5 Questions Answered for First Time Buyers
Getting the ball rolling towards settling on a home is a lot to take on for those unfamiliar with the process. Everyone has an ideal picture in their mind and going through the motions can seem somewhat overwhelming. Your realtor can be a great asset for consolidating all of your specific wants and needs towards this important decision. To get yourself on the fast track to "living the dream," here are a few common questions answered for those diving into the search for the perfect home.
1. I've never done this before. What should I do first?
Getting pre-approved is key to starting this journey. Get in touch with a lender to figure out what your buying power is. Providing your realtor with proper budget information will give them a leg up on finding you a fantastic home!
2. How much commission do I need to pay?
Great news! Buyers don't pay commission at all. The seller is responsible for compensating the real estate agent with commission.
3. What other fees can I expect from a brokerage?
Commonly in real estate, a brokerage fee is a flat fee or a standard percentage charged to the buyer, the seller, or both. This fee usually ranges from 1-2% of the initial loan amount once secured.
4. Can I start looking at houses before I get pre-approved from a lender?
Naturally, there is no harm in checking out a few open houses if you're toying with the idea of buying. However, before you get down to brass tax in your home search, you should absolutely get pre-approved.
5. How long does the process take once I buy a home?
This is very dependent on financing. A title can take about 20 days to go through the system but a lender may take an additional 45-60 days to approve your loan.
These questions simply scratch the surface of what to expect out of your buying experience. The Somers Team is ready and available to provide further guidance in finding your perfect home!
Philly real estate market is HOT right now. People are searching for homes in every neighborhood in the Philadelphia region. If you are considering selling, be sure to reach out to The Somers Team for a free home value report.