Sandy springs real estate buyers Q & A
Buying a home is one of the best long term investment that one can make. Most new buyers don’t know where to start, some are afraid to talk about it and some just procrastinate.
The best thing a new buyer can do is inform himself or herself about the home buying process before consulting a Mortgage Consultant ( Agent ) or a Real estate Consultant ( agent )
Once you the potential buyer has informed themselves and have basic ideas on the home buying process, they can then contact a Real Estate or mortgage professional
Here are some of the questions that first time home buyers typically have.
Q1 Where do I start?
A I recommend that you check your credit to make sure there are no negative information that can impact your ability to get a mortgage, take corrective measures if there is any negative information and then consult with a mortgage professional or broker to determine how much you are qualified to buy
Q2 How much down payment and closing cost do I need?
A Depending on your credit, you can qualify for an FHA or Conventional mortgage. You can also qualify for a VA loan if you serve in the military air force or navy.
FHA down payment is 3,5% of the sales prices
Conventional down payment can be 5, 10, 20 % of the purchase price or whatever percentage you decide above 5%
Closing cost can range from 2,5% to 3,5% of the purchase price of the new home
Q3 How do I find a good real estate agent?
A do your due diligence and contact a local real estate office, do your search on the net and find three that you can interview or ask your family or friends for recommendation
Q4 Do I have to pay my agent?
A in this current market the selling agent gets paid by the seller so the payer does not have to pay his agent
Q5 How long does it take to buy a home?
The entire process can take anywhere from seven to 21 days for a cash purchase. A financed purchase can take anywhere from 21 to 60 days. Be careful with property in bankruptcy, and other estate that may take longer because they have to go through the court system
As for the other element and the entire process, your good agent will guide you and look after your interest
Sandy springs Real Estate Agent