FREQUENTLY ASKED QUESTIONS
Every homebuyer has many questions whether it’s their first house or second. Here are some of questions we get from our clients that may help you in the process. We love to answer your questions to help you understand all of the steps to getting your new home. For any additional questions, do not hesistate to contact us
1. What are my advantages in buying a home?
There are many benefits such as pride of ownership, an increased sense of security, the ability to make improvements of your choice, and not least of all, tax benefits.
2. Should I work with many Realtors at the same time?
Because all Realtors have access to MLS and all of the available listings, one Realtor with whom you feel comfortable will save you time, and you won’t need to be re-qualified each time you work with a new Realtor.
3. How should we prepare for the first meeting with our Realtor?
Decide what features you have in your present home that you would like in your next home. You should also decide what additional features you would find appealing. Be certain to list all of your income and its sources, as well as your debt information which will hasten your qualification process.
4. How long should it take for us to find the right home for us?
Because the Realtor’s job is to consider your needs and match them with the best house, you may be surprised to discover that you find your next home the very first day that you look.
5. What am I supposed to do at the showings?
Make a list of everything that you like and don’t like as you go through each home. Then, as you travel to the next house, you can review this information with the Realtor.
6. What specific things should I look for in a home?
Look for features that you really would enjoy. Try to picture in your imagination your family and your furniture in the home.
7. What questions should I ask about schools?
You would want to know how the state ranks the school(s), test scores, sports programs, gifted and special programs. You may even arrange to visit potential schools.
9. I’m transferring to a new city. What do I do differently in this case?
As a transferee, you should try to get a feel for the entire city and the neighborhoods. This will help you to find an area where you think you would be the most comfortable, before you begin to look at specific houses.
10. What should I know about the contract for sale and/or the offer to purchase?
Ask your Realtor for a sample blank copy of the contract. There are differences in financing, contingencies, inclusions, exclusions, and specific dates of importance.
11. Do I need to have any inspections on the home?
You should consult with your Realtor about this. Regulations and requirements regarding home inspection, and reports about mechanical, electrical, and structural features differ widely throughout the country.
12. Can I add extra inclusions into the contract that are not in the listing?
You should consider the possibility that the sellers had personal or financial reasons to exclude these items. However, you may try to negotiate their inclusion through your Realtor.
13. How do I negotiate with the seller to get a contract that's to my advantage?
Your Realtor can negotiate using the fair market value of similar properties that have been sold. The written CMA will show the sellers that your offer is accurate, given these standards.
14. What kind of pressure should I put on myself when I’m about to sign a purchase offer?
If you should find a house that feels right to you, place pressure on yourself to make an offer. After all, there may be another potential buyer who also finds this house appealing and while you are delaying a decision, the other buyer could conceivably offer a purchase agreement first.
15. When should I begin to look into financing?
As soon as you decide you are in the market for a home, the best thing to do is to call several lending institutions and prequalify for a loan. You may also decide which of these institutions you like best and start the loan approval process. It is best to talk with your Realtor as to the lending institutions you have talked to and decided on. We work with many of them and might be able to give you recommendations as to which would work best for you and which ones work the hardest for you. Then at the time you are ready to decide on the contract, your method of financing is already taken care of.
16. What documents should I bring to the lender?
Your Realtor will give you a list of all the items pertaining to income and debts that your lender will require in order to hasten the process of approval.
17. What type of financing should I use?
Ask your Realtor about the various types of financing available. In recent years, many types and terms of financing have become commonplace. You may also wish to speak with various lenders regarding their programs and how they might fit your needs.
18. What is the lender’s next step after I sign the contract and apply for financing?
Your Realtor will give you a list of what the lender requires from you once the application is submitted.
19. What is “buyer’s remorse?”
Buyers usually second-guess themselves as to whether or not they made the correct decision. This normally sets in between the time the contract is signed and is closed. You may want to contact your Realtor® if and when you begin to get these feelings and discuss it with him or her.
20. What happens at settlement/closing/escrow?
Your Realtor will provide you with a detailed list of the entire closing process.