How long does the buying process take?
The buying process can vary for each buyer’s circumstances and what the inventory looks like in the areas you are searching for real estate. Typically, once we go under contract, the process normally takes 30-60 days. Of course, this is all up for negotiation. 😊
What does “pre-approval” mean?
We really like all of our buyers to be pre-approved because just writing an offer on your behalf doesn’t cut it anymore. We want to sell you as, “the perfect buyer” for the seller’s home. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house.
Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt, and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head. Pre-approval means you actually took the extra steps to provide paperwork backing up what you told the loan officer verbally. This allows us to move more efficiently thru the process and make sure you do not miss out on a home. Learn more about dealing with financing.
What does “due diligence” mean?
In short, due diligence is the time period for the buyer to do their property investigations, including a home inspection, termite inspection, radon inspection, A/C inspection, getting an appraisal or financing in order, etc. Typically, the buyer writes the seller a non-refundable check for the right to do all of these property inspections. But, it also gives the buyer the right to back out of the contract for any reason whatsoever. Assuming everything goes well and the transaction goes to closing, any due diligence fees or earnest money funds are credited to the buyer. Learn more about due diligence.
Can you show me an “Open Door” listing?
Of course! Just like us, Open Door operates as a selling agent. We would represent you as the buyer’s agent. We are compensated the same way whether it is a traditional listing or an “iBuyer”-type listing.
What does a buyer’s agent cost?
You actually don’t pay for buyer’s agent representation. We are compensated by the seller of the property. There are some instances, like a “for sale by owner” listing, that isn’t willing to work with an agent that we have to work something out that doesn’t include the seller. In 19 years though, this has only happened a handful of times – very rare!