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There are many questions regarding the home buying process. Understanding today’s real estate market is the foundation of your homebuying journey ending in success. Here are a few of the more common questions that prospective home buyers have.
How does the home buying process work? What steps are involved?
First, your Capstone agent will complete a thorough interview to assess your needs and explain the process. Your next step will be meeting with a mortgage lender to confirm your budget and determine the type of financing you will utilize to purchase a home. A lender will provide an estimate of all costs involved, discuss what is needed to complete the paperwork for a mortgage loan and issue a ‘pre-qualification letter’ to provide to sellers when you are ready to make an offer on a home.
Next, you will work with your agent to determine what homes fit your criteria and then view them in person. After you have found “the one,” it’s time to make an offer. Your agent will put together a written purchase offer to present to the seller’s agent. The seller will either accept, counter or decline your offer. If accepted, you will move on to the next steps with your agent’s guidance.
After terms and price have been agreed upon, most buyers will have a home inspection and may submit an official Request for Repairs form for any items that may need to be repaired.
After all repairs are complete, your agent will set up a time with you to check the home for ‘final inspection.’ At this point, it is time to set up your home insurance, utilities, and move-in details.
Finally, it is Closing Day! The ownership of the home will be transferred to your name at most likely an attorney’s office and you will receive the keys to your new home!
These are condensed steps to a home purchase, but your Capstone agent will help you along every step of the way and answer any questions you may have. Here is a Homebuyer’s Map we created at Capstone to demonstrate the process.
How long does it take to buy a home?
It can take anywhere from several weeks to several months — or even longer — to complete the buying process. There are many variables along the path to a home purchase. Every buying scenario is different, because every buyer is different. With that being said, there is an average time for the various steps you will encounter along the way which is usually 4 – 6 weeks.
Should I hire a REALTOR® to help me purchase a home?
When buying a home, it’s strongly recommended that you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same! A Realtor that represents a buyer is often referred to as a “Buyer’s Agent”. Choose a Buyer’s Agent that is familiar with the area and is a good listener. Attempting to buy a home without a Realtor can really make the home buying process more difficult.
Who pays the Realtor fees when buying a home?
One reasons why buyers ask the question about the need of having a Realtor when buying a home is because they don’t understand who pays the Realtor fees when purchasing a home. There are no guarantees, however, in most cases the seller pays the Realtor fees. One exception to this rule can be a For Sale By Owner. However, many FSBO sellers also pay a buyer’s agent’s commission.