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Eight Common Buyer Questions

By Stephanie & John Webb

Real Estate Agent with Latte Stone Realty LLC NM# 37398 John NM# 43649

April 05, 2016 01:13 PM

Eight common buyer questions according to Realtor.com® and here are my answers:

What home can I afford? Great question. This is why we suggest starting your prequalification process with a lender before starting your house hunt. This will give you an idea of a monthly payment you are comfortable with, what your spending budget will be, and how much you will need for your down payment and closing costs.
Can I buy a home and sell my current one at the same time? Yes, it is called a contingency contract. We write an offer on a property that 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. When you find the right one for you, you will know.
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 are being listed 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? Refer to your market analysis of the neighborhood and consult with your Realtor.
How quickly can I close? Approximately 45-60 days from the date of your 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 and a termite inspection costs $45 to $60.
When can I back out if I change my mind? You can back out of a contract with reasonable cause: You 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.