Real Estate Questions
Questions on Homes for Sale, Rent or Buy answered by real estate professionals
Real Estate Questions and Answers
Top Questions From The Homes.com Blog
How are millennials changing the homebuying process
Can I make money with AirBnb renting a second home – Best & Worst cities
How can I preserve my relationship through the home buying process?
How to use landscaping for privacy
What is the best way to prepare a home for a wildfire?
How to keep emotions out of selling a home?
How do I prepare my house for Fall weather?
How long does it take to buy a home?
How do I bid to win in a tight housing market?
What does science have to say about your paint colors?
How to update your kitchen counters on a budget?
How to install lighting fixture?
How to create vignettes in decorating?
What’s the best way to improve cell phone reception in a home?
Decorating tips how to pull a room together
How has the Internet changed the real estate industry?
How to pack a moving truck like a pro
How many rooms do you need in your house?
Mortgage 101 how to reduce fees when buying a house?
How you can best prepare your home for a hurricane
How to soundproof room in home?
How do I know the how to pick the best land to build home on?
What are listing fees what are they and how will they affect you?
How can a seller back out of a real estate transaction
How can I make my home more appealing to buyers?
How to set up a rent to own situation?
How is Amazon helping to shape the future of 5 states?
How to prepare your home for hurricane season?
What’s the easiest way to install a ceiling fan?
Starting out – how to learn more about home loan options for first time buyers
How will the Google’s sidewalk program affect the real estate market?
Top Real Estate Questions from Around the Web
- What are the best places to list a house for sale online?
- What is the best place to find homes for sale?
- What are some good websites to buy a house in USA?
- What is the reason why some houses don’t sell?
- What if a house for sale needs work?
- How to prepare a house for sale?
- Can I help sell homes without being a real estate agent?
- Is it cheap to buy a house on short sale?
- Why do people sell their homes in spring?
- What happens if a house for sale, never sells?
- How to find condemned houses for sale?
- What happens during the showing of a house for sale?
- Where can I find the best house for sale in Coonoor?
- How best to sell a home online?
- How to trade houses for sale?
- What does ‘listing removed’ mean in real estate?
- How many houses do realtors sell every year?
- What are the pros and cons of selling homes by the owner?
- Is it better to buy a house or buy land and build a house?
- How often do ‘active contingent’ houses not close?
- What is the best way to find beach homes for sale?
- What is the best way to buy a short sale house?
- What’s the fastest way to sell a house?
- How do real estate agents find properties available for sale?
- Is it legal to sell real estate without a license?
The Home Buying Process Demystified
The home buying process is wrought with potential pitfalls and challenges, but when done right can be relatively painless. As champions of homebuying, we’ve created this step-by-step guide to help you through the process.
Below you’ll find an overview of the home buying timeline as well as the major components of the home buying process with links to the various steps, tools, and information to educate and empower your home search, discovery and purchase.
How Long Does it Take to Buy a Home?
Your timeline may vary, but the following is a good guideline
- Preparing to Buy a Home: 3-4 weeks
- Initial Search for Ideas: 1-4 weeks
- Building a Team: 1 week (overlap initial search)
- Pre-Approval of Mortgage: 12-48 hours
- The Home Search: 4-8 weeks (depending on criteria)
- Contract-to-Close: 14-60 days
So, on average a homebuyer will spend 30-60 days shopping and 14-60 days from contract to close. For some folks, the process can be extremely quick taking as little as 30 days total, while for others, the shopping period alone can last several months.
How Much Home Can I Afford?
The first step in the home buying process is understanding if you have the resources to buy a home. This includes knowing how much home you can afford, what type of down payment and monthly mortgage payment to budget for, as well as what type of loan program you’ll use to finance your new property.
Buying a home is a complicated process that requires a good deal of research. In the course of it, there will be a number of professionals and specialists involved. Once you’ve done your homework and assessed your resources, you’ll need to assemble your team.
Assembling Your Team
After you have a good understanding of your own wants, needs, and goals, it’s time to assemble your team and begin the home search! Who should be on your team? Who you’ll need to find on your own may vary, but the key team members could be: Real estate agent (could be a RealtorTM but not all agents are), home appraiser, title company, home inspector, insurance agent and mortgage lender.
When selecting the members of this team, take the same amount of care you would in choosing a home, because these people will be working for you to help you do just that. Trust & communication are key considerations in working with your team.
Sorting Out Your Finances
With the selection of a mortgage lender comes the application for mortgage pre-approval, a task that requires collecting the necessary financial paperwork to help obtain the approval. Once obtained the clock begins ticking because many pre-approval offers have a limited life-span before they expire.
Your Home Search
While you juggle the paperwork and timelines implicit to the process, remember that your team works for you. Now your search for (and discovering) your new home begins. Research, save, view and repeat. Remember Homes.com has all the tools you need to find and keep track of your favorite properties and home shortlist.
You’ve got a mortgage pre-approval in hand and have found a property you can afford to purchase and see yourself living in. Time for a purchase offer to a listing agent or seller!
Once you receive an acceptance offer, the due-diligence period starts a timeline of checks and tasks for final mortgage approvals, appraisals, inspections, and other requirements that would be stated in the terms of the contract.
Assessment, Conditions & Negotiation
Many consider this to be the most difficult part of the home buying process as it includes, but isn’t limited to, inspection, obtaining the final loan, purchasing insurance, and the potentially arduous negotiation. In this part of the process, every member of your team will be utilized, and the more homework you have done in building your team, the smoother this part will go. Those who haven’t conducted their proper due diligence could potentially see the purchase fall apart at this point.
Closing the Deal!
A successful closing requires all of the team players to come together at the same time, with the same agenda, on the same date, with numbers and figures that match. From the start of the home search to the home inspection and closing the deal, the entire home buying process can take most homeowners about three months.