Here is a collection of frequently asked questions about the home-buying process that we have put together to assist you, particularly if you are searching for a home to buy in the Madison area another southern Wisconsin community. If you have any other questions not listed here, feel free to call Trent at (608)213-4282 or email at Trent@MadisonRealtyGuy.com.
Q: Why should I choose you as my home-buying agent?
A: Easy! I strive to make all my clients feel like they are my only clients, and I have the experience and education to ensure a smooth transaction.
Q: If you represent me as a buyer's agent, who pays you?
A: The seller, most of the time. When dealing with any property that is listed with a real estate company, the seller is paying for your agent fee.
Q: If I call the listing agent of a property don't I save money because there is only one agent?
A: No, the listing commission is pre-determined and negotiated between the seller and the listing company. If you choose to call the listing agent for a home showing the agents loyalty rests with the sellers and they will most of the time get the full commission.
Q: What are closing costs and how much are they?
A: Closing costs are items such as title costs to ensure you are buying a home with clear title, lender fees, escrow charges, and appraisal fees. To get an exact quote takes into account several factors. This is something that one of my trusted lenders will be happy to do with you prior to making any offer on a home. Just ask me for a referral to one of Madisons finest lenders.
Q: What are the mortgage rates?
A: Mortgage rates are the interest rate at which you pay the home back and these rates change on a daily basis. There are many different types of mortgage options and to find which one works best for you and to see if you qualify you can fill out my Get a Pre-Approved form that is on the main page of www.MadisonRealtyGuy.com
Q: How long does it take to close on a home?
A: This can vary depending on your situation and the seller's situation. An average closing from the time you get an accepted offer on a home will range between 30 and 45 days. However, I have been able to close in as little as 2 weeks and as long as several months.
Q: What is a home inspection, do I need one, and what do they cost?
A: A home inspection is a third party evaluation from a professional on the condition of the home. These are a great idea no matter what age, size, or location the home is in. They typically cost around $275 to $350 depending on size. I strongly recommend every buyer chooses to do one and I have several professional inspectors that I work with on a regular basis and am happy to refer my clients to.
Q: What other costs are there to owning a home?
A. Well, you have items such as property taxes which can be paid in several ways. One option it to escrow and pay monthly towards that are added on to your mortgage payment. A second option is to pay one lump sump at the end or beginning of the calendar year. The last option is to split the bill into two payments provided your lender and city allows this to happen. Other costs include, water, sewer, trash pickup, and monthly utilities. I am always happy to provide my clients with average costs once we locate a property of interest.
Q: What is a home warranty and how do I get one?
A: Home warranties like car warranties come in all different shapes and sizes. When purchasing new construction most builders will have their own standard warranties that run with the property. Other warranties are available and I work with several trusted companies that are more basic warranties for existing properties. For a copy of a warranty agreement please call or email me anytime at (608) 213-4282 or Trent@MadisonRealtyGuy.com.
Q: What is lead based paint?
A: Lead based paint was used in home built prior to 1978. In these homes the paint may be lead based which can be health concerns to humans or pets if eaten. For a book on lead based paint call or email me at (608) 213-4282 or Trent@MadisonRealtyGuy.com.
Q: What is Radon Gas?
A: Radon Gas is an odorless gas that can enter a home and cause health concerns to you or your family. There are ways to test for this prior to purchasing a home and it costs approximately $125. If a home test high for radon gas there are mitigation systems that can be installed to cure the problem.