Eight common buyer questions according to Realtor.com® and here are my answers:
- What home can I afford? Great question. This is why we start you off with a lender. This will help us to know what monthly payment you are comfortable with, what your limit is and how much you will need for your down payment.
- Can I buy a home and sell my current one at the same time? Yes, it is called a contingency contract. You write an offer on the property you are interested in contingent upon the sale of your current home UNLESS you qualify for both mortgage payments then you you can purchase your new home while selling or leasing your old one.
- How many homes should I see before making an offer? I have had clients purchase the first one they saw because it was perfect for them and I have had others who look at multiple homes before making a decision.
- What do you think the seller will accept as a fair price? This is when a buyers market analysis comes in handy. With this information you are able to see what homes in the neighborhood you are interested in are being listed for and have recently sold for. Remember that appraisers base their report on SOLD comparables.
- How do I know if the property is a good deal? I suggest basing this question on the comparable market analysis.
- How quickly can I close? Approximately 45-60 days from the date of the offer.
- Should I get a home inspection? I always recommend a home inspection- A Full Home Inspection or a Mechanical Inspection. These inspections can cost $175 to $275 plus tax
- When can I back out if I change my mind? You can back out of a contract with reasonable cause: Could Not Qualify for the loan, the appraisal came in lower than expected, the inspection revealed an issue you could not move forward on. Keep in mind you can back out of a contract for various other reasons but be prepared to forfeit your earnest money to the seller.
Do you have any other questions we could answer? We are happy to help!
Latte Stone Realty, LLC 505-977-0786
Stephanie Webb 505-803-1872