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F.A.Q

Elite Realtors

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Buy A Home

Frequently Asked Questions
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Sell A Home

Frequently Asked Questions

Selling A House in California Is Easier Than Ever

Many people think that selling a house in California has to be done exclusively through a real estate agent, however, this is not the case at all. You see, California enforces no Legal Law to have you sell off your property with the help of a Real State Agent.

You can do it on your own without any trouble at all. However, there is something that you may need to be careful about. The legal side of selling off properties can be confusing for someone who is not familiar with the law at all. This is where Elite Realtors come in.

Sell off your House in California with Elite Realtors.

At Elite Realtors, we are agents who are willing to go out of their way to help you out with all of the legal sides of Selling a House in California. We come at an affordable price and offer no hidden fees but complete hospitality to our clients.

Selling a House

Frequently Asked Questions

How much is my house worth?

There are a handful of methods that can be used to determine the value of a home. The most common method to determining the value of a home is by completing a comparative market analysis. A comparative market analysis is an in-depth evaluation of recently sold “comparable” homes in the past 6-12 months. A comparative market analysis, also known as a “CMA,” isn’t a crystal ball that determines what a home will sell for, however, if performed by a top Realtor, it should greatly narrow the sale price range.

A professionally completed “CMA” will take into account many features including the local area and neighborhood. Some items taken into consideration are:

1. Square footage

2. Number of bedrooms

3. Number of bathrooms

4. Upgrades to kitchen

5. Window quality

6. Roof age

7. Lot features

8. Location; primary or neighborhood street?

9. Style of residence

10.Flooring type

How long will it take to sell my home?

There are many factors that come into play when selling a home. These help determine when and how fast a home will sell. Some examples include the following: asking price, condition of the home, location, market conditions, seasonal patterns, and so on.

What is the difference between a list price and a sales price?

​The list price is the price a home is currently listed for sale at. The sale price is the price a home is sold at. A top Realtor should be able to suggest a list price that ends up being very close to the final sale price.

What is the agents commission?

While the commission can vary from agent to agent, it is typically 6% of a home’s sale price. That 6% is usually shared with the buyer’s agent. But what’s implied by this question is “What are Realtors doing to earn that fat check?” Here are some facts to keep in mind: Unlike lawyers who get paid by the hour, or doctors who are paid by the appointment, listing agents don’t get paid unless they make a sale. For every hour an agent spends with a client, he or she will typically spend nine hours on average working on that client’s behalf doing everything from networking to finding potential buyers to filling out paperwork. And no, not all agents are created equal

What if I want to cancel the listing contract?

This frequently asked question is not one that sellers like to ask when selling a home. However, there are times when it can come up for many reasons. When selling a home, most buyers hope a quick sale and top dollar. This isn’t always the case though. Every state and contract has different terms but generally speaking, if you decide to cancel the listing agreement, you could possibly be responsible for any expenses incurred by the real estate agent and their brokerage.

What type of marketing do you offer?

There are many forms of marketing that my team and I offer to our sellers. Some include hosting open houses, social media marketing and so on. We pride ourselves in staying up to date with the latest marketing trends so that we can offer our clients the best experience ever.

Why should I hire a real estate agent?

An experienced real estate agent can lead you through the listing and selling process with ease. Aside from improving your quality of life during your family’s transition, a real estate agent may help you net more money for your home. Real estate agents know the market, proper pricing and how to achieve a faster sale. Often, owners who sell their own home are asked by potential buyers to discount the commission rate that would be given to an agent. In that case, you have all the work, all the complications and none of the financial rewards.

What else do I have to pay for?

Just as every snowflake is unique, so is each sale of a home. Sometimes a seller might have to pay
for home repairs, inspection repairs, and so on. It all just varies on the situation and conditions of the home.

What property defects should I declare?

As a home seller, you must disclose all pertinent facts about the home that are not easily seen. A good rule of thumb: if you are compelled to ask “should I disclose this?” – the answer is yes.

When should I turn off the utilities?

Call the utility companies to have them perform a final reading on the day the buyer takes possession. The buyer will need call to have the service transferred to their name.

Still have questions?

