FAQ's
Frequently Asked
Questions.
GENERAL REAL ESTATE EDUCATION FAQ
Title is your legal ownership of a property. When you buy a home, the title transfers to you — giving you the right to use, sell, or transfer it.
A one-time insurance policy that protects you from past ownership issues like liens, fraud, or recording errors. Required for most financed purchases.
A neutral third party that holds funds/documents until both sides meet their contractual obligations. It keeps everyone honest.
Fees paid at closing — typically 2–5% of the purchase price.
They may include:
• Attorney
• Taxes
• Title/search
• Insurance
• Appraisal
• Filing fees
A professional estimate of a property’s current market value. Lenders require it to confirm the home is worth what you’re paying.
A licensed inspector evaluates the home’s major systems (roof, mechanicals, structure, etc.) to identify condition + potential issues.
A loan specifically used to buy property. The property itself is collateral — meaning the lender can foreclose if repayment fails.
A lender verifies your financials and confirms how much you can borrow.
This is stronger than pre-qualification and strengthens your offers.
An estimate of what you may be able to borrow — usually based on self-reported info. It’s weaker than pre-approval.
Private Mortgage Insurance: Required when buyers put less than 20% down. It protects the lender (not you).
A deposit (often 1–3%) that shows good faith when making an offer.
Goes toward closing. Held in escrow.
The lender has finished reviewing all documents and approved the loan.
You’re ready for closing — no more major underwriting hurdles.
A condition that must be met for the deal to proceed.
Examples:
• Inspection contingency
• Appraisal contingency
• Financing contingency
• Sale-of-home contingency
A professional valuation using recent comps and market data to estimate what a home should sell for in today’s market.
The difference between what your home is worth and what you owe.
Example: Home value = $800K; Mortgage = $500K → Equity = $300K
A legal document that transfers property ownership from seller → buyer.
Buyer + seller have signed an agreement and are working through contingencies (inspection, financing, closing prep, etc.).
The seller isn’t agreeing to make repairs.
You can still inspect — you’re just buying the property in its current condition.
The Multiple Listing Service.
It’s the central marketplace agents use to list and share properties.
Zillow/Redfin/Trulia all pull from MLS — not vice-versa.
Instead of owning property, you own shares in a corporation that owns the building.
Often cheaper, but stricter rules.
You own your unit + share common areas.
Lower maintenance vs. a single-family home; more freedom than co-ops.
For Sale By Owner — when a seller tries to sell without a listing agent.
Usually nets less money + takes longer.
When one agent represents both buyer + seller.
Legal in NY with disclosure, but… tricky. Not always in the client’s best interest.
A final check before closing to confirm the home is in agreed-upon condition.
BUYER FAQ's
Typically 45–60 days once under contract. If you’re financing, the lender timeline drives the bus. Cash? Faster.
Usually 5–20%. FHA can be as low as 3.5%. VA = 0% down for eligible buyers.
Usually 2–5% of the purchase price.
Think taxes, title, lender fees, insurance, etc.
Technically no.
But without one, you’re:
• Negotiating alone
• Reviewing legal docs alone
• Risking overpaying
• Missing off-market opportunities
Smart money = representation.
If you’re staying 3–5+ years, buying typically wins. You’re building equity vs. paying someone else’s mortgage.
If you’re transient, renting might make sense.
Not always.
You may qualify to buy before selling, depending on your finances.
Options:
• Retain equity → bridge loan
• Rent back
• Buy with home-sale contingency (less competitive)
Before you start touring.
Sellers only entertain offers from serious, pre-approved buyers.
Plus, it gives you a real budget — not fantasy-land numbers.
Yes — as long as debt-to-income ratios work. Lenders look at your whole financial picture.
There’s no magic number.
Some buyers find “the one” immediately.
Others shop more.
The key is:
• Know what you want
• Act fast when you find it
Waiting too long. Indecision kills deals — especially in a competitive market.
If it checks the major boxes, move.
Often, yes.
But strategy depends on:
• List price accuracy
• Days on market
• Competition
• Condition
Overpricing invites negotiation.
Underpricing invites a bidding war.
Options:
1. Negotiate a price reduction
2. Bring extra cash
3. Split the difference
4. Walk (if appraisal contingency applies)
It’s a bump — not the apocalypse.
The seller is requesting your most competitive offer in writing by a deadline. No more back-and-forth after that.
Yes — inspection is leverage.
You can request:
• Repairs
• Credits
• Price reduction
Safety + structural issues matter most.
Cosmetic nit-picking = weak.
Rule of thumb: 1–3% of home value per year. Older homes skew higher.
Sometimes — with caution. Talk strategy with your agent to avoid overexposure. You want to win… but not recklessly.
1.5–3 hours depending on size + complexity. Reports usually within 24–48 hours.
If you’ve got an inspection contingency → yes. If something major surfaces, better to walk now than regret later.
Not always required — but recommended.
