5 Most Frequently Asked Questions by Homebuyers (and their answers!)

Posted by Krista Fracke on Thursday, January 26th, 2017 at 9:00am


How will I know what I can afford?

There is a very simple and important answer to this question: get pre-approved. It is pertinent that all potential homebuyers get a pre-approval from a qualified lender before even beginning their home search. Your pre-approval will let you know your maximum purchase price and if there are any issues with your credit or otherwise that may stop you from being qualified for a mortgage. You really don’t want to find the home of your dreams and then be turned down by lenders.

Should I sell my current home before buying another?

The answer to this is yes and also no. There are definite pros and cons to either approach. On the one hand, if you sell your home first, you are able to buy a new home without the restriction of having to get your house sold or having to figure out how to get the money to pay for the second home. On the other hand, by buying first, you ensure you don’t have to rush your home search because you need somewhere to live with your home closing.

Do I really need a real estate professional?

My completely unbiased answer is an emphatic YES!!! When you are buying a home, you don’t have to pay a cent for your real estate professional – the sellers pay us! On top of that, we work in your best interest to show you only the homes that match your needs, getting you into them before they are available to the general public. As well, we walk you through the process, ensuring all aspects of the offer, sale and closing are dealt with professionally and with only your best interests in mind.


What happens if my offer is rejected?

In some cases where the buyer is offering the seller lower than what they are asking, the offer could be rejected. As well, money isn’t always the only reason offers get rejected. Other issues could include:

·         Closing date

·         Asking for items that aren’t included

·         Seller concessions are too high

·         You aren’t pre-approved

·         Inspection

·         Better offer on the table

·         Low deposit

·         Too many contingencies

·         Seller is unrealistic

How do I know I am getting a good deal?

Buying a home isn’t like shopping at Wal-Mart. While there are “deals to be had”, buying a home for fair price is going to be your best bet. Most sellers aren’t going to sell their house for a bargain, just to get it sold (with some exceptions) and if you want a well-maintained, move-in ready home, paying fair price is important. How do you know if it is fair price? By working with your real estate professional, you can assess what other homes in the neighborhood are selling for and make some comparisons in terms of size, style, upgrades, etc. From there you will decide what you feel is a fair price and make your offer – whether it is above, below or at asking price.

 

 

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