Be in the know
Know the answer to every question you have about buying a home.
Buying a new home is one of the biggest life decisions you’ll ever make. When interviewing real estate agents to help you buy your home, be sure to ask these important questions:
The answer truly depends on your goals for buying a home!
Consider the following questions: Are you looking for a forever home that you’ll live in for years to come or are you looking for an investment property to flip and make a profit? Do you plan to use the home as your primary residence or rent it out to tenants? Market inflation and interest rates are going up, so if your goal is motivated by a tight timeline and a desire to hold onto the property for a long time, now might be a good time to purchase your forever home. If you’re looking for a below-market deal or an investment property, it might be better to wait for a dip in the market to maximize your future profits.
There are a few different ways to buy a new home before selling the old one, but the answer truly begins with assessing your financial situation. Do you need the proceeds from the property sale to purchase a new home? Or can you close on the new property without selling the old one? Depending on your risk tolerance and desired outcome, we would craft a strategy to help you close on a home before selling your old property, as we’ve done for many clients to date.
In order to get pre-approved for a mortgage, you’ll need to show verification of your employment, income, assets, credit score and other supporting documents.
It can take anywhere from 1-10 business days to get approved for a mortgage.
Most mortgage pre-approval letters are good for up to 90 days.
A home inspection is an evaluation of the physical condition of the interior and exterior structure of a home. After the seller accepts your offer, this is an opportunity to uncover any potential issues or needed repairs before the closing.
A standard home inspection evaluates the condition and operational ability of the following:
A down payment is a lump sum of money that the buyer pays the seller upfront.
Depending on your finances and loan situation, the down payment can range from 3–20% of the purchase price.
Earnest money, also known as an escrow deposit, is a deposit made to the seller after they accept your offer. Earnest money acts as a show of good faith and tells the seller that you are serious about purchasing their home.
Closing costs are fees and taxes that are paid after you’ve secured a loan for your mortgage. Closing fees are separate from the down payment and are typically 3–5% of the loan amount for your new home.
The buyer typically pays for the majority of the closing costs, but this is often determined by contractual terms set between the buyer and seller.
On average, it can take around 30-45 days to close when buying a house. However, different factors can lengthen or shorten the timeline, including: the condition of the market, how long it takes your loan to be processed, and the results of the home inspection and appraisal. In our current market, closings are happening within a much quicker timeframe!
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