Frequently Asked Questions
General Real Estate
1. Why should I use a real estate agent?
- A real estate agent is more than a sales person. They will work on your behalf by providing you advice and guidance when buying or selling a home. Because the market is constantly changing and the information is continuously being updated, a real estate agent can provide you with the most current and up-to-date information. If you are buying a home, it is advisable to use a Buyer’s Agent. If you are selling a home, a Listing Agent is advisable.
2. Can I terminate my contract with my agent if I am unhappy?
- Legally, being unhappy with your agent isn’t a valid reason to terminate a sales contract in Las Vegas. There has the be proof of the agent’s lack of “due diligence,” meaning your agent isn’t performing normal procedures to sell or buy a home.
- HOWEVER, at The Machat Group, if you are unhappy with our services, you may terminate the contract at ANY time. We take pride in our customer service and make sure you receive a 100% Satisfaction Guarantee!
3. What is escrow?
- A neutral third party that receives and disburses money or documents for the primary transaction parties (buyers and sellers).
4. What is an escrow officer?
- An escrow officer is usually employed by the title company, a neutral third party, responsible for overseeing the escrow process. They will perform title searches, prepare tile paperwork, witness document signings, as well as making sure the transaction is completed properly and legally.
5. What is a Broker?
- A broker is an agent that is authorized to open and run his/her own agency. All real estate agencies have one principal broker.
1. What is the difference between being PRE-QUALIFIED VS PRE-APPROVED of a loan?
- If you are PRE-QUALIFIED, it means that you could POTENTIALLY get a loan for the amount stated to you. It is contingent upon the accuracy of the information you have provided to the bank.
- If you are PRE-APPROVED, it means that you have undergone an extensive financial background check, and the lender is willing to provide you with the loan.
2. What are closing costs?
- Closing costs are costs that are incurred by buyers and sellers in transferring ownership of a property.
3. What is title insurance?
- Title insurance protects the lender and buyer from any losses incurred from disputes of the title of the property.
6. What is a Home Owner’s Association (HOA)?
- An HOA is an organization that manages the common areas of condominiums or planned developments. Units or home owners must pay a fee to the association in order to maintain areas such as pools, playgrounds, or landscaping that are jointly owned.
7. What is the Multiple Listing Service (MLS)?
- The MLS is a computerized listing of all the homes available for sale in an area. For example, the Greater Las Vegas Area. Agents access and use the MLS to find homes tailored to a buyer’s specifications.
8. What is earnest money?
- An earnest money deposit required by the seller which shows the buyers commitment to purchasing the property. It is usually between 1-2% of purchase price
1. For sale by owner (FSBO) – Can I do it?
- Yes, but your home will not be listed on the Las Vegas Multiple Listing Service (MLS).
2. What are comparables or comps?
- Comps are used to determine a home’s value. They are referred to as recently sold properties that have similar specifications (size, location, amenities, etc.) to the home for sale. This tool helps agents create a Comparative Market Analysis (CMA).
3. What should I disclose to the buyer about my home?
- It is always best to disclose any defects you are aware of. Being honest upfront will potentially avoid any issues or lawsuits once your home is under contract, after inspection, or even years after you have sold your home.
4. What is an appraisal?
- An appraisal is a report made by a qualified person setting forth an estimated value of your home.