Do you need assistance with selling houses in Greenville? The housing market is convoluted and can prove to be confusing to most people, especially those who do not have a lot of experience with the real estate industry. Here are some of the top 10 questions our team receive about buying and selling houses in and around Greenville NC.
What Is the First Step?
This is a very common question. A lot of home sellers think they can jump right in and start showing their homes or pricing out other homes in the area to see where they should sell theirs. This is not ideal.
When you’re buying a house, the first thing you need to do is to get pre-approved for a mortgage with a reputable lender. This is especially true in a tight market, where a majority of the people selling houses that you’re considering will want to see solid proof that you’re serious about their house. Some Greenville NC real estate agents may not even show you houses without your showing them proof that you’re pre-approved for financing. This speeds up the process for all parties since being pre-approved means that the bank is ready to write a check and there’s no more qualifying needed. The qualification is what kills a lot of deals.
If you’re selling, finding a real estate agent experienced in selling houses in Greenville should be your first step.
When hiring an agent, you can get all the guidance you’ll need:
- When to list
- What steps to take to clean and improve your home
- What price to list it at
- And more…
How Long Does It Take?
This is a loaded question, and one we get a lot.
From listing to closing, you’re looking at 10 to 12 weeks to sell or buy a house in Greenville. Sometimes the process can move a lot more quickly, but sometimes it’s slow. Planning for about three months from start to finish is a good rule of thumb.
When selling houses in Greenville, there are a lot of factors that go into how quickly a property sells:
- The houses location
- What it’s listed for
- What time of the year it is
- How hot the market is
All of these factors play a key role…
Some houses can get up and on the market fast and move effectively, going under contract in a matter of days after being listed. In other neighborhoods, though, a house can squat on the market for weeks or months on end. The key is when selling a home, to plan to be in it for the long haul and try not to get impatient.
How Much Are Agent’s Commissions?
An agent’s rate may be somewhat negotiable, but typically the commission is around 6 to 7 percent of the total sale price. That amount is split between the buyer’s agent and the seller’s agent.
The buyer doesn’t technically pay the agent anything unless it’s agreed upon in a part of the negotiation. Instead, the money comes from the seller’s proceeds that are left over at closing, with the agents’ fees being handed over at that time.
What Kind of Credit Score Do I Need?
A majority of the lenders out there will require a FICO score of 620 or better to qualify for one of their loans.
The higher the credit score, the less risk you’re considered to be by the lender, often making it easier for them to secure financing. However, if you have a credit score that’s lower, you may still be able to get a home loan, but you may be asked to bring more money to the table upfront, offsetting the lender’s risk.
What’s My Down Payment Going To Be?
This completely depends on the type of loan you are qualified for when you’re buying a house in Greenville NC.
Traditionally, you will want to have 20 percent of the purchase price available in cash. However, there’s plenty of other loan programs that allow for a lower down payment, such as VA loans and first-time buyer loans, that don’t require anything upfront. That’s a great deal!
No matter what, it’s a good idea to begin saving something for your home purchase once you decide to start the process. Even if you don’t need it all for a down payment, you have those funds to use for moving costs, upgrades, or other things you may need.
Should I Sell My Home Before Buying One?
If you’re planning to use the equity that you’ve built up in your current home over the last 10 to 15 years as your down payment, then you’ll have to sell your home before closing on a new one.
We just spoke with a client that was in that position, except they were in escrow on their new house and scrambling to find a buyer for their current house! Don’t let this happen to you!
On the other hand, many homeowners choose to use their current home as a rental property once they move out. This is a fantastic idea! They may already have a down payment saved up for their new home, so the equity they get from the sale can also be used for other investments. If you aren’t reliant on the sale of your current home to buy a new one, you can start the purchase process whenever you’re ready!
How Many Houses Should I Tour?
The number of houses you take a look at is totally up to you! Some Greenville NC real estate agents may feel like showing a lot of properties is a waste of time, but at Pitt Realty Group that’s never the case.
We help you discover the best homes that will meet your needs and schedule tours accordingly
Some people spend days entranced by their computer screens and filtering through dozens of potential properties, before coming up with a shortlist to view in person. Others, however, prefer to really get inside a bunch of properties to get a feel for them.
The number of homes you should view depends totally upon how much time you have and how long it takes you to find the right one.
How Long Can I Take to Respond to Offers?
Typically, all of the parties in the transaction all for 24 hours to respond to offers and counter-offers when you’re selling houses in Greenville. However, if you need more time to respond, make sure you’re completely honest about it so the other party can be prepared.
Should I Order an Inspection?
If you’re selling your house in Greenville, you will want to consider an inspection. This will give you a punch list of things that may need to be fixed that could be problematic in your home’s sale and prolong the closing.
It seems counterintuitive and like its a waste of money to get an inspection before you list your home, since the buyer is going to order one anyway, but it’s better to go into the process prepared. Get the inspection out of the way early so you’re prepared to negotiate during the sale process instead of having to repair things in order to close the sale. That would not be ideal! In any case, it’s a good idea to get a pre-listing inspection when selling houses in Greenville.
As a buyer, it’s always recommended to get an inspection of a property before you purchase. In many cases, your lender will require an inspection.
Who Pays Closing Costs?
In general, when it comes to selling houses in Greenville, both parties pay some closing costs, though buyers usually pay more than sellers.
However, this is negotiable, and, as a buyer, you can negotiate to have the seller pay the closing costs in exchange for your paying a slightly higher final price.
Professional Guidance When Buying and Selling Houses in Greenville
We make it our mission to help you get the best deal when buying and selling houses in Greenville, so contact us today at (252) 227-0274!