Frequently Asked Questions
When buying a home, one of the most important things to understand is that “no question is a dumb question.” If you’re unsure of something when buying a home, ask! There are many questions depending on the stage of the home buying process and below are some of the most asked.
That is the first step I tell buyers to start the process, so the answer is Yes! Speaking to a lender will allow you to know exactly how much house you can afford. Additionally, there are many programs available to first time buyers and a knowledgeable lender will know how to coach you to take advantage of those specific programs to your area or circumstances. Also, the lender will set expectations and communicate with the Realtor to be sure your financing is clear to all parties involved.
This is pie in the sky thinking and rarely occurs particularly in our area. Most of the time sellers are offering this type of financing is to take advantage of people who have terrible credit and cannot qualify for a loan designed to help people get into the housing market. Statistically
Traditionally the seller of the home pays the fees, however, that is something that will depend upon the Realtor representing you. In some cases, people have elected to use a Buyer’s Agent who will receive their compensation from the buyer but typically the fee is paid by the seller.
A short sale is the sale of a home in which the proceeds from the sale are less than the balance of debts secured by liens against the property and the homeowner cannot afford to pay the liens in full.
Things to consider before offering on this type of listing is the time it can take for a short sale response, the fact that a foreclosure is still possible, and that many short sale properties are in disarray. Short sales are not impossible to buy but you must be patient and be in no immediate rush to move.
There is no specific number of homes you should look at before buying a home. Don’t feel that if you were to purchase the first home you look at that you’re making a mistake. Same can be said if it takes you looking at homes for 6 months.
Also known as a good faith deposit this is the consideration given to legally secure an offer to purchase. The amount is subtracted from the final figure at the closing at the title company. Typically in our area it amounts to 1% of the purchase price.