1. What are the advantages of having a Realtor help me sell my home?
2. What makes a house sell?
3. When is the best time to list a house for sale?
4. How long should it take to sell my house?
5. What if I can't sell my house before I have to move?
6. How do I determine the value of my home?
7. Should I fix my house up before it goes on the market?
8. What can I do to make my house show better?
9. Am I liable for repairs after I sell?
10. What about home warranties? Are they available to sellers as well as buyers?
11. How do I reach the right potential buyers?
12. How important is advertising?
13. Should we try to avoid being home when the house is shown?

Questions - Buyers

1. What are the advantages of having a Realtor help me buy a home?
2. How can I find out how much I can afford to pay for a home?
3. How does buying compare to renting?
4. How much of a down payment will I need to buy a home?
5. What are the steps involved in the loan process?
6. What are typical closing costs?
7. When I start visiting homes, what should I be looking for the first time through?
8. How can I find out what homes have sold for in the area I'm considering?
9. When I find the home I like, how do I make an offer?
10. What does a home inspector do?
11. Can my Realtor help me with my moving plans?
12. Do I have to use an attorney?
13. Is there any way to protect myself against emergency repair bills in my new home?
14. What should I look for during my final walk-through?
15. What will happen on closing day?

Financial Questions

1. What's the difference between "pre-approval" and "pre-qualification?"?
2. How long does it take to get a mortgage?
3. What documentation will I need?
4. What are points?
5. What is APR?
6. How much are closing costs?
7. What is included in my monthly mortgage payment?
8. Can I pay my loan off early?

Questions - Sellers

1. What are the advantages of having a Realtor help me sell my home?
Your home is one of life's largest investments. Having a professional counsel you through the process of making informed decisions is invaluable - making a difference in your net return by thousands of dollars. Realtors have access to a tremendous amount of information about market trends, houses in your neighborhood and the people most likely to buy your house. They are trained in screening potential buyers and, most importantly, negotiating effectively for their clients.

2. What makes a house sell?
The primary considerations for a successful sale include price, terms, location, condition and exposure.

3. When is the best time to list a house for sale?
If you want to get the best price for your house, give yourself as much time as possible to sell. This will allow you to consider all of your options if initial interest is low.

4. How long should it take to sell my house?
That depends on the market conditions in your community. Your real estate professional will interpret those conditions and be able to provide helpful statistics, such as the average days the houses that do sell take to receive an offer.

5. What if I can't sell my house before I have to move?
If you're transferring to a new location, one option might be a short-term rental in the new location until your old house sells. Burgdorff ERA offers the Seller's Security® Plan, a guaranteed sale plan, for qualified properties. To qualify, the property must:

• Be a single family residence (including townhouses and condominiums)
• Have an average appraised value of at least $50,000 and not more than $450,000 (maximum ERA offer: $405,000)
• Be marketable. The condition and appeal must meet or surpass typical buyer expectations for the area and price range.
• Have sufficient market data available to predict the property's probable sale price.
• Property must be located within the listing office's primary marketplace.
• Per MLS statistics, have at least 20% of sales during the past 12 months selling equal to or above subject's anticipated sales price.

6. How do I determine the value of my home?
A Realtor can help you determine the initial market position for your home by studying recent activity in your neighborhood - listings, pending and closed sales, and listings that did not sell during their marketing period. It is important to remember that while you as the seller control the market position, accessibility and condition of your home, the buyer determines the value.

7. Should I fix my house up before it goes on the market?
If you want to get the best price and terms for your house, it's always a good idea to show it in the best possible light. If you're in a hurry to sell, do the little things that make your home look more appealing. How much you do depends on the condition of your home, how much time you have to sell and how costly the improvements may be.

8. What can I do to make my house show better?
Keep in mind that the outside "curb appeal" is what entices buyers to want to see the inside, so it's important that the outside be as clean and neat as possible. Clean windows, pruned shrubs, clipped and edged lawns attract potential buyers. The inside should be neat, spotless, and light. This includes all closets, cabinets and the garage. You may want to rearrange or even remove furniture to make rooms less cluttered. Have your disposal company take unnecessary items away and consider holding a garage sale, if necessary.

9. Am I liable for repairs after I sell?
If the buyer's home inspection reveals major problems with your home's structure or mechanical systems, the buyer may ask for a credit at closing to cover the cost of repair, or ask you to do the repair.

