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Frequently Asked Questions: First Time Home-Buyers

Where do I start?

The first place to start is with a local lender or bank. If you qualify, they will tell you two important things- what price you are approved for and what loan types you are approved for. This is important because some loan types (USDA) dictate where you can look.

What happens after I get pre-qualified?

The next step is finding an agent to represent you as a buyer. After you lock down an agent, send them your pre-qualification letter and let them know what you are looking for in a property.

Should I call a listing agent of a property?

You can always call a listing agent and they can help you write an offer. However, their loyalty lies with the seller as that is who they represent. By having a buyer’s agent, you would have someone that represents your best interests.

Do I pay a buyer’s real estate agent?

Nope! Unless it is a for sale by owner that does not want to pay a commission, the commission is usually paid for by the sellers. The sellers offer a commission for their listing agent and also commission for a buyer’s agent.

Do I have to put down a down-payment?

Not always! There are loan programs out there that offer 0% down. If you are concerned about the downpayment, talk to a lender about it and see if you apply.

What are closing costs and do I have to pay for my closing costs?

Closing costs are loan fees, transfer taxes, deed preparation charges, etc. that a buyer has to pay for when purchasing a home. If you do not have the cash to pay for your closing costs, you can ask the seller to pay a portion, or all, of your closing costs. Just keep in mind that a seller will look at an offer with closing assistance as Purchase Price – The Closing Costs= Their Net Profit. For example, if you offer $100,000 but need them to pay $5,000 towards your closing costs, it is going to be more of a $95,000 offer to the seller.

How long does it take to buy a house?

Usually four to six weeks if you are getting a loan. If it is a cash offer, we can usually close within two to four weeks.

Have More Questions

If you are a first-time buyer and have more questions, please reach out to us at 301-722-0190 or send us a message!

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