Frequently Asked KEVCO Questions

Of course we can't cover every detail and specifics on all our queries. We have provided some key topics, and as always KEVCO will be more than happy to answer any special circumstance questions if you contact one of our representatives.

1. Whats the difference between Agent and Broker?
2. Why Should I use a Real Estate Sales Person?
3. I have family or friends who are real estate agents, why shouldn't I use them?
4. Older neighborhood or New Development?
5. What is the difference between prequalified and preapproved for a loan?
6. Renting vs. Buying a Home
7. What is Title Insurance?

Whats the difference between Agent and Broker?

The person you normally work with is a real estate agent or salesperson.  The salesperson is licensed by the state, but must work for a broker.  All listings are placed in the broker's name, not the salesperson's.

A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her. 

Why Should I use a Real Estate Sales Person?

With the internet more people are able to search for property on their own time and comfort. Some even choose to sale their house on their own and thats allright. However, many are missing out on the professional services provided by Real Estate Agents. Agents act on your behalf, providing you with advice and guidance and doing a job - helping you buy or sell a home.  Agents have more resources, knowledge, and marketing power to help you find the best place or sell at the highest and best price. Lastly, Agents have access to the most current data through the MLS systems and other colleagues. Because today's home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.

I have family or friends who are real estate agents, why shouldn't I use them?

Many people know someone who's at least in the real estate business. When it comes to sell or buy a property, those friends and family are often thought of as first choice for representation. Here's where it can get sticky, mixing business with family can be frought with expectations and shortfalls.Often after a transaction is complete, the friend or family will go back to their traditional role. Also, don't forget the Agent can fire the client but as a client you cannot fire the agent. A sticky situation indeed...

Now where a non-biased Agent would still remain a business relationship with their client after the sale and continue to treat the client with high level of service expected. Now see where I'm going with this? If you have a problem with your property in the future or questions, compare the difference in response from friends and family, or a real estate agent who's reputation is on the line.

Older neighborhood or New Development?

Often when people are looking for homes they see a wide range of properties from condition, age, location to functionality. Older neighborhoods, for example Old Town, tend to have established landscaping, no construction, higher appreciation (location is fixed), more maintenance, and often times more character. New Developments include houses that are recentely built, sometimes come with a warranty (if new), less maintenance, construction noise, and premature landscape. Both types have their pros and cons, but ultimately it depends on what YOU like and where YOU want to live.

What is the difference between prequalified and preapproved for a loan?

If you're prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information given was accurate and true.  

If you're preapproved, it means that you have undergone the extensive financial background check - which includes looking at your credit history, previous tax returns and verifying your employment - and the lender is willing to give you a loan.  You're APPROVED!  So, they give you a letter that states such and it is valid for a approximately 60 days thereafter.

Renting vs. Buying a Home

Please read KEVCO's Property Management's Rent vs. Buy document

KEVCO Rent vs. Buy

What is Title Insurance?

When you purchase a home in Old Town, instead of purchasing the actual building or land, you are really purchasing the title to the property - the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title problems and brings confidence and certainty to the parties at a real estate closing that the title of the subject real property is as represented and expected. The title insurer offers financial protection and will indemnify and defend against an attack on covered title hazards as insured, and will either perfect the title or pay valid claims.