It clarifies boundaries, easements, and structures.
Worth it on:
• Corner lots
• Acreage
• Pool installs
• Fences
• Condo: Own interior; share building/grounds
• Townhouse: Often own interior + land beneath
• Co-op: Own shares in corporation — stricter rules
Townhouses = more freedom.
Condos = low maintenance.
Co-ops = affordable but rules galore.
Pros:
• Modern systems
• Lower maintenance
• Warranties
Cons:
• Higher price
• Longer timeline
• Limited negotiation
Some buyers love it; others like charm.
No wrong answer.
Optional — but can help with systems + appliance repairs in the first year.
Nice safety net for first-time buyers.
Yep — virtual tours are common, especially for relocations.
Just make sure your agent walks it, FaceTimes you, and reviews inspection thoroughly.
Talk to:
1. A trusted Realtor
2. A reputable lender
Not the other way around — don’t let Zillow write your story.
Location. You can change a house. You can’t move a neighborhood.
Yes — compare rates + fees + service.
But do it within a short window (14–45 days) to avoid multiple credit impacts.
Yes — gift funds or grant programs exist.
Rules vary; lender will guide you.
No — that’s a myth. 5–10% is normal.
Less than 20% may trigger PMI — but still worth it.
SELLER FAQ's
Yes — inventory remains tight across Suffolk County, and well-priced homes are still moving fast. If you’ve been on the fence, this is still a strong window.
Your value depends on:
• Condition
• Location
• Recent comparable sales
• Local supply + demand
• Upgrades
Zillow guesses; a local agent gives a real number based on market reality.
Typically 2–6 weeks once listed, depending on:
• Pricing strategy
• Showing access
• Marketing
• Condition
• Competition
Cream-puff homes fly.
If you want maximum return: yes.
Staged homes consistently sell faster + for more. Even light staging (declutter, rearrange) can make a big difference.
Focus on:
• Paint (neutral)
• Floors
• Lighting
• Minor repairs
• Landscaping
• Hardware
Skip expensive remodels unless absolutely needed. You want high ROI, not a renovation marathon.
Small updates = good ROI. Full remodels = rarely worth it. Target improvements that widen buyer appeal + pass inspection.
• Deferred maintenance
• Visible damage
• Old roof/HVAC
• Odd floorplans
• Strong odors
• Outdated kitchens/baths
You can overcome most of these — pricing + condition matter.
Absolutely. Photos are the new curb appeal — especially online. Good marketing = more eyeballs = better offers.
Nope. Buyers need space to imagine themselves living there. Plus, your presence can make them feel rushed.
Based on:
• Recent comps
• Local market velocity
• Condition
• Seasonality
Bad pricing = either crickets or leaving money on the table. Right pricing = action.
Yes — but expect lower offers. Most buyers still inspect even if it’s as-is.
An inspection performed before listing.
It can help flag repairs early + reduce surprises.
No — but buyers may ask.
You can negotiate:
• Repair it
• Give credit
• Reduce price
• Say no
Safety + structural items matter most.
Usually 6–8% of the sale price.
Includes:
• Agent fees
• Attorney
• Transfer tax
• Recording fees
NY is one of the pricier states to sell in — no sugarcoating.
Yes — very common.
Tools that help:
• Rent-back
• Flexible closing
• Bridge loan
• Contingencies
There’s always a path.
• Overpricing
• Poor prep
• Bad photos
• Not making home accessible
• Letting emotions override strategy
Trust data > feelings.
Yes. NY requires certain disclosures.
Hiding defects = lawsuits. Full stop.
Yes — but it can affect showings + price.
Cooperative tenants help. If not → expect friction.
Cash is faster + cleaner. But highest offer + best terms wins — not always cash.
Usually 30–60 days. Cash can close sooner.
Usually 30–60 days. Cash can close sooner.
Spring is busy — but so is today. Low inventory = power. Don’t overthink timing — life events matter more.
A seller credit toward buyer closing costs. Used as a negotiation tool.
Because it’s an algorithm that doesn’t visit homes. Condition, upgrades, and micro-location matter — Zillow doesn’t see those.
The Haydon Team leverages:
• Pro photography + video
• Digital + social reach
• Local + national exposure
• Email + agent networks
• Listing optimization
Ahem — global exposure + local expertise. 🔥
We review:
• Pricing
• Marketing
• Condition
• Competition
• Timing
Then adjust — simple. Homes that show well + price correctly do NOT sit.
Depends on where you are in the timeline + contingencies. Worst case, you keep the earnest money — but usually there’s a legal/contract path.
Sure — but it’s usually slower + nets less money.
You’ll handle:
• Pricing
• Showings
• Negotiation
• Legal
• Marketing
Most FSBOs eventually hire an agent.
Not a coincidence.
Yes — you’re not obligated to accept unless already under contract.
With a counter or… diplomacy. Don’t take it personally — it’s just a starting point.