First time home buyers are one of our favorite to work with! The process is always very exciting but definitely also comes with its challenges. Some of the challenges I see with first time homebuyers that they may not be thinking of are uncertainty in what they are looking for. This can include location, beds/baths, size, and lack of education on basic “home” knowledge (maintenance, mechanicals, etc.). Here are several other questions that we are asked on a regular basis:
Who pays the realtors? The seller typically pays the realtors, so a buyer’s agent is free for you!
What’s the difference between the listing agent and the buyer’s agent and why should you have a buyer’s agent? Simply put, the listing agent represents the seller and is working in their best interest. A buyer’s agent is there to negotiate on your behalf and represent you in the transaction.
Earnest Money (also called good faith): This is a negotiated amount that is used as a deposit after you have an accepted offer. This amount is typically around 1% of purchase price and can be refunded within your inspection period. The money goes towards your closing costs.
Inspection Period: The negotiated amount of days you have, typically 10-14, for you to do your due diligence and have the home inspected by a professional home inspector.
When do you take possession of the property? Sometimes the seller needs a little time after closing to move out of the home. This is typically negotiated in the initial offer and can vary. However, the seller is renting it from you while they move out.
What if repairs are needed? This is negotiable, sometimes seller will cover some or all costs of this repairs. You can negotiate this in the price of the home or ask for a contribution to your closing costs.
Who pays closing costs? Both buyer and seller have their own separate closing costs. In a buyer’s market sometimes, you can get the seller to pay buyer closing cost. However, if you’re in a strong seller’s market this will be more difficult.
While these are only a few, if you are considering buying and would love a copy of our buyers guide, we’d love to send you a free copy! Don’t hesitate to reach out to us: