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  ...Buying Real Estate

As a Buyer or Seller, why is it important to use Tony Blair Real Estate as representation?

We are here to protect your interests. We will help you thru the process from beginning to end. We provide the tools that no other Agency will give you. Stop into our office for a free consultation. Other Agencies have actually accused our office of doing "too much" for our clients, if you can believe it.

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What is Pre-approval and why do I need it?

This is when you as a buyer(s) go to a lending institution and they certify that you, the buyer, are approved to purchase a home at a certain price range. They should issue you a letter stating same. It also starts the process of the mortgage application, which expedites the purchase process. However, with the new RESPA law, (Jan, 2010), banks are not giving out pre-approvals like they use to!!

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As a Realtor, representing me as a buyer, how are you compensated?

The seller compensates their Realtor with a commission based on a percentage of the sale price. The selling Realtor in turn compensates the buyers Realtor for bringing them a client which ends in a successful sale. Buyers very seldom pay Realtor fees. This is a proven form of networking in the world of real estate and helps both buyers and sellers.

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What if I decide not to get Pre-approved?

Many sellers will not allow their homes to be shown to perspective buyers who are not pre-approved. The reason for this is, if they enter into a contract and that buyer is unable to obtain a mortgage, four weeks or more down the road, then the seller has taken their property off the market and may have missed potential pre-approved buyers.

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What is PMI?

PMI is Private Mortgage Insurance against the nonpayment of, or default on, an individual mortgage or loan. It protects the lending institution. This comes into effect when approximately 80% or more of the mortgage is financed. Your lending institution will provide more details.

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What is Title Insurance?

Title Insurance protects the lending institution against unforeseen defects in the property they are mortgaging (liens etc.). This is one of the fees you will pay for at closing. You may purchase Title Insurance for your own personal benefit, thru your Attorney.

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Do I need to hire a home inspector?

A home inspector is not a requirement, however, they have the expertise and the proper equipment to inspect your home. They are there for your safety and to answer your questions and concerns. It is highly recommended that you hire one.

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What is Flood Insurance?

Flood insurance is to insure against damage to your house and its contents caused by flooding from heavy rains, broken damns, etc. Premiums depend on what flood zone you are in and the condition of your home. Your lender will tell you whether or not you need flood insurance. Ref: www.floodsmart.gov or www.fema.gov.

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What is a Betterment?

When a city or town makes an improvement to your neighborhood, such as a new sidewalk, a tax will be levied against your and the surrounding properties directly effected by this improvement. Not all towns/cities use this type of tax.

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What is the Homestead Act?

This is an insurance to protect your property against creditors up to a specified amount, now over $500,000.00 plus. It doesn't protect against liens, but it keeps you in your home. You can apply for this at the local registry of deeds or it can be done at your closing with your attorney.

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Can you show us a home being represented by another agency?

Absolutely! We can show you any home that is being offered for sale by other agents in Berkshire County.

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What is a Credit Score?

The Credit Score is a measurement to evaluate your credit history typically based on the formula developed by FICO, the Fair Isaac Corp. It involves calculations using how many credit cards or loans you have, number of late payments, or no late payments, etc. 585-619 is considered High Risk, and 760-850 is Excellent! Lenders also use 'VantageScore', a competing agency. Lenders rely on these scores first and foremost! Be aware of your score before going to the lender. Some banks won't lend below a credit score of 680!

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What is Title V (5)?

Title V is a Massachusetts regulation governing the installation, inspection and maintenance of a septic system.

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What is the Massachusetts requirement for Lead Paint?

Massachusetts requires any house built prior to 1978 to be disclosed by the seller that they have knowledge/no knowledge of lead paint on the premises by completing a State form known as the Property Transfer Notification Certification.
Reference: www.state.ma.us/dph/clppp.com.

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What is the Closing?

This is when you change ownership of the property, by having the certificate of Title signed over to you. You will exchange monies, and sign all the legal papers to take possession of the property.

Tony Blair Real Estate - Homes For Sale In The Berkshires - Commercial Property For Sale In The Berkshires
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