10. What about home warranties? Are they available to sellers as well as buyers?
Yes. You can purchase an ERA Home Protection Plan for your property that will cover you during the entire listing period and until the closing. Payment on the plan is not due until closing and your new buyer is covered for one year after the closing. This plan allows buyers to concentrate on the important features of your home without focusing on the working components. It also aids with any follow-up negotiations during a home inspection contingency and gives buyers a general sense of security. A recent independent survey showed that ERA listings with a Home Protection Plan had an average 2.2% higher selling price, a 29% greater chance of selling and a 15% faster sale.

11. How do I reach the right potential buyers?
With today's mobile executives, buyers move across the country and across the world every day. That's why it's so important to have a Realtor who knows how to reach them. This is done through the traditional advertising and lawn signs, exposure through the Multiple Listing Service, Realtor networking, relocation referrals, and the Internet.

Burgdorff ERA is a member of the Cendant Mobility Referral Network. The network consists of over 1,200 real estate brokers across the United States. Each broker is trained to meet specific criteria in standards of performance and quality of service. We can help you find the best company and most qualified agent to assist you with your real estate needs.

12. How important is advertising?
Effective advertising is an important tool in selling your house, but statistics show that buyers rarely buy the house they call about. The advantages to sellers in having their homes advertised by a Realtor include professionally designed and written ads, often displaying a number of properties in varying price ranges, targeted to deliver the greatest response. The volume increases the likelihood that your home will be attracting interest. Each time a property is advertised in your price range, the response brings potential buyers for your property.

13. Should we try to avoid being home when the house is shown?
Yes. It's important that buyers feel comfortable previewing your property in a relaxed environment. People often feel reluctant to ask questions or speak candidly in front of the homeowner. They also want to take their time thinking about how their furniture would fit in the rooms, how the bedrooms would be used, whether the closet space is adequate, etc. If a seller is home, they may feel rushed or reluctant to view your home properly. In addition, in New Jersey most buyers are working with an agent who represents their interest. It is usually better not to enter into discussion on the property without your own listing agent present.

Questions - Buyers

1. What are the advantages of having a Realtor help me buy a home?
A Realtor is prepared to help you make informed decisions, educate you to the marketplace, provide you with financing information, prepare contracts on your behalf and lead you through the negotiation process. Having the wisdom and counsel of someone who knows the current real estate market and represents your interests saves you thousands of dollars and smoothes the process along the way.

2. How can I find out how much I can afford to pay for a home?
Talk with your real estate agent. A good agent is committed to helping you find the right home, and will assist you in determining an affordable price range. There are many loan options available today, including low down payment loans. Your Burgdorff ERA sales associate can direct you to ERA Mortgage for mortgage prequalification*, or your can use the helpful link here at the burgdorff.com Web site.

