FAQs From Buyers
1. How long does the home buying process take?
Although this depends on many things the short answer is around 30 days. The process could be much quicker if the home is vacant, the appraiser can get in fast, the loan goes quickly, and things go smooth in general throughout the transaction. If you’re looking to make the process faster being prepared before you start looking is vital; know what your needs and wants are, getting in touch with us and working with a lender helps speed it along. Slowing of the process is being seen in this market for buyers because of the lower inventory of homes. A buyer may need to put out multiple offers on different homes before one is accepted.
2. What does my credit score need to be?
For this question we would refer you to one of our local lenders because it depends on many different things. We have a few trusted lenders that would be happy to help! Text or call us and we can get you in touch with them.
3. What should I offer?
As realtors we want to educate our clients so that they can make an informed decision. Normally when we’re asked this question we ask the question back of “How competitive do you want to be?” because that’s what your offer price is going to reflect. If we know a house has many offers we would need to offer as best we could to be competitive. Every situation is different and sometimes it’s not necessary to offer everything you have. In the market today we see a lot more highest and best offers because it is so competitive. If you were to buy five years ago majority of the time that wouldn’t be necessary.
4. What if something is wrong with the home?
Usually you have around 10 days after the home goes under contract to have an inspection done. We have several home inspectors that we recommend and trust or you can choose whoever you like. They will do a thorough inspection of the home as well as any additional inspections you request (termite, radon, mold, etc.). If something was wrong with the home we would have a discussion with the buyer about a few options. Sometimes the buyer will ask for a reduction in sales price to compensate for whatever was wrong with the home. Other times the seller will fix the problem or we meet in the middle.
Check out the video linked below for more information! Give us a call at 801-821-9400 if you have any questions.