Frequently Asked Questions

Should I talk with a bank before looking at homes?

If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available.  These programs can vary from state to state and county to county, so knowing exactly what’s available to you, is critical.

I own a home, should I buy another before selling my current home?

Buying a home before selling your current home

The biggest benefit to buying a home before selling your current home is the fact that you have a suitable property lined up.  This can reduce the stress and pressure of having to find a home once your current home is sold.  This however also can create disappointment and heartbreak.  If you are unable to purchase a new home without having to sell your current home, your purchase offer is going to be contingent upon sale and transfer of title of your current home.  If your current home does not sell in a timely manner, this can lead to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re looking to purchase, which can be devastating.

Selling your current home before buying a new home

The time it takes to sell your current home is unpredictable.  There is no crystal ball that exists that can tell you exactly how many days it will take.  Selling your current home before buying a new home will put you in an ideal position to negotiate on the new home you’re purchasing due to the fact you are purchasing without the sale contingency of your current home.

Do I really need a Realtor when buying a home?

Attempting to buy a home without a Realtor can really make the home buying process more difficult.  Having a Realtor is always recommended when buying a home.

Who pays the Realtor fees when buying a home?

One reason why buyers ask the question about the need of having a Realtor when buying a home is because they don’t understand who pays the Realtor fees when buying a home.  There are no guarantees, however, in most cases, the seller pays the Realtor fees.

How many homes should I look at before putting in a purchase offer?

The answer is, 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 25 homes.

How much should I offer the sellers?

When buying a home, you are the only one who can determine how much you want to offer a seller.  It’s suggested you ask for your Realtors advice and thoughts, but ultimately you are the one who can determine how much you should offer.

How long does the seller have to respond to my offer?

A purchase offer will have a “life.”  The “life of the offer” can vary from 12 hours to 3 or 4 days.  There are many circumstances that can effect the length of the “life of the offer.”  Your Realtor should know how long of a “life” to give to your offer.  If you’re looking to purchase a home that is newly listed and the possibility of multiple offers exists, a shorter life is recommended.  If the home you’re looking to purchase has been on the market for 3 months and the seller is located out of town, a 2-day “life” maybe necessary and/or recommended.

What if my offer is rejected?

When a purchase offer is submitted to the seller there are generally four possible responses.  The first is an accepted offer, the second is a counter offer, the third is a rejected offer, and the final is an offer that is not responded to.  If your offer is rejected, meaning the seller says no and doesn’t counter, you have the right to place another offer.  It’s not very common an offer is rejected or not responded to, unless a seller is offended by a low-ball offer.

Your offer was accepted, now what?

Between contract acceptance and the closing date, there are many things that need to be completed.  In a nutshell, after an offer is accepted, generally any inspections will be completed.  After the inspections, you complete a formal mortgage application and last but not least, the title, abstract, survey, and any miscellaneous paperwork is completed.  When buying a home, finding the perfect home is only one part of actually becoming a homeowner.  Throughout the mortgage process, you should expect the bank to require documentation, letters, and other items from you to satisfy the bank conditions, so don’t be upset or surprised when this happens.

Do I have the option to have any inspections?

When buying a home, you have the option to perform several types of inspections.  The purchase offer you write can be contingent upon a satisfactory home inspection, pest inspection, chimney inspection, radon test, and many other inspections.  In most cases, it’s recommended that when buying a home, you at the bare minimum have a home inspection.  There are home inspection findings that are more common than others, however, no two homes are the same so it’s a great idea to get the home inspected.

Do I need to do a final walk-through?

As a buyer, you have the option to perform a final walk-through.  Is a final walk through a requirement?   NO.  Is a final walk through necessary?  YES.  Generally when buying a home several weeks go by between when you last walked through your home.  Lots of things can change during that time.  When doing a final walk through a few things you should check is that furnace is working, the toilets are flushing properly, and there is hot water.

When is the closing date?

When buying a home, the excitement level is extremely high.  It’s important to understand that the closing date in the purchase offer is a target and not a guarantee.  Before you hire the movers and take time off from work, know that the closing date in the contract isn’t necessarily the date you will own your new home.  Many buyers will ask their Realtor this question, however, it isn’t up to the Realtors when a closing will be.  The attorney’s are the ones who have to set the closing date and time.