Getting pre-approved for a mortgage! You need to know how much home you can afford. It helps to narrow down home searching by finding suitable properties within your budget. We don’t want you to fall in love with an unaffordable home.

From start (searching for property/obtaining a buyer) to finish (closing escrow) buying/selling a home takes about 10-12 weeks once the offer is accepted. Offers submitted by buyers usually receive a response in 72 hours unless the listing agent has set an expiration date set, at which time they will stop accepting offers. Under normal market conditions escrow period is completed in 30 to 45 days. Process for cash buyers is faster.

Most loan programs require a FICO score of 620 or better. Borrowers with a higher credit score represent less risk to the lender, which may result in a lower down payment and better interest rate.

The national average for a down payment is 11%, but can range anywhere from 3-20% depending on the type of loan you select or are approved for. Inclusive for first time and repeat buyers. First time home buyers have more programs available to them and may not require as big of a down payment. FHA loans typically require 3.5% down. Some programs even less. VA and USDA loans can be made with zero down.

If the built-up equity in your current home will be applied to the down payment on your new home, your current home will need to be sold first. If you’re turning your current home into an investment property, like renting it out, it will not need to be sold. Your loan advisor will still need to evaluate your risk profile along with your credit history to help make you make the most feasible decision.

When you make an offer on a home, we will ask for a check to accompany it (typically 1-3% of the purchase price) unless listing agent has indicated an amount in MLS. It is simply an indication of good faith that the offer we are submitting is genuine. It is essentially taking the home off the market and reserving it for you. If a deal is struck, the earnest money is applied to the down payment and closing costs. If the deal falls through, the money is returned to the buyer. (Unless the buyer backs out of the deal after a deal had been agreed upon by both parties.)

Our answer will always be yes! Some types of loans require them and we highly suggest them. They can reveal defects in the home that can’t be easily detected and will bring a peace of mind to one of the biggest investments of a lifetime. Although we highly recommend them, we will honor your wishes if you choose not to.

A final walk-through is definitely NOT a requirement but is definitely a good idea to make sure nothing has changed. Especially if repairs were requested to ensure that everything has been squared away per the terms of the contract.

Sellers may accept or reject an initial offer, however a rejection is not always the ending of a transaction. Some sellers follow-up with a counteroffer. If an offer is rejected with no counteroffer we will initiate another search to locate a property to place an offer on. If a counteroffer is presented we will review it together and you will determine if the terms of the counteroffer are acceptable. You may also counter a counteroffer. Which places the offer back in the hands of the seller. If you accept the initial counteroffer, approving it closes the deal immediately. If you reject the counteroffer, the seller most likely will reject the first offer and we will begin searching for a new property to place an offer on.

Our Agency Agreement (also known as an Exclusivity Agreement) and Listing Agreement creates a legal contract between our real estate firm and client that grants the firm the right to act on your behalf when contacting other firms, contractors, inspectors, etc. It’s also an exclusive agreement that we will be the only entity to market, purchase and/or sell a property for a designated period of time. It also ensures commission costs are transparent and properly paid.