* Affiliated Business Arrangement Disclosure Thank you for contacting us, your local Burgdorff ERA office, in connection with the purchase or sale of a home or other property. This is to inform you that Burgdorff ERA has a business relationship with the companies listed in this Statement, in that each of the companies is wholly or partially owned by Burgdorff ERA or by Cendant Corporation. Cendant Corporation has an equity interest in NRT Incorporated, the ultimate parent of your local Burgdorff ERA office, and other brokerage offices throughout the nation. Cendant owns the franchises of the ERA®, CENTURY 21® and COLDWELL BANKER® systems. Because of these relationships, the referral of business to those companies may provide us or other related parties noted herein a financial or other benefit. We will not be paid a referral fee as a result of any referral to non-real estate brokerage companies. We have set forth below the full range of services that these companies provide, along with an estimate of the range of charges generally made for these services. You are NOT required to use the listed companies as a condition of the purchase or sale of your property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO RESEARCH OTHER OPTIONS TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST FINANCIAL OPPORTUNITIES FOR THOSE SERVICES.
COMPANIES ERA Mortgage Co. Provides a full range of residential first mortgage loan products and services. NRT Title Agency, LLC Based upon a search of public records, this service brings to your attention any known problems with the property's title before closing, and insures against loss due to certain title defects. Different types of coverage are available at different rates.	HUD-1 DESCRIPTION/LINE DESIGNATION Loan origination fee/ (801) Loan discount fee/ (802) Application fee/(800) Series Purchase of owner's or lender's policy (1108-1110) for: $100,000 home $250,000 home $500,000 home Purchase of lender's simultaneously issued policy Search and examination Miscellaneous endorsements and New Jersey closing service letter	ESTIMATE OF RANGE OF CHARGES GENERALLY MADE BY PROVIDER1 0-2% of loan amount 0-5% of loan amount2 $0-3503 $425 - $525 $913 - $1,125 $1,770 - $2,180 $25 $150 - $200 $125 - $150
1. Actual charges may vary according to the particular circumstances underlying the transaction, including the home value, coverage and limits, other requested terms and services, unusual market conditions, government regulations, property location and features, and other similar factors. Rates may not be the lowest available and are subject to change. For a free, no obligation quote, please contact the company directly. Where required by state law, current rates for insurance are filed with the applicable state agency, and depending upon the circumstances, may vary from the rates shown above. 2. The loan discount fee/points are affected by the note rate. Depending upon market conditions, the loan discount fee/points may be higher to adjust for below market rates. 3. There are other charges imposed in connection with mortgage loans. If you apply to this company for a loan, you will receive additional information regarding anticipated charges. In addition, although not affiliated business arrangements, please note the following: Burgdorff ERA markets the AON® Home Warranty as the ERA Home Protection Plan and ADT® Security Services, as well as other products and services. Burgdorff ERA or its affiliate(s) may receive a financial or other benefit as the result of that referral.

3. How does buying compare to renting?
Renting offers you a basically maintenance-free lifestyle, with few unexpected repair bills. It does not offer any protection from rent increases, little tax benefit and no growth in equity. Homeownership offers tax deductions to offset real estate taxes, and loan interest points. In addition, most homes appreciate in value over time.

4. How much of a down payment will I need to buy a home?
The down payment is a percentage of the loan-to-value ratio (the lesser of the sales price or the appraised value) that the lender is willing to lend. For example, if a property appraises for $100,000 and the lender's loan-to-value ratio is 90%, the down payment is $10,000. Conventional financing usually requires 20% down, but there are many programs available that an adapt to your financial profile.

5. What are the steps involved in the loan process?
When you first decide to look at properties, it's a good idea to speak with a mortgage counselor and obtain a pre-approval letter, which in most cases is the final step in a complete mortgage commitment. In many cases the remaining condition is the satisfactory appraisal on the property you actually purchase. The lender commits to financing your home and indicates the total mortgage amount available to you using basic information and electronic credit reporting.

When you apply for a mortgage, you will need to provide documentation regarding your income, expenses and obligations. This documentation typically includes your two most recent pay stubs, W-2's for the past two years, last two months' bank statements and long-term debt information (credit cards, auto loans, etc.)

6. What are typical closing costs?
Typical closing costs for a buyer include the application fee, private mortgage insurance (when borrowing with less than 20% down payment), fee paid to lenders for the appraisal and attorney review, inspections, homeowner's insurance, flood insurance (if required), title insurance, survey, attorney fee, recording/filing fees, and escrows (as required by the lender).

Typical closing costs for a seller in New Jersey include the realty transfer fee, which is based on the contract of sale price, attorney fee, and recording/filing fees.

7. When I start visiting homes, what should I be looking for the first time through?
Take some time to observe and feel your first impressions. As you walk through a home, look everywhere! Examine cabinets, closets and the basement storage areas. Make notes of the homes that appeal to you. It's easy to forget details and you will be pleased to have some reminders at the end of the day.

8. How can I find out what homes have sold for in the area I'm considering?
When you have narrowed your search, your buyer agent can research current comparable sold and deposited properties, as well as the current active comparable properties.

9. When I find the home I like, how do I make an offer?
The offer you formulate needs to include the price you are willing to pay, the closing date, inspections you want to have, mortgage information, items included and excluded, and any other contingencies to the sale. At the time the offer is written, you will need to provide earnest money. The money represents your sincerity in the attempt to purchase the property. If the offer is accepted, the earnest money becomes part of your initial deposit and is placed in an escrow account until closing. It can be used as a component of your down payment. If your offer is not accepted, your earnest money is fully refunded. You should anticipate an earnest money deposit of $1,000, though marketplace tradition may vary.

