Frequently Asked Questions
Below are answers to questions I often get asked. Feel free to reach out with any questions regarding you and your personal situation.
What's the best way to reach you?
The best way to reach me is by calling or texting me at (717)-881-2965. You can also email me at spencerblake3@gmail.com or spencer@renaissancerealtysales.com.
Should I do a final walkthrough the property I'm buying before settlement?
Yes, I always make sure to do a final walkthrough with my clients who are buying a home. It's important to do so especially if any repairs were requested to be done before settlement and to ensure the property is in the same condition as when you did the initial showing.
What is an earnest money deposit and how does it work?
An earnest money deposit is your way of showing a seller that you're offer is serious and an act of good faith on your end. It's typically 1-3% of the purchase price. The deposit is fully refundable to the buyer as long as they follow all terms in the contract. If you decide to back out and don't follow the terms of the agreement of sale, then you can ultimately lose your deposit and it will go to the seller to compensate them.
How long will it take to sell my home?
There's a lot of factors that go into the time it takes to sell a property. The most important part is how it's priced. It's important to review comparable property sales in the surrounding area to get an idea of what you'll get for your home. It's important to get a home sold in the first 30 days so the listing doesn't get stale.
Should I order a full home inspection when purchasing a home?
Yes, I always recommend getting a home inspection on any property you're purchasing so you can gauge what repairs may need to be done. Whether it's for your knowledge only or a contingency in your offer, it's important to have as much data and information available to you so you can make an informed decision.
Are you a part-time or full-time realtor?
I am a full-time realtor that works seven days a week. You can feel free to contact me anytime as I'm just a call or text away. I'm not always available the same day depending on my schedule but work diligently to ensure I get back to all texts, calls and emails in a timely manner.
How much does a seller pay in closing costs?
Sellers typically pay about 8-10% of the total sales price in closing costs. Sellers will pay for title search, title insurance, escrow fee, transfer tax, prorated property taxes and realtors commissions.
Are real estate prices negotiable?
Yes, but before you offer a fraction of the list price it is important to consider the current market and the other parties motivations to sell. Looking at comparative sales in the surrounding neighborhoods is a good starting point to see how fast a property sold and how much the seller ended up getting. It's also important to consider you may not be the only offer on the table for the seller to consider.
What is title insurance and why do I need it?
Title insurance protects homeowners from claims against the property that occurred before they purchased it. These claims could be taxes, unpaid contractors or other types of title disputes. If you're getting a loan to purchase the property you'll need to pay for the lenders title insurance to protect the lender on any claims made on the house throughout the term of the loan. Owner title insurance isn't required but I would recommend it as it protects you for the entirety of your ownership of the property.
How can a realtor help me sell my home?
Choosing the right agent is crucial. They should be familiar with the property's location and its market. This knowledge aids in setting a competitive price for a swift sale. It's essential to select an agent who actively markets the property, rather than just listing it on the MLS and putting a sign in the yard. Additionally, having an agent with an extensive network is advantageous, as they can leverage their contacts to garner more interest and secure the highest value for the property.
How much does a buyer pay in closing costs?
Closing costs for buyers typically range from 3-7% depending on the lender and circumstances of the deal. This would include loan origination fees, mortgage application fees, appraisal fees, points on the mortgage to buy down the rate(if any), wire transfer fees, transfer tax and prorated property taxes.
What should my down payment be on a house?
It's ideal to put at least 20% down to avoid paying private mortgage insurance(PMI) but it is not required. There are different loan programs and grants the government offers including VA(0% down), FHA(3.5%), down payment assistance and more. Hiring an agent who has a vast network of lenders can assist in getting you a loan that fits your needs at a competitive interest rate.