Frequently Asked Questions
Have a question for us here at Investler Realty? Find your answers here
Buying Questions
I've never purchased a home. What's the process?
The process is different for everyone, but the general flow of a real estate transaction from the buyer's side includes first getting preapproved by a lender, and then making an offer, working through the option period, having the home appraised, and finally closing.
What is the Option Period?
The 'option period' is the period of time, generally 7-10 days after an offer is accepted, that the buyer may inspect the home and decide if they want to process with the transaciton. Typically, a 3rd party inspection company is hired, along with Pest Control, Foundation Experts, and a number of other contractors to know exactly what state of repair the home is in.
How do I know that I'm seeing all of the home options available on the market?
All listing distributions such as Zillow, Trulia, and even our own website pull home listings from the South Texas Multiple Listing Service. All property data is the same accross all platforms.
How long does a Real Estate Transaction take?
This depends on a number of different factors, including time it takes for the Buying to be fully approved for their home loan, how long various parts of the process takes, such as the option period and whether extensions arre afforded, and when actual agreed upon closing date was on the contract between the buyer and seller. Generally 30-45 days is how long the process takes from an accepted off to closing day if everything goes smoothly.
Selling Questions
What steps should I take to prepare my home for sale?
When selling a home you must be sure that your home presents itself in the best possible light. Making sure clutter is at a minimum, freshly painting rooms, installing new carpeting, or ensuring odors are non-existent are just a handful of things that should be done before listing your home for sale.
What is the difference between a list price and sale price?
The list price is the price a home is currently listed for sale at. The sale price is the price a home was sold at. A top Realtor should be able to suggest a list price that ends up being very close to the final sale price. Though markets vary at different times of year, we aim for the final sale price to be within 5% of the list price that's being offered on.
What should I disclose to potential buyers
When selling a home, it’s important you disclose to potential buyers anything you are aware of in your home. If you’re aware of defects with a roof, appliance, or home in general, you’re always going to be better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going on the market is best. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even years after you have sold your home.
How much is my home worth
There are a handful of methods that Realtors use 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.
Renting Questions
How Do I Apply for a Home Rental?
A standard application w/ application fee(determined by the owner) is all you need to get started. Your Investler Realty Agent has all of the forms necessary to get you going in the right direction
What is the fee I pay Investler Realty?
Typically, you would not pay Investler Realty to help you find a Rental. We're paid by the lease management company to connect you with the rental.
I have pets - Is that okay?
This is entirely dependent on the home owner or company you're leasing from, on a home to home basis. Your Investler Realty agent can help you find out whether a particular rental is pet friendly or not.
What is the typical length of a house lease?
The majority of our leases on the market are for one year or longer. Sometimes, we may be able to ask for a shorter lease, depending on the homeowner and current market.
Mortgage Questions
How can I find out how much home I qualify for?
Any standard Mortgage Calculator can give you a rough estimate of your price range, based on how much down-payment you're willing to put down, interst rates, and other basic factors. Our Preferred lenders can give you a more rounded estimate of how home you can afford based on your financial situation.
Is there anything I should NOT do while getting prequalified?
Between the time you're getting pre-qualified, to the time that you're closed on your home and have you new keys, you should not open up any new lines of credit, or close old ones. Notorious ways to get denied an approval at the last minute are to purchase a new car, or finance furniture weeks before the prospective move-in. Refrain from this.
What are debt and income ratios?
Income ratio: Your total monthly housing expense divided by your pre-tax monthly income. Debt ratio: Your total monthly housing expense plus any recurring debts, i.e., car payments, monthly minimum credit card payments, and other loan payments, divided by your monthly income.Standard loan underwriting guidelines suggest a max 28 percent income ratio and 36 percent debt ratio, which may vary based on personal finances, loan program, and down payment.
Can I still get a mortgage if I have bad credit?
There are a number of ways you may qualify for a home if you have bad credit, but you may be expected to put down a heftier down payment and be given less option when it comes to your loan type. Having good credit makes the process considerably easier.
Credit Repair Questions
What is considered a 'Good' credit score?
Generally speaking, there are five tiers of credit score. A 'good' credit score is anything above 670.
What actions hurt my credit?
Your credit can be brought down a lot faster than it can be brought up, so it might help to review these things that can hurt your credit: Not paying bills on time, Filing for bankruptcy or foreclosure, Applying for too many credit accounts, Carrying high balances on your credit cards, and Ignoring questionable negative items on your report
What is Credit Repair?
Credit repair is the process of addressing any questionable negative items that could be hurting your credit profile. If the bureaus and your creditors can’t verify these items are fair and accurate, they are required to remove them.
Can I repair credit on my own?
Of course. You just need to contact the bureaus and your creditors to address any errors on your credit. That being said, this process is time consuming and confusing. Working with a reputable credit repair company can help you remove these items from your reports quickly and efficiently.