When I actually get a loan for my actual home, am I obligated to use the lender that pre-approved me?
Not at all. The pre-approval will not cost a dime so you are not locked in to any lender that pre-approves you.
Why does Trulia and Zillow have so many listings that are inactive?
They do not receive a feed from the local MLS (Multiple Listing Service). The real estate agents themselves have to go in and add the listing to these sites. When the home sells and it's listed on these sites, same thing. Many agents do not update the status of the listing. These sites are great, but in order to get a truly accurate feed of listings, you'll need to go to a real estate agent's site, Realtor.com, or once you've started working with a buyer's agent, they will set you up on an automatic feed.
Do we need other professionals besides a home inspector to inspect a foreclosed home?
Sometimes yes, and this applies to all homes, not just foreclosures. Have your home inspection first, then progress from there. If there are electrical issues, have an electrician come out and give you estimates. Use those estimates when negotiating with the seller.
How long should we expect to wait for short sale approval?
On average, anywhere from 2 - 9 months.
Why is the square footage rarely listed on a listing sheet?
This is a good one; we don’t know. This is the only area in the country (Chicagoland) where agents are reluctant to list the approximate square footage. Our guess is that someone got in trouble a long time ago for listing inflated square footage figures. Nowadays, it states right on the listing sheet that all information is approximate, so we don’t know why it’s still an issue.
Speaking of square footage.....
Always know that when you do see square footage on a listing, it usually does not include the basement. MLS rules prohibit us from listing below grade square footage, however, if it’s a walkout basement, we’ve seen it added to the total. Ask your agent to clarify for you.
"Consistency is the last refuge of the unimaginative" - Oscar Wilde
Written by Ryan Gable
Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@StartingPointRealty.com
http://www.startingpointrealty.com/
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