Buyer FAQ

What does “Pending” or “Under Contract” mean?

There are many terms you will be learning as you go through your journey on finding a home.  Occasionally, when you call on an ad, you will hear that a property is ‘Pending’ or ‘Under Contract’.  These are terms used when a property has an accepted offer between another Buyer and the Seller and the sale has not yet finalized or ‘Closed’.  Usually a home is Pending / Under Contract for periods of weeks (normally 4 to 6) while the lending and title work processes are taking place.  Most Realtors will not use the word ‘Sold’ until the property has actually changed owners and ‘Closed’.

 

What is a Deposit?

The Deposit is in essence Non-Refundable Earnest Money.  It will be a negotiable item between the Buyer and the Seller and will not be necessary to have a binding contract. The purpose of having an option for a Deposit is to compensate the Seller while their property is technically off the market while the Buyer does their due diligence with inspections and the lending process.  Deposit money will, as with any Earnest Money, be credited back to the Buyer at time of closing.

 

Do I need to get an Inspection and Hire a Home Inspector?

YES!!!   A property can slowly develop problems over the years that a home owner may not notice or think is really a problem.  Unfortunately, some home owners will also hide or misrepresent the history and condition of their property.  A home inspection is typically a visual inspection of the home and its operating systems.  Each inspector you interview will discuss the scope of their inspection. The inspector may also recommend you hire additional experts or inspections, often if the heat and air system, roof, foundation or other area of concern is noted.  Inspectors do not have ‘x-ray’ vision and cannot see behind furniture, rugs or sheetrock, but will do as thorough of a job as possible without doing damage to the property. It is our opinion that an inspection should be done on any home or condo regardless of its age.  It is the obligation of the Buyer to do their own due diligence when purchasing a property and take the necessary steps in satisfying their self of its condition.

What is an MLS ?

MLS simply stands for Multiple Listing Service.  This is the program that  Realtors enter all their listing into so that other Realtors in the market have access to the information regarding a property for sale.  So, if you are searching the MLS on a website you will access the same homes  you would find if you were to search the MLS on this site.

 

Disclaimer:  The information provided within this FAQ is the strictly the opinion of Andy & Cindy Meyers and should not be considered as a legal opinion or legal advice in any way.  If you need legal counsel, then please consult a licensed attorney.