Buying a home is such an exciting stepping stone. Whether it’s your first home or your tenth, each experience is thrilling and an incredible accomplishment. However, the home buying process can be confusing and stressful without a knowledgeable real estate agent by your side. Below are some frequently asked questions from aspiring home buyers. If you have any additional questions that aren’t listed, don’t hesitate to reach out, I’d be happy to help!
What is the first step in the home buying process?
The first step to buying a house is getting pre-approved if you’re buying with a loan. You can ask your real estate agent for information on lenders to help you through this step.
How long does it take to buy a home?
It depends on the situation after being pre-approved for a mortgage. The house hunting begins, and once an offer is accepted, it typically takes about 30 days from the accepted offer date to close.
Do I pay my agent? If so, how much?
As a buyer, your agent will have you sign a buyer-agent agreement. The cost will be discussed between you and your agent and can vary depending on the services provided. Additionally, the payment to your agent can sometimes be negotiated to be covered as a concession from the seller.
What happens if an appraisal comes in lower than the amount I offered?
If an appraisal comes in lower than the offered amount, your agent can renegotiate with the seller to lower the price, or you may choose to cover the difference yourself.
How much money do you I need for down payment?
Down payment costs typically ranges between 3.5%-20% depending on the type of loan approved for. Although, I like to make buyers aware of the escrow payment made 3 days after an accepted contract which is usually 1-2% of purchase price.
How do I know I am not over paying for a home?
Are there any special benefits for first-time home buyers?
There are lots programs available for first-time homebuyers. It would be beneficial to discuss these options with your agent and lender to determine if you qualify for any assistance from these programs
How do I know the home does not have any defects I am not be able to notice myself?
After the offer is accepted, you’ll enter the “inspection period”, which typically lasts 10-15 business days. During this time, you and your agent will schedule inspections. If any issues are discovered, your agent can negotiate with the seller to have items repaired or to receive a credit for repairs. Alternatively, you can choose to cancel the contract and receive your escrow deposit back.