with the age of construction. It is important to understand that depreciation factor remains valid for the concrete structures and not the land.

Old homes offer charm, new homes offer higher value…or at least that is what many buyers think.  The truth is that value may be in the eye of the beholder. However, here are a few things to think about when discerning value in a new home versus and old one.

Most people would consider a new home more valuable because there should be no major expenses in the first several years of ownership. Unfortunately, almost all the major components of a house have a life expectancy. So, a house that is 30 years old may be equally renovated and just as updated as a new home. The usual big ticket expenses are windows, roof, siding, and HVAC. An older home may be just as valuable as a new home if these features are up to date and concern for maintenance costs is minimal.

In general terms, a broker is someone who buys and sells things on behalf of others. They are the middlemen between two parties. In stock market jargon, a broker is an individual or a firm that executes ‘buy’ and ‘sell’ orders for an investor for a fee or commission. Besides executive client orders, some brokers also provide additional services such as research, intelligence, investment plans, margin funding and such other value-added services.


Getting a home loan, or any loan for that matter is time consuming and often requires a lot of patience. From incomplete information to missing documents, your home loan might be out on hold for numerous reasons. Though banks offer pre-approved loans and other features like applying for a home loan through net banking, none of these offers eliminate the need for document submission, verification, and other such requirements that are mandatory.

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