1. What is the first step in the Buying process?
Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction. We know many lenders in the area from banks to mortgage brokers to large companies and can help you find the perfect fit.

2. What is the first step in the Selling Process?
Lets start by giving one of our agents here at Coldwell Banker Yorke Realty a call!  We can help you determine a timeline, work together on any projects to be done in your home and set a realistic goal for pricing your home.

3.  What is the MLS?
MLS means Multiple Listing Service. It’s a system that lists properties for sale in a certain area. Buyers can use it (through a real estate agent or online) to find homes that match their price and features. It’s usually run by a local real estate board and includes most properties listed by agents.

4. What are closing costs?
Closing costs are fees paid at the end of a home purchase, including lender fees, title insurance, taxes, and legal costs. They typically range from 2%–5% of the home price.

5. What is a home inspection?
A home inspection is when a professional checks the property for issues like structural problems, plumbing, or electrical concerns before you finalize the purchase.

6. What is earnest money?
Earnest money is a deposit you make to show you’re serious about buying a home. It is usually applied toward your purchase at closing.

7. What is a contingency?
A contingency is a condition in a contract that must be met for the sale to go through, such as financing or inspection approval.

8. What is title insurance?
Title insurance protects buyers and lenders from issues with property ownership, such as liens or legal disputes.

9. How do real estate agents get paid?
Real estate commissions are fully negotiable and can vary by transaction. The seller and listing agent agree on a commission for marketing and selling the property.
A seller may choose to offer compensation to a buyer’s agent, but they are not required to do so. If no compensation is offered, the buyer may need to negotiate and pay their agent directly.
In all cases, who pays what—and how much—is agreed upon in advance and outlined in the contracts between the parties.

10.  What is homeowner's insurance?
Homeowners insurance covers losses caused by fire, hailstorms, or other casualty on the property. Lenders usually require the buyer to have insurance in an amount equal to or greater than the loan amount. Flood insurance is required by the lender if the property is in a flood hazard area/flood plain. Condominiums and townhomes are somewhat different, as certain items may be covered by the homeowner’s association fees.