Buyer FAQs

The Home Buying Process

1-Should I rent or buy?
2-Why buy now?
3-When is the best time to buy?
4-What do I need to know before I buy?
5-What is a pre-approval letter?
6-What is the difference between a pre-approval letter and a pre-qualification letter?
7-What is an Earnest Money Deposit and How does it work?
8-How much Earnest Money do I need to put down? When is my EM check cashed?
9-How much do I need to put as a down payment?
10-What is PMI (Private Mortgage Insurance)?
11-How long does it take to close?
12-How do I make an offer? What should I expect?
13-How does a “Multiple Offer Situation” work?
14-How do you win in a “Multiple Offer Situation”?
15-What is an “Escalation Clause” and how does it work?
16-What is a Home Inspection? Why is a Home Inspection important?
17-What is a “Short Sale”? What do I need to know about “Short Sales”?
18-What is a “REO”? What do I need to know about “REO’s”?
19-What is a “Foreclosure”? Should I buy a “Foreclosure”?
20-Where do I find information on good schools?
21-What do I need to know about “New Construction”?
22-What do I need to know about “Manufactured Homes”?
23-What is a Septic System? What do I need to know about Septic Systems?
24-What do I need to know about Lead Based Paint?
25-What are the MLS Listing Report Abbreviations?
26-Who pays for the Home Inspection? How long does a Home Inspection take?

27-Who pays for the Appraisal?