Frequently Asked Questions
How long does the buying process take?
How many properties does the typical buyer look at?
When should I make an offer?
How much should I offer?
Should I lock in my interest rate or should I float?
When will I get the keys?
What happens at the closing?
Is the closing date on my contract guaranteed?
How much earnest money should I put down?
What happens to my earnest money?
Will I get my earnest money back if the contract is not accepted?
What is the process to get my earnest money back if the contract is accepted and the home inspection finds an issue?
How often do you find the perfect property on the first day (80-10- 10 rule)?
Is there anything I should not do during the house hunting process?
What is the likelihood of a multiple offer situation?
What monies will I need to come in with?
How long does the home inspection take?
Do I really need a home inspector?
Can you recommend an attorney, home inspector or a lender?
DO:
Let your agent know what is MOST important to you!
Get fully approved before you go looking. Nothing hurts more than falling love with a house and losing it to someone else because you weren’t completely ready.
Be completely honest with your agent, loan officer, and lender. We need to know about job changes, child support, alimony, wage garnishments or any other payroll reduction.
Tell your agent if you have a house to sell!
Let your agent know if you are allergic to animals.
Use the name on your driver's license for all mortgage documents.
Realize it's possible to find exactly what you’re looking for the first day of looking. Remember the 80/10/10 Rule: if the house has 80% of what you’re looking for, 10% of things you can change, and 10% of things you can live with, it’s a keeper.
Use a reputable and qualified lender and attorney. You want an attorney who specializes in real estate, and you don’t want a completely online lender or anything “under the table.” This protects you from scams and mortgage fraud.
Treat each property you view with respect.
Get a home inspection and a home warranty.
Shop the good faith estimate
Be aware of what you say on social media regarding your home-buying process.
Know that the clock starts ticking from the time the loan officer gets the contract, not the date it was written.
DON’T:
Make any big changes. This includes changing your name, going on vacation, quitting your job, getting promoted, fired, dying, or anything else that complicates the process.
Make any large purchases, large deposits, co-sign for anything, or receive any (monetary?) gifts without a gift letter or bank statement. Don’t apply for anything that will pull a credit report. All funds need to be traceable, or you will need letters of explanation.
Give away your negotiation power by talking in the house or speaking directly to the seller. This is what we’re here for, and loose lips sink ships!
Attend open houses, new construction without your agent, or call other agents on “For Sale” signs.
Wait to find the perfect house, see everything on the market, or go home to sleep on it. In a hot market, if you sleep on it, you might not get to sleep in it. You will always be limited by income, zoning, inventory at the time, legislation and/or property taxes.
Get advice from anyone who hasn’t purchased a home in the last year. The rules are changing constantly.
Consider a short-sale if you need to move immediately or be in control of the process.
Have unrealistic expectations. The majority of what you see on HGTV and reality TV is scripted and not realistic.
Delay paperwork because you are irritated by the frequency and volume, overwhelmed or anxious.
Call at the last minute to cancel appointments.
