If you’re buying a home, especially for the first time, you probably have dozens of questions about the process. When you hire a local real estate agent, your agent can answer these questions and provide additional insights into the home-buying process. Here are some top questions to ask your real estate agent as you embark on the journey of buying a new home—
This is a great question, but one with a not-so-great answer: it depends. How many houses you should see really depends on how well you understand what you’re looking for and how much time you want to dedicate to the process. The good news is that many listings now offer virtual tours, allowing you to see more while committing less time to the process.
Earnest money is similar to a deposit. When you put in you’re earnest money, it’s your way of showing that you have an intention to purchase the home; it’s a showing of good faith to demonstrate the legitimacy of your offer. Usually, earnest money is one or two percent of the selling price.
A mortgage is simply a loan that’s given to purchase property. Most mortgages last for 15 or 30 years, and can be offered at a secured (fixed) rate, or an adjustable rate. A realtor can answer more questions about securing a mortgage loan.
During closing, the ownership of the property is transferred from the seller to the buyer. This process involves transferring funds from escrow, updating the deed of the home, reviewing and signing all loan documents, signing all legal documents, and then receiving the keys to your new property.
From the time you put in an offer on a home, it will take between 30 to 45 days to actually close on the home, which includes the amount of time it will take to secure a mortgage, do a property inspection, and complete the appraisal process. For homebuyers paying in cash, the process is expedited to two weeks.
Working with a realtor is not required, but it is highly recommended. Working with a realtor can provide insight into the real estate process. A realtor can help you to find the right home for you, provide market and neighborhood knowledge, help you to negotiate your purchase agreement, guide you through the inspection process, and represent you at closing.
If you have questions about the process of buying a home, don’t hesitate to reach out to the pros at The Jana Caudill Team. Call us today or send us a message online to get started.