FAQs

FAQs Real Estate Miami

How does your office handle showings?

Agents will call my office to arrange a showing appointment. Our staff will contact you to make sure the requested time fits your schedule. Let my staff know if the time is okay or not.

Will you be present for all showings?

I will not be present at the showings unless I personally have a buyer to show your home. Be assured that our lockboxes are monitored by sophisticated technology — every time an agent opens it to get the key, I’m informed who it was, and the time they opened it.

Will there be a lockbox on my home?

Yes. It is imperative for buyer agents to be able to show your home as conveniently as possible. This also allows me to monitor showings and times, and get the agents’ feedback

Do I need to “stage” my home (turn on lights, etc.) when a showing is scheduled?

I suggest you leave your home in the condition you’d like it left after the showing.

How do you handle buyer feedback?

I will contact you weekly about our progress (Monday’s usually work best). There may be times in between where I’ll need to share feedback.

How much notice will I have before showings?

There may be times when the agent is in your driveway wanting to show your home right then. Other agents may give you several days’ notice. Remember, the easier it is to show, the easier it is to sell. Try to always keep your home in “Show-Ready” condition. Regrettably, there are some agents that are not as considerate as others and may not show up and never call to cancel their appointment.

Will you be bringing buyers to my home?

There are hundreds of real estate agents in our market, and I will be promoting your home to all of them. I would love to personally sell your home, but it’s unrealistic that I would be the only agent in the area with a buyer looking for a home like yours. It’s not my job to sell your home — my job to get it sold!

Will you put flyers outside my home?

As a general rule, flyers are a passive form of marketing. Studies show that if someone sees one thing on the flyer they do not like, they will not call to inquire any further about the home. In order to “capture” those buyers — allowing ME to do my job and “sell your home,” I need them to call. I believe if they are interested enough to stop and pick up a flyer, that they will call me and ask questions even if there are no flyers. Be assured that I am actively promoting your home, not only through traditional marketing methods like signage and multiple listing, but also through exclusive marketing systems that include more extensive online promotion, an exclusive state-of-the-art Call Center, effective leads management, and our enhanced Open House systems.

Do I always pick up the phone?

As you may understand sometimes I may be with another client and/or showing a properties. PLEASE, do leave a voice message or send me a text and I will be more than happy to return your call as soon as I am available.

How fast do I respond to emails?

Usually the same day. Please keep in mind that I may take up to 48 hours.

What if the property appraised lower than the price already agreed?

If the appraiser comes lower than the amount negotiated on the contract; then, buyer and seller can re-negotiate the price. When this happens the seller may request the buyer to pay the difference between sale price and appraised value which the buyer can refuse by canceling the contract. Or the seller can drop the price to match the appraised value in order to continue with the sale. Is important to mention that if the buyer is no willing to increase his/her offer and decides to break the contract the escrow deposit should be refunded to the buyer as long as the contract does not state that the transaction is not contingent on the property’s appraised value.

Will you discount your commission?

Based on what I’ll be doing to sell your home, I am unable to cut my commission. Buyer agents will look at a discounted commission – and when the home down the street pays them a larger commission, homes listed for less commission are shown considerably less.

Common Real Estate Terms

Appraisal

Appraisal – The process of estimating or setting the market value of a piece of property, partially based on an analysis of comparable sales of similar homes in the area. An appraisal usually takes the form of a written report. Appraisals are usually required during the mortgage loan approval process.

Closing Cost

Closing CostsFor buyers, closing costs consist of expenses that must be paid in addition to the purchase price of the home, like… For sellers, closing costs include expenses that will be deducted from the proceeds of the sale, like…

Commission

Commission – Compensation paid to real estate professionals for services rendered in connection with the sale or exchange of real property.

Comparative Market Analysis (CMA)

Comparative Market Analysis (CMA) – An in-depth analysis of nearby comparable home sales done by a real estate agent to estimate a home’s market value, usually performed to help select the most appropriate sale price.

Contingencies

Contingencies – Conditions written into a real estate contract that specify that the contract will cease to exist in the event of certain conditions. Contingencies, like requiring an acceptable property inspection report within a certain time period, must be met for a contract to be legally binding and carried out as written.

Contract

Contract – An oral or written agreement between competent parties who agree to perform or refrain from performing a certain thing. In real estate there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.

Deed

Deed – A written, legal document that conveys or transfers property.

Escrow

Escrow – The process in which an item of value, money or documents is deposited with and held by a trusted third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow the transaction is closed, at which time it is delivered to the seller.

HUD-1 or Settlement Statement

HUD-1 or Settlement Statement – A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form gives a picture of the closing transaction, and provides each party with a complete list of incoming and outgoing funds. “Buyers” are referred to as “borrowers” on this form even if no loan is involved.

Closing Disclosure

Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs). The Closing Disclosure is a new form.  For most kinds of mortgages, borrowers who apply for a loan on or after October 3, 2015 will receive a Closing Disclosure. The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. The three days also gives you time to ask your lender any questions before you go to the closing table.

Survey

Survey – A map or plat drawn by a licensed-surveyor after measuring a piece of land, to show its area, boundaries, contours, elevations, improvements, and its relationship to the surrounding land. A property survey confirms that a particular piece of land or building is sited in accordance to its legal description.

Encroachment

Encroachment – A situation in real estate where a property owner violates the property rights of his neighbor by building something on the neighbor’s land or by allowing something to hang over onto the neighbor’s property. Encroachment can be a problem along property lines when a property owner is not aware of his property boundaries or intentionally chooses to violate his neighbor’s boundaries. This is also known as structural encroachment.

Short Sale

Short Sale – Happen when the bank agrees to accept a payoff for less than the balance of its loan. The amount of your mortgage is not important. What is important is the market value of your home. It is important to understand the bank is no under any obligation to allow the borrower to do a short sale and to accept the price listed on the MLS even if the short sale was previously approved.

Foreclosure

Foreclosure – A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.

REO

REO – Property owned by a lender – usually a bank – after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most foreclosure auctions equal the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale.

Lien

Lien – In law, a lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation.

If you want to know more about the real estate market, you can view these articles:

If you have questions about How to Invest in Miami and South Florida, or questions about the real estate market in Miami and South Florida, contact us.

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