BUYER SERVICES
General Questions
Once we find you a home, the typical time frame from contract to closing is usually about 4 weeks.
This number varies considerably for each buyer. Rather than focus on how many houses you’ve seen, our goal is to familiarize you with the current market and choices available to you so you’re in a position to act once we do find one that fits your needs. Most buyers seem to find that “comfort level” after seeing 10-15 homes.
There isn’t one so don’t stress it. It’s a misconception that the best time to buy falls on the calendar the same time every year. Interest rates fluctuate independently of seasons, as do other market factors that drive supply and demand. Spring may bring more inventory, but it also brings out more buyer competition. Winter months may have fewer homes on the market, but you may also have fewer buyers to compete with. The best time of the year to buy is when the stars align in your world, as that is often the biggest driving factor for most buyers. Don’t worry, we’ll find you the right home regardless of what the calendar says!
Financing
Meeting with a lender, reviewing the loan options available to you and getting pre approved should take place early in the process, preferably before we start viewing homes. With that said, we do encourage you to meet with us first so you have some framework for the current market and some helpful discussions that will prove beneficial in your discussions with your lender. We can also connect you with a lender from our team of vendors.
Assuming you need to put 20% down to purchase a home is NOT accurate, yet seems to be a common misunderstanding. VA borrowers can purchase with ZERO down. FHA borrowers can purchase with as little as 3.5% down. Conventional mortgages can be obtained with as little as 5% down.
Our relationship with them and the assurance it provides. There is no financial benefit or “kick back” to us for you to work with a lender we refer you to. Lenders we have a relationship with are accountable to us and our clients. They serve our clients with great customer service and, most importantly, deliver on closing day.
Inspection
In most cases, your inspection won’t take place until after we are under contract. Typically within the first week.
Inspections typically range between $500-800 depending on the size of the home. Aside from your down payment and closing costs, the cost of an inspection should be figured into your budget.
Many sellers will choose to have an inspection done prior to listing their home for sale. This provides them an opportunity to address any repairs that could prove to be issues further along in the sale process. As a buyer, you are still entitled to your own inspection, but having a report to review ahead of your offer can provide some additional insight as to the condition of the home, which is always a plus!
Believe it or not, there’s often needed fixes that are even found when inspecting new construction. Having an inspection done once the home is complete will assure you that all mechanical systems are properly functioning and your attic and crawlspace areas are clean and dry. It’s also a chance to make a final punch list of any cosmetic repairs that need to be done by the builder.
Buyer Agency
Yes. Unless we have a written listing agreement with the seller, our fiduciary duty is only to you as our buyer client.
Dual agency occurs when a broker enters into an agency relationship with both the buyer and seller for a specific transaction. At that point, the broker is required to be “neutral” and work in the best interest of both parties. We don’t practice dual agency, as it is our belief and desire that our buyer clients deserve full guidance and representation with us as their Buyer’s Agent.
Fees & Commissions
Nope! The seller endures the cost of commissions for both their listing broker and the broker representing the buyer.
Yes. Aside from your down payment, you’ll need to budget for the cost of an inspection that will be incurred shortly after we are under contract for your new home. In most cases, that should be the only expense you incur until we approach closing. At closing, your down payment funds and any closing costs related to your loan (loan fee, appraisal, tax reserves, etc) will be due. Lender closing costs can vary greatly, and you have the ability to control them based on how you structure your loan. As a general frame of reference, typical closing costs usually equate to about 1-2% of your loan amount.
After speaking with many clients who have gone the route of a discount broker before coming to us, we’ve come to identify the 3 main factors most clients say is missing from those experiences…. accountability, market knowledge and negotiating skills. That’s where we provide the separation. We’re being trusted and relied upon to represent you in one of the largest investments you’ll ever make and we don’t take that lightly, nor should you. We are 100% confident our value far exceeds any rebates being offered.
