Call Us Today: (214) 612-5432

Buyer FAQs

 

Whether this is your first home or your 10th, the home-buying process can be daunting and overwhelming. Your Reneto Realty agent will confidently and expertly guide you through the process. Following are some frequently asked questions, as well as some people think about but never ask…

 

Getting a pre-approval letter from a lender to:

  • Let you know how much you can borrow and prevent disappointment caused by falling in love with unaffordable homes.
  • Show how much money is required for the down payment and closing costs.
  • Demonstrates that you are a serious buyer to both your real estate agent and the person selling their home.
 

Under normal market conditions, the average time to complete the sale of a home is 30 to 45 days, giving you enough time for due diligence and get a loan completed.

 

In sellers’ markets, increasing demand for homes drives up prices. Here are some of the drivers of demand:

  • Economic factors
  • Interest rates trending downward
  • A short-term spike in interest
  • Low inventory
 

A buyer’s market is characterized by declining home prices and reduced demand.

  • Economic disruption
  • Interest rates trending higher
  • Short-term drop in interest rates
  • High inventory
  • Natural disasters
 
 

Home buyers pay little or no fees to an agent to buy a home. Listing brokers represent sellers and charge a fee to represent them and market the property. When the home is sold, the listing broker splits the listing fee with the buyer’s agent. Thus, buyers don’t pay their agents.

 

The national average for down payments is 11%, though first time homebuyers usually only put down 3 to 5% on a home. Conventional loans often require more and are typically taken out by repeat buyers who could use equity from their existing home as a source of down payment funds.

 

That’s up to you! The ability to search for homes online and see pictures, even before setting a foot outside the comfort of your living room, has completely changed the home buying game. Convenience is at an all-time high. But, nothing beats visiting a home to see how it looks and ‘feels’ in person. Your Reneto Realty agent will help arrange and be with you on these visits.

 
 

While there’s no crystal ball the best way is to work with your Reneto Realty agent to check out comparable sales and whether those prices have been going up or down in the recent past.

 
 

When you make an offer on a home, your Reneto Realty agent will ask for a “deposit” to accompany it, typically 1% to 2% of the purchase price. Earnest money is made in good faith to demonstrate – to the seller – that the buyer’s offer is genuine.

 
 

Written offers should stipulate the timeframe in which the seller should respond. Giving them twenty-four hours should be sufficient.

Yes! While not always required, home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime.

 

While buyers can always back out of a deal, doing so without good reason, or outside what is stipulated in the contract, may forfeit your earnest money.

 
 

It’s not required, but it’s definitely recommended! Final walk-throughs give buyers a chance to make sure nothing has changed since their first visit.