Obtaining a pre-approval from a lender is the first step. A loan officer will take into consideration the down payment, credit history, income, assets and debt in determining “how much home you can afford.” This provides the buyer a solid idea of the price range in which to search.
The agent commissions are generally paid for by the seller. In most cases, this should not be an out-of-pocket expense for the buyer.
The short answer is: “Yes, you can.” While this is an extremely common need for buyers, the process itself can create some challenges. If you are presenting an offer to buy, but still need to sell your home, you will most likely need to add a “sale contingency” to the contract. It’s true that there are some sellers who may not prefer this contingency. However, a savvy agent will be able to navigate the best options and chart a best course of action.
On average, a typical escrow period is 30 days. However, this is a term negotiated between the buyer and seller. For example, there are times a seller may want a longer escrow so that they, themselves, can find a new home to buy. In order to remain competitive with your offer, your agent should ask if the seller has any specific requirements pertaining to the length of escrow.
Absolutely. Yes, yes, and yes again. A professional home inspection is always recommended. There are times when a seller has an inspection performed prior to listing the property. While this is a great practice, it is still recommended that buyers obtain their own inspection as well. Inspectors may conclude different findings and more information is always better!
A contingency defines a condition or action that must be met for a real estate contract to become binding. Some of the most common contingencies are: Loan contingency, Inspection contingency, Title report contingency, Appraisal Contingency and HOA Documents contingency (if an HOA exists). It is recommended that you ask your agent to explain the contingencies relevant to your transaction, so that you have a clear understanding of how to proceed.
The best way to determine the value of your home, aside from hiring a professional appraiser, is to make an appointment with a licensed REALTOR® to review a market study or Comparative Market Analysis (CMA) of your home. This will provide you with accurate data regarding recent sales in your neighborhood, so that you are able to price your home in a way that will attract the most buyers.
While the list price of your home contributes greatly to its desirability, there are several ways to impress and attract potential buyers. This includes: de-cluttering the interior and exterior of the home, painting the interior and/or exterior, having the home professionally cleaned, making necessary repairs and hiring a professional stager. The goal is to make your home show at its best!