FAQs For the First Time Homebuyer

by hjiadmin

Buying a home is probably the largest purchase you will make in your lifetime. To make well-informed and intelligent decisions when it comes to purchasing a home, you must fully understand the process. There are many questions you should ask yourself when considering a home purchase.

Let’s look at the 5 most frequently asked questions and their relevant answers.

1.   Should I Consult with a Bank Before I Look at Homes?

A simple question with a simple answer – yes! It is highly recommended that you consult a lender and get pre-approved before you hunt for houses. Consulting your bank will likely not only help you understand how much you can afford, but you may also come across any special homebuyer programs that may provide financial assistance.

2.   Who Pays the Fees of the Real Estate Agent?

Individuals who hire a real estate agent to help them with the process of buying a home often tend to ask this question. In most cases, the seller of the property will likely pay the agent’s fee, and in some cases, agents charge a specific fee from the buyers.

3.   How Long Does It Take to Buy a Home?

There is no definite answer to this question as every home sale is different. Sometimes, it may take longer than you think, while other times, you may find your dream home in a very short amount of time. However, once you finalize a purchase and your offer is accepted, it may take up to 45 days to close on your loan.

4.   What Is a Reasonable Offer?

You are the only individual who can determine the maximum amount you can pay for any home. However, you can ask for your real estate agent’s advice and thoughts so that you don’t end up making an offer.

5.   How Long Can a Seller Take to Respond to My Offer?

The answer to this question depends on several factors, including the offer you present and the time that has passed since the home became available. If the offer is viable, it will be well-received by the seller, and you may get a reply within hours. If the home has been on the market for a while, the seller may have multiple offers in the pipeline. It may take some time to go through them and filter out and respond to the best ones. It can be as short as 12 hours and as long as 4 to 5 days, or even longer.

Buying a home can be a daunting task indeed. If you are well educated and prepared for the task, it can make a huge difference. Remember to stay organized and remain focused throughout the entire process to end up with a great purchase.

If you are also among the individuals who are buying a house for the first time, contacting a real estate professional will offer you sound of mind decision making.

Published on 2021-10-27 15:21:45