Q: Do I need to be pre-qualified before looking at homes?
A: Absolutely. This not only saves time, but it is essential that you already have a basic understanding of what you can afford, what your house payment might be, and that you’re able at this time to purchase. Talk to a local lender and get an idea of what is going on and ask me if you need the name of one!
Q: Do I need to have a 20% down payment?
A: In most cases, no! A lot of people pay 3.5% or 5% down, but some do pay more. Some pay no down payment at all! Your lender can tell you about different loan programs.
Q: Does it cost me to speak with a lender to find out what I can afford, and what I need to do to prepare financially?
A: Nope. Lenders can talk to you, get some information, and quickly tell you different loans that might be available to you.
Q: How long does the home buying process take?
A: It’s different for everyone. Some people find their home on the first showing, others take multiple showings, occasionally spread out over time. I’ll help you navigate the journey either way. Once you find the correct home it typically takes 30-60 days to close on that home. This can also vary, especially if you don’t choose an efficient lender!
Q: How much do I pay you?
A: In Kentucky, you do not pay my commission. So it doesn’t cost you money to use me in that scenario. If I am listing your house and acting as your Listing Agent, you’ll pay a fee that will cover all of my services. We’ll discuss this in our first consultation! But as a buyer, you don’t owe me a thing but your loyalty, and I’ll work very hard to earn that.
Q: What are other fees I might incur when buying?
A: You’ll have to have some earnest money upfront when you submit a contract. This amount varies and is returned to you at the end of the transaction either by check or as a credit on your loan amount. It helps make your offer more solid. This money is due at the time of your accepted offer. Ask me about the “norm” for this amount.
You’ll also pay for home and pest inspections, if you choose to have them. Most buyers do. A home inspection can cost anywhere from $250-500 depending on size and age of the home, etc. and a pest inspection is generally around $50. These are paid to who you select to perform these services and are not refundable if you choose not to get the home after receiving the inspections back.
If you are satisfied and we negotiate through the inspections phase successfully, you’ll pay for an appraisal. This varies lender to lender and could be $350+. Ask your lender more about this.
Q: Where is the best place to search for real estate?
A: Tell me what you want and let me set up an automatic search that emails you the second a home that matches your preferences goes live! This is one of my favorite part of working with buyers. It also includes “portal” where you can make notes, email me listings you like so I can schedule showings, and delete ones you dislike. Let me do the work for you!
You don’t even need to be ready to buy just yet!
Have more questions? Message me on Facebook and I’ll help any way I can. I can’t wait to work together!