Family Real Estate

REAL ESTATE FAQS

You’ve Got Questions–We’ve Got Answers

 

HOW MANY HOMES SHOULD I LOOK AT BEFORE I MAKE A PURCHASING DECISION?

There’s no magic number, but technology such as the numerous real estate Apps and websites have allowed home buyers to look at hundreds of homes in a matter of hours.

This is a great way to get foundational knowledge about your market. View as many homes online as you can since it’s easy to do and doesn't take too much time. Your resources are more limited, though, when viewing in person due to time constraints and information overload. View three to five homes in a day, and if nothing jumps out, take a breather and start again another day.

Once you view 10-15 homes in person, you probably have a good idea of what’s available in your price range. You should start to narrow down your list and take another look at the top couple choices.

One additional note: Don’t get trapped in “analysis paralysis.” You could miss an opportunity by looking at the details too closely. Do you have a good feeling about the home? Trust your gut.

HOW DO YOUR FEES WORK?

Realtor fees are not an upfront cost, but rather a percentage of the resulting sales price. Standard practice is that the seller pays the real estate commission of both the listing agent and the buyer's agent.

WHAT HOME CAN I AFFORD?

That depends, of course—on your income and other financial obligations. There are many online mortgage calculators available that will tell you what your monthly payment will be as well as what the current interest rates are.

CAN I BUY A HOME AND SELL MY CURRENT ONE AT THE SAME TIME?

The short answer is yes but it can be a tricky situation. If you end up buying a house before selling your current one you may be stuck paying two mortgages until your old house sells and be stretched financially. If you sell your house before you end up buying one then you could find yourself temporarily homeless and may need to rent for a few months until you find a house. You also have the option to instate a “sale contingency" in your contract which means you only agree to buy a home if you can sell the one you're in but this often makes your offer less competitive and the seller may ultimately reject it if it doesn't match their timeline.

HOW QUICKLY CAN I CLOSE?

Typical escrow periods are 30 to 45 days which gives the buyers enough time to do the investigation on the property and get a loan completed. An all cash deal can close much quicker if both parties agree.

SHOULD I GET A HOME INSPECTION?

While it may seem like an unnecessary expense, a home inspection should almost always be completed even if one is not required. It will look into the condition of the roof, electricity, heating and air, plumbing, etc ensuring these things are working properly preventing you from paying to fix them in the future. If some things are not up to par, you can negotiate with the seller to get those fixed before you sign the paperwork.

Couldn’t find the answer you were looking for? Let us know and we’ll answer you as soon as we can.