Here are some frequently asked homebuyer questions. If you have any questions that are not answered below, please feel free to contact us.

When should I start looking?

Everyone takes a different amount of time to find a new home. It largely depends on how much time you have to devote to looking at places, and how specific you are about what you want (neighborhood, price range, property type, etc...). In general, it takes most people about one to two months to find a place and then another one to two months before closing. I usually recommend buyers call me to get started about three to four months before their ideal move date.

When should I talk to a lender?

You will want to talk to a lender before you start looking at any properties. It is very important that you get pre-approved for a mortgage for several reasons. First, you want to make sure that you are looking in the right price range for properties. Also, if there are any issues with your credit, you will want to know at the beginning so you can get them fixed. Finally, a pre-approval letter will make your offer much stronger. In fact, most sellers won't even look at an offer without a pre-approval letter attached.

Why should I use an agent?

A real estate agent will provide you with their knowledge, experience, and insight to guide you through every step of the real estate transaction. The cost of a real estate agent to a buyer is completely free. Occasionally, buyers tell me that they don't want to use an agent because they will get a better deal, but this is not usually the case. The seller is paying the same commission to the listing agent whether there is a buyer's agent involved or not. So, if you don't have an agent, not only is it unlikely you will get a better deal, but you won't have anyone representing your interests in the transaction.

How much should I offer?

Deciding how much to offer on a property depends on several factors. The most important factor to consider is how much you think this property is worth when compared to other recent sales. Your agent will be able to provide you with this information. If the property on which you want to make an offer is listed much higher than recent sales, you will likely make an offer much more in line with these other sales. If you find that the property is listed in line with these other sales, you may go in closer to the listing price. Other factors which may affect your offer price are how long it has been on the market, whether it is vacant, seller motivation, and the amount of similar inventory on the market.

How much will I need to put down?

This depends. At the closing, the buyer is responsible for the mortgage down payment and the buyer's closing costs. There are many mortgage loan products that have down payment requirements ranging from 3.5% to 20% or more of the purchase price. Given recent credit issues, there are fewer loan programs with very low down payment options, but they are still out there. As discussed above, it is best to speak with a lender early in the process to find out what loan products would work best for your situation.