Home Buyer FAQ
Check out the answers to the most frequent questions that are asked to me by other buyers! From the first steps to affordability, we have a lot of unanswered questions and I’m happy to help. Check out the most frequent Home Buyer FAQs below to get started.
What’s my first step to home ownership?
Congratulations on the decision to venture into home ownership. While it may feel like unchartered waters, no worries I’m here to help and have simplified this process for you. Check out my simple 10-Step Home Buying Process Guide, and reach out to me at any time! I’m here to help navigate and simplify this process. It’s never too soon to reach out, if you are years away or need a home now, I will be there for you to get the process started.
How much home can I afford??
Unless you plan on paying with cash, your next step will be to get pre-approved for a mortgage loan. Once you get pre-approved, you will know with more accuracy the price of the home you can afford. If you don’t have a lender in mind, no worries reach out to me. I work with the best in the business and can help get the process started.
What is pre-qualifying vs. pre-approval?
Pre-qualification, you are given an estimate of what you may be able to borrow. This is a quick way to know what price range you should be looking in and does not negatively affect your credit score. Pre-approval means a financial institution has agreed to work with you and completes a thorough review of your finances. Once your pre-approval is complete your lender will provide you with a home budget that works with your unique financial budget, and you are in the clear to start shopping with me.
Why should I use a REALTOR® to help me buy a home?
When you work with me as your Realtor® I promise to educate, inform and represent you every step of the way from start to finish. This includes researching homes, coordinating home tours, legal paperwork, negotiations, inspections and so much more. Your goals become my goals! I strive to earn your business and represent you earning a client for life.
How much money do I need for a down payment?
The answer may surprise you, it’s no longer 20%. All loan options are different, but the average down payment ranges from 3% – 5% of the purchase price. If you or the property you’re purchasing qualifies for a VA or USDA loan, you aren’t required to put any money down. A qualified mortgage lender can help guide you as to what down payment programs are available and your preferred financing method.
Can I buy a home and sell my current one at the same time?
Yes, you definitely can. I would highly recommend working with me as your preferred REALTOR® to help make the transition between selling and buying as smooth as possible.
How many homes should I see before making an offer?
You should see as many as you need to ensure you find the perfect home. On average, home buyers will look at hundreds of homes online, however, will see on average 10 homes in person before writing an offer. If you’re looking for a way to streamline your search, I can assist you with a customized home report. This filters homes based on your unique search criteria and simplifies the process.
I found a house… now what?
As your REALTOR® I will educate and inform you about how best to write a winning offer where I will then handle the negotiations.
How do I know if the property is a good deal?
While it’s complicated to know exactly how much a home is worth, as your agent I have been trained to use comparable properties to determine accurate pricing of homes. I have access to preview houses that have recently sold in the area, similar to the one you are buying to ensure you are paying a fair price. I offer my clients exclusive home value tools that help define property value ranges. This provides you with the information you need to determine if you are getting the best value possible.
Can I back out if I change my mind?
You can back out of a deal, but you may have to forfeit the earnest money you put down with the offer. Earnest money can range from 1% – 3% of the home’s price. For this reason, I encourage my clients to seriously consider if a home is a right fit before entering into a legally binding contract.
How quickly can I close and move in?
It can typically take 28 to 45 days to close or longer if you and the seller agree upon a specific closing date. This is part of our negotiation and will be included in your offer to purchase a home.
These answers are just the start, contact me today to discuss your unique home-buying experience.