FAQ’s For Buyers
Q: Should I talk to a lender before thinking about buying a home?
A: YES! A great lender will help you get started on the home buying process. They will walk you through your finances, help you discover your purchase power, and what you feel comfortable spending.
Q: Does it matter which lender I talk to?
A: Yes, and no. All lenders offer different loan products, and some are able to make things happen better than others. We have worked with many and are happy to send you recommendations. You can also check out the financing tab at the top of the website.
Q: Is buying better than renting?
A: Honestly, it totally depends on your situation. If you are only going to be living in one spot for 6 months and don’t want to be a landlord after you move, purchasing may not be in your best interest. We LOVE walking folks through all the options. Reach out to any of our agents for a consultation.
Q: I own a home, can I buy a new home without selling?
A: This totally depends on your situation. We will work hand-in-hand with your lender professional to see if this is something we can accomplish. Keeping the first property as a rental is the foundation to future residual income and can be a cornerstone of personal wealth. If for some reason, you are unable to carry both mortgages, we are happy to assist you in the selling and buying process. You CAN sell and BUY at the same time. Reach out at any time to let us walk you through the process.
Q: When should I reach out to a Real Estate Agent?
A: Anytime! Whether you are just getting started, or halfway through your property search, we can jump in, and help guide and assist you!
Q: Who pays for the Real Estate Agent when buying a house?
A: The person selling their property, pays a commission to the listing agent (real estate professional that is actively marketing the property). The listing agent in turn, offers a portion of that commission to the buyer’s agent (real estate professional aiding in your home purchase). There is ZERO cost to the buyer… so hiring one to help you is a no brainer!
Q: What is Earnest Money?
A: Earnest Money is a deposit on the home you are trying to purchase. It is good-faith money to the seller that you are a serious buyer. 1% of purchase price is encouraged for earnest money, but ultimately is the buyer’s decision. This money is held in an Escrow Account with the title company. In the event that you are unable to purchase the home due to the inability to obtain financing, or if there are other contingencies that allow you to back out of the deal, this money can be returned to you. However, if you, the buyer, decide to break the agreement, and you don’t have these safeguard contingencies in place, the seller may elect to keep your earnest money.
Q: What if my offer is rejected?
A: It happens. Don’t let it deter you from becoming a homeowner. Allow your real estate professional to help you in creating a strong offer that is sure to be accepted.
Q: Should I have a home inspection on the house I want to buy, and when does it get inspected?
A: 100% YES. A home inspection is essential. After you have submitted your offer, and the seller has accepted, a home inspection is the best way to find out if the home has any health or safety issues.
Do you have any other questions? Please contact us. We are here to help you with any inquiries.