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Utilizing exceptional experience and knowledge of the markets, Hometown Real Estate Group serves an extensive statewide client base.
At Hometown Real Estate Group, we aim to provide a service experience rooted in integrity, respect, and reliability. We treat every client as an individual, with fairness and equality, ensuring that your unique needs and goals are understood and honored. You can count on us to be a dependable partner, with open communication at every interaction, as we work together to bring your real estate dreams to life through a relationship built on trust!
Frequently Asked Questions
You can use this guide to familiarize yourself with rules, laws and other important information relating to your property.
To buy a house, start by getting pre-approved for a mortgage. This saves time by narrowing down your search to houses within your budget. A pre-approval also shows that you’re a serious buyer to your real estate agent and seller, and can help with obtaining a loan quotation. Most luxury home sellers only allow pre-screened buyers to see their properties to protect their privacy and prevent robberies.
In some areas, the real estate market can be different depending on the price range. For instance, expensive houses may sell quickly while cheaper ones may take longer. This doesn’t happen very often. Let’s talk about other common real estate questions.
Real estate agents don’t charge commissions or fees to home buyers. Sellers pay listing brokers to market properties, and advertising costs are covered by them. When a house is sold, the listing fee is split between the seller’s and buyer’s agents – so buyers don’t pay for their agents’ services.
The typical down payment in the United States is 11%. However, first-time and repeat purchasers are included in that number. Let’s have a look at it another way. The typical down payment for a home is 11%, and first-time buyers typically put down 3 to 5% on a property. That’s because several first-time home buyer initiatives don’t demand substantial deposits. The FHA loan, which has been around for years, requires a down payment of 3.5 percent. Furthermore, certain programs allow families.
Other programs call for even less. VA and USDA loans can be obtained with no down payment. These initiatives, on the other hand, are somewhat more restrictive. Only former or current military personnel may receive VA financing, and only low—to mid-income buyers in rural areas designated by USDA may take advantage of USDA loans.
For many years, a 20% down payment was required for traditional loans. These loans were typically taken out by repeat buyers who could use the equity in their current house as a source of down payment money. However, some new conventional loan programs allow borrowers to get approved with as little as 3% down if they take out private mortgage insurance (PMI).
It is entirely up to you! Today’s home shopping is unquestionably more convenient than ever before. The ability to look for houses online and view pictures, even before leaving your living room, has revolutionized the house purchase game. Convenience has never been higher. But nothing compares to seeing how a property looks and feels in person.
A buyer should know the deadline for a seller’s response, which can be essential both in timeliness and experience. A reply should include the time it will take to execute the offer and any special conditions that must be met. You may want to give them at least twenty-four hours.
Yes! You must have a home inspection if you want to use an FHA or VA loan to purchase a house. Inspections are not necessary for other mortgage types; however, they are strongly advised because faults in the house can go unnoticed. Home inspections provide comfort and security after one of the most important lifetime purchases.
Buying a house can take 10-12 weeks from start to finish, with escrow usually taking 30-45 days. Cash buyers can close faster. When the housing market is strong, the process can take longer due to increased demand for appraisals and inspections.
A buyer’s market happens when house values drop and demand decreases. Factors like economic disruption due to a company shutting down and high inventory can cause short-term or long-term decreases in demand. Rising interest rates and natural disasters can also cause home values to drop.
Most loans require a credit score of at least 620. Higher scores mean lower risk, resulting in lower rates and down payment requirements. Those with lower scores may need to pay more interest or bring extra funds.
If the equity in your current house will be used to finance the down payment on the new property, it must first be sold.
Some home buyers convert their existing property into an investment property by renting it out. In that situation, the current house does not have to be sold. On the other hand, your loan advisor will still need to analyze your risk profile and credit history to see whether borrowing against a new house while maintaining title to the former one is feasible.
When relocating to a new city, purchasers frequently have a tight deadline to sell their house. Because of a work transfer, you might be moving but continuing to work for the same employer. Check to see if they can assist with some of your relocation expenses if you’re moving but taking up the same position at the company. Let’s move on to more real estate questions.
When you make an offer on a property, your real estate agent will require a banker’s check as part of the paperwork (checks are equivalent to cash, and the deposit is generally between 1% and 3% of the purchase price). This action shows the seller that the buyer’s offer is genuine. Therefore, the earnest money is made in good faith.
A mortgage broker acts as a third-party go-between, handing the funds from the buyer to the seller. The check (or cash) is put in a trust or escrow account for safekeeping. If a deal is made, the earnest money is applied to the down payment and closing costs. Without an agreement, the money will be returned to the buyer.
Important: If both parties agree to a contract, but the buyer backs out later, the earnest money may not be refunded. Inquire about safeguarding your earnest money deposit and how to protect it, such as through offer conditions.
Sellers have the option of accepting or rejecting an initial offer. However, a third approach is quite popular: sellers can make a counteroffer. Remember that a deal isn’t considered dead until it’s dead. As a result, if the seller makes you a counteroffer, you’re still in the game. Remember that negotiations can continue long before reaching an agreement; this is not uncommon, and it’s part of the job description for Realtors. Each revision must bring both parties closer to agreeing on the terms of the transaction. Here are a few more real estate questions.
It’s not necessary, but it’s a bright idea! Final walk-throughs allow buyers to double-check that nothing has been altered since their initial visit. A follow-up trip confirms that everything is as expected, per the terms of the deal, if repairs were requested as part of the offer.