FAQs - Hill Street Realty Inc

Frequently Asked Questions

If this page does not answer your question, feel free to call the office during business hours at 904.463.8975.

How can I make the most of visiting homes?

Get an accurate idea of your price range, an estimate of your monthly payments and a pre-approval letter, so sellers will take you seriously when you make an offer.
Work with us to hone your “wants” and “needs” list.
Think about what’s most important to you: the location or the house itself.

Sometimes buyers find their future home on the first viewing. Others look at 50 homes before seeing one that checks all their boxes. It’s a good idea to see at least a few alternatives to have points of comparison.

What should I look for when visiting homes?

Look beyond the staging and decorative items to see the features and fixtures that convey the house.
Check the condition of the home.
Keep track of photos and notes.
Consider possible home improvements you might want to make so you can research costs later.
Do not forget to check out the outside of the property and the neighborhood. Hill Street has access to neighborhood insights and data to help inform your decision.
Locate your commuter route, schools, shops, restaurants, parks and other amenities.
If the property is a condo or located in a homeowners association, find out the fees and rules.

What should I expect to see in the contract?

Hill Street clients are always explained the key points in the multi-page contract, such as; accuracy of information, including the correct spelling of name and property address
The effective date of the contract is important because contingencies have time limits.
A list of contingencies, such as that the sale depends on financing, an appraisal, a satisfactory home inspection and perhaps the sale of your current home.
Property disclosure information from the seller (State Law).
A complete list of what conveys with the property.
A list of required inspections, such as a home inspection and a pest inspection
Information about hard move-in dates..
If your offer is contingent on the sale of your home, the seller may add a “kick-out” clause, which means that the seller could accept another offer if one is made before your home is sold.

What is a home's assessed & market value?

A public tax assessor gives the assessed value for a property. This assessment typically occurs yearly for taxation purposes. The fair market value is an agreed-upon price between a willing buyer and seller. There is usually a difference between the assessed value and market value. For homeowners, the assessed value is a double-edged sword. Because, if their annual assessed value increased then their yearly taxes will also be raised. On the flip side, when selling a house it can help boost its market value.

How do I know when to negotiate and when to let go?

The choice is ultimately yours. However there are a few things to consider. You may want to let go when:
A bidding war drives the price.
The appraised value of the home is below the offer.
A home inspection finds defects that would be expensive to repair.
The sellers are unwilling to make reasonable repairs.
You learn about homeowners association rules you dislike.

What are common contract pitfalls I should avoid?

Watch out for:

Unrealistic deadlines: you’ll need time to arrange a home inspection and receive the report, as well as arrange financing.
Missing deadlines means you lose your chance to end the contract and keep your deposit.
Communications from your lender.

According to the National Association of REALTORS®, the most common reasons for contracts to fail or to be delayed are home inspection problems, financing problems or an appraisal issue. The experts at Hill Realty will help you avoid pitfalls in your contract at all costs.

What should I do before the closing?

As your closing nears, you should:

Keep in communication with Hill Street Realty in case there are sudden updates.
Avoid lowering your credit score with a new credit application or late payments..
Confirm that your contract contingencies are resolved, including the home inspection, an appraisal and your financing.
Finalize homeowner’s insurance policy.
Gather a down payment and closing cost funds in an accessible account.
Review your Closing Disclosure form, which you’ll receive three days before settlement.
Do not hesitate to ask questions.
Arrange a wire transfer or get a cashier’s check for the funds you need for the settlement.
Schedule a walk-through of your new home within 24 hours before your closing to check its condition.

What can I expect at the closing?

Paperwork! It will be no quick meeting. Bring to the closing:

A government-issued photo ID.
Proof of homeowner’s insurance.
Copy of the contract.
All paperwork associated with loan and the home purchase.
Cashier’s check or wire transfer confirmation.
Checkbook for miscellaneous funds that were not included on closing estimate.

What paperwork is required to close?

You’ll be signing numerous documents, including a repeat of the documents you signed when applying for a loan.
The most important documents signed are:
Promissory Note to repay the mortgage.
Deed of Trust, which gives the lender the right to foreclose if you do not repay the loan.
What is covered and what is not.
Initial Escrow Disclosure, which outlines the funds on deposit for property taxes and homeowner’s insurance bills.
Right to Cancel form; which states that you have three business days to cancel the transaction.