Frequently Asked Questions

Q: What's the first step in looking for a home to buy?

A: You should get a credit check first. An accurate credit check and low or paid-off credit card bills help in seeking pre-approval on a mortgage. Watch for any mistakes on your credit reports and get them corrected.

That's because pre-approval includes analyzing your income, assets and present debt to determine how much house you can afford. With pre-approval, a lender is committed to loaning you money subject to the house you choose to buy. When sellers know the transaction will not be delayed or tied up by financial issues, they are more interested in selling.

An experienced, fully licensed and professional eSellHouse agent can help you seek pre-approval and avoid problems that might come up.

Q: What should I think about when looking for a home?

A: Think about all the features you want in a home. How many bedrooms will your family need? Will you have room for that home office or home theater you've dreamed of? If you have kids, what about the schools in the area? Look at local real estate websites and listings and advertisements in the newspaper and local home magazines to get ideas about what you want in a home and where you would like to live.

When looking for a home, you should consider pricing, size, location and amenities. If you can't afford a home with everything you want, decided what features are most important to you. A professional eSellHouse agent can help you compare price and features, and also suggest alternate uses of space that might not occur to you.

Q: Should I buy first, or sell first?

A: It's a difficult question. Buy first, and you might get stuck making two mortgage payments for a while. Sell first, and you might have to rush to find a new place. Generally speaking, if you need the equity built up in your present home to complete the purchase of a new home, you should sell first. If you don't need the equity, you may choose to buy first and sell your other home later. The expertise and advice of an eSellHouse agent will prove valuable in this situation.

Q: Should I buy or rent?

A: Owning a home offers tax benefits as well as the freedom to decorate, make permanent improvements and have a pet if you want. Unlike renters, homeowners can secure a fixed-rate loan and lock in monthly payments so they know their living expenses won't change substantially. By contrast, a landlord can raise the rent each year without any say by the renter.

Q: With all the information available on the Internet and in print, why do I need an agent to help me find a home?

A: As mentioned above, the Internet, newspaper and local housing magazines are good places to research the current housing market. They can answer some of your financing questions too. But with everything available, searching for the perfect home via ads, online listings and phone calls can be like looking for a needle in a haystack. With a wealth of resources at his or her fingertips, a professional eSellHouse agent can save you time, money and effort in finding the right house for you.

Q: Do your real estate agents compete with those with other companies?

A: In every market eSellHouse serves, our agents work cooperatively with brokers and agents from different companies. We show and sell each other's listed properties. Our agents work according to specific laws and regulations in their respective areas.

Q: Is eSellHouse a member of the Multiple Listing Service (MLS)?

A: Yes. We are also members of the national, state and local Associations/Boards of Realtors® in every market we serve.

Q: Why do I need an agent if I'm thinking about buying a newly constructed house?

A: Building a house can be very stressful, since it involves lots of decision-making (what features? What builder? What area?). An eSellHouse agent can help guide you through the process, keep your best interests in mind and offer advice when needed. In addition, buyer representation comes at no cost to you.

Q: What is a buyer representation agreement?

A: This agreement acknowledges your willingness to be represented by eSellHouse and its agent, as well as the amount-if any-that you'll pay for real estate-related services. Buyer agreements may also indicate whether you'll work with one company/agent or several. Like all contracts, a buyer representation agreement has beginning and ending dates.

Q: What is agency disclosure?

A: This state-required document discloses to you, as the buyer, whom the agent or agents in a real estate transaction represent. A state's Agency Disclosure does not obligate you to work with any particular agent or broker; it merely notifies you of that state's agency laws.

Q: How are buyer's agents compensated?

A: Usually a fee or commission is based on the proceeds of sale and shared between the seller's (listing) and buyer's (selling) agents. The buyer and real estate agent need to agree in advance on the services required by the buyer and the compensation the agent will receive for providing these services.

Buyers sometimes make direct payments to their agent for finding and purchasing a home. Any direct fee that a broker charges buyers should be outlined in an agency agreement that the buyer signs when engaging the broker.

Market conditions, customary practices and consumer expectations can affect payment arrangements. Some home buyers offer an incentive, such as a cash bonus when the title transfers, to give their real estate agent additional motivation to find the right home. When considering prospective agents, it's best to consider what compensation arrangements are most likely to get you into the home you want.

Q: As a buyer, can I obtain past information about the property I'm interested in purchasing?

A: Yes. Sellers are required to disclose all known property defects. Your professional eSellHouse agent can help you learn the property's history as you examine the home and request, in writing, important records. For your protection, the property should undergo a professional inspection before closing.

Q: I'm ready to start researching homes. What do all those abbreviations in property ads mean?

A: Good question. We've compiled a list of the most frequently used abbreviations and what they mean.

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