Frequestly Asked Real Estate Questions

Provided by Ridgefield Connecticut Realtor® Inactive
Prudential Connecticut Realty

This is an ongoing list that will continue to grow.  It is intended as a rough guide to real estate terminology and frequently asked questions.  

• Where is your office? 409 Main St. Ridgefield, CT 06877 Directions
• Mortgage terms and Glossary
• Suggestions for picking Right Home Loan
• Exclusions - items a home seller is excluding from a home sale, i.e. refrigerator, lighting, etc. You cannot assume that everything in a home will convey with the title.
• What towns do you serve? Typically the answer is all the towns in the Greater Danbury Area, as far north as New Milford and as far south as Westport. From the New York state line, east to Southbury. We can also assist customers with their home purchase throughout the United States by referring them to a licensed Realtor in the desired location. We will also occassionally refer clients who have very specific needs to another Realtor if the client is best served by doing so. We have put together a map of Fairfield County to show you where the towns are in relation to each other. Southbury is in New Haven County just east of Newtown. New Milford is just north of Brookfield in Litchfield County.
• Can you assist someone outside the area above? Absolutely and we do regularly. We have an extensive network of licensed Realtors whom we work throughout the county.
• Convey - items within a home or on property that will transfer to the new home owner.  The standards for this vary from one community to another.  Contact us for details.
• What is the process for selling my home?
• Title Insurance - Insurance purchased by a lender and/or new owner to ensure a clean and uncontested title.
• Real Estate Agent and Used Car Salesman, same difference right?  Sorry, couldn't resist.   Neither are brain surgery...as a Realtor however we must say that much of what we do can be frustrating as well as rewarding, like any career.
• What is Radon?
• What is a CMA? In English...what is my home worth in the current market? How does a CMA differ from an appraisal? As a Realtor, we base our estimate on what a home will sell for by comparing it to other similar homes that are both currently on the market and those that have sold. Appraisers go through a similar process but have sway over whether a buyer will receive a loan for the offer price. Thus, it is very important not to over estimate or over price a home. Despite finding a willing buyer, the home must still appraise at or above the offer price for the transaction to proceed.
• What should I do to dress up my home for sale? Visit these resources for ideas: Home Seller Tips | Interior Home Preparation Suggestions | Exterior Preparation Suggestions
• What is a Realtor ®? A real estate agent who is a member of the National Association of Realtors ®, NAR.
• What is a closing exactly? The closing is the meeting where you officially buy or sell a property. All the parties, buyer, seller, lender and Realtor sign the final documents and pay the money required to transfer the title to the new owner. Besides the buyer paying the seller, usually the Realtor ®, attorney and lender are also paid at the closing.
• Why should I use you as my Realtor®?  Great question! But we can't properly answer without meeting you.  It is a question of our qualifications, your needs, our personalities, etc.  After our meeting, you will be able to decide if we are a good fit.  I could give you a long list of rhetoric, but anyone can do that. 
• What does "Estate" mean?
• Can you refer me to an agent out of town? Yes, we'd be happy to. Contact us or fill out our relocation form.
• What can you tell me about bankruptcy?
• What do I need a lawyer for?  Although the requirements for a lawyer vary, in Ridgefield and surrounding communities a lawyer is required by both parties to draw up the contract between the buyer & seller.  The closing procedures also generally takes place at the lawyers office. Click here if you need a referral
• What are the attorney's fees? They will vary by attorney but often vary between $800 and $1000. Some attorneys will calculate their fees depending on the sale price of the home.
• Does the refrigerator and other appliances stay in the home I am buying?  Not necessarily. We have to ask.  It is largely dependent on local regulations which vary between city and whether the item is "built in."  Easily moved or wheeled appliances will often not automatically convey with a change of ownership. But, everything is usually negotiable.
• I want to see homes for sale in Connecticut & New York, can you help me? Yes, I can represent you in Connecticut and can refer you to a colleague licensed in New York. We would work together to provide seamless and coordinated real estate services. area, the home seller is the one who is considered responsible for paying a real estate commission at closing.  This is largely s
