What's the difference between Expercent and traditional agents? Will my property only be advertised on the Internet? SELLERS How do I determine the best sales price for my home? What repairs should I make before selling? What is the difference between market value and appraised value? BUYERS What can I afford? What is the difference between "pre-qualified" and "pre-approved"? What is the difference between the list price, sales price and appraised value? Should I ask the seller to make repairs before I buy? How long is the escrow period?

What's the difference between Expercent and traditional agents?

At Expercent we combine the tools of the real estate industry with the power of the Internet to provide a service far greater than that of a traditional agent. Available online contracts, disclosures, and regularly updated transaction information provides a more efficient way of doing business. Traditional agents generally work alone, sometimes with one assistant. At Expercent we use a team approach. Your Expercent agent will coordinate your transaction with an entire staff of agents and transaction coordinators. If your are obtaining your loan through our loan division, GNM Home Loans, your loan officer and loan processor will be in the same office as your real estate agent. This team approach makes it much easier to get help or answers to your questions when needed. Traditional agents are often hard to get a hold of and sometimes don't have the answers you need because they are out of the office and unable to access your file. At Expercent there will always be someone in the office familiar with your transaction who can answer your questions and help you with any necessary changes.

No, in addition to placement on our website and many other major real estate websites, we will use publications in your area as well as design a strategy to focus our efforts on a specific group that may be interested in your property (i.e., first-time home buyers, young families, singles, upper income, etc.).

SELLERS

Your Expercent Real Estate Specialist will complete a detailed search of all recent sales in your area as well as research all the properties that will be in direct competition with your house. All current market conditions will be considered and presented to you along with a recommended price range based on your properties full market value and how quickly you need to sell.

If you want full market value for your property, it's a good idea to make all minor repairs and selected major repairs before placing your home on the market. The standard purchase agreement contract includes an inspection clause, which is a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate repairs before continuing the transaction.

It's important not to overspend on pre-sale repairs, especially if there are few houses on the market and many buyers looking to buy in your area. In this case, you have the upper hand and may be able to pass on major repairs such as a new roof. On the other hand, making such repairs may be the only way to sell your house in a down market or when competition is fierce.

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by your real estate agent or broker. Your home's market value may be slightly higher or lower than its appraised value based on current market conditions

BUYERS

Knowing what you can afford is the first rule of home buying; of course, this depends on how much income and how much debt you have. Most importantly, you first have to decide how much you can comfortably spend on your mortgage each month. Keep that number in mind when getting quotes from lenders.

In general, lenders don't want borrowers to spend more than 28 percent of their gross income per month on a mortgage payment or more than 36 percent on all monthly debt. The amount lenders are willing to loan on your new home will depend on six factors:

• Gross income
• The amount of cash you have available for the down payment, closing cost, and cash reserves required by the lender
• Your outstanding debts
• Your credit history
• The type of mortgage you select
• Current interest rates

Another number lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (known as PITI). If you have to pay monthly homeowners association dues and/or private mortgage insurance, these payments will be added to your PITI.

This ratio should fall between 28 to 33 percent, although some lenders will go higher under certain circumstances. Your total debt-to-income ratio should be in the 34 to 38 percent range.

A pre-qualification consists of a discussion between a home buyer and a loan officer. The loan officer collects basic information regarding the customer's income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount for the home buyer. The pre-qualification is not a full mortgage approval, but estimates what a home buyer can afford.

A pre-approval, is a comprehensive approach using basic information as well as documentation and electronic credit reporting. Pre-approvals, in most cases, are true mortgage commitments. The lender commits to financing your home and indicates the total mortgage amount available to you.

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low, or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area.

The sales price is the amount of money you as a buyer would pay for a property.

The appraised value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property, and numerous other factors.

Some properties are sold in "as is" condition, which means the seller does not intend to make any repairs. However, most properties are sold with some expectation of repair negotiation. Your purchase agreement contract will include an inspection clause, which is a buyer contingency that allows a buyer to back out if numerous defects are found or renegotiate the contract based on the cost of those repairs. After your Purchase Agreement is accepted by the seller you have 14 days to arrange for as many inspections as needed preferably by a certified home inspector and any other building industry contractors you feel are necessary.

The escrow period can be any length both buyer and seller agree upon. Typically, escrow is between 30 - 45 days. A longer escrow is needed when the owner still lives in the house being sold and needs time to find and complete a transaction of his own. A shorter escrow may occur when the property is vacant and the seller is anxious to complete the deal.