DROdio "Q&A Blog"
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Terminology - defining REO vs. Short Selling
Hello, Amber here! I began working in real estate a few months ago, and found myself needing clarification on much terminology - words I'd heard being used over and over - but could not define or differentiate from another. Being new to the industry has given me a great chance to provide DROdio Real Estate [...]
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Tax Rates Revisited - A Glance at Fairfax Country, Virginia
The real property tax rate for Fairfax county is $0.92 per $100 of assessed value (remember, to calculate your taxes, you would take the assessed value, divide by $100, and multiply by the tax rate).
Fairfax, like many other counties, has additional tax districts, and the indicated levy is simply added to the base rate ($0.92 [...] -
Additional Tax Information for Arlington County, Virginia
As a follow up to a previous article referencing tax rates across counties in the DC metropolitan area, I wanted to elaborate on property taxes in Arlington County.
As previously stated, the tax rate for Arlington County is .838 (base rate) and totals .848 (including sanitation). Remember that these numbers represent the rate per $100 of [...] -
Tax Lien Sales and the DC Real Estate Market
What is a Tax Lien and How Do They Work?A tax lien is a lien placed upon a property due to nonpayment of property and/or personal taxes. They move with the property and not with the owner. Therefore, if you purchase a home with an tax lien, that lien now becomes your responsibility. Keep [...]
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Did you know? You can indeed break listing or buyer representation agreements before expiration
Many (many) Realtors and their clients think that once a listing agreement (for sellers) or exclusive buyer representation agreement (for buyers) is signed, they are bound to the agreement until it expires. This is, in fact, not true. If you tell this to many Realtors, they won't believe you, but here's why [...]
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Wonder What is Not Being Disclosed to You When You Buy a House? Get the “CARFAX” Report
Ever wondered if there are cracked floors in that beautiful home that you are about to buy? What about any flood damage that was never fixed? Does this have to be disclosed to you?
It can be a little complicated to figure out since disclosure laws will vary from state to state. Some rules are less [...] -
What is Included in Your Condo Fees?
Monthly dues to the condominium association can turn some potential buyers, especially if people see these as an unnecessary expenditure, on top of utilities and mortgage.
However, for some people, the extra cost may be well worth it. Whereas some see the fees as a luxury expense, others might argue that the fees improve the quality [...] -
Don’t Believe the Hype: Buyers Can Still Buy a Home With Nothing Down!
If you are a prospective home buyer and are keeping a watchful eye on the market, it is easy to get lost in the media frenzy that the nation’s housing mess has resulted in lenders requiring a stellar credit score and at least 10 to 20 percent down payment.
The truth is that nothing-down mortgage [...] -
Want to Buy a House? Don’t Let the Media Scare You
Despite the constant media reporting of foreclosures, predatory lending, and falling house prices—people still would rather own a house over paying monthly rent. However, so much media talk about the “mortgage crisis” and “recession” is scaring Americans to thinking twice before considering buying a home.
Find any major daily newspaper or turn on your local [...] -
Fairfax County, Virginia Might Be a Great Place to Buy Foreclosed Homes
In a May 20, 2008 article in Washington Post, it was reported that the Northern Virginia county of Fairfax is creating a program to help offset the county’s current mortgage crisis and prevent neighborhoods from declining in value and attractiveness. It is a program that county officials want adopted in order to address the needs [...]
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Choosing tenants: on what terms landlords are and aren’t allowed to choose tenants based on; specifically criminal records
According to this article,
"Are criminal background checks legal? It appears that they are, so long as the criminal background information is limited to a certain time frame and comes from a reliable source, and is for the purpose of finding past bad conduct which would put other residents or neighbors in a state of potential [...] -
‘Set It & Forget It’ - Easy property alerts
Wouldn't it be nice if we could tell you when a property you like comes on the market... the second it hits the MLS?
We can! And best of all, it's easy to set up our "set it & forget it" property alerting system.
