FAQs for Buyers

So you’re ready to take a big step, buying a home!

There are probably quite a few questions going on in your head so we want to take a quick moment and address some of the more commonly asked questions.

Where do I begin?

Quite honestly, the first thing you should do is contact a Mortgage Lender.  You can use a Bank but I’ve found that you usually get more attention from the Independent Brokers.  Everyone is different, the most important thing to remember is that you want to work with someone that knows what they’re doing and you’re comfortable with.  You’ll be sharing some very personal financial information with them so ask your friends, family and your Realtor for referrals to someone they’ve had a great experience with.

Then what?

The goal of meeting with a Lender is for them to help you understand what you can afford in a home.  You still have to eat, put gas in the car and pay your bills and utilities and let’s not forget, maybe do something fun from time to time.  Don’t be tied down to your home financially.  Listen to your lender and Realtor, they want to help you find the best home for the right amount of money.

Ok, now I know what I can afford, can I start looking at homes?

You bet, you’ve taken a very important step, you know what you can afford and probably received a Pre-approval letter so now you’re offer, when ready, will look even stronger!  The next task is finding the right Realtor for you.   At Team Galt, we’d like to think we are the best for just about anyone but that’s not always the case.  Again, one of the most important things is to find someone you enjoy working with.  An experienced agent will have the knowledge and ability to help you narrow down the home choices, show you the properties and Negotiate a deal for you when prepared to take that step.

Do I pay for the Realtor?

That’s the beauty of it, you don’t pay us anything.  We work with you with the knowledge that we’ll be compensated by the Seller at the closing.  It’s a partnership, consider yourself an extension of the Team.  We’re in this for however long it takes to find the right home for you.  We’ve worked with some clients that take a year to find a home and some that fall in love with the very first one they see.  Everyone is different and we understand and encourage you to go at the pace you’re most comfortable with.  We will never rush you, you have my word on that.

We found the home we want, what do we do now?

This is an exciting time, you found the home you want and are ready to write an offer.  Your Realtor will provide you with information about what similar homes have been selling for in the area to help you identify what might be a realistic expectation of what the home will be valued at.  At the end of the day, the offer is what you want it to be, your Realtor will give you guidance and may make suggestion but we are there to represent you and you alone.  You’ll need to factor how much earnest money you’ll be offering, if you’ll be asking for closing costs (your lender will discuss this with you), closing date, real property, etc.

Once an offer has been submitted, it typically takes 24 hours before you know what the seller is thinking (response time will vary depending on seller and if it is a ‘Distressed Property’.)

For this example, let’s say that the Seller counters with a higher price and you counter back as well.  The Seller accepts your Counter and we have what is called an ‘Executed Contract’.

They accepted our offer, what do we do next?

The next step is an extremely important part of the purchasing process.  You will need to have your home Inspected by a Licensed Professional.  Inspectors know what to look for and will go through the property with a fine tooth comb looking for any major defects or point out concerns to you.  You are responsible for the cost of this inspection but it is well worth it in the long run, plus you’ll learn a lot about the home you’re about the buy.  Upon completion of this inspection, you will  be provided with a detailed report.  You and your Realtor should review this report.  Assuming that some Major Defects are discovered, this is your opportunity to request that the Seller have these items repaired/replaced prior to closing, allowing you time to make sure the work has been completed to your satisfaction prior to purchasing the home.

If all parties agree, we move forward to the closing table.  There are still some important steps such as the property appraising for the sale price but these things are out of everyone’s control.  If we get the green light on the appraisal, the next step is the closing and you receiving your keys to your new home.

Obviously this is a short summary of what goes on but you get the idea.  Please know that you can call Dave Galt or Becky Blossom anytime to talk about buying a home.  We love what we do and are happy to help!

Thank you!