Should I talk with a bank before looking at homes?

We certainly recommend that you do, it provides you with valuable information on what you can afford to spend and anything you need to do in the background to secure your finance, which of course can avoid any disappointment when wanting to secure your new home.

Should I buy or continue to rent?

There are pros and cons to renting a property, just as there are to owning a home. Both options have their own advantages and disadvantages. The answer to whether buying or renting is better largely depends on your personal profile and preference. Let’s look at all the pros and cons to help make a well-informed decision of what will suit you, right now.

I own a home, should I buy another before selling my current home?

Should you sell first and begin your house hunting thereafter, or house hunt first and sell your house once you’ve found a property? To work out the answer to this dilemma, you need to ask yourself two questions: what are your financing options, and what are the current market conditions.

A real estate professional will be a valuable source of information in this regard,  we’ll be able to provide insight into current stock levels, the average amount of time homes in the area sit on the market, and how much they are selling for – Ndaka Property Group can help sellers to gauge possible timeframes on both the selling and buying processes.

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Do I really need a Realtor when buying a home?

A real estate agent is there to work on your behalf. That means that he or she will help guide you through the complex process of finding a home, qualifying for a mortgage and making the purchase.

Realtors are typically well informed about the properties for sale in a particular area. If you opt to buy a house on your own, without a Realtor, you’ll have to do the house-hunting yourself.

When you find a house you like, you’ll also have to decide how much you want to offer. Again, because a Realtor is likely familiar with your local market, he or she should be able to help you evaluate the value of a particular home. Without a Realtor, you’ll have to handle this yourself as well. If you’re a confident negotiator, that might not be a problem. But many Realtors argue that they more than justify their commission with their negotiation skills. Once you’ve made an offer and it’s been accepted, a Realtor can help you navigate the extensive paperwork that’s required to purchase a home.

As you can see, you don’t need a Realtor to buy a home, but having one can greatly streamline and simplify the home-buying process.

What is a short sale?

A short sale happens when a homeowner owes more on the mortgage balance than the market value or sale price of the property at the point the owner wants to sell. For a short sale, the homeowner is essentially asking the mortgage lender (typically a bank) to accept a lesser amount than the total mortgage owed

What is a foreclosure?

Foreclosure is a legal process that happens when a homeowner (although “borrower” might be a more appropriate term from the perspective of the lender) is unable to make mortgage loan payments for a significant period of time.

After three to six months of missed mortgage payments, a lender will issue a Notice of Default with the County Recorder’s Office. This notice is to let the borrower know he is at risk of foreclosure—and when they foreclose, the current owner will be evicted.

After receiving the Notice of Default, borrowers can try to settle their loan debt with their lender either through a short sale or by paying the mortgage balance they owe

What are the average utility bills?

Rental is for one bedroom apartment in the city. The amount quoted excludes electricity and water, which amounts to R400.00 – R800.00 per month depending on usage

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