|What is equity ?
Equity is the financial interest or cash value of your home, minus the current loan balance(s). If selling the home, this would
also be minus any costs incurred in selling the home.
If you're buying a home and don't have very much money for the down payment, you may want to find out if the seller would
be interested in "sweat equity". This would allow you to perform the labor on any needed repairs and maintenence to the
home, (such as outside repairs, painting or electrical work) in exchange for credit towards closing costs.
|How big is an acre ?
An acre is an area of land equal to 43,560 square feet. For visuality purposes, an acre is most often compared to the size
of a football field - not counting the two end zones, which are each 30 feet in length. Now try to envision one square mile,
which is equal to 640 acres!
|Why should I use a real estate agent?
A real estate agent is more than just a "sales person." They act on your behalf as your agent, providing you with advice and
guidance and doing a job - helping you buy or sell a home. Due to the fast changing market, the data on available listings is
not 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the
only way to get that is with an agent.
There are two types of agents, "Buyer's Agents" and "Seller's Agents". It used to be common for all parties involved to work
for the seller, hence the term "Seller's Agent". Nowadays, you will most often find a different type of agent, the "Buyer's
Agent". If you are in the market to buy, it would be advisable to use a Buyer's Agent. They can make recommendations on
what terms and prices to offer as well as negotiating a deal with your best interest in mind. If you happen to be working with
a Seller's Agent, never disclose to them the top dollar you are willing to pay for any property. Keep it narrowed down only to
things that you would tell the seller directly.