OFFICE 260-982-2336     

116 E Main St   North Manchester IN 46962

FAQ - YOUR REAL ESTATE QUESTIONS ANSWERED

Can Tri Oaks be my realtor for ANY listed property on MLS, Realtor.com, Zillow, etc?

Yes!  If you find a property that you’d like to explore further, just let us know and we can make the arrangements to view it, to get additional information, etc.

If we’re not the originating seller for the property, then commissions are split between the originator and Tri Oaks.

Do I need to be Pre-Approved before shopping?

 

Yes! First, you will need a pre-approval letter from a bank or mortgage company. We work with all lenders and can recommend lenders if you need assistance

Are you limited to the geographic area you can buy or sell?

Real estate agents must be licensed in the state they intend to buy/sell property. We can broker property within the state of Indiana.

Do I need a home inspection?

A home inspection can be one of the best investments in your new purchase.  You can even request a pre-inspection before the sale is final.

A home inspection is conducted according to a specific set of requirements and identifies plumbing, electrical, and structural, issues with the home which may cost thousands to repair.

Having a home inspection will help to eliminate surprises down the road.

 

If I'm selling, do I have to "stage" my home?

When a buyer walks through a home, they want to be able to see themselves living in the home.  The more you can “de-personalize”, the better it is for the buyer.

What does “de-personalize” mean?  Remove family photos, remove clutter, magazines, mail, political items, religious items, clean off the counters, minimize trinkets, mementos, and things on tables or cabinets. If your home is cramped with furniture – move some of it out – to the garage, to a neighbor, into a storage unit.

Try to make the house a neutral as possible.

If this seems too overwhelming, talk with your realtor about a staging specialist in the area.

How much can I afford?

Lenders look at your Debt To Income (DTI) ratio to determine how worthy you are for a loan.  It compares your debt/expenses against your income per month.

Most lenders prefer a DTI less than 36%, with no more than 28% going towards current rent or mortgage obligations.

The 28 – 36 rule indicates that you spend no more than 28% of your monthly income on housing costs, and no more than 35% on all expenses combined.

The highest DTI lenders will consider is 43%.  (FHA may allow up to 50%) If your DTI is high, then you may pay more in interest, or the loan could be denied.

Use the calculator below to help you see how much you can afford.

 

Do I need to save money for the down payment?

Many of the lenders we work with offer a Down Payment Assistance Program or a low down payment option.

How long does it take to buy a property?

Once we have an accepted offer, the entire process usually takes 30 days or less.

What are closing costs?

Expenses incurred when a property is bought or sold. They include things like:

  • Title Insurance
  • Title Fees
  • Property Tax
  • Escrow Fees
  • Attorney Fees
  • Recording Fees
  • Notary Fees
  • Application fees
  • Credit Report Fee
  • Discount Points
  • Lender’s Mortgage Insurance

Indiana has some of the lowest closing costs according to Closing.com at .9% of the average home sales price. 

Some fees are loan specific – a standard loan vs VA vs FHA, etc.

Your agent and banker will disclose all fees up front so there are no suprises.  Some fees can be negotiated between buyer and seller and who will pay them. 

Calculate your estimated Closing Costs here

What is title insurance?

When purchasing a property, title insurance plays a vital role in safeguarding your investment.

It protects against any unexpected claims or issues that may arise with the property’s title – like liens, encumbrances, easements, etc.

CALCULATORS

Click the “back” button “←” to return to this page after using the calculators. 

These calculators are provided by a third-party website who is responsible for all results, privacy, content, security of the site. 

Of course you know that the calculators are for education or visualizing possible results, and you are responsible for how they apply to your situation.  Reach out to your bank, or financial expert, for personal advice.