Frequently Asked Questions

Q:

What is a CMA?

A:

A CMA is a comparative market analysis. A CMA helps sellers determine an ideal listing price and the probable selling price of a property. CMAs are prepared by all of our agents for both sellers and buyers.

q:

What is the best way for us to search for a new home?

A:

After being pre-qualified by one of our real estate agents, the best way to get started is by engaging in an advanced search on our website. The search feature is on the home page.

Q.

How much does it cost to hire a buyer's agent?

A.

Usually, it doesn't cost anything. Agents that are hired by buyers are paid by the seller of the property.

Q.

What is earnest money?

A.

Earnest money is money deposited into escrow in connection with a purchase agreement to demonstrate good faith that the buyer is serious about closing the transaction. Earnest money protects the seller if the buyer backs out after all contingency periods have expired or is unable to perform. The lack of performance by the buyer for any reason can cause Substantial financial harm to the seller, who has taken the property off the market and has probably made plans based on the sales agreement.

Q.

What type of credit score do I need to buy a home?

A.

The answer depends on the type of financing you will obtain. Most conventional real estate lenders require a FICO Score of 660 or better with the lowest interest rates going to borrowers with scores above 700. FHA lenders generally require a minimum FICO score of 660 with 3.5%.

Q.

Should I list my house high so that I have plenty of room to come down during the negotiating process?

A.

When you decide to sell your property, one of the most important decisions you must make is your listing or asking price. While you don't want to underprice your real estate, overpricing it has many disadvantages.

Q.

Are real estate brokerage commissions set by law in California? It seems that every firm is charging 6% to sell a home and 10% to sell land.

A.

Broker commissions are not set by law. Every real estate brokerage firm establishes what it will charge to market and sell a given property. Commissions and levels of service vary from firm to firm.

Q.

Does Maria Contreras Realty recommend that buyers of real estate utilize the services of a mortgage broker, a commercial bank, or a credit union?

A.

While mortgage brokers have differing levels of knowledge and experience, and some have better reputations for performance, a good mortgage broker can nearly always outperform a commercial bank or credit union when it comes to originating real estate loans. The reason is simple. Mortgage brokers develop multiple sources of mortgage loans, provided by wholesale lenders, allowing them to shop for their clients in order to obtain the best loans available.

Q.

How important is it for a buyer to obtain a formal home inspection when buying a home?

A.

It is absolutely essential for a buyer to obtain a professional, objective, written report. If the inspector determines that substantial work is required before the end of the buyer's contingency period, the report may justify the buyer asking for either a price reduction or that repairs be made by the seller.

Q.

When Maria Contreras Realty lists a house for sale, do you hold open houses?

A.

We strongly believe that holding open houses helps to sell houses and have sold many properties due to the fact that we hold open houses. As long as we have the consent of the seller, we will hold open houses until the property is sold. Open houses work because many buyers understand that there is no substitute for seeing properties in person. While photographs and videos have their place, open houses have proven to result in sales. Some of our competitors will not invest their time in holding open houses.

Q.

If we list our home for sale with Maria Contreras Realty, are we required to hold open houses?

A.

No. You are not required to hold open houses, but it is advisable to do so because they increase demand and they usually result in faster sales and higher prices.

Q.

Can a non-citizen own real estate in the United States?

A.

Absolutely. Whether you are a citizen or a non-citizen, we would be pleased to help you purchase a home or any other real estate.

Q.

When I sell my house, I intend to move out of California and retire. Can you refer me to a reliable, knowledgeable real estate agent?

A.

Almost always.