Q.  How do I start the home-buying process?
A.  To start the home-buying process, you should first speak with a local mortgage lender to determine your budget and get pre-approved for a mortgage.  In addition, you will need to reach out to a reputable real estate agent to help guide you through the process of purchasing a home.

Q.  What should I look for in a home?
A.  What matters to each individual will vary.  For some it might be the size of the home while others may care more about the size of the yard, the amenities the neighborhood has to offer, or the school system.  It’s a very good idea to speak with a real estate agent who can help guide you through the process of thinking about what is important to you.

Q.  How much should I offer for a home?
A.  Your real estate agent can help you determine a fair offer price by finding comparable homes that have sold in the same area.  Ultimately, the decision is yours but a good agent will help you by providing the date you need to make an informed decision.  Buying a home is the largest purchase most individuals will make so it’s important to make good decisions that will help you capitalize on your purchase.

Q.  How long does it take to close on a home?
A.  This timeframe may vary but 30 days is typically sufficient to close on a home.  The timing can be significantly decreased if your mortgage lender has you completely approved for the loan and only needs to qualify the home.  In this instance it might be possible to close in as few as 15 days.  For cash purchases, the closing attorney can usually have all title work completed and closing paperwork drawn within a couple of weeks.

Q.  What other costs should I expect as a buyer?
A.  In addition to the purchase price of the home, Buyers can expect to pay closing costs including mortgage and attorney’s fees, property inspection fees, appraisal fees, and other related costs such as state and local taxes, title insurance, and homeowners insurance.  Costs will vary so it’s important to speak with your mortgage lender to obtain a good faith estimate of such costs.

Q.  Should I get a home inspection?
A.  Yes, getting a home inspection is highly recommended and can help you identify any potential problems with the property before making a purchase.  While some elect to forgo a home inspection, it is important to consider there are issues that could be identified by a professional home inspector.  Your real estate agent can guide you through this process and ensure you understand the home inspection report.

Q.  Can I negotiate on the price of a home?
A.  Yes, once you submit your offer the Seller may choose to counter your offer.  If you find the Seller’s counter offer unacceptable, you are able to submit another counter offer back to the Seller.  There is no limit to the amount of times you and the Seller may go back and forth trying to negotiate the terms of the contract but it’s important to be mindful of any time limits specified in the counter offers for responding.  

Q.  What happens if I back out of the purchase?
A.  It sometimes happens that Buyers change their mind about a home they have under contract or possibly something was found during the due diligence period that has caused them to change their mind about the property or location.  It’s important to understand all deadlines specified in a real estate contract.  If you back out of a home purchase, you may forfeit any earnest money you put down.  Work closely with your real estate agent to try and prevent this happening.

Q.  Do I need to have a home warranty?
A.  No, but having a home warranty can give you peace of mind and help cover the cost of unexpected repairs or replacements.  There are several providers of home warranties in the market with varying levels of coverage.  Your real estate agent can help you understand the various plans and choose the one that is right for you.  It’s also possible to ask for this coverage to be provided by the Seller.

Q.  How do I make an offer on a home?
A.  Your real estate agent can guide you through making an offer on a home, including drafting a purchase agreement and presenting the offer to the Seller.