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palm springs ca realtor sally logan realty

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Professional Palm Springs California Real Estate Services

Frequently Asked Questions

  1. What is ‘escrow’? 
    The escrow company is responsible for acting as the funnel to bring together all legal documents for the sale of property, to make sure that all legalities are covered and payment is made to all parties.  An ‘escrow’ company will work with lender and Realtor as well as buyer and seller of property to obtain all documents needed to close the sale of the property.

  2. How long will ‘escrow’  take? 
    Conventional sale is 30-45 days.  Bank owned property can take longer.  Short sale can take 90 days +.

  3. What do I need to get started buying a house? 
    You will need a ‘PreApproval Letter’ from your bank or financial company on their letterhead, stating how much money you quality for the purchase of a home, and monies for a deposit and down payment.

  4. How much will my payment be per month? 
    This depends on the interest rate that your lender (bank or finance company)will give you and the price of your home.  Examples:  5% interest for $100,000 loan would be about $537.  7% interest for $100,000 loan would be a payment of approximately $665 per month.  On a home loan for $340,000 with interest rate of 6.5% will have a monthly payment of $2,149.  These estimated monthly payments above do not include your property taxes and home insurance.

  5. How much will my down payment be?
    For an FHA Loan; 3 ½ % of the loan as a down payment.  Conventional loan that is not FHA will likely require 20% of the price as a down payment.

  6. Why do we have to have Title Insurance? 
    To protect you from previous defects in the title of the property you wish to purchase.

  7. Should I buy a ‘Foreclosed’ property?
    Yes, but you need to be aware that you may need to do repair work, since the property has not likely been maintained through the lengthy ‘foreclosure’ process which can take over a year.

  8. When will housing values begin to increase?
    Even the experts have been wrong about how the current market would continue to drop prices.  Although no one can know for sure, experts are predicting that the ‘bottom’ of the housing market should be in 2010 sometime.

  9. Why should I use a Realtor to purchase property?
    A Realtor will know the local communities in which you are interested in buying and can show you what the local prices are currently for homes in your chosen community.  Also, a Realtor can and should lead you through the process of gathering documentation necessary for closing escrow and purchase of the property you choose.  A Realtor works everyday in buying and selling of real property and is an invaluable resource as the expert  that can make your journey through this process as painless as possible.

  10. Where can I find a reputable Realtor? 
    As with any professional, look into lists from local associations and/or ask friends and acquaintances who have had good experiences with a Realtor and would therefore recommend them.

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