FAQs - Rich Lella

Preferred Lifestyle, Realtors/GMAC
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F.A.Qs

Here is a collection of frequently asked questions that I have put together to help you in buying or selling a home. If you have any other questions, not listed here, feel free to call or send an e-mail.

By clicking on any of the questions below, you may view the answer.

Buyers

What is a Multiple Listing Service (MLS)?

What is a debt-to-income ratio?

What is title insurance?

What is the difference between being prequalified and preapproved for a loan?

What is a REALTOR®?

What is homeowners association (HOA)?

Why should I use a real estate agent?

Is an older home as good a value as a new home?

What is an escrow officer?

Can a home depreciate in value?

What are closing costs?

What does FSBO mean?

What is a broker?

What is a contingency?

What is a "One-Time Show" listing?

What's the Difference between a "Listing Agent" and "Selling Agent"?

Sellers

What are comparables or comps?

What is a counteroffer?

What does an appraisal mean?

Why should I use a real estate agent?

Is there a "best time" to put my house on the market?

How should I price my home?

What are disadvantages of pricing my home on the high end?

Do I have to sell to the person with the highest offer?

Can I back out of my contract with one buyer and accept a new, higher offer from a second buyer?

Who is responsible for making repairs, if any, as a result of home inspection reports conducted for the buyer?

What is an "Exclusive Agency Listing"?

What is an "Exclusive Right to Sell" listing?

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	Rich Lella - Preferred Lifestyle, Realtors/GMAC Real Estate Ph: 908-707-0580 - Fax: 908-685-2213 953 Route 202 North Branchburg, NJ 08876 www.gmac-preferred.com