Buying FAQ

Getting a pre-approval letter from a lender is the most important first step. Getting pre-approved will:

• Let you know how much you can borrow and prevent disappointment caused by falling in love unaffordable homes.
• Show how much money is required for the down payment and closing costs.

Our buyer clients make offers with an accompanying pre-approval letter or proof of cash funds.  The letter or proof of funds demonstrates that you are a qualified and serious buyer to both your real estate agent and the person selling their home.

Head over to our Lenders page to get started.

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

When you make an offer on a home, your 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 is serious and that the offer is genuine.

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 typically don’t pay their agents. In some cases, the buyer will pay the difference in commission if the listing broker offers less than 3% of the sales price for commission.

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

The national average for down payments is 11%, though many first time homebuyers only put down 3 to 5% on a home purchase. 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! Some of our clients make an offer on the first house they see! Other clients take longer to find the right one. The ability to search for homes online and see pictures and videos will help you narrow your top choices. Your agent will help arrange property showings and be present with you on these visits to offer advice and answer questions along the way.

While there’s no crystal ball the best way is to work with your agent to review comparable home sales in the neighborhood. Your agent can also provide reports to show if home prices have been going up or down in the recent past. In addition, if you are getting a loan, your lender will require a home appraisal. This home appraisal report is paid by the buyer during the loan process and is a valuable piece of information that you should keep in your files.

Written offers typically stipulate the timeframe in which the seller should respond. Most of our client’s offers have a twenty-four hour expiration period, so you should hear back the next day. The seller can either accept your offer, ignore it, or send you a counteroffer with terms they would like to negotiate.

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. Make sure to communicate with your agent if you are having second thoughts about a contract. In Georgia, a buyer can terminate the contract during the due diligence period and get their earnest money back.

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. We usually schedule the final walk through to be the day of closing.

Most closings will take about one hour to complete the paperwork.