Real estate FAQ
Should I talk with a bank before looking at homes?
If you’re a first time home buyer, talking with a bank before looking at homes is strongly recommended, as there are many first time home buyer programs available. These programs can vary, so knowing exactly what’s available to you is critical.
Another important reason to talk with a bank before looking at homes is so you understand exactly what costs are associated with buying a home. A mortgage professional can explain you the difference between a down payment, pre-paid items, and escrows, and give you advice on the type of financing you should be looking to obtain.
Should I buy or continue to rent?
Buying a home can be a very solid investment and a a great option in many cases, but not always.
One of the most important things to consider is the length you plan on staying in a home, if you were to purchase. If the answer is only a few years, it’s likely the better decision is to continue renting. Another question to ask yourself is whether you are ready to take on the additional “responsibilities” of owning a home. When owning a home there will be general home maintenance that should be done. Are you ready for that?
Do I really need a Realtor when buying a home?
When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same!
How many homes should I look at before putting in a purchase offer?
The answer is, there is no specific number of homes you should look at before buying a home. Don’t feel that if you were to purchase the first home you look at that you’re making a mistake. Same can be said if it takes you looking at 25 homes.
How long does it take to buy a home?
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that.
Do I need to do a final walk-through?
It’s not required, but it’s highly recommended.
Final walk-throughs give you a chance to make sure nothing had changed since the first visit. If repairs were requested, as part of the offer, a follow-up visit ensures that everything is squared-away, as expected, per the terms of the contract.