FAQS

Real Estate

Nov 17

WHAT IS ESCROW?

Escrow can mean 2 things. 1. The period of time between mutual acceptance and closing day. 2. The neutral 3rd party that handles documents and facilitates closing paperwork.

HOW LONG WILL IT TAKE?

Most escrows are around 30-45 days. Cash deals can decrease the escrow time, as securing the lending takes the majority of the time. You can decrease that time by being not only pre-approved, but pre-underwritten before you even make an offer.

WHAT SHOULD MY DOWN PAYMENT BE?

It depends on your loan, but typically they are between 3 and 5% of the purchase price. There are lots of down-payment assistance programs to help with this!

Who pays for what?

WHAT IS EARNEST MONEY?

It is a good-faith deposit you make to the seller. It can range from $500-$10,000+ depending on the list price of the home. You need to have these funds available when you make an offer on a house.

CAN I GET A BETTER DEAL ON A SHORT SALE?

The easiest way to understand a short sale is the sale of a home in which the proceeds from the sale are less than the balance of debts secured by liens against the property and the home owner cannot afford to pay the liens in full. Despite their name, they take much longer than your average sale.

HOW MUCH DOES IT ALL COST?

As a buyer, hiring a Realtor costs you NOTHING. The seller pays the commissions. A home inspection can cost between $400-600. Closing costs can be around 3% of the purchase price.

WHO PAYS FOR CLOSING COSTS?

It can vary. You can ask the seller to pay for them in full or pay up to a certain amount. We can find out closing costs before making an offer so you have all the information at hand.

DO I REALLY NEED TO DO A FINAL WALK THROUGH?

Legally, no. But you absolutely should. We will do that together to make sure the sellers left the home in good condition. You don't want to open up the door to your new home and see a broken water pipe...

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