Answers to commonly asked real estate questions
Question- What is a CMA?
Answer - In Real Estate, a CMA is a comparative market analysis? A comparative market analysis is a tool used by real estate agents to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area within a specific time frame, normally no longer than a year from the date the CMA is conducted.
Question - How do you figure out the square footage of a home?
Answer - Multiply the length by width and it will calculate to the total square footage of that area.
Question - What does MLS stand for in Real Estate?
Answer - Designated Realtors are members of the Multiple Listing Service also known as MLS. It is a database established by cooperating real estate brokers to share information about properties they have listed for sale or rent so that other brokers with potential buyers or tenants can connect .
Question - When should a buyer get pre approved for a mortgage?
Answer - I always suggest a buyer to be prepared and pre approved before they even start searching for a home. It gives you an idea of what mortgage amount you qualify for which will help you narrow down a price range to start shopping in, how much money you will need for a down payment and its a valuable tool when making an offer to show the seller that you are ready , willing and able to move forward with purchasing their home.
Question - What is a highest and best or best and final offer?
Answer - It is the highest amount that a buyer is willing to offer a seller for the purchase of their home. It is the best a buyer is willing to offer and the final offer a buyer is willing to submit to a seller.
Question - Do buyers pay a real estate commission?
Answer - Traditionally the real estate commission is paid at closing by the seller.