Here's how you do it:
Step 1: Run a search on www.TheBestHomeSearchEver.com. [...] -
Transfering Utilities
In Virginia:
Fairfax County Water
Washington Gas (Natural gas service) (703) 750-1000 (Local) (800) 752-7520 (Toll-free)
Dominion VA Power (Electricity service) Customer Svc webpage (888) 667-3000In Washington, DC:
Washington Gas (Natural gas service) (703) 750-1000 (Local) (800) 752-7520 (Toll-free)
Pepco (Electricity Service)In Maryland:
Pepco (Electricity Service)
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What is the “capital contribution” condo fee for?
The capital contribution is fee paid at closing to "jumpstart" your condo fee account & is required by condo management companies to ensure that there is enough working capital for the condo. It is usually only paid by first-time buyers in a new community or condo building.
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Where can I find school boundary maps?
Here are Fairfax County's school boundary maps and a reverse look-up by address for school boundaries in Fairfax.
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What’s the difference between a condo & a co-op?
If you check a listing carefully, you might notice that it is one of three property types:
Fee Simple
Condo
Co-opFee Simple means you get a completely undivided interest in the real estate property, such as a home or a town home.Condo means you own a small piece of a bigger structure - the typical thing you think [...]
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What is the HUD-1? And how do I read it?
The HUD-1 is the document used at settlement to account for all the monies in a transaction. It's a federally mandated form, and it also happens to be a very hard document to read, so we're going to help you learn to read it.
The HUD-1 is usually a two-page form (often front & back). [...] -
Should I get a termite inspection if my lender is not requiring one?
Yes you probably should. They only cost about $30 to $50. The inspector will check the grounds of the property near the house, and may do some limited checking inside the house as well. He is looking for any signs of termites, like tunnels, etc.Most properties in VA don't have termite issues, although there can [...]
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What is a home warranty? How does it work?
Home warranties offered by 3rd party providers cover certain items in the home for a period of 1 year after the date of sale.Typical items covered include appliances & HVAC systems. You can also get extended coverage for items like pools & spas and other parts of the house.A policy typically costs around $400 and [...]
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YouTube Video: How to get a bigger house while paying the same monthly mortgage amount (and not feel bad about it)
Learn how to leverage a loan type we really like called the "30 year fixed with 10 years interest only" to get a bigger house while paying the same monthly mortgage amount (and not feel bad about it) .
You need to a flashplayer enabled browser to view this YouTube video
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Does the condo insurance cover the interior of your condo?
A client asked us:
Does the condo insurance cover the interior of your condo? -- this one I will probably be able to figure out from the condo docs, but if you knew off the top of your head that would be great.
Our reply:
The master insurance, which is part of the condo fee, is similar to [...] -
What does “DOMM” and “DOMP” mean on the MLS listing?
In a listing, you may sometimes see the acronyms "DOMM" and "DOMP".� Here's what they mean:DOMM means "Days on Market, Multiple-List" and it's the number of days on the market for that current listing.DOMP means "Days on Market, Property" and it refers to the entire time the property has been active.So, for example, let's [...]
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Do some buyer’s agents get compensated in ways I don’t know about?
Yes, absolutely.Here is an example of a listing that states that the buyer's agent (NOT the buyer himself) will get a $5,000 bonus if they bring a "full price offer" (click images to enlarge):(Note - the image above references the "selling agent" which can be very confusing because you probably think that means the "seller's [...]
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Our “Pick 2″ rule: What is most important to you as a home buyer?
We have a "pick 2" rule that, just like the laws of physics, we've found to be true in all cases when you buy a home. Here's how it works: When you buy a house, you have to choose between three aspects of buying the house:
The price
The location
The conditionAnd you can only pick two of [...]
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Can I buy a property at auction?
Auctioned properties are a whole world of their own. Many auctions happen as a result of foreclosures. For details on those auctions (which are commonly held on the courthouse steps) you should read this FAQ.
However, other auctions can be held by private auction companies. There are a few things you should know before bidding on [...] -
What is the “MLS”? (And, how to search like a pro!)
