Who’s Who?

Buyer’s Agent:
-Acts as an adviser during the entire home buying process.
-Educates buyer’s on current market conditions.
-Researches recent home sales in the area to determine whether a specific home is properly priced.
-Handles the ins and outs of the negotiation process.
-Counsels buyers on how to handle any repairs needed on the property.
-Is present at closing to ensure that all the buyer’s interests are protected.
-Shares commission with the listing agent.

Listing Agent:
-Helps homeowners sell their home at the highests price possible.
– Negotiates with the buyer’s agent to come to a price agreed upon by both the buyers and the sellers.
– Works with escrow to make sure the deal closes on time.
-Shares commission with buyer’s agent.
-The listing agent gets the full commission if there is no buyers agent.

-The buyer doesn’t cost the seller any more by having an agent, since the agents share the commission.
-It costs the buyer no money to have an agent representing them.

-Pays commission out of the selling price.
-The percentage paid is always negotiable and is always set when the listing agreement is created.

-Conventional: Mortgage loan that is not guaranteed or insured by any government agency. It’s pretty much your plain vanilla, bank given loan with fixed terms and rates. The biggest difference between it and a government loan is the down payment. It is a good idea to shop around before deciding on your conventional loan because they required down payment can range from 5-20%.
PRO:-fewer hurdles than government loans which will take longer to process.
CON:-You’ll need excellent credit to qualify and enough money for down payment. This loan requires the most out of pocket.

-FHA: Mortgage loan insured by Federal Housing Administration. The borrower can qualify with credit score of 580 or higher and a down payment as low as 3.5%. The down payment however can be given to you as a “gift” from a family member. A steady employment history is a must as well as being out of bankruptcy for at least 2 years.
PRO:-often the only option for borrowers with high debt-to-income ratios or low credit scores.
CON:-Premiums are usually higher. Has to pass FHA appraisal requirements.

USDA: A Mortgage loan known as the Rural Development Guaranteed housing Loan program. The point of this loan is to encourage people to buy outside of the major cities.
PRO:-100% financing with below market mortgage rates and no monthly mortgage insurance.
CON:- Has to pass USDA appraisal requirements.

VA: A mortgage loan guaranteed by the U.S. Department of Veterans Affairs that offers eligible American veterans or their surviving spouses (as long as they haven’t remarried) a long-term financing option. This is a wonderful benefit for members of our military to purchase a primary residence.
PRO:-100% financing and they do not have to be first time buyers as this benefit can be used repeatedly.
CON:-There are limits on loan amounts.

What is the difference between being prequalified and preapproved for a loan?
If you’re prequalified it means that you potentially could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.
If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!
You will usually be provided an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.

What is a REALTOR®?
A REALTOR® is a real estate agent that belongs to the local or state board of REALTORS and is affiliated with the “National Association of REALTORS” (NAR). They follow a strict code of ethics beyond state license laws and also sponsor the Multiple Listing System (MLS), which is used to list houses for sale.
REALTOR® is a trademark of the National Association of Realtors.

What is included in “Closing Costs”?
-Attorney’s or escrow fees (yours and your lender’s if applicable)
-Property taxes (to cover the tax period to date)
-Interest (paid from date of closing to 30 days before the first monthly payment)
-Loan origination fee (covers lender’s administrative cost)
-Recording fees
-Survey fee
-First premium of mortgage insurance (if applicable)
-Title insurance (yours and lender’s)
-Loan discount points
-First payment to escrow account for future real estate taxes and insurance
-Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable)
-Any documentation preparation fees

School Boundary Maps Link:

Local Zoning Codes
  • AG (agricultural, requiring a minimum lot size of 5 acres and intended for uses that generally occur in rural areas, including single-family, two-family, and mobile homes)
  • A1 (Urban Agricultural, intended for agricultural uses on 20-acre minimum lot area)
  • AR2a (agricultural, requiring a minimum lot size of 2 acres and intended for uses that generally occur in rural areas, including single-family, two-family, and mobile homes)
  • R1 (low density residential, 7,500 square foot minimum lot size and intended for single-family dwellings)
  • C2 (Convenience Commercial, intended for retail, consumer service, financial, restaurant, and office uses)
  • C3 (Central Business, intended for maximum efficient density and diversity of commercial, government, and service enterprises in the downtown area)

I am continuously adding more information to the page, but if there is a question you would like to ask today, please feel free call me. No two real estate transactions are the same and I am more than happy to help you anyway that I can.