Buying a house is exciting! It will likely be one of the most important and expensive purchases that you make. It's a long process but can be very rewarding.
Outlined below are some common questions:
How much do I have to pay an agent?
- Agents are paid a commission on sales. The sellers who listed the property have usually agreed to pay a percentage to get the house sold. The only REALTOR® fee you will need to pay is a Broker Administration Fee to the brokerage.
How do I visit houses?
- Call your agent. Agents that are part of the MLS (Multiple Listing Service) have access to information on houses listed with other agents. We can show ANY house in the MLS.
What is an FSBO?
- For Sale By Owner. This is where a seller has chosen not to list the house with an agent. The seller chooses to show the property, accept offers and negotiate on their own. Your agent can help you visit the homes, write and negotiate offers, and represent you through closing.
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Why do I need to be pre-qualified?
- In a fast-moving market, you must have a pre-qualification letter to be seriously considered.
Do lenders, title companies and inspections matter?
- All of these are important and can sway the decision of a seller to accept your offer. These companies are not all created equal. Ask your agent with whom they have had success. Be willing to consider other companies if one is too busy.
What’s the big deal about a local lender?
- Local lenders live and work in the community and have a good understanding of the market. Most have local underwriters and contacts that can help get the loan closed. They don’t have call centers. They can offer area-specific programs that help buyers. You can meet face to face and know you have a contact for life.
The key take-away is to find a knowledgeable agent you want to work with. Happy house hunting, and please feel free to reach out for more info!