The "MLS" stands for "Multiple Listing Service". It's the big database that all real estate agents use to list homes. Only agents have full access to the MLS, but we've created three websites which pull the MLS data and show it to you in creative ways:
For easy, map-based searching:
www.BirdsEyeSearch.com This site integrates the MLS data [...] -
How the heck do I read the listing reports?
When we send you a link with listings, the link will look like this:
Click the following URL to see the listing:
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=20846305419
The problem is, it can be very hard to read the page that comes up.
Here's a little tutorial (click on the photos below to enlarge):Share This
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Do I need to get a radon test?
We sometimes get questions about doing radon tests.Like any kind of contingency, it's possible to have a radon contingency in the contract.Few home buyers do this, although in the 1980's, Radon was a hot topic and frequently tested for.The type of structure can have an effect on the amount of Radon in the house. For [...]
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Once we make an offer, how long does it take to get an answer?
A buyer asks:
My first question is once we find something we like how long does it take to receive word back on a home. Me and Carmen discussed prices and we really need to stay below that 417k mark. Again we appreciate all you are doing for us and we don't mean to be difficult [...] -
“Can you really help me make better decisions than I can make on my own?”… An example of buyers who locked their rate just in time.
One battle we're always fighting as buyer's agents is the perception that we don't add all that much value to the transaction.
I understand where the stigma comes from - some Realtors only sell homes as a hobby, and aren't really all that up to speed on the latest trends & issues, and therefore have a [...] -
I keep hearing that I’ll pay less taxes if I own vs. rent. Is this real? How does it work?
This is an important FAQ! Most first-time home buyers don't understand how powerful the tax deductions can be from owning vs. renting. We'll try to clarify that here.
The very first thing you should do is read this article that explains the differences between buying & renting.
Now that you have the basics, here's the important thing [...] -
Will I lower my credit score by shopping around for a loan?
This is a common question from buyers, and we wish we had a simple "yes" or "no", but we don't and neither does anyone else, because the credit bureaus don't reveal the exact methods they use to determine credit scores.
We do, however, have answer that is almost as good as a confirmed "yes" or "no", [...] -
Can I send you lists of homes I’d like to see?
Absolutely, we love it when clients do this. The best way to get us a list is to give us the MLS numbers in comma delimited format, like this:
AX1736234, AX1487203, FX1736523, FX1739283, LO1783904
If you don't know the MLS numbers, feel free to send us the addresses and we'll look the MLS numbers up.
We have several [...] -
What housing & retail development is coming to the area?
WASHINGTON DC
http://media.washingtonpost.com/wp-srv/metro/pdf/development_dc.pdf
VIRGINIA
Fairfax: http://media.washingtonpost.com/wp-srv/metro/pdf/development_fairfax.pdf
Loudoun: http://media.washingtonpost.com/wp-srv/metro/pdf/development_loudoun.pdfPrince William: http://media.washingtonpost.com/wp-srv/metro/pdf/development_princewilliam.pdf
MARYLAND
Montgomery: http://media.washingtonpost.com/wp-srv/metro/pdf/development_montgomery.pdfCharles County: http://media.washingtonpost.com/wp-srv/metro/pdf/development_charles.pdf
Prince Georges: http://media.washingtonpost.com/wp-srv/metro/pdf/development_princegeorges.pdf
Howard: http://media.washingtonpost.com/wp-srv/metro/pdf/development_howard.pdf
Anne Arundel: http://media.washingtonpost.com/wp-srv/metro/pdf/development_annearundel.pdf
Calvert: http://media.washingtonpost.com/wp-srv/metro/pdf/development_calvert.pdf
St Mary's: http://media.washingtonpost.com/wp-srv/metro/pdf/development_stmarys.pdf
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What is it like to start working with you?
Wondering what your interaction will be with us once you retain our services? Below is an email one of our agents sent a new client; the email is pretty typical of our approach, which is to enable you with access to as much information as you want before we meet with you.
Jane, John,
I'll see you [...] -
Why should I drive by properties on my own before you show them to me?
