The absolute first step is to get approved for a mortgage. Without being approved for a mortgage it will be quite difficult, if not impossible, to purchase a new home. If a potential client reaches out to us, we take them through the tenant screening process and then guide them to a reputable mortgage corporation and advisor that you trust.

For cash buyers, the first step is to get them an offer letter which should be dully signed. We then have both parties do the due diligence before closing on the deal.

This is a tricky question, and the answer primarily depends on one’s funds and ability to find temporary housing. If a client needs more equity to purchase a new home or meet a mortgage plan, then it is best to sell one’s current home before purchasing their next one. That being said, they will most likely need temporary housing elsewhere.

A final walk-through is not required but highly recommended. Final walk-throughs give buyers a chance to make sure nothing has changed since their initial inspection or previous visits. Also, if repairs were requested as part of the sale offer then a follow-up visit ensures all repairs are done according to the agreement and contract.

If a client gets cold feet about a property that is okay. Sometimes, they have second thoughts or want to go in a different direction. The client will however have to forfeit a certain percentage of the earnest money, which again, is around 1–2% of the home’s sale price.

A mortgage is a type of loan to finance a property. The majority of people are not wealthy enough to purchase a house in total. Thus, a mortgage serves as a secure loan that comes with a fixed interest rate and gets paid off over 15 or 30 years. If need be, a client can refinance their mortgage and payments in the future.

Getting a pre-sale home inspected is never a bad idea, especially to get the client the best price for their home. Some homebuyers will feel uncomfortable purchasing a house without seeing a home inspection. Many will often hire their own inspector. It’s better to be safe than sorry.

Once the house is on the market, it may take anywhere from four to 10 – 12weeks to sell. However, if the market is fairly hot, a seller could see their house off the market within a week. On the flip side, if there is a lull in the market or issues arise such as negotiation, lack of exposure, or house conditions then the property can sit on the market for months.

From start to finish, buying a home takes about 10 to 12 weeks. Once a home is selected the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that.

Market conditions are a major factor in how fast homes are sold. In hot markets with a lot of sales activity, buying a home may take a little longer than normal. That’s because several parties involved in the transaction get behind when business suddenly picks up.

For example, a spike in home sales increases the demand for property appraisals and home inspections, yet there will be no increase in the number of appraisers and inspectors available to do the work. Lender turn-around times for loan underwriting can also slow down. If each party involved in a deal takes a day or two longer to get their work done, the entire process gets extended.

Yes, almost everything in real estate is negotiable. Typically, there is a difference between a home’s list price and how much it actually sells for. The current market’s saturation will determine how much wiggle room there is for negotiation. If you’re on the buyer’s side, expect the house to be able to be purchased for less if there is a lower demand than supply in the market. Vice versa, if you’re on the seller’s side expect it to usually sell for less. That being said, you never know who else is house hunting. Sometimes people will swoop in and offer the exact asking price.

Home shoppers pay little or no fees to an agent to buy a home. These questions are always asked even by second-time buyers.

For most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer.

Listing brokers represent sellers and charge a fee to represent them and market the property. Marketing may include advertising expenses such as radio spots, print ads, and television and internet ads. The property will also be placed in the local multiple listing websites, where other agents in the area (and nationally) will be able to search and find the home for sale.

Agents who represent buyers are compensated by the listing broker for bringing home buyers to the table. When the home is sold, the listing broker splits the listing fee with the buyer’s agent. Thus, buyers don’t pay their agents.