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.