Common Questions for Home Buyers
Posted on 01-15-2018 by Joe Marcotte
First-time buyers come up with a lot of questions and rightly so. It's important to know how to buy just as much as it is to know what to buy. At the Condo Showroom and specifically Chula Vista Bonita, we are dedicated to working with buyers throughout the area. We want our buyers to be well informed before pulling the trigger on any home and answering questions ahead of time, causing our buyers to understand the whole process, is just one of the services we provide. Here are some common questions.
Do I have to buy with cash?
Cash is usually always more favorable especially if the offer is competitive. Sellers will typically take the highest offer and most favorable terms, which means if the terms are terrible but the buyer has a cash offer, the terms may win out. Cash doesn't make a difference if the offer is low.
How long do negotiations take?
Most regular sales take between 24 and 48 hours to negotiate and come up with a mutual agreement. If the seller is out of town or the bank owned property, it could take several months to come to an agreement.
How long is it between when we purchase and when we can take possession?
Typically, 30 to 45 days is the average amount from the first time you submit an offer to when you can actually walk in the home as your own. Things can change that this is the typical duration.
What's the best way to find a property?
You're more than welcome to search on your own, even homes that are for sale by the owner can be negotiated with a real estate agent. You can also set up a customized home search on our website that will target properties available by email. You'll know exactly when new listings hit the market that match your search criteria and price. Or, as your dedicated buyers agent, we can send all available listings to you when they become available.
How much earnest money do I need?
Typically, 1% to 3% of the asking price is a normal earnest money deposit. But even as little as $500 can work as long as the terms of the offer are favorable. This money will not get deposited until your offer is accepted and then it goes towards the purchase price of the property.
Would love to answer any questions you might have about buying a home, especially if it's your first time. Feel free to visit our connection in real estate for more frequently asked questions from first-time homebuyers or start browsing our website today.