Frequently Asked Questions
Info for Buyers
While all purchases are different, here are a few FAQs that should help during the buying process:
What can I afford?
The best way to find out what you can afford is to go to a bank and get pre-qualified. In most cases, the bank will give you an answer and or a pre-qualification letter with a maximum purchase amount in about 24 to 48 hours. The letter is not a promise of a loan, but a good start that the bank is willing to start the lending process with you subject to verification of certain items. Also, the prequalification letter will help us assist you better with the price range of available properties as well as put a potential seller at more ease when negotiating.
Found My Property, Now What?
One of our licensed professionals will walk you through the negotiation / contract process that will, at a minimum, address:
- Offer / Contract Price of the property
- Binder deposit amount to hold the property.
- Terms of financing and all of the bank’s requirements for the purchase.
- Due diligence or checking out/ verifying any particular concerns that may affect the property. Assisting the parties such as the appraisers, inspectors, surveyors, etc.
How Long Does All of This Take?
If you are a cash buyer and satisfied with the property, a closing can generally happen within two weeks or less depending upon circumstances.
If a bank is involved and with the new lending laws instituted by the Obama Administration in the fall of 2015, the process will generally take about 45 days from start to finished as compared to about 30 days prior to the new laws. In house or non conventional financing can shorten the time frame in most cases.
Do I have to be here through the process? Generally no. Most inspections and closings can be executed via email with the proper execution by all parties.
We are in a very unique geographic area and the properties are subject to various city, county, state, and federal agencies in order to improve, construct, or divide certain parcels. You should always verify with the help of the proper professionals within a reasonable amount of time what are the likely outcomes for your projected improvements.
Info for Sellers
At Gulf Coast Real Estate Group, we’re here to help you. Here are a few FAQs that should help during the selling process:
How long will it take to sell my property?
Depending upon overall market demand, an average time to sell a property is generally 6 months or less. Factors that will help sell a property faster are:
- Correct Pricing. If your Realtor has given you good comparable information, adding 10% or 20% is generally not a wise idea. Even if someone makes an offer on an overpriced property, financing will most likely not be available because said property will not appraise and the bank will not make the loan. Also, many buyers are doing their own analysis of the market prior to shopping.
- Have you property neat, clean, and accessible. If you have renters, make sure they understand that they must be reasonable during the showing process.
- Give full disclosure and correct any issues prior to listing. Most buyers will have some sort of inspection and will want to renegotiate if possible based upon the findings. You can disarm this tactic by full disclosure.
How will you advertise?
Our company like the market is continually evolving. We advertise in the following media:
- Print (papers, magazines, etc)
- Zillow, Trulia, Landwatch, Realtor.com, Homes.com, and the hundreds of linked sites.
- Television and Radio- We currently have a TV show that runs along several areas in the coastal panhandle from the local cable markets all the way over to the Destin Area.
- Direct Mail- We have a targeted direct mail campaign that is executed once or twice monthly.
- Facebook Campaigns and updates.
- Search Engine Exposure- Kerigan Marketing is our exclusive partner for website optimization and search engine marketing. Their expertise and constant optimization ensures that your property is found online whether linked from paid placement or organic rankings.
- We are members of the Gulf Franklin, Panama City/ Bay County, and the Tallahassee Board of Realtors in order to give your property maximum exposure. Constant Contact and other Eblasts.
- Custom Signage where appropriate.
Decades of knowledge, experience, and contacts that has equated to over $710,000,000.00 in closed sales during the boom, bust and average markets.