What is the first step of the home buying process?

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The Mortgage Preapproval. Unless you are paying cash for a house, you will need to get a mortgage. In order to know how much home you can afford, you will need to get pre-approved for a loan. This is the first-step in the home buying process.

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What does a Realtor do?

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A buyer’s agent will guide you through the home-buying transaction and be at your disposal for any questions or concerns.

• Find the right property through the MLS. The MLS is a huge, private database of home listings that allows real estate agents and brokers to connect clients with homes for sale and prospective buyers. After determining what the clients are looking for and what they can afford, the agent will schedule appointments to tour homes. The agent can explain the ins and outs of various properties and neighborhoods, and help buyers decide which home is right for them, by explaining the pros and cons.
• Negotiate the offer. The buyer's agent will advise clients on an appropriate price to offer and present it to the seller's agent. "Then they will negotiate on your behalf and write up the contracts for you. This is where the agent's experience in negotiating deals can save you money and help you avoid pitfalls like a fixer-upper that's more trouble than it's worth.
• Recommend other professionals. A buyer's agent should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and other real estate professionals. This will expedite the process and move you to a successful real estate sale.
• Help overcome setbacks. If the home inspector's report or appraisal brings new issues to light, a buyer's agent can advise you on how to proceed with the transaction, and then act as a buffer between you and the sellers or their broker. If negotiations become heated or hostile, it's extremely helpful to have an experienced professional keeping calm and offering productive solutions.

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How much does it cost a buyer to hire a Realtor?

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Nothing. Realtors get paid on a commission basis, usually 5 to 6 percent of a home's sales price, which is split between the listing broker and buyer's agent. Fees typically come out of the sellers' proceeds which means buyers generally pay nothing to the agent who represents them.

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How long does it take to buy a home?

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30-45 days. The timeline for finding a house varies greatly from person to person. Once you find a house and have an accepted offer, it usually takes around 30 days to close.

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How many homes should I visit?

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Sometimes buyers find their future home the first time out and others look at 50 homes before they see one that checks all their boxes. It’s a good idea to see at least a few alternatives so you have some points of comparison, but sometimes you just know a place is where you want to live. Buyers often have a gut reaction to a home. First impressions count.

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What happens if I face multiple offers?

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In a Seller’s Market, you may find yourself competing against other buyers. In that case, your agent is your best ally in strategizing for your offer to be accepted. With access to real-time market data, your agent will know how to best position your offer. If there’s more than one offer, the sellers can:

• Accept the best offer
• Counter all the offers to get a better price and terms
• Counter one offer that’s close to what they want

You and your agent can work together to find out what’s important to the sellers, such as a specific moving date, and to discuss possibly waiving contingencies, adjusting your price or writing a “love letter” about the house.

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How do I know when to negotiate and when to let go?

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Your agent can guide you, but you also need to decide how much you want a particular property and what you’re willing to accept to get it. You may want to let go when:

• A bidding war drives the price too high
• The appraised value of the home is below your offer
• A home inspection finds defects that would be expensive to repair
• The sellers are unwilling to make reasonable repairs
• You learn about homeowners association rules that won’t work for you

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What’s included on a home inspection?

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The inspector will check:

• Structural conditions such as the foundation, beams and floors
• Roof condition
• Mechanical systems such as heat and air conditioning
• Appliances – to make sure they’re working
• Plumbing – for leaks, rust and water pressure
• Electrical systems such as grounded outlets and code violations
• Safety issues such as stairs, handrails, mold or chimney maintenance

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