Whether a buyer is purchasing their first home, or is more experienced and purchasing their sixth home, the home buying process can create many emotions and feelings.  One of the best ways we’ve found to make sure that the process isn’t overwhelming is by starting off with a professional consult.  This allows us an opportunity to educate our clients so that they can make the best decisions and ensures that they’re properly prepared.

There are always lots of questions!  Even the most experienced home buyer can forget exactly how the process works, not to mention, the market is continuing to shift and the process has to evolve with the changing market.

When buying a home, much like in school, there is no such thing as a dumb question!  If you’re unsure of something when you’re buying a home, ask!  As realtors, that’s what we’re here for! There are many questions that home buyers seem to ask quite often.  Here are my top 3 frequently asked home buyer questions:

The answer to that question is, YES!  There are tons of reasons why you should talk with a bank and get pre approved before looking at homes.  First and foremost, it will help give you an idea of exactly how much you can afford.  It’s also important to understand the costs associated with buying a home.  Closing costs, title policies, pre-paid items, escrows…these can all be thoroughly explained by a mortgage professional.  Lastly, sellers want to work with buyers who are motivated, ready, and able.

The first out-of-pocket expense will be Earnest Money.  Earnest Money acts as a good faith deposit that accompanies your offer and goes towards your down-payment at closing.  This amount often varies depending on the price of the home, but we typically advise our clients to offer an earnest money amount thats about 1% of the purchase price.

The second out-of-pocket expense will be your home inspection.  These can range from about $300 -$500 depending on the size of the home your planning to purchase.  You’ll also need a termite inspection and those are about $45.

Last would be the appraisal.  This item is ordered by your lender and typically costs $400-$500.

In most cases, the seller pays their agent a commission that is then split between the listing agent and the buyer’s agent.  Essentially, the seller pays for the buyer’s representation.