Frequently Ask Questions
FAQ 1: What is the role of a Real Estate Agent?
A real estate agent serves as a liaison between buyers and sellers, helping them navigate the buying or selling process.
FAQ 2: How do I choose the right Real Estate Agent?
Look for an agent with local market knowledge, a strong track record, and excellent communication skills
FAQ 3: What is the difference between a Buyer's Agent and a Seller's Agent?
A buyer's agent represents the buyer in a transaction, while a seller's agent represents the seller.
FAQ 4: What is a home appraisal, and why is it important?
A home appraisal is an estimate of a property's value conducted by a professional appraiser. It is important because it helps determine the fair market value of the home
FAQ 5: What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
A fixed-rate mortgage has a set interest rate that does not change over the life of the loan, while an adjustable-rate mortgage has an interest rate that can change periodically.
FAQ 6: How much do I need for a down payment on a home?
The amount varies depending on the type of loan, but it is typically between 3% and 20% of the purchase price.
FAQ 7: What is earnest money, and how much should I offer?
Earnest money is a deposit made by the buyer to show their commitment to the transaction. The amount varies but is typically 1% to 3% of the purchase price.
FAQ 8: What is a home inspection, and should I get one?
A home inspection is a thorough examination of the property's condition. It is highly recommended to get one to uncover any potential issues with the home.
FAQ 9: What are Closing costs, and who pays them?
Closing costs are fees associated with the purchase of a home, such as lender fees, title fees, and transfer taxes. They are typically paid by the buyer, seller, or both parties, depending on the agreement.
FAQ 10: How long does it take to close on a home?
The closing process typically takes between 30 and 45 days from the time an offer is accepted.
