Frequently Asked Questions

 

Here are answers to some of the most frequently asked questions about buying and selling Bradenton real estate. There are a lot more; however, these are the ones that come up most often.

Have Other Questions? Contact Me!

 

Ready to start your Bradenton home search?

Sue Carroll -- logo.png
 

How long does it take to buy bradenton real estate?

Typically, when all things come together with no hurdles, the entire process takes, on average, about 30-45 days. It is recommended that buyers and sellers keep 45-60 days in the back of their minds.

what is the fee to have a realtor® help me buy a house?

Home buyers typically pay little or NO fees to a REALTOR® to buy a house. The real estate commission is typically paid by the seller to the listing broker. The listing broker, in turn, splits the commission with the selling broker representing the buyer once the property is sold.

What is an earnest money deposit?

An earnest money deposit is a cash deposit (usually in the form of a check) made at the time a buyer and seller enter into an effective contract. The amount varies but is usually about 1-2% of the purchase price to demonstrate good faith by the buyer since the home is essentially off the market until closing. Earnest money is placed in escrow typically with your Bradenton REALTOR’s® brokerage and held until closing at which time it is applied to the closing costs and down payment.

What are sellers required to disclose to buyers about their home?

Home owners MUST disclose all material facts about which they have actual knowledge that may affect the home. It is always better to be upfront and honest. Licensed REALTORS® take an oath to disclose all material facts of which they are aware. Additionally, buyers typically conduct an inspection of the home at which time a licensed inspector goes through the home in detail to find any issues. If there are issues about which the seller knows, it is always recommended they be repaired prior to listing; however, if they do not, they must disclose these issues in a seller’s disclosure — a form filled out by sellers when listing a home for sale with questions about the home.

what does staging a home to sell mean?

Staging is a big buzz word that simply means making it more attractive to sell. It is often done when a home is vacant and empty, or when a seller wants to make his home stand out from the others. While staging is an option if possible, another option is to have a REALTOR® offer suggestions to make the house stand out more. Things such as de-cluttering; removing lots of family pictures and mementos; taking away furniture; and, more always make a home more appealing to potential buyers.

Is a home inspection necessary?

A home inspection is not necessary, but it is highly recommended. This gives potential buyers an opportunity to make sure all major components are in working condition and find out if there is are any defects that cannot be seen.

how do i know what i can afford?

The answer is different for every buyer. It is best to talk to mortgage professional to determine how much you can afford to buy before starting the home search process.

when is the best time to sell a home?

This is the $64,000 question for every REALTOR®. There is no right or wrong answer as there is no wrong time to sell. Every seller and every buyer has a unique situation. It is best to discuss this with your Bradenton REALTOR® when talking to her about listing a home.

How much is my home worth?

When meeting with home owners, listing agents do their homework as it pertains to the neighborhood in terms of what is for sale, what has recently sold and what did not sell. When an agent discusses what she recommends for the value of a home, she is helping a seller/home owner come up with a price to sell his/her property. It is important to remember that the recommended range is the true value of the home. One family’s memories with a home are not part of the sale. They go with the seller so that a buyer can make his own memories in that home.

what is the difference between list price and sale price?

The list price of a property is simply the price at which a property is listed for sale. It’s the ideal price a seller would like to receive for his property. On the flip side, the sale price is the price at which the property actually sells. Experienced REALTORS® should be able to recommend a list price as close as possible to where a property should sell.

Should a list price be significantly higher than the sale price?

Not at all. While there is often a little wiggle room between the two, it is not recommended that sellers list their home’s price significantly higher than where they want to sell. Two things happen: the property sits on the market for too long prompting potential buyers to think there is a problem with the property; and, the price may be at a point where it is priced out of the market of potential buyers and their REALTORS®.

how many homes should a buyer see before selecting one to buy?

There is no magic number to see. Technology has made it very easy as so many homes can be viewed online via home search websites…and here!

what is the final walk-through?

The final walk-through is the final time home buyers walk through a house prior to closing. It is typically done to ensure all agreed to inspection repairs are made and everything is as it should be according to the terms of the contract. It is common to do a walk-through the day before closing to see that the home is ready to welcome the new owners the following day.

what happens when an offer is rejected?

Most of the time, a seller counters a buyer’s initial offer. In the instances a seller rejects an offer, the buyer can either move on to another property or start a new offer with the same seller for a price closer to the list price.