FAQ's

• Question 1: Do I need a Realtor?
• Question 2: How do I choose a Realtor?
  
• Question 3: What are the buying steps, and what can I expect the Realtor to do?
• Question 4: How do I choose a lender?
• Question 5: How do I determine the amount of my initial offer?
• Question 6: What is earnest money?
• Question 7: Should I have home inspections?
• Question 8: Should I be present during the inspection?
• Question 9: What is a lease option?
• Question 10: How does it work?
• Question 11: Why would a seller consider a lease option?
• Question 12: How do I value my home?
  
  
• #1 - Do I need a Realtor?
• Yes, Yes, Yes. A Good Realtor is worth every penny. “But it looks so easy” Well guess what, a seasoned professional Realtor can do that. We have the experience to anticipate and overcome issues before they become problems. We know our market and the law. We know the lenders and inspectors and the title people and everyone else involved who are the best and know how to do their job. Why wouldn’t you want someone who is great at what they do on your side,  protecting your interests?
  For most people their home is the biggest investment they have and is tied directly to their financial and emotional well being.
  There is a very small percentage of the population who has the time, energy, and know-how to sell their own home, and an even smaller percentage of them who are successful at closing the sale. The statistics show that “For Sale By Owners” take longer to sell and usually net less than if they had used a REALTOR. That kind of information doesn’t sell books or newspapers. Yes, we do get paid for what we do, but so do other professions who offer advice, guidance and have a service to sell- such as Certified Public Accountants, Attorneys, and Counselors.
  
  
• #2 - How do I choose a Realtor?
  • Look for a Realtor who is not afraid to be honest and straight forward with you, someone with whom you can communicate effectively.  Keep in mind that not all agents are created equal. Look for an agent who is experienced, stays current, and considers ongoing education an important part of their career. When dealing with land or residential property, look for a Certified Residential Specialist (CRS). On a National level only 4% of agents achieve this level of education , and we are worth having on your side and acting on your behalf.
    It is important to keep in mind that Realtors subscribe to a “Code of Ethics” and are one of very few professions who do. People will undoubtedly tell you tales of dishonest dealings, but for the majority of us integrity and client satisfaction are paramount to any paycheck. I am proud of what I do and take it very seriously.
    The way a Realtor gets paid is to effectively market the property and get it sold, and that’s what we do for sellers. Buyers can expect high quality advice and guidance throughout the home buying process. So enjoy the experience and the peace of mind that a dedicated professional can bring to the buying/selling process.

#3 - What are the buying steps, and what can I expect the Realtor to do?
• Whether your dream home is new construction or an existing home you will want to know what to look for as you begin your home search. What are the logical steps for buying a house?  Having a list of the steps necessary can serve as your guide. Check out the list below to get familiar with some of what I do to guide you through the process.

  As a Real Estate Professional, I can help you learn about buying a home while providing guidance, support and insight throughout the experience.

  1) Call David Shriver (Me) 775-721-1182
  2) We meet with lenders and get pre-approved for a mortgage. Know what you can afford prior to looking. Also, having a Letter of approval from a lender makes your eventual offer much stronger in the eyes of the seller.
  3) We will discuss your wants and needs. Size, area, school district etc..
  4) We will do a search for specific homes in the MLS and I will sign you up for daily email notifications.
  5) We drive areas and “feel out” neighborhoods, schools, traffic, work commutes etc. Rely on your Realtors’ expertise and resources. Check the web for helpful information
  6) We will view homes that meet your specific wants and needs. We don’t waste time looking at homes that are out of your price range unless I feel that they might be within reach due to specific circumstances.
  7) I do additional research on your property of interest. Visit city/county offices to learn of any zoning changes, liens, easements, or other restrictions that might affect your decision. This can also be done during the buy process (Due Diligence Period).
  8) I prepare the offer and negotiate price and terms. I try and discover Sellers motivation and timelines. It’s not always about money!
  9) I order and schedule all home inspections. I conduct investigations, and discoveries to eliminate surprises and setbacks!
  10) We then use the inspections to request needed repairs or to get answers to any concerns.
  11) Get final loan approval, I coordinate repairs and help secure Homeowners insurance.
  12) Walk thru inspection prior to closing. We visit the home prior to the final signing to make sure everything is as you expect it to be.
  13) Sign all loan and purchase documents at the Title Company.
  14) Close and record-I hand you the keys and shake your hand.(I love the look on you face when you get the keys)
  15) Enjoy your new home.

#4 - How do I choose a lender?
• Before a bank lends money, they will want to know a lot about that buyer. Be prepared to show 3 months bank statements, 2 years tax returns, and provide information on car loans, child support etc… A lender will also order the buyers current credit report to establish a credit score. This is all a very important process as it will establish how much home the buyer can afford and the type of loan they can qualify for. Keep in mind that getting a mortgage is not just a one-time signing of documents, a handshake, and a check. The buyer will be depending on the lender to do their job correctly. They need to gather personal information quickly, have the loan pre-approved, get final approval, fund the loan as promised, on time, and get it closed.
  Look for a lender with a good track record and that has the authority to approve and process the loan locally. It’s easier to obtain information on the status of the loan and discuss conditions directly with the person who will be approving the loan, rather than some far away loan committee. I can provide a list of local lenders and help in the selection if desired.
  

#5 - How do I determine the amount of my initial offer?
• There really is no rule to use in figuring out what is a realistic offer. Naturally the buyer wants the best price and value and the seller wants the highest price. Negotiations can be influenced by many factors, such as a seller who has taken another job and needs to sell quickly, or a buyer who really wants a specific home and does not want to risk loosing it to another buyer.
  