We really, really encourage our buyer clients to drive by the properties they want to see on their own before we show them. While it may seem counter-intuitive at first, we've found it's absolutely the best way to buy a home. Here's why:
We've found that 75% of the time, you can exclude or include a [...]
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All about VA, DC & MD Homebuyer Credits & Grants
Here is a good summary comparing & contrasting some of the home buying assistance programs in MD, DC and VA.
Virginia Programs
Virginia has a statewide program from the "Virginia Housing Development Authority". You can read about some of the VHDA loan types here. You may also be interested in the HOMEownership Down Payment Assistance Program
Here are [...] -
What happens if something breaks after I buy the house?
A client asked us:
I have a couple of questions, there are some little things about the house and we would like to know what we can do... The refrigerator smells really really bad. What can we do about this?
Our reply:
Since the property has already been sold, the sellers are not responsible for any repairs, but [...] -
What is the ‘final walkthrough’ inspection?
A client wrote:
is it ok with moving on the same day? I think you mentioned a final "walkthrough" inspection. Do we check the house before or after the closing?
Our response:
Settlement is at 1pm. We'll need to schedule a final walkthrough before settlement - how does 12pm noon sound? It should only take 30 mins.
Yes you [...] -
7 questions all home buyers should ask a Realtor
Below is a GREAT email we got from a prospective buyer considering using us as her Realtor. Below is her email with our responses - every buyer should be asking these questions!
1- Are you a full-time professional Realtor? How long have you been in the business?
RE #1. I am a full-time Broker (a Broker is [...] -
What does a lender approval letter look like?
Here is a sample approval letter from Patrick Collins at First Savings Mortgage Corporation. He is one of several lenders we recommend to buyers. DROdio - sample loan approval letter
One reason we really like Patrick's approval letter is because it specifically states that it complies with Paragraph 10 of the regional sales contract, removing the [...] -
What could possibly go wrong with my lender?
We often have buyers ask us if there's any type of problem with them using a lender from LendingTree.com or other lenders which aren't local. The answer is complicated, but then again, that's why you're here reading this FAQ, right? So let's delve into the issues:
The first thing to know is that at the end [...] -
Do I take possession of the property on the day of closing?
A client wrote:
Just checking that we can actually take possession of the house on the date of closing. We're planning to "move in" that afternoon. Any restrictions in DC on that?
Yes, absolutely! Once you sign the settlement papers, the property is yours. You get the keys at the settlement table. You can also learn more [...] -
YouTube Video: How to use our Cash Flow Analysis tool
DROdio.com/investor is a site that helps investors evaluate rental properties, and on that site is a cash flow analysis tool. You can visit www.DROdio.com/investor to use the tool.
You need to a flashplayer enabled browser to view this YouTube video
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YouTube Video: How to use BirdsEyeSearch.com
BirdsEyeSearch.com is a site that helps home buyers find homes by combining Google Maps with the MLS. After you watch the video, you can visit BirdsEyeSearch.com to use the site.
You need to a flashplayer enabled browser to view this YouTube video
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YouTube Video: How to use TheBestHomeSearchEver.com
TheBestHomeSearchEver.com is a site that helps home buyers find homes. After you watch the video, you can visit TheBestHomeSearchEver.com to use the site.
You need to a flashplayer enabled browser to view this YouTube video
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YouTube Video: How to make a successful lowball offer
Want to talk to us about your lowball offer strategy? Let's meet for coffee to chat, or feel free to contact us at right and we'll respond quickly.
Making a lowball offer often has a negative connotation, but the reality is that many sellers are happy to look at any and all offers in today's [...]
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YouTube Video: How Realtor Commissions are *Really* Paid
Go "Behind the Curtain" and learn how Realtor Commissions are paid, what that means for you, and what you can do to leverage the knowledge.
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YouTube Video: Buy a House like a REALTOR would
Learn the tricks to buying a home like a professional Realtor would.
