Q&As

• What is the difference between a real estate agent and a real estate broker?
• What steps do I go through to buy a house?
• How long does it take to buy a house?
• I want to buy a house. I know the property and the seller has an agent. Do I need my own agent or can I negotiate a lower fee if I act as my own agent?
• How much does it cost to use a Buyer’s Agent / Realtor / Broker?
• Working with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?
• Real vs Personal Property
• Mortgages for Manufactured Homes
• What is a CMA, Appraisal, and AVM?
• Can the Buyer purchase personal property from the Seller?
• Can a mortgage be used to purchase a mobile home?
• What are the basics for handling multiple offer negotiations?
• Are husband and wife required to apply jointly for a mortgage?
• How do I prepare for a cash purchase?
• Do I need flood insurance?
• Where can I research flood maps / areas?
• To whom should I write the earnest money check?
• Should I buy a residential service agreement (i.e. home warranty)?
• Assuming you’ll be obtaining mortgage financing (i.e. not paying cash), here’s a list of steps to buy a house:
• Do I also need an attorney?
• How does the MLS help buyers?
• What is the MLS?
• What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?
• When do I apply with a mortgage lender?
• What is Owner’s Title Insurance (OTI)?
• What is Lender’s Title Insurance (LTI)?
• What is title insurance?
• What does a title company do for Buyers?
• How can Harrah Realty help me as a Buyer?
• How much does it cost to buy a home?
• Do you work with out of town clients?
• Can you help me purchase or build a new home?
• Do you work with First-Time Home Buyers?
• What is a lease purchase or an option purchase?

Real vs Personal Property

First, let’s distinguish between “real” and “personal” property. Real property deals with land and improvements to land.

For example, a house is an improvement to the land it’s built on and gets assessed and taxed as real estate by the county in which it’s located.

A manufactured home (a.k.a. mobile home) permanently affixed to land is considered real estate, but a manufactured home that is still “mobile” is not.

In fact, manufactured homes that are still mobile require registration.