BUYERS FAQ

Got a Question?

We’ve put together some commonly asked questions to give you more information about buying real estate.

There is no time like the present! Whether you’re currently in the market for a new home, or months or years away, it’s always good to get ahead. Contact Us now and we will help you make all the right moves no matter where you are in the timeline. One hour consultation with us will save you a lot of time, money and headaches. You’ll leave with all your questions answered and know exactly what your Next Steps should be.

Getting a real estate agent to work with you and help guide you through the process is the single most important step to get you started. Some people feel getting a pre-approval is step one, but we feel with the guidance of a good buyer’s agent you can learn what to expect in the process and not just get a pre-approval, but get a pre-approval from a reputable lender that will be there for you from beginning of the process until the end. As we said before, we believe Communication is Key and we only deal with lenders that pick up the phone and make themselves available to their clients like we do. Having a responsive realtor and lender makes all the difference, just ask our past clients.

Talking to a mortgage loan originator (MLO) to determine which mortgage loan product works best for you and getting a pre-approval letter. You should discuss things like down payment, closing cost, monthly payment, etc. Don’t just focus on the purchase price alone, make sure that you’re comfortable with your monthly mortgage payment too.

No. While paying all cash makes your offer a lot more competitive and appealing to the seller, most buyers finance their purchase.

There are a number of options when it comes to financing your home. When you talk to a mortgage lender or a mortgage broker, they’ll go over all the options available to you.

The type of loan that is best for you will depend of the type of property you’re buying, your credit, assets, debt to income (DTI) ratios, etc. Everyone’s situation is different. Your mortgage loan officer will determine your goals and then go over all the options and help you pick the best one. Working with us you will get access to mortgage lenders and mortgage brokers that have the lowest interest rates and fees.

Your mortgage loan originator will tell you how much cash you will need for down payment, closing cost and prepaids. Besides these, your most common out of pocket expenses will be escrow money deposit, home inspections, and the appraisal. 

Absolutely! No matter how great the property might look, you should never skip on getting a professional home inspection. Money spent on home inspection is money well spent, whether you buy that particular home, or not.

You can do any type of home inspection necessary or desired during your home inspection period. This will vary depending on the type of property you are purchasing and the condition. We normally recommend general home inspection, four point (insurance) inspection, wind mitigation, and wood destroying organism (WDO). Depending on the general home inspection findings, you might need to do additional inspections such as roof, foundation, septic, etc. This is not one of those one size fits all. Home inspection is a very important part of buying a home. When we find you the right home, we will guide you through this and discuss which home inspections you should do. If you’re buying a new built home, the home inspection process will be completely different. No matter what, this is a very important contingency and it’s very important to stay on schedule with your deadlines.

Real Estate Owned (REO) properties are properties the bank comes to own because the borrower defaulted and the efforts to sell the property, either at the short sale stage or at the foreclosure sale, were unsuccessful.

A short sale occurs when a homeowner sells their home and the proceeds of the sale are not sufficient to pay off the mortgage liens.

Yes and No. This depends on your goals, market and property conditions, and the asking price. The best way to answer this question is for us to run a Comparative Market Analysis (CMA) report for you and go over the numbers and findings.

Yes and No. This depends on your goals, market and property conditions, and the asking price. The best way to answer this question is for us to run a Comparative Market Analysis (CMA) report for you and go over the numbers and findings.

Absolutely! We believe that Communication Is Key. Fill out the Contact Us form above, and we’ll get back to you shortly. Old-fashioned phone calls and text messages work too.

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