So you’ve decided to look for a home… but you’ve got some questions. That’s normal! Here’s a quick look at some of the most common questions from home buyers we and our realtor friends hear. Every situation is different, but these foundational questions from home buyers could help you directionally get your bearings.
Common Questions from Home Buyers that You Should Know the Answer To:
- What homes can I afford? The first step in the home buying process is to get a pre-approval. This helps you know how much you could get on a loan, and save you the disappointment
- What should I offer? Generally, people offer lower than the listing price, but usually within a reasonable 5%. If it’s been listed for a long while, you may be able to offer lower. Whether an offer is accepted is always dependent on the seller, so there really is no rule of thumb, as every seller is different.
- How can I tell if a home is a good investment? Check out comparable homes selling in the area. Have those prices gone up or down recently? You can usually gauge the home you are buying based on the real estate in the area.
- How long does closing take? Once you’ve found a home and your offer has been accepted, closing usually takes 30 to 45 days, depending on your loan.
- What are contingencies? Contingencies are clauses within your contract that allow the buyer to back out of the contract under certain circumstances and still get their deposit back. These vary, but an example would be that a contract contains a contingency that should it not pass a home inspection, the buyer could back out of the contract without any consequences.
One of the first steps to buying a house is getting a pre-approval, as noted above. You can get pre-approved by any lender and always choose to go with another lender later, so there’s no reason to stress about a decision there – just get it! And if you’d like to get it from us, we’d be happy to help. And if your question wasn’t on our list of common questions from home buyers… we’re only a phone call away! We’re a Christian Mortgage team that values faith and family, so we think we’re like you, and we’ll treat you like a friend. Looking forward to hearing from you!
Best,
Audrey
The Christian Mortgage Mom
