1. How much does it cost to use a Realtor?
The buyer does NOT pay the Realtor—the SELLER pays the commission.
2. Who pays for the home inspection?
The BUYER pays for the home inspection. If there is a septic system, the SELLER pays to have it inspected & pumped.
3. How much does a home inspection cost?
The average cost is $300-$500 (depending on the size & age of home). **Always let the inspector if you are active duty military—they all offer a military discount!
4. What IS earnest money? When is it due? Where does it go?
Earnest money is a good faith deposit (from the buyer). It either gets applied to buyer’s closing costs, or refunded to them if the transaction is cancelled. If the buyer backs out of the contract without a viable reason (the contingencies we have are there for your protection) then your earnest money is AT RISK—Once the buyer & seller have agreed on all terms & signed the documents that is.
5. How long does it take before we can move in?
The average is about 45 days. However, there are 2 things to consider:
The BUYER puts the requested closing date on the offer &
Each transaction is different (number of contingencies, loan requirements, appraisal turn around etc).
6. Can we make an offer on a house without seeing a lender first?
Technically, yes. However, any offer you make is stronger with documentation that you can afford it. Plus, how do you KNOW what price range you should be looking in? You don’t want to get your heart set on a $300,000 house & find out you can afford $215,000.
7. Do we HAVE to spend the money on a home inspection?
Technically, no—but it is ALWAYS ADVISED!! THE CONDITION OF YOUR FUTURE HOME IS NOT AN AREA YOU WANT TO FIND OUT AFTER YOU’VE MOVED IN!!
8. How do we choose a lender? How do we choose a Realtor?
INTERVIEW! INTERVIEW! INTERVIEW!! This is your team that will guide & protect you & your biggest investment—it’s important to have complete trust & confidence in both.
9. What if we change our mind?
If you change your mind b/c the inspection failed, or are still under the umbrella of your contingencies—then your Realtor will terminate the contract. If all contingencies have been met & you just decide to walk away, then your earnest money could be at risk.
10. Should we buy a house if we are being relocated in 2-3 years?
Every situation is different. It depends on the market, finances, & your goals. That answer takes research & someone you trust to give you the pros & cons of your decision.