  After having looked at the homes features, asked lots of questions, checked the comparable sales, and we’ve talked it over, the buyer should have a good idea of the homes value range based on current market conditions. Consider what you can afford and make an offer. Once the price and terms of sale are agreed upon the paperwork will be signed and initialed as needed by all parties. At that point the escrow is opened and the process begins.

#6 - What is earnest money?
• When signing an offer to purchase, the seller will expect the offer to include earnest money- that is, money that shows a serious offer has been made. The buyer will be asked to write a check for an amount, established by them. If the offer is accepted, the earnest money will be held with a designated Title Company where the check will be cashed and held in a non-interest bearing trust account. At closing it can be included as part of the down payment or returned to the buyer. If the offer is not accepted the check is simply returned. Keep in mind that after all contingencies have been removed and if the buyer backs out of the sale for a non-contractual reason he risks forfeiting some or all of the full amount of the earnest money deposit.
  

#7 - Should I have home inspections?
• Yes, for your own safety, and to make sure you're getting your money's worth, using a professional home inspector is highly recommended. A home inspector will check a home's plumbing, heating, cooling, electrical systems, and look for structural problems, like a damp or leaky basement. A pest inspection will note areas of moisture, dry rot, infestations, and improper grading issues. This is good information to have when considering a home purchase. Inspections are normally ordered immediately after escrow is opened. After the inspections are completed, we will sit down and go over the report and look for areas of concern including obvious repairs that will need to be completed prior to the close of escrow. The contractual time allotted for this purpose is called your “Due Diligence Period” It is important to watch all timelines at this point so as to stay “in-contract”. The home cannot "pass" or "fail" an inspection, and the inspector will not discuss whether he or she thinks the home is worth the money the buyer is offering. They are not there to address "value." The inspector's job is to make the buyer aware of repairs that are recommended or necessary, and give you a clear picture of the homes condition. The cost of repairs may exceed what the seller has previously agreed to pay. If that happens, a seller may be willing to renegotiate a price reduction to accommodate needed repairs, or buyer may decide that the home will take too much work and money. A professional inspection will help you make a clear-headed decision. In choosing a home inspector, consider one that has is qualified and experienced. In addition to the Home inspection, Buyer may wish to have separate tests conducted to check the Septic tank, private well, water quality, or the presence of mold. For information about these and other tests and companies in the area that perform them give David Shriver a call Today!

#8 - Should I be present during the inspection?
• Yes. It's not required, but it is very much to your advantage. You'll be able to clearly understand the inspection report, and know exactly which areas need attention. Plus, you can get answers to many questions, tips for maintenance, and a lot of general information that will help you when you move into your new home. Most important, you'll see the home through the eyes of an objective third party. It is a good idea to stay out of the way and let the inspector perform the inspection without too many interruptions. There will be time toward the end for questions and clarification. 
  
  Remember, the purpose of a home inspection is to help you learn things about the home that are not easily discoverable during your home-buying tour. The home inspection is NOT INTENDED to be a "Laundry List" of cosmetic issues or very minor repairs for Sellers to repair or replace. It is intended to give you the knowledge to make an informed home buying decision.

#9 - What is a lease option?
• This basically means the tenant is leasing or renting a property with an option to buy it at a future date.  The future price of the property should be fixed at the time the lease-option is agreed on and signed by both parties. Usually there is an up-front payment of some amount to purchase the option.  This Option money gives the buyer the right to purchase the property at an agreed upon price within a certain time frame.  Often the monthly payment is larger than the going rent and the excess can be applied towards the purchase price. Before a buyer enters into a lease option it is important to speak with a lender to make sure that they will be able to “perform” on the option within the specified time limit. If the buyer finds himself unable to secure financing and can’t perform then he will lose any option money buyer might have paid up front and all money paid as part of your monthly payment.

#10 - How does it work?
• Lease-options are usually done during a slow real estate market or due to special circumstances.  During a hot market, the seller can simply sell the home in the regular manner. Individuals who attempt to buy homes on a lease-option often end up not buying the home.  This often has to do with the reason they try to buy on a lease-option.  They usually have difficulty qualifying for a home loan and expect that they will be able to get a loan after a period of time.  Later, they find they still cannot qualify - whether it is because of poor credit, lack of income, or not enough money for an adequate down payment.
  
  A lease option has its risks but is a great way to get into a home or investment property. As an experienced Realtor I am there to protect my clients interest.
  

#11 - Why would a seller consider a lease option?
• 1) The home will usually sell at a higher price than in a normal transaction.  
  2) The home will move quicker during a slow market.  
  3) The seller is able to collect a larger monthly payment than they could obtain in a normal lease, the property "cash-flows" better and they may not have to come up with money out of their own pocket each month to make the mortgage payment.
  4) They get some up-front option money and when the buyer cannot exercise the option, they get to keep it. 
  5) It may defer a taxable event for the Seller.

#12 - How do I value my home?
• Value can be a real challenge. There are so many variables to consider. It is best to start analyzing comparable sales (if any) in the immediate area. From there lot size, condition, square footage, location, quality of upgrades, zoning, adjacent properties, views, loan options, timing and many other factors come into play. If your lot or home is over-improved for the area that means the value will most not likely be what you think it is. If your home is much larger, you might not get the same cost per square foot as other homes in the area. It is good to keep in mind that pricing high and hoping for an offer is not an effective technique. Keeping the price in a defensible range is very important if you hope to sell the property in a reasonable time. Buyers are much more likely to make a full price offer on a home priced fairly than to lowball a seller who is way too high. Sellers who insist on heavily overpricing their property are viewed as not being reasonable or serious about selling. It is the current real estate market that will ultimately decide the selling price of the home.

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