What is a Multiple Listing Service (MLS)?

  • Multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and can use it to find a house in a particular price range or area.


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

  • If you're prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval. If you're preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment - and the lender is willing to give you a loan, basically meaning you're approved!


What are the closing costs?

  • Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property.


What is a contingency?

  • A contingency is a provision included in a sales contract stating that certain events must occur or certain conditions must be met before the contract is valid.


What is the difference between a "Listing Agent" and "Selling Agent?"

  • Listing Agents usually deal with sellers and are the ones who will list a property for sale on the Multiple Listing Service.

  • Selling Agents (also Buyers Agents) mostly deal with the homebuyers, usually only listing just a few homes for sale.

  • They will sell the homes (which have been placed in the MLS) via the listing agents.

  • The majority of agents will focus on one or the other.

  • Some agents will also divide their time between sellers and buyers and are usually regarded as the best ones since they are dealing with both sides of the coin.