Summit Hill Realty
FAQ's
FAQ's
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Summit Hill Realty
500 Central Drive, Suite #110
Virginia Beach, VA 23454
Direct: 757.754.HOME
Email:Broker@summithillrealty.com
500 Central Drive, Suite #110
Virginia Beach, VA 23454
Direct: 757.754.HOME
Email:Broker@summithillrealty.com
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Frequently Asked Questions....
Q. What is a "Short Sale"?
Ans. A Short Sale exists when a property owner owes more on a
property than the current fair market value.
"Short Sales" are sales that close at settlement once the mortgage
company has agreed to accept less than what is due to satisfy the debt.
Q. What is an "Earnest Money Deposit"?
Ans. Earnest Money Deposits (EMD) is money you give the Seller (or
the Seller's agent) to show your good faith when making an offer to
purchase the Seller's property.
Q. What is a "Point"?
Ans. A 'point' is a financing fee that equals 1% of the loan amount.
Q. How is the amount of real estate tax determined?
Ans. The amount of tax you pay is determined by a TAX RATE which is
applied to the ASSESSED VALUE.
{ Taxes = ASSESSMENT X TAX RATE}
Q. What is a "Short Sale"?
Ans. A Short Sale exists when a property owner owes more on a
property than the current fair market value.
"Short Sales" are sales that close at settlement once the mortgage
company has agreed to accept less than what is due to satisfy the debt.
Q. What is an "Earnest Money Deposit"?
Ans. Earnest Money Deposits (EMD) is money you give the Seller (or
the Seller's agent) to show your good faith when making an offer to
purchase the Seller's property.
Q. What is a "Point"?
Ans. A 'point' is a financing fee that equals 1% of the loan amount.
Q. How is the amount of real estate tax determined?
Ans. The amount of tax you pay is determined by a TAX RATE which is
applied to the ASSESSED VALUE.
{ Taxes = ASSESSMENT X TAX RATE}
