FAQ

What is the first step of the home buying process?

Getting pre-approved for a mortgage is the first step in the home buying process. You need to know your budget before you start to look at homes. If you need a lender recommendation, I can help. If you are buying a home with cash make sure you have written proof of funds.
 

how long does it take to sell a home?

The condition of your home and market conditions play a major role in how fast your home can be sold. If you have prepared your home, the price is right, and the market is hot, you very well could get your home under contract in two weeks. It would then take an additional 30-45 days to complete the sale process.
 

how long does it take to buy a home?

The average sales process takes 45-60 days. During the hot season it may take longer due to the backlog of inspector availability, well/septic testing, and surveys.
 

What is a seller’s market

In a seller’s market the increase in demand drives up home prices. New residents, interest rate decreases, and low inventory can cause a seller’s market.

What is a buyer’s market?

In a buyer’s market the decrease in demand drives down home prices. Increasing interest rates, high inventory, and natural disasters can cause a buyer’s market.

How much do i have to pay an agent?

There are typically two real estate agents involved in a transaction: one that represents the seller and one that represents the buyer. Listing agents represent the seller and charge a fee for representation and marketing. The home is placed in the local MLS (Multiple Listing Service), where other agents can see the home. The agent who represents the buyer is compensated by the listing agent for bringing home buyers to the table. The listing fee is split with both agents when the home is sold. Thus, buyers do not pay their agents.

how much do I need for a down payment?

There are many loan options available to purchase a home. First time home buyer’s usually only put 3-5% down on a home. Some programs like VA and USDA loans can be made with 0% down. Getting pre-approved is the best way to figure out what you will need for a down payment.

What is earnest money?

Earnest money is make in a good faith to demonstrate - to the seller - that the buyer’s offer is genuine. Earnest money is typically 1% of offer price. It essentially takes the home off the market and reserves it for you. Earnest money is applied to your down payment at closing. If the terms of the deal are agreed upon by both parties but the buyer backs out, the earnest money may not be returned to the buyer. I will inform you of the ways in which you will or will not get your earnest money back.

When do you complete the home inspection?

After you have submitted an offer and the seller accepts, the next step is the home inspection. Never skip the home inspection. You will get a full written report from the home inspector listing health and safety, repair, and maintenance items.

How long does it take to hear back from the seller on an offer?

Typically sellers have 24-48 hours to respond to an offer in writing.