Frequently Asked Questions and Answers
Seller Questions
Q. How do I prepare to sell my house?A. Start with a walk-through with your real estate agent. You want your curb view appealing. Make sure walls, floors and windows are clean. You want as close as possible to a new look.
Q. How do I know how much my house is worth?
A. You can pay an appraiser or your agent can do a market analysis.
Q. What is the agent’s commission?
A. Commissions are negotiated between the agent and seller. The national average is about 6%; but remember the amount is negotiable.
Q. Can I have a back up contract in case the first one falls through?
A. Yes and I recommend doing so.
Q. Should I get my house inspected before selling it?
A. Yes. Identify any problems up front so that they won’t get in the way of the sale or be a negotiating point. The buyer can accept your inspection or have one done on his/her own.
Q. What about termite inspections?
A. Before 2008 the seller had to have one. Now it’s up to the buyer.
Q. Can the buyer’s loan company require me to make improvements?
A. Yes. Investment property can be sold “as is”; but FHA, VA and most conventional loans require homes to be move-in ready.
Buyer Questions
Q. How much of a down payment will I need to buy a house?A. The higher the down payment the lower the monthly payment. VA is nothing down. FHA is 3% to 5%. Most conventional loans are 10%.
Q. Will Ron The Realty Pro help me find a place to get a loan?
A. Yes, I can; but I recommend shopping around for the best interest rates and terms. You should start with your current bank.
Q. What percentage of my income should my house payment be?
A. Financial planners say no more than 35%. Your loan officer will qualify you based on your debt to income ratio.
Q. How do I know if my credit is good enough for a home loan?
A. The current Fair Isaac & Company (FICO) required score is 640; but a great many variables come into play. Again, your loan officer can help you with this.
Q. Who pays the real estate agent’s commission?
A. The seller pays.
Q. Will my house come with appliances?
A. That is worked out between the buyer and seller.
Q. What are “closing costs” and who pays them?
A. Closing costs include fees charged by the loan company, title searches and other costs not included in a house’s actual sale price. The buyer pays some and the seller pays some.
Q. Will I need a lawyer before I sign a contract to buy a house?
A. No. The loan company will have a closing attorney. I suggest, however, that you get a real estate agent to represent you because the attorney works for the loan company.
Q. Should I speak to a financial planner?
A. A financial planner will help you get a handle on your current and future over all financial picture. I strongly recommend talking to one.
Ronald the Realty Pro … Real Results!
Ronald DeLoach 
4153
B Flat Shoals Parkway, Suite
205A Decatur,
GA 30034
Cell: 404-784-1075 Fax: 404-941-9504
rondeloach@rontherealtypro.com
4153
B Flat Shoals Parkway, Suite
205A Decatur,
GA 30034Cell: 404-784-1075
Fax: 404-941-9504rondeloach@rontherealtypro.com