If the FAQ’s on this page didn’t answer your question, please feel free to make use of the contact form below or the contact details accessed using the “Click Here” button to get in touch and we’ll do our best to assist you.

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Buying a House

Frequently Asked Questions

Should I buy instead of rent?

There are many benefits that come with buying a home rather than renting and paying someone else’s mortgage. Some of these benefits include:

• Tax breaks
• Financial gains
• Equity
• Capital gains
• Freedom
• Security
• A home to create memories in

Am I ready to buy?

This is the most important question one must ask themselves when considering whether they are ready to buy or not:

Do I have a secure job with steady income?
Have I been employed for the last two to three years?
Is my income reliable for the foreseeable future?
Do I have a positive bill-paying history?
Do I have few outstanding long-term debts, like car payments?
Have I saved any money for a down payment?
Can I afford to pay a mortgage, taxes, utilities, and insurance?

Does my credit score impact my ability to buy?

A credit score numerically summarizes an individual’s credit history and gives in depth insight of the borrower’s financial standing to the lender. Mortgage lenders use credit scores to determine who can qualify for the loan, the amount qualified for, and the interest rate as well. The higher the score means the better the chance of getting a loan with an attractive interest rate.

If your score is low, it’s not impossible to get a loan but it will take longer. The majority of the time, the lender can help the buyer work on their credit score to help them prepare to buy a home.

There are three different companies keep credit histories: Equifax, TransUnion, and Experian. Before applying for a loan, get reports from all three companies. Fix any errors you might see in order to improve your score so that you may qualify when you meet with lenders.

How much do I need for a down payment?

Saving for the down payment of a home is the greatest challenge for first-time homebuyers. The amount required for the down payment varies according to the lender’s requirements, and the type and length of the loan. To make it easier to save for a down payment, as a buyer you should set a budget, along with a goal, and stick with the plan. Saving and sacrificing is how most people come up with their first down payment.

What are the homeowner's tax benefits?

Typical deductions are mortgage interest and real estate taxes.
In most cases, loan discount points and origination fees are deductible.
Read Publication 530 titled Tax Information for Homeowners, which can be found on the IRS website.
There are capital gains benefits, but don’t worry about that until you buy your first home.

What is the difference between pre-qualified and pre-approved?

Pre-qualification:​ Getting pre-qualified for a mortgage gives first-time homebuyers an indication of how much they “might” qualify to borrow. This mortgage amount is not guaranteed because no information has yet been verified. A letter from the lender may only state that you are “likely” to be approved for a mortgage.

Pre-approved:​ Better yet is getting pre-approved for a mortgage, which is based on a real credit score, and it also puts real estate agents and home sellers at ease. The buyer has more to offer when making a deal and in a competitive market this can be a definite plus.

How do I get the best mortgage?

It’s time consuming having to learn about the various rates and mortgage terms. Once you find your dream home, sometimes there’s not enough time to do your research. So make sure to ask your real estate agent an d lender any and all questions you may have

How long does the home buying process take?

The homebuying process can take anywhere from 30 to 45 days, depending on the loan officer you chose to work with. Our team has closed many deals in as little as 17 days

Does having a car loan affect the amount that I able to qualify for?

​The majority of banks go based off your debt to income ratio, a car loan may affect you depending on the sum of the monthly payment.

If I filed for bankruptcy, how long do I have to wait before I can buy a home again?

​You may be able to purchase a home two years after you filed for bankruptcy.

Are there any down payment assistance programs available for first time homebuyers?

There are many down payment assistance programs available for first time homebuyers. You can ask Anthony and his team for more detailed information about these programs.

I'm a citizen but my spouse only has an individual tax payer identification number. Can we both still be on the loan?

Unfortunately you cannot apply using both ITIN and social security number since they are both different loans with their own set of requirements.

I want to buy a home with my spouse, but the loan is going to be under my name. Can we both still be owners?

​Yes, although only one person will be on the loan both parties can be included on the title of the home.

Can I buy a home using SSI/SSD?

Social security does not prohibit a person from using their benefits to buy a home. However, those who are receiving SSI/SSD benefits need to keep in mind that they can own the home and land they live on but other property will be counted as an asset.