Frequently Asked Real Estate Questions

What does PLLC mean at the end of your name?

The PLLC at the end of my name stands for Professional Limited Liability Company. It is a type of Limited Liability Company that is owned and operated by members of the same profession and can only offer services related to its profession. It is mainly used as a tax benefit.

Want to know more about this? Call Nicholas 941.735.0244

What is escrow or earnest money deposit (EMD)?

This is money in the form of a check or wire transfer from your financial institution and is deposited into the escrow account of the closing attorney or title company that will conduct the closing and finalize your purchase. This money is held in the escrow account until closing. At closing it will be used for your closing costs and/or your down payment.

For example: If all parties agree that you’ll put $5,000 in escrow to move forward on the purchase and we cannot agree on repairs to the home after the inspection has been conducted you may cancel the transaction and your $5,000 will be returned to you as long as we are still within the inspection period. We must be in this contingency period. Consult further with your attorney.

Want to know more about this? Call Nicholas 941.735.0244

What is a contingency period?

A contingency period is a set amount of time for something to be completed. Some examples of contingency periods are inspections & financing.

Want to know more about this? Call Nicholas 941.735.0244

How much do I have to pay you to buy a home?

The seller of a property, whether an owner or builder has already agreed to compensate an agent representing a buyer a set dollar or percentage amount for bringing the buyer and representing them. The buyer does not compensate their agent unless a special arrangement is made between the buyer and their agent.

Want to know more about this? Call Nicholas 941.735.0244

What does my credit score need to be to buy a home?

You will need a credit score of 620 or better to qualify for a conventional loan. If your credit score is less than 620 you may qualify for an FHA, VA or USDA loan. The best way to really know what your credit score is isn’t to look on apps & websites that provide your score but to speak with a mortgage lender because they pull the credit differently and they will provide you the most accurate score they will use to qualify you. There is more to this than meets the eye. You may qualify for a loan and do not even realize it. Getting a pre-approval from a lender will give you the real facts on qualifying and even if you don’t qualify at this moment you will know what you need to do to get to the point where you will qualify. It’s the smart thing to do.

Want to know more about this? Call Nicholas 941.735.0244

How much do I need for my down payment?

Depending on what type of loan you qualify for your down payment could be anywhere from $0 to 20% of the purchase price or more. You may be able to put just 5% or 10% down. Again, talk with a credible lender.

Want to know more about this? Call Nicholas 941.735.0244

Can I get my money back if I don’t want to buy the home?

If you are within a contingency period and that contingency cannot be fulfilled you may back out and receive a full refund. Nicholas recommends you speak with the closing attorney/title company to make sure you’re safe. Unfortunately, if you “Just don’t feel like buying the home.” you could ultimately lose the escrow deposit. Consult further with your attorney.

Want to know more about this? Call Nicholas 941.735.0244

Do I need a home inspection?

While a home inspection is not mandatory if you are paying cash you do have the right to inspect. If you are getting a loan you will be required to get a home inspection. A home inspection is highly recommended no matter what. Nicholas believes it is worth every penny even for new construction. There are potentially hidden issues with the home that someone without a license, a trained eye and the correct tools can discover. Even if the home looks perfect to you, get a home inspection, always.

Want to know more about this? Call Nicholas 941.735.0244

The contract has been accepted, now what?

Celebrate! This is an exciting time in your life. Nicholas, the lender and the closing attorney/title company will guide you through the process to make sure all of the I’s are dotted and the T’s are crossed. We’ve got your back. There are things you will need to do between contract to close, so let’s talk!

Want to know more about this? Call Nicholas 941.735.0244

As a seller do I have to accept an offer on my house?

Nope, you may reject the offer, counter-offer with a different price, terms and conditions or accept the offer. You are under no obligation to accept an offer that you do not find favorable, reasonable or fair.

Want to know more about this? Call Nicholas 941.735.0244