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YouTube Video: How to Buy Auction & Foreclosure Homes
What are real estate auctions like? What's the difference between courthouse auctions & REO auctions? What is a good foreclosure buying strategy? We have answers! The first thing you should do is visit our blog describing process. Then, watch the videos below, on courthouse auctions & REO auctions:
You need [...]
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What does “searching the listing notes” mean? Why would I want to do that?
One of the most powerful features of www.TheBestHomeSearchEver.com is its ability to search the listing notes. Here's what that means, and why you'd want to use it.
Did you know? You can search the MLS for just foreclosure properties by checking the "Search only Foreclosure" checkbox on www.TheBestHomeSearchEver.com when you're searching for homes.
First, a [...] -
What is the “Buyer Representation” form? How does it work? Do I have to sign it?
Here are our buyer representation forms. They make us your Realtor, which allows us to represent your interests. You might not even be sure why you need a Realtor. Hopefully reading through all these FAQs will show you the types of pitfalls that can confront you in the home buying process.
Here's a little known fact: [...] -
Why is your company policy not to do “Dual Agency”? What is it anyway?
Virginia, DC & MD state laws surprisingly let Realtors act as "dual agents" when disclosed to all parties (also known as "dual representation").
We feel that dual agency isn't a good idea. In fact, we'd go so far as to say that it's a disservice to our clients, so we don't do it. [...] -
Can I have two kitchens in my home in Fairfax County? Is it a zoning violation?
A buyer of ours asked:
Can I have two kitchens in my home in Fairfax County? Is it a zoning violation?
The short answer: maybe.
The long answer: You can have two kitchens as long as there is only one burner in the home. Burners can be defined as stoves or cook tops. So if you have an [...] -
I’m an investor. Can you help me?
Absolutely. We are investors too, and we believe in the integrity & strength of the D.C. Metro real estate environment. We'll be happy to help you through this process.
Here are a few tools, tips & tricks we think you'll like:Watch our video tutorials on:
How to buy foreclosure homes (and we also have an FAQ on [...]
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A little pitch for two Virginia schools - TJHSST & U.Va.
Many of you already know about Thomas Jefferson High School for Science & Technology. Daniel R. Odio of DROdio Real Estate, Inc. is a TJHSS&T alumnus and would be happy to share his experience at the school. Many people consider TJHSS&T to be the best high school in the US. Its average SAT score [...]
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How does your Electronic Signature process work?
We love using technology to make the buying process easier on you.
One of the ways we do this is by enabling you to have us stamp your signatures on contracts.
The Electronic Signature Authorization Form allows us to stamp your signatures on contracts, and then send them to you to approve via email. It saves you [...] -
Should I buy owner’s title insurance?
As you may (or may not) know, owner's title insurance is optional. (The lender's part of the title insurance is required if you are financing the purchase of your home).
As a Realtor, my attitude is that title insurance is like any type of insurance - if you can afford the loss, then you don't need [...] -
The Buying Process, step by step
Use this checklist to understand the steps in the home buying process.
1. Get approved! You will need an approval letter to be able to make an offer on a property. You can get help figuring out what you can afford at www.DROdio.com/loan. We also have several suggested loan officers for you to
talk to at www.DROdio.com/resources. [...] -
What to expect at closing
The following will take place at
closing:
• You will arrive at the settlement company (sometimes called the title company). Usually the sellers will also be
present, although occasionally the sellers complete their part of the settlement process before-hand.
• You will need to ensure the loan company you’ve selected has successfully processed your loan papers and approved you [...] -
I’m not sure I need a Realtor. What would you say to that?
Not sure you need a Realtor? Read this...
Dear Buyer, If you're wondering exactly how a Realtor can help you find a home, you'll probably enjoy this whitepaper from our owner, Daniel R. Odio:I was wondering the exact same thing when I bought a home (before I was a Realtor) from Pulte. What I found was [...]
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What does a ratified contract look like?
Here is a sample Virginia sales contract, which has been ratified & passed through the fax machine several times: DROdio - Sample Ratified Agreement
You'll notice that several items were negotiated back & forth between the buyers & sellers - you will notice the initials in several places where compromises were made.
