A couple of weeks ago, I answered some FAQ for people looking to sell their home. Today, we cover the other side of the transaction - buying a home! Below are some of the questions we receive most often, along with our answers.
1. How soon will it take me to get keys to my new home?
Our average client takes 6-12 weeks to be in escrow. That said, if you are realistic, motivated and ready to step up to the plate, we can make this happen in 3-4 weeks! This process is all on your time. It can go as fast or as slow as you wish. It is never too soon to get your ducks in a row & have a discussion to engage with us.
2. I am super qualified. Why do I need to get pre-approved before we ramp up our property search?
Financing pre-approval takes time, and even our most qualified clients often need to make some moves in order to get their financing ready to go. This can potentially take a few weeks or months. In the past, we've had clients who found the house first and then went to get financing. Because they had an unexpected glitch in their credit or something with their employment history that did not fly with the lender, they missed out on the house. This is why we do not fully ramp up until the financing pre-approval is complete. We work with amazing lenders who we can connect you with in order to get the ball rolling!
3. How much is this house going to go for?
Only time will tell. This market especially is unpredictable! That said, we can usually give you a range of what we think it will sell for. If it is priced within your range, we usually need to keep a pulse on it. There is always a chance it will sell within your range, even if ‘the buzz’ says otherwise.
4. Why are so many properties listed for $995K when you say they will sell for $1.2M - $1.7M+/-?
The question of the season! Sigh! We are not fans of this ‘under pricing to get multiple offers way over the asking price’ strategy, but it seems to be the name of the game these days. Quite frankly: While they are at it, they might as well just price the property for $1 and see what it sells for. Likely the outcome would be the same! Usually when a property is this under priced, a third of the offers come in near the asking price and are way off. Then there is a pack of offers in the middle. And then there are 1-3 offers that just really stand out. The buyers who want it more than the others. The buyers who want to get their home search over & done, before they get fully priced out of what they want (this market has legs and is running FAST!).
5. Can I have contingencies in my offer (e.g., financing contingency, appraisal contingency, home inspection contingency)?
Typically not. The bulk of the due diligence usually happens prior to making your offer. That said, we often bring our clients off-market, pre-MLS opportunities where you actually might be able to have a due diligence/home inspection contingency! Each case is different, and we treat each client and situation uniquely.