• Who pays the commission? In this is largely semantics since a real estate commission is taken at closing from funds paid by the buyer. However, since in Connecticut, the seller negotiates the commission and it is taken from the funds received by the seller, it is a trasparent fee to the buyer. Also, since market value of any home is the same whether the seller is using a Realtor or not, it costs a buyer no more to be represented. An often misconception from buyers is that they can get a better price by dealing directly with a for sale by owner. If you think about it, what they want is to save money by not requiring the home owner to pay a commission. Ultimately it is a wash because the home owner wants full price or they would have hired a Realtor in the first place which increases the number of potential buyers. The law of supply and demand suggests, more interested buyers=higher price.
• Do you have advice on setting up a home office?
• Are Realtors® overpaid? Funny you should ask.  If I represent a buyer, it may take weeks or even months to find the perfect home and I may have driven hundreds of miles.  When figuring what my time is worth over that period, the hourly rate is sobering.
• Why pay for a Realtor ® when I can sell myself? There are many answers...I'll partially answer with a story.  When we bought our last house, we were on the phone with our agent at least daily, often late in the evening and on weekends...for weeks.   Sometimes we were in a panic, sometimes to ask a simple question.  In addition to your busy schedule, do you want to live like that?  The vast majority of people who attempt to sell their home themselves...end up using an agent. Not a coincidence.
• If I am a home buyer represented by an agent, can I buy directly from a private party?  Yes and it depends...  This is largely determined by the type of representation you have with your agent. Likely you will be able to buy from the private party through your agent.  Ask us for further details.
• Do I need to sign with an agent to be shown houses?  Yes and no. Without a signed buyer agency agreement, by law I may only show Prudential Connecticut Realty home listings.  Once I represent you, I may show you any home for sale and will seek opportunities with homes not yet on the market. Essentially, a formal business relationship must exist prior to showing homes. From the prespective of sellers, this is a beneficial proposition because it discourages unscrupulous individuals from using a Realtor just to get into other people's homes. Many buyers are reluctant to sign with a Realtor. Put yourself in the home owners perspective, do you want anyone in your home that won't disclose their identity? Thought so.
• I saw a home for sale sign. Do I need to call the listing agent to see that home for sale?  No, call us!
  203-439-9501 x169 or use our online contact form. We can show it even if it's with another agency or (more than likely) for sale by owner.
• I want to sell my house, is the commission negotiable?  Legally Yes.  However, I am a full service agent which by its very nature demands more time, energy and marketing to sell your house. In addition, lower commissions attract fewer agents representing buyers.  How quickly do you want to sell?  The first 30 days are by far the most important.  You get what you pay for.  
• Can you tell me where the best Connecticut schools are? Nope...by law.  This is steering and strictly prohibited.  It is also widely abused.  I can however provide something better, independent unbiased sources from which you can obtain detailed information about local school systems. Click here for objective independent Connecticut school reports . We have compiled a Ridgefield School District breakdown by street address for those considering a home in Ridgefield
• Can you tell me where the safest neighborhoods are?  Nope...for the same reason as above. But, statistical, verifiable data is far more valuable than a biased agent's opinion.  I can provide all of the relevant information for your review.
• Do you sell information you gather from your contact forms? NO, absolutely not. See our Internet privacy policy.
• How do I tell what schools belong to what streets in Ridgefield? See our chart.
• Why are the homes I see on realty websites and Realtor.com different from the ones you say are available? Because my information is more current and many of the homes found elsewhere on the web already have a buyer or have already sold. Homes remain on the market until contracts are signed which is often weeks after a home has received an accepted offer.
• What are Closing Costs?
• What is PMI?
• When is the best time to refinance?
• What is Feng Shui? We added this because we didn't know the proper answer ourselves but were frequently asked.

Don't see your answer?  Just ask

Our office is at:
Prudential Connecticut Realty
409 Main Street, Ridgefield CT 06877
Office Phone: 203-438-9501 Ext 169