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Real Estate FAQ2019-07-16T17:47:27+00:00
Why Should I Use a Broker to Buy a House?2019-05-16T23:54:33+00:00

A broker is more than just a sales person looking to close a deal. When you work with a broker, they will work on your behalf to help guide you when buying a house. They can provide you with the most up-to-date market information and help you find listings that you might not find on your own. Additionally, they can help you negotiate a deal with your best interests in mind when you put in an offer on a home.

What is Title Insurance Good for?2019-05-17T00:00:20+00:00

Title insurance protects the lender and buyer from any losses that are incurred as a result of disputes over the title of the property.

What is the MLS?2019-06-24T22:22:17+00:00

A multiple listing service (MLS) is an online listing service that compiles all properties that are listed with a realtor.  Brokers utilize the MLS to find homes in a certain price range or area. Washington utilizes the Northwest Multiple Listing Service (NWMLS).

What is the Escrow Officer?2019-05-17T00:00:01+00:00

An escrow officer is typically employed by the title company that you are working with and they walk you through the closing process. They are responsible for oversee the escrow process as a neutral party. They ensure that they transaction is executed properly and legally and perform title searches, prepare paperwork and witness document signings.

What is the Difference Between Being Pre-Qualified and Pre-Approved for a Loan?2019-05-16T23:54:09+00:00

When you are pre-qualified for a loan it means that you could potentially get a loan for the amount stated for you. This assumes that all of the information that you provided to the lender is correct. When you are pre-approved, this means that you have had an extensive financial background check, which will include looking at credit history, tax returns, and employment verification. This is when the lender is willing to give you a loan, which is almost approved. Most sellers prefer that buyers are pre-approved as they know there will not be problems with the purchase of the home.

What is a Real Estate Broker?2019-05-16T23:58:13+00:00

A broker is a real estate agent who is licensed by the state and has taken courses to become a broker.

What is a One-Time Show Listing?2019-05-16T23:53:27+00:00

This type of listing is when the homeowner signs an agreement with the broker. In this agreement, the homeowner provides the broker with commission for selling the property. However, it also states that the homeowner can’t negotiate directly with the buyer at a later time to avoid paying commission to the broker. This type of listing is commonly used by brokers showing FSBO (for sale by owner).

What is a contingency clause?2019-05-16T23:58:39+00:00

A contingency clause is  a condition or action that must be met for a contract to become binding. When both the buyer and the seller agrees to the terms and signs a contract, then the contingency will become part of the binding sales contract.

What does Debt-to-Income Ratio Mean?2019-05-16T23:59:12+00:00

This is the percentage of a person’s monthly earnings used to pay off all debt obligations.

What are Closing Costs?2019-06-25T00:06:25+00:00

Closing costs are the fees paid at the closing of a real estate transaction by buyers and sellers in transferring ownership of a property.

Homeowner’s Association (HOA)2019-06-24T23:56:27+00:00

A homeowners association or HOA is a nonprofit association that manages common areas of a condominium or planned unit development. Owners pay a fee to the association to maintain certain areas that are owned jointly by everyone in the development.

FSBO (For Sale By Owner)2019-06-24T22:14:37+00:00

FSBO stands for For Sale By Owner. This means the owners are selling the property without the help and representation of a broker.

Can a Home Depreciate in Value?2019-05-16T23:52:57+00:00

In general, it is not very common for real property to depreciate in value. This is what makes real estate a great investment. When you are looking for a home, make sure you consider things such as location and community as it can affect the future value of the home.

Broker2019-06-24T22:12:45+00:00

A person who has taken courses and licensed by the State of Washington to act on behalf of a real estate firm.  Formerly known as agents, the State of Washington now recognizes licensed individuals as brokers working under a real estate brokerage.