Frequently Asked Questions
The FAQ section on thegkgroup.com are dedicated to addressing Frequently Asked Questions we have encountered. Typically these questions pertain to the buying and selling of real estate. If you have a question not found in this section please contact us here
Although it is best practice to make the showing of your home as easy as possible for agents and their clients, the seller does have the option of requiring appointments to be made. There may be special circumstances, which require the seller to have plenty of advance notice. For example, if there are children or a handicapped person in the home that require special attention, the agent can specify the situation in the MLS listing, indicating the home may be shown by appointment only. Most agents will abide by this rule and call the seller to make an appointment. Again, the easier the home can be shown, the better the chances for it to sell quickly. Agents who are in the area will bypass a home, which is not readily available to show, thereby curtailing the chances of that home being sold to their client.
The amount of the commission paid by the seller is negotiated between the seller and the listing agent before the home is placed on the market. The commission negotiated includes the total commission due when the property is sold, including the listing agent’s side and the selling agent’s share of the commission. Typically, the commission negotiated between the seller and the listing agent is split 50/50 with any broker who brings a ready, willing and able buyer.
Conducting an open house when your property is first listed can be very helpful. As with most advertising, visitors to open houses rarely buy that particular house but they are a great resource for advertising your property. An open house lets your neighbors know your house is for sale, and it practically invites them to come and visit and then tell their friends about your house, creating more “word of mouth” advertising.
No one can promise a specific date. It could take 1 day, 1 month or 6 months. Our team can gauge the market based on recent history in your area but it will ultimately come down to 3 factors; location, price and the condition of the property.
If the buyer’s loan is not approved by the lender, the purchase contract is terminated and the home is placed back on the market, should it have been removed from the market prior to closing. This is the reason why agents prefer to keep the sign up and the home listed until the closing takes place. To avoid this problem, the seller should require a pre-qualification letter from a reputable lender to accompany the offer.
Whoever orders the home inspection or appraisal will be the one who pays for it. Typically the buyer is the one that requests an inspection or appraisal after the contract has been accepted and signed.
Under the law, everyone is entitled to one free credit report per year. This service is available from each of the three major credit bureaus via the website www.annualcreditreport.com.
There are also other circumstances that allow you to obtain a free current report, such as being denied credit based on a credit report a prospective lender obtained in connection with your application and with your permission.