Buyers FAQ

Who pays real estate agent commissions?

In most cases, the home seller pays the real estate commissions.

Do I need a real estate agent when buying a home?

Because an agent’s commission comes from the selling side of the transaction, using a real estate agent when buying a home essentially comes at no cost to the buyer. Real estate agents have access to MLS data that is not available to the public. With access to this information, your real estate agent can help you make educated decisions on the home’s value, the future of the neighborhood, and your bidding strategy.

What are the best ways of finding out how much a home is worth?

Comparative market analysis and appraisals are the most reliable way to determine the value of a home. Your real estate agent will be happy to provide a comparative market analysis based on classified MLS market data that other third party sites or service providers do not have access to. An appraisal, which general costs $200-$300, is a certified appraiser’s opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser’s opinion of the worth of a home at any given point in time. Market value is based on a comparative market analysis generally provided by your real estate agent. A comparative market analysis will estimate a home’s value based on sales of comparable properties and other market data.

How do I keep track of all the home buying deadlines?

Closing costs are miscellaneous fees for services, taxes or other charges associated with the purchase of a home. They can include loan processing fees, title company fees, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. These charges must be paid on closing day. Click here to use our closing cost calculator.

Who pays the closing costs?

Who pays closing costs depends on the negotiations between the buyer and seller.

Do I need a home inspection?

Yes. Purchasing a home without an inspection could leave you with thousands of dollars in unexpected repairs.

What is a home inspection?

A home inspection is done by a paid professional inspects the home searching for any defects or problems with the home. The inspection usually takes place after a purchase contract has been signed and is paid for by the buyer.

What are the standard contingencies in an offer?

Most purchase offers include two standard contingencies; financing and inspection. The financing contingency states that the sale is dependent on the buyers ability to obtain loan commitment from a lender. Inspection contingency allows the buyer to have professionals inspect the property to their satisfaction.