FAQ: Thinking of Buying a Home?

Q: I want to start looking for a house. What should I do first?
A: First, contact a lender to find out what you can afford. That way you’ll know your price range, and you’ll know that if you fall in love with a house, you’ll be able to buy it.

Q: How does a buyer’s agent help me?
A: A buyer’s agent is on your side, not the seller’s. A buyer’s agent will help you find a home and negotiate a contact, and then will make sure that all the things that need to be done before closing are completed.

Q: How does a buyer’s agent get paid?
A: A buyer’s agent is paid on commission. For homes listed in the MLS, the seller offers a commission to the buyer’s agent. For homes offered For Sale By Owner, sometimes the seller will offer a commission to the buyer’s agent, and sometimes you as the buyer pay the commission. The commission is paid at closing.

Q: Is there any sort of agreement I have to sign to hire a buyer’s agent?
A: Yes, you‘ll sign a Buyer’s Agency Agreement (sample included).

Q: What happens when I find a house I like and want to make an offer?
A: Your buyer’s agent will help you determine the terms of the offer, things like purchase price, earnest money, loan conditions, inspection deadline, and closing date. Your agent will bring the offer to the listing agent, along with earnest money and a pre-qualification letter from your bank.

Q: Do I need an inspection?
A: Yes. An inspection by a licensed home inspector can uncover problems that might not be apparent right away. Check the brochure called “About Home Inspections” for more details.

Q: What happens when we meet with the attorney to close?
A: Your attorney will explain the closing documents and get your signatures. The closing documents will include a settlement statement, a deed which conveys the property to you, and your loan documents, which come from your lender. Afterwards, the attorney will record the deed at the county courthouse.

Q: Will I get my keys at closing?
A: Sellers will often release keys at the attorney’s office, but some prefer to wait until all documents are recorded at the county courthouse.

Q: Can I ask my buyer’s agent to help me sell my house?
A: Certainly! Your buyer’s agent can switch hats and help you get your house sold, and will be happy to do it.