Common Buyer Questions

Karl Miller
Published on January 25, 2021

Common Buyer Questions

Buying a home is a big deal, and if you’re in the process of getting ready to start your search, we’d love to help!

There are a lot of logistical questions that arise for buyers, such as:
How do I find the right house?
Should I buy a townhouse, condo, or detached single-family home?
What neighborhood should I buy in?

Let’s start with the basics, the first thing you need is to find a Realtor to represent you. They are going to be your trusted advisor, advocate, and negotiator. Make sure you are on the same page and communicate your wants and needs with them.

The second step is to get your financing squared away. Know your loan type, the down payment needed, and estimated closing costs. This is all on the finance side that we talked about in this blog (https://karlmillerrealty.com/real-estate-blog/common-questions-buyers-have-when-purchasing-a-new-home/)

The third step is to get on with the search! Work with your agent to narrow down a type of home that has the architectural, size, features, and condition that is right for you. Decide how far you want to travel to work and social activities that you enjoy. Then, to the fun part – tour some homes! Get a feel for the market and what your budget will afford you.

Once you find the right home in the location you like and you’re comfortable with what the monthly payments will be, it’s time to make an offer!

Offers are made in writing and the seller, upon receiving your offer has three options. 1. Accept, 2. Reject or 3. Counteroffer. Sometimes your offer may go back and forth a number of times but after each party mutually agrees on all the terms, a ratified purchase agreement is signed!

It is at this point that having an incredible agent is even more beneficial to you. They will help you filter the various papers that will come your way, along with your mortgage agent. These can include: loan application, home inspection, appraisal, loan approval, septic, well and termite certifications, review of the HOA or condo disclosures, insurance application, and contracting an attorney or title company to fulfill a title binder.

there are a lot of moving parts that happen simultaneously and it is important you have your trusted Realtor guide at your side to insure these items are addressed and covered to your satisfaction. We CANNOT emphasize enough the need to have a trusted advisor to verify these items are fulfilled including any repairs are completed prior to closing. Finally, after all of these items are addressed and fulfilled you will be able to close on your new home!

We hope this basic overview of a common question from buyers helps you when planning for the buying process.

When you’re ready to start your search, we are your caring, competent and trusted advisors, ready to help you in the LYH area!

https://lynchburgmls.rapmls.com

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