10. What does a home inspector do?
The home inspector's role is to make you aware of repairs that are necessary or recommended. All systems of the home you are buying are to be in "normal working condition" at closing. It is wise to have all components of the home inspected during the contract inspection contingency period. This inspection can include the roof, plumbing, electrical, heating and ventilation, air conditioning, foundation, attic, bath and kitchen appliances. A separate pest inspection is required by the lender if you are mortgaging the property. Other recommended tests include the oil tank, soil tests, lead, radon, water, well, EMF (electromagnetic field), mold spores, asbestos and septic. Burgdorff ERA recommends that you use an ASHI certified inspector.

11. Can my Realtor help me with my moving plans?
Yes. Realtors are quite knowledgeable about the entire process and will be more than willing to offer guidance. At Burgdorff ERA, we offer extended assistance through our Select Lifestyle Services to help our clients with utilities disconnects and connects, reputable contractors and other service providers. You may use this Web site to investigate those services.

12. Do I have to use an attorney?
No. However, at Burgdorff ERA we encourage you to use a New Jersey attorney with real estate experience in our state. All signed real estate contracts in New Jersey are subject to a three-day attorney review period. Both buyers and sellers have the right to have an attorney review the contract. During the review period, either attorney can cancel the contract on behalf of his or her client for any or no reason.

13. Is there any way to protect myself against emergency repair bills in my new home?
Home warranties can protect you against costly repairs not covered under your homeowner's insurance. At Burgdorff ERA, we provide our buyer clients with the opportunity to purchase an ERA Home Protection Plan on any residential property selected. The home warranty covers selected working components of your property during the first year you are in your home.

14. What should I look for during my final walk-through?
You should inspect any work the seller agreed to have done as a result of your home inspection. In addition, you should check to make certain anything that should have been removed or included in the sale has been accomplished. Any problems should be brought up at the closing.

15. What will happen on closing day?
Prior to taking possession of your new home, you will attend the "closing" meeting, usually with buyers, sellers, attorneys for both parties and the listing and selling sales associates present. Your attorney will explain all legal documents, including the deed of trust or mortgage before you are asked to sign. You will be asked to remit any outstanding balance of the down payment, mortgage interest and unremitted closing costs with a certified or cashier's check. You will receive title to the property, which will then be recorded, and keys.

Financial Questions

1. What's the difference between "pre-approval" and "pre-qualification?"?
A pre-approval is, in most cases, the final step to a complete mortgage commitment. The lender commits to financing your home and indicates the total mortgage amount available to you using basic information and electronic credit reporting. In many cases the only remaining condition is the satisfactory appraisal on the property.

A prequalification is a discussion between a homebuyer and a loan officer to calculate an estimated mortgage amount for a homebuyer. It is based on basic information regarding the customer's income, monthly debts, credit history and assets. It is not a full mortgage approval.

2. How long does it take to get a mortgage?
The length of time varies, but plan on at least thirty days.

3. What documentation will I need?
Documentation typically includes your two most recent pay stubs, W-2's for the past two years, last two months' bank statements and long-term debt information (credit cards, auto loans, etc.)

4. What are points?
"Points" are a percent of the total mortgage amount a buyer pays a lender to obtain a lower interest rate. Each point is 1% of the total mortgage amount. If you plan on keeping your home for more than a few years and you can afford it, you may recognize considerable savings in your monthly payments by paying points, particularly if they are tax-deductible. Check with your tax advisor for more information.

5. What is APR?
The Annual Percentage Rate is a calculated rate that includes the interest, points (which are considered prepaid interest), mortgage insurance and any other charges the lender collects from the borrower.

6. How much are closing costs?
Closing costs vary with a number of factors, but generally add up to between 3 - 6% of the sales price.

7. What is included in my monthly mortgage payment?
Most of your monthly mortgage payment goes toward paying off the principal and interest on your loan. In addition, most lenders require that they pay your real estate property taxes and your homeowner's insurance. The lender holds these monies in an escrow account and pays your taxes and insurance from that account.

8. Can I pay my loan off early?
In most cases you can, and in New Jersey there is no financial penalty for doing so. You can save thousands of dollars over the life of your loan by adding equity to your regular monthly payment toward the principal. Many lenders allow space on their monthly statements for additional principal payments.