Frequently Asked Questions
Q: If I list with your team how long is the term of your contract?
A: Typically the term is 6 months. However we are different where we allow you, the seller, to cancel the contact, on a moment’s notice with no questions asked for ANY reason. No other local agency does this to my knowledge. You ask why we do this. Because we feel that we offer unsurpassed service and results and our clients come 1st. If at any time you do not feel comfortable with our serve then you have the right to cancel the contract. This gives you, our client, complete piece of mind, that we will do everything possible to get your home sold. Other agencies may promise but we deliver.
Q: What do you do to get our home sold?
A: I would phrase the question differently..what do we NOT do. TeamFabbri uses cutting edge technology, placement of your listing in over 300 websites, offers you unsurpassed communication via emails and phone calls for every showing, email feedback after every showing, 24/7 access to your marketing account via my website where you can see everything we are doing to promote your home, creative flyers mailed to 200 of your neighbors with information on your home sale, email blasts to other agents, home preview tour with our 25 person staff, open houses, simply the best wording and pictures in MLS, wide angle camera for all interior pictures, enhancement of many feeder websites, placement on all the major search engines, print advertising, the best contact management software in the business, and so much more. For complete information on our marketing plan please go to the Team Fabbri tab on this site.
Q: In a home buying procedure which fees are payable by the buyer?
A: The following fees are payable by the buyer:
Origination fees
Insurance impounds
Appraisal fees
Discount points
Credit report fees
Escrow payments
Interest adjustment fees
Homeowner’s Association Fees
Mortgage insurance impounds
Prepaid insurance
Mmortgage insurance premium (for FHA mortgages)
Tax impounds
VA funding fee (for VA mortgages)
Title insurance policy fee
Documentation fees
Q: Which fees are payable by the seller?
The seller would pay for the following:
Deed
Home warranty program(if one)
Real estate commission
Tax Stamps
Final water bill
Cost of procuring smoke detector certification
If a condominium then any prorated fees and special assessments
Q: How can you save money on your mortgage payments?
A: If you make an additional payment for your mortgage every month, then that would pay down your principal quickly. This also helps you shorten the repayment term and save money.To see how much you can save go to my TOOLS tab and use and real estate calculator
Q: If you are a first time home buyer, what are the essential steps that you should follow?
A:Save money.
Do some homework.
Check your credit report for probable mistakes.
Become pre-approved for a mortgage.
Collect some data on current real estate deals and make a comparison.
Take the help of a realtor (real estate agent).
Q: What are closing costs?
A: Closing costs are costs that are incurred by the buyers and sellers for changing ownership of a property.
Q: What is the amount of down payment necessary to buy a house?
A: Usually, a down payment of 20% is required by traditional lenders. However, you can make a lower down payment in case you obtain private mortgage insurance (PMI). You can make a down payment as low as 5% through utilizing PMI. VA offers 100% for qualified veterans and FHA offers loans of 97% with just 3% from the buyers
Q: What is the full form of FSBO?
A: FSBO stands for For Sale By Owner. It is that method of purchasing and selling of real estate barring the presence of a real estate broker. Less than 3% of homes are sold this way
Q: Who is a buyer’s agent?
A: In majority of real estate deals, there are typically a selling agent and a listing agent. Buyers agents fully represent the buyer the sellers agent do the same for sellers
Q: What is an appraisal?
A: An appraisal is an opinion of the price of a particular property by a certified and independent individual.
Q: When deciding about buying a home what should be the first thing one should do?
A: One of the foremost things one needs to know is, how much he would be able to afford. After the price range is fixed in which buyer would be able to afford a house, the home purchase process starts.
Q: Is it important to have an agent to purchase a home?
A: Many would recommend that you do get an agent. An agent is in a better position to represent your position in the whole transaction.
Q: At the time of visiting homes, what to look for the first time through?
A: A home is always an excellent investment but it should also be suitable with your way of life & have the features which appeal all family members.
Q: While visiting homes you need to pay attention to the following points which are the most common things that your home should have:
A:The particular home you are visiting has enough storage space or not?
• Presently has enough room to accommodate all family members & also to meet your future requirements.
• Yard size as what you were looking for.
• Is floor plan of the home right for the family?
• Will the furniture you have be suitable for this home & would you have to replace the appliances and carpets that exist in this home?
Q: What are the must ask questions that you need to put before the owner?
A: These are some of the basic questions that every buyer should ask the present home owner:
• How much he pays for monthly utilities?
• How old the air conditioning system & furnace are?
• What problems & defects, if any, are there which need to be fixed?
• How old is the roof? Has he experienced leaking anytime?
Q: Who is a buyer’s agent? What he does in the
A: There are agents who only work for a buyer and are called as exclusive buyer’s agents & buyer’s representatives. These agents only work for the buyer in the real estate transaction.
These are different from listing agents who have the job of getting a good price for the seller and such listing agents may not fully represent buyer’s interest in the transaction. However, it should be known that agents get paid by seller. The seller pays them directly or the transaction is set up in such a way that a credit is provided by seller to buyer equal to the commission due to agent. The listing agent then pays that commission to the buyers agent.Note that some buyers charge a fee to the buyer in addition to what they receive via the commission due them thru MLS
Q: Is it necessary to have my own agent while buying a house?
A: Most real estate experts will suggest that buyer be represented by an agent. Let us look at the reason because of which it is suggested:
The real estate commission is basically paid by the seller & the commission amount is already mentioned in the listing contract. And when the buyer doesn’t have his own agent, the same agent can represent both seller as well as the buyer, working as what is known as “dual agent”.
Q: Can a buyer switch agents while buying the property?
A: Buyer's can switch agents but it can cause conflicts between the new agent and the previous agent. If the earlier agent comes to know that buyer has purchased the property with the help of a new agent then he can claim a share from his commission.
According to norms, a different agent is not supposed to make any type of offer on a real estate property which buyer has previewed with some different agent.
The buyer can resolve such a situation by informing his current agent that he is not comfortable with the kind of service he is providing & whether it would be possible to get the services of some other more experienced agent from his office. This is the best possible way to avoid any kind of conflict between different agents.
Q: One agent seems to be well versed with real estate laws & responsibility of agents towards buyers and gives him brochures and the other agent is quite informal and doesn’t provide anything in writing. Whom should the buyer select?
A: Well, agents are all different in their presentation and style. They all have different approach to dealing with buyers. You will find some are very formal and some are just the opposite.
But this should not have any impact on the knowledge each one has and their ability to successfully complete a real estate purchase transaction. Buyer should always select an agent with whom he is comfortable working with & can trust.