Q & A

I have helped several people understand the buying and selling process by providing them with informed responses to questions they have had.

I would like to help you by answering any questions you may have. Please feel free to email me (with no obligation) at the following email address:

jwnoroski@chervenicrealty.com

Q: What is a realistic number of homes I should view prior to making a decision to buy?

A: Purchasing a home will most likely be the biggest financial decision you will make in your lifetime. You need to take time to identify your search criteria in advance (and share that criteria with your agent). Using your predetermined criteria as a guide, you will be able to evaluate each home you view and compare them (it's best to use a comparison worksheet similar to the one that is available under "News and Tools") as to which features match your criteria.

Having said this, you will need to view as many homes as it takes to find the one that appeals to you.

There is no magic number as to how many homes you should view.... take your time and let your agent help you find that dream home for you based on the features you are looking for in a home.

Q: What is included in a home's square footage?

A: A home's square footage is calculated on living space area at or above grade. For example, a finished family room located in the basement is not included in a home's square footage (even though it is formal living space) because it is not located at or above grade.

Second floor space in a two-story home is included in the home's square footage.

Q: What is the difference between being “prequalified” and “preapproved” for a loan?

A: There is a significant difference between these two terms. A person who is “prequalified” is considered to have potential for getting a loan based in income-to-debt ratios. Keep in mind that anyone can prequalify you… it does not take a loan officer to do that. Prequalified also does not mean that you have been approved for a loan… just that your financial status is favorable for being approved.

A person who is “preapproved” for a loan has met with a loan officer who has determined that he/she will be eligible for a loan providing nothing has changed in their financial status by the time they actually apply for a loan. The loan officer will perform an extensive background check, review credit reports, verify income, employment status and more.

Once a person is “preapproved” he/she will be given a letter from the letter verifying their “preapproved” status. These letters are generally good for 60 days and are submitted with their offer to purchase property.

Keep in mind, however, that a person who is “preapproved” must apply for a loan once they have submitted an offer on a property. If their financial status has changed in a negative way since being preapproved there is a chance that they might not qualify for a loan.

Geneva Chervenic Realty, Inc.

"May We Serve You"