Home Buying 101.

It isn’t always a requirement but is highly recommended. Even if you “know” you are qualified, a preapproval will tell you what to expect for final numbers at your price point. Unfortunately, preapprovals sometimes reveal things you weren’t aware of - i.e., a low credit score due to an unpaid balance you had no idea about. I’ve seen this happen more often than you’d think and it’s a good thing to get ahead of so you can address it. Some Sellers will require a preapproval prior to showings to limit foot traffic to serious Buyers only. There is no shortage of Buyers in the current market; they can afford to be picky.

“Fail” is a relative term when it comes to home inspections. Inspectors don’t necessarily “pass” or “fail” a property. They provide a lengthy report including a list of items that COULD be cause for concern and observations of the current state of the property. For example, age of major systems, rotting wood, improper electrical wiring, plumbing leaks, cracked windows, roof condition etc. It is the Buyers’ responsibility to review the report and decide whether or not they are comfortable with the items mentioned. Pending what is agreed upon in the contract, Buyers can accept the inspection as-is, try to negotiate repairs or price reductions, or walk away from the property.

It all depends on your individual circumstances. There are lots of programs pending what you qualify for. I’ve had Buyers use a NH Rural Housing Loan and put 0% down, first-time buyers use an FHA loan and put 3.5% down or put 5% + down with a Conventional Loan. There are also VA loans, Rehab loans and some banks have other unique products. A Loan Offer can help determine which loan option makes the most sense for you.

Absolutely! That is what I am here for. No matter which brokerage a house is listed with, I can schedule you a private showing.

This means a Seller has accepted a Buyers offer and the property is now “under contract.” It can fall through and come back on the market if terms within their contract are not met. For example, Buyer is not happy with the home inspection, appraisal comes in low, and parties can’t come to an agreement on how to proceed or Buyer’s financing falls through.

This depends on what you decide to do for inspections (radon, water, sewer etc.), the square footage of the house, and the inspector you decide to use. I typically estimate $500-$1,000. And an Appraisal is usually around $500-$700. These are both paid prior to closing.

Once an offer is accepted and a Buyer gives an earnest money deposit, parties are in escrow. It essentially means that the deposit is placed in a third-party account (held by Listing Brokerage) until all conditions of the Contract have been met. Conditions usually include inspections, appraisals, title search and approved financing.

Then you are officially “under contract” to purchase the house! Your Realