As professional Realtors, we love helping our clients navigate the Real Estate process. Last week, we answered many questions in part one of our frequently asked questions for Realtors. Today, we will continue by answering more common questions we receive from clients.
Q: How much will my credit score impact my home loan?
A: Your credit score will first determine if you can qualify. A credit score of 580 can often qualify you but it is generally recommended to have a minimum score of 620. Your lending terms can change for the worse or better, depending on your score.
Q: How long does the process take from start to finish?
A: The length of time depends on many factors including what kind of property you are purchasing and what state you live in. Generally, the escrow process takes around 30 days but if you use any first time home-buyer programs, the process can take closer to 35-45 days.
Q: What is the MLS and how does it work?
A: MLS stands for Multiple Listing Service. The MLS system is a private database of homes on the market, created and maintained by Real Estate professionals.
Q: What should I look for when I do a first walk-through on a home?
A: The first walk-through is generally to see if you like the place and if there’s any obvious damage. Other questions to consider include, do you like the floor plan? Are there enough bedrooms and bathrooms? Is there enough storage? Do you like the yard? Does anything need to be repaired or replaced? Will the location work? Your Realtor will also point out the pros and cons from a professional standpoint.
Q: How do I keep track of every home I see?
A: One of the easiest ways is to take photos of each house; the front, the yard, major rooms and any features you like or features that could be problematic.
Q: Can I buy a home and sell my current one at the same time?
A: Yes, you can but it doesn’t always go smoothly. If you buy before you sell the home you live in, you could be overextended financially. If you sell before you buy, you might end up needing to rent something in between. This also adds an extra move to the equation. You can add a “sale contingency” into a contract meaning you agree to buy something if you can sell your home, but many sellers won’t agree to the contingency.
Q: Should I spend the money on a home inspection?
A: Absolutely. First, you will have peace of mind knowing a professional has carefully examined the condition. Second, anything that needs to be fixed can often be negotiated with the seller prior to closing. Paying to fix things down the road can cost a lot more money than the home inspection.
Q: What are closing costs and how much are they?
A: Closing costs are fees paid to third parties who help facilitate the sale. They can vary by location but are typically 2%-7% of the home’s purchase price. Buyers usually carry most of the weight of the closing costs because most fees are associated with the mortgage.
We love helping our clients at Dash Realty through every Real Estate step. As experienced professionals, we look forward to helping you!
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