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FAQ
Buying a home is thrilling, scary, sometimes weird, often epic, and never dull.
You’re ponying up a huge wad of cash for a place you’ll inhabit hopefully for years to come.
F.A.Q.
What home can I afford?
That depends, of course—on your income and other financial obligations.
Meet with a lender to get pre-approved for a home loan (added bonus: pre-approval makes you much more attractive to sellers).
How do I know if the property is a good deal?
While there’s no crystal ball on whether a certain home is a bargain and will appreciate, rest assured that with research, you can keep surprises to a minimum. The best way is to check out comps—what similar properties are selling for in the area.
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How much can I ask for my house?
Today’s market is crazy but that doesn’t mean you can multiply the number just like that. Comps is what will tell us for how much homes around you sold for.
Call me for a FREE CMA and we can sit down and set a starting asking price.
How quickly can I close?
Normally escrow periods are 30 to 45 days. This gives you enough time to do the inspection on the property and get a loan completed. I always recommend to do an inspection.
What is the Option Period?
An option period refers to the time after the buyer and seller have signed the real estate contract. During this period, normally ten days, the buyer can terminate the contract for any reason and still get their earnest money deposit refunded.
Why do I need an inspection?
Home inspections before you buy a house, are important for helping to disclose issues that may detract from the home’s value. Doing it during the first days of option period is a must. It will allow buyers to learn about major and minor issues with a home before purchasing it. Many lenders won’t offer financing on a home without an inspection. Home inspections can uncover potentially life-threatening problems like mold or faulty wiring that could cause a significant fire.
What is earnest money?
Is the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important and misunderstood parts of the home-buying process. Depending on location and the market, home buyers can expect to put down anywhere from 1% to even 10% of the real estate purchase price as earnest money. An earnest money deposit tells a seller that the buyer is serious about closing.
When is earnest money delivered?
In most cases, earnest money is delivered when the sales contract or purchase agreement is signed, but it can also be attached to the offer. Once deposited, the funds are typically held in an escrow account until closing, at which time the deposit is applied to the buyer’s down payment and closing costs.
When can I back out if I change my mind?
While buyers can always back out of a deal, doing so without good reason may forfeit their earnest money (the cash put down to secure the offer, typically around 1%-2% of the home’s price.
What Is an Appraisal?
An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. Appraisals are typically used for insurance and taxation purposes or to determine a possible selling price for an item or property.
What Are Closing Costs?
Closing costs are the expenses, over and above the property’s price, that buyers and sellers usually incur to complete a real estate transaction.
Costs incurred may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges. Prepaid costs are those that recur over time, such as property taxes and homeowners’ insurance.
What is a real estate showing?
A real estate showing is any opportunity you give a potential buyer to see your home in person. It could be an open house, a lockbox tour or a private showing.
What is an open house?
In an open-house format, all potential buyers come at once, usually over the course of a three- to four-hour period on a weekend afternoon. A well-attended open house can help you streamline the showing process, since more people can see your home at once. It can also spark a competitive spirit in potential buyers, as they may want to rush to get their offer in before anyone else.
What is a lockbox house showing?
More convenient than private tours, lockbox tours allow potential buyers to look at your home with their own agent. Since they can access your home with a lockbox, this setup allows more flexibility in scheduling. They can let themselves in rather than waiting for your agent to show the house.