Why List Your Home with Papa-Realty?

Papa Realty will advertise your home across the network:

Have Confidence - Papa-Realty Is Negotiating for You

In every town, a few real estate agents outsell the others. The average expert such as the professionals at Papa Realty outsells the typical agent 5 to 1. Who is representing you at the negotiating table?

Your Home Featured On www.Papa-Realty.com as well as other top websites across the Internet like Realtor.com, 123Movers.com, IRED.com, RealEstateABC.com and many more.

Homes.com

Members Only Placement of Your Home

One of the fastest growing real estate sites with over 2.5 million

Home buyers each month.

Homes Magazine

"The largest classifieds magazine area with

over 1.2 million readers every month."

CraigsList.org

Easy posting for Papa-Realty.com

With a few clicks, your property can be posted on the #1 classifieds site.

Local.com

Premium Placement of Your Home

"Local.com is the fastest growing local search engine on the internet."

Oodle.com

Premium Placement of Your Home

"The largest classifieds site in the United States area."

Reaffinity.com

Even More Sites

Too many sites to list here. The list is always growing.

AnnMarie Papa Broker/Owner

Papa Realty

453 Cloverly Road

Grosse Pointe Farms

Michigan 48236

Phone: 586-201-0106

Email: ampapa@papa-realty.com

Website: www.Papa-Realty.com

Q. How many homes should I plan to view and how should I make the final decision?

A. While exploring your needs and wants fully is a good idea for focusing your search and saving time, viewing a number of homes will help you become familiar with what you can expect to get for your money. When you find a home you really like, it's a good idea to go back and look at it at a different time of day. This will give you greater insight into what it will be like living in the home full time.

Q. How can I check my credit rating before I apply for a mortgage?

A. Your credit rating is based on a combined score generated from three credit bureaus who look at your credit history, amount of credit available, and recent inquiries to determine what's called your FICO score. A smart way to go is to have qualified loan officer check your rating for you and, if appropriate, suggest ways for you to improve your credit. For a small fee, you can get your score or review your credit report by going online to www.myfico.com or contacting the credit bureaus directly at:

Equifax: (800) 685-1111

Experian: (888) 397-3742

TransUnion: (800) 916-8800

Q. Why should I consider paying points?

A. Buyers often choose to pay a one-time charge called mortgage "points" in exchange for a lower interest rate. Usually paid at closing, each "point" costs 1% of the mortgage amount, or $2,000 on a $200,000 loan. The lower rate reduces the monthly mortgage payment, and points paid in conjunction with the purchase of a home are generally tax-deductible in the year they're paid (see tax advisor). Monthly savings will often exceed what was paid in points in just a few years' time.

Q. What is the purpose of an attorney review?

A. In states where the real estate agent writes the contract, there may be an attorney review period. This specified period allows the attorney to cancel the contract or request it be altered. Both buyer and seller would then have to agree to the revised contract in writing. During this period, either party may void the contract without penalty.

Q. What is title insurance and why do I need it?

A. Basically, title insurance assures that you have clear title to the home you're purchasing. A title search is the primary component of "due diligence," a process that will be started either by your attorney, if you are using one, or by the title company you choose. The title search determines whether the seller actually owns the property and if there are any claims against it.

Q. What happens if the house I want to purchase does not appraise at the amount expected?

A. If the house doesn't appraise at the amount expected, other alternatives are typically found. A second appraisal may be sought, the buyer may be willing to put more money down, the seller may adjust the price or offer other concessions, or the two sides may negotiate to split the difference between them.

Real Estate has a language all its own. Here's some of the terminology you'll be hearing.

Adjustable Mortgage Loans: Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARMs), Flexible Rate Loans, Variable Rate Loans.

Amortization: Repayment of a debt through monthly installments of principal and interest. The monthly payment is based on a schedule that will allow you to own your home at the end of a specific period (e.g., 15 or 30 years)

 

Annual Percentage Rate (A.P.R.): The A.P.R. shows the cost of the loan expressed as a yearly interest rate. It includes the interest, points, mortgage insurance, and other fees associated with the loan. The A.P.R. is disclosed as a requirement of the federal Truth in Lending statutes.

Buy down: A payment to the lender from the seller, buyer, or third party, or some combination of these, that causes the lender to reduce the interest rate during the early years of the loan.

Buyer's Agent: The licensed real estate salesperson who represents the interests of, and negotiates on behalf of, the buyer of a home or property.

Cap: In adjustable rate mortgages, the limit on how much the interest rate or monthly payment can change.

Closing: The final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed.

Closing Statement: The statement which lists the financial settlement between buyer and seller, and also the costs each must pay.

CMA: CMA, or Competitive Market Analysis, is a comparison of homes similar to a seller's home in terms of size, style, features, and location that have sold recently or are on the market. A CMA is prepared by a real estate agent to help set a home's listing price; it is not an appraisal.

Contingency: Commonly, a stated event which must occur before a contract is binding. For example, a home sale may be contingent upon the buyer obtaining financing.

Deposit: A portion of the down payment given by the buyer to the seller or escrow agent with a written offer to purchase. Shows good faith.

Down payment: Cash portion of the purchase price paid by a buyer from his own funds as opposed to that portion which is financed.

Dual Agent: A licensed real estate salesperson who represents both the buyer and the seller in a transaction at the same time. Also applies to a buyer's agent (see above) when the seller's agent works for the same company. In either case, both parties must provide written informed consent to Dual Agency.

Escrow: A procedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition.

FHA Loan: A loan insured by the Federal Housing Administration, a part of the Department of Housing and Urban Development. FHA insurance enables lenders to make loans to borrowers who might not qualify for conventional mortgages.