Buying a home is thrilling, sometimes weird, often epic, and never dull. As such, you’re bound to have a lot of questions throughout every step of the process. So to head you off at the pass, we’ve asked our real estate agents to spill the beans on most common questions buyers ask them and the answers, of course.
Q: What home can I afford?
That depends, of course on your income and your financial; Meet with a lender (bank) to get pre-approved for a home loan (pre-approval makes you much more attractive to sellers) And do it before you start shopping “If you see houses you love outside your price range, it opens you up to disappointment so be sure to get an approval”.
Q: Can I buy a home and sell my current one at the same time?
Yes, you can but it’s the real estate equivalent of walking a tightrope. On the one hand, if you buy a home before you sell the one you’re in, you’re overextended financially; if you sell before you buy, you might need to rent awhile before finding a new place. But there are ways to do both at once, and one option is to instate a “sale contingency” in your contract. This means you only agree to buy a home if you can sell the one you’re in. The only downside is if your seller doesn’t agree (which is possible if they want to sell fast).
Q: How many homes should I see before making an offer?
While home buyers these days can look at hundreds of homes online, they only check out 10 homes on average before they put in an offer. But keep in mind, “This varies for each person, some people find their home within hours while for others, it may take months.” If you want to streamline the process, search in on a particular area you’re keen on and if you feel limited by your options, it may be time to expand to surrounding areas.
Q: What do you think the seller will accept as a fair price?
As a rule of thumb, knocking 5% to 10% off the list price won’t ruffle any feathers. If it’s been sitting on the market for months, you can venture below that, but the bottom line is, “You never know how low a seller will go, as they have different motivations for selling,” says Jad Abou Rjeily of Gebeily Real-Estate. If the sellers are eager to move, you could luck out and score a deal and if not, you may lose the deal.
Q: How do I know if the property is a good deal?
While there’s no crystal ball on whether a certain home is a bargain and will appreciate, rest assured that with research and our help, you can keep surprises to a minimum. The best way is to check out what similar properties are selling for in the area “and whether those prices have been going up or down in the recent past,” says Jad Abou Rjeily of Gebeily Real-Estate.
Q: How quickly can I close?
Typical periods are from 1 to 5 days, this gives you enough time to do the investigation on the property legal papers and get the loan completed (if you have the pre-approved loan).
Q: Should I get a home inspection?
While buyers often wonder if a home inspection is truly necessary, we say yes, yes, and yes.
“Gebeily Real-Estate inspects the home before putting it on the market by looking into the condition of the building, electricity, heating and AC and plumbing. Ensuring these things are working to prevent you from paying to fix them in the future. If some things are not up to par, we negotiate with the seller to get those fixed before you sign the paperwork.”