Real Estate Q & A

Michele Marano - Realtor in Houston and the surrounding areas.

Purchase/Sale Questions and Answers

What is the first step I should take before buying?

Determine how much you can afford or how much you will spend on a purchase. If you do not plan to pay with cash, you must get a pre approval letter to use when you submit an offer.

Is there a difference between a pre-approval and an approval?

Yes, a pre-approval is just that. PRE-approval. The lender is basing your approval on what you put on the application, so make sure it is sure. It is not a ‘hard” approval until all docs are submitted to you lender and the info is verified.

Who selects the title company?

Remember, the title company is providing title to the buyer, although the seller may be paying, the title belongs to the buyer, not the seller. By law, the seller or sellers agent cannot dictate who will provide title. This is a misconception in the business.

What happens if the property does not appraise?Questions & Answers about Real Estate in Houston, Texas.

That is up to the seller. All terms are negotiable, however, considering the market is tight and if a property has received multiple offers or has others waiting to see the deal through, the seller can ask the buyer to pay above the appraised value. It is up to the seller in a market where conditions are not typical.

Lease Questions and Answers

Does the tenant pay for the agent’s services?

No. The owner of the property pays the agents commissions.

When should I fill out the lease application?

If you work with me, initially I will have you fill out the applications. This tells me you are committed and also if you want to pick out the place of your choice, you need to be prepared when you look, not after. The market changes daily so when you look at places, I am prepared to send a lease application package at the time we view properties. Properties you view today can be gone tomorrow.

 

If you have questions you would like answered, please contact us.