On this contract, we negotiated [...] -
What is a Plat?
A plat is basically a blueprint diagram of a community showing the layout of all the lots.
Many buyers say "plan" mistakenly, but the correct term is "plat"!
Here's a sample Plat (click to enlarge):Do yo notice the dotted lines inside each lot? Those are the building restriction lines; you can't build outside of those - even [...]
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Do you have any video tutorials?
Yes, here are our video tutorials:
Making a lowball offer on a home: Learn our successful strategy that requires you to modify your behavior as much as it requires us to negotiate the deal!
How to buy a bigger house but pay the same monthly mortgage: The difference between a 30 year fixed rate loan, and a [...] -
How can I find a condo close to the Metro?
A client of ours wrote:
"Do you think I could get a condo on the orange line for under $300k? Areas: Roslyn, Courthouse, Clarendon, Va Sq, Ballston. Looking for a 1BR. Must be less than 10 or so years old. Mid or high rise. Decent community & amenities. Doesn't need to be brand spanking [...] -
Your rights as a buyer: Our “Buyer’s Bill of Rights” (Why don’t all Realtors have this?!)
Interviewing Realtors? Ask other Realtors if they can sign this Bill of Rights
(Our guess is that they won't be able to)
Dear Buyer,
We believe the following should be obvious client rights. Unfortunately, most real estate firms won't be able to commit to these simple items:No ABA's (Affiliated Business Arrangements): Your Realtor should have your [...]
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Buying A Home
All About Home Financing & Loans (51 Q&A blogs)
Wondering how the lending process works? Wondering if you should pay any 'points'? Jump in for the answers.
All the questions you were afraid to ask (108 Q&A blogs)
If you're a first-time home buyer, indulge yourself with answers to all the questions you were afraid to ask!
Client Testimonials (18 Q&A blogs)
Read some glowing Testimonials from clients who have used our services to buy a home!
Contract Questions (21 Q&A blogs)
Contracts can be scary things! But after you read through this section, you should be much more comfortable with the process, and we're always just a phone call away!
Learn About the Area (31 Q&A blogs)
Curious to know about certain areas? Find your answers here. This is especially useful if you are buying from out of town.
Negotiation Techniques (13 Q&A blogs)
One of the things that makes DROdio agents so special is our strong emphasis on negotiation. Many Realtors (especially the "weekend warriors") aren't too good at negotiating you a stellar deal. We'll reveal some of our secrets here. If you're a Realtor from competing company and you're reading this section, you should be ashamed of yourself! Then again, maybe you really need the help, so read on...
REO Foreclosure Listing Q&A (4 Q&A blogs)
Our firm sells REO foreclosure properties from multiple banks. This section is dedicated to common questions & answers from both buyers and REALTORS representing buyers in these transactions.
Tax Questions (14 Q&A blogs)
Aaaaahhhhh, taxes. Our favorite. Here are tips & tricks to minimize your tax burden. Note: we are not CPA's, so these are just general observations from our experience. But *please* speak to your CPA to discuss your specific tax situation.
The Buying Process (66 Q&A blogs)
How exactly does the buying process work? What should you expect? Whether you're a first time home buyer or you've done it several times, you'll find plenty of gems of information squirreled away in this section.
Selling A Home
All the questions you were afraid to ask (23 Q&A blogs)
If this is the first time you've considered selling your home, you probably have lots of questions that you're afraid to ask. Fear not, your answers are here!
Client Testimonials (1 Q&A blogs)
Read some glowing Testimonials from clients who have used our services to sell a home!
Contract Questions (3 Q&A blogs)
This time we'll address contract questions from the seller's point of view. What makes a contract strong vs. weak? How do contingencies work, and which ones are dangerous? These questions and many more are answered in here, so come take a look!
The Selling Process (18 Q&A blogs)
When should you list your home? How do you price it right? How do you get maximum exposure? Find answers to life's questions here... well, at least when it comes to selling your home!
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