Questions Asked Before Starting The Home Buying Process

There are normally many questions that home buyers will have throughout the home buying process. Even an experienced home buyer can forget exactly how the process works and what the proper steps are to ensure the process is relatively smooth.

When buying a home, one of the most important things to understand is that “no question is a dumb question.” If you’re unsure of something when buying a home, ask!

There are many questions that home buyers seem to ask often. Some questions are before starting the home buying process, during a house hunt, while writing a contract, or after an offer is accepted. Here are a few frequently asked questions from home buyers.

How soon should I start talking to a real estate agent?
It's never too early to speak with a real estate agent. Depending on when you want to be in your new home, you can contact an agent anywhere between 3 to 12 months before you plan on making the purchase.

Should I talk to a bank before I look at homes?
Yes. This will do several things. It will give you an idea on how much you can afford, what your monthly payments may look like, and it will give you an estimated amount to have available for closing.

I own a home, should I buy another before selling my current house?
The answer to this question will depend on your specific situation. The benefit of buying a home before selling your current one is that you would have a suitable property lined up. This can reduce stress and pressure of having to find a home once your current one is sold. For this, a conversation with a lender is absolutely needed. If you are unable to purchase a home without having to sell your current one, your purchase offer is going to be contingent upon sale and transfer of title of your current home. This gets a little more complex but there are always more solutions to ensure you meet you goals.

Who pays the Real Estate agent fees when buying a home?
In most cases, the seller of a property pays the real estate agent fees.

How do I know how much to offer on a house?
When buying a home, you are the only one who can determine how much you should offer a seller. Certainly it’s suggested you ask your real estate agent's advice and thoughts, but ultimately you are the only person who can determine how much you should offer.

How long does the seller have to respond to my offer?
The is not a standard answer for this. The seller can answer in hours or sometimes in 2-4 days.

When is the closing date?
The closing date can be anywhere from 30 to 45 days from the day the contract was accepted.

How much money is needed for a down payment?
The amount of money you’ll need to put down on a new home depends on the price of the home you select, along with the mortgage terms that you’re approved for. Different lenders offer different loan options that may allow a buyer to put as little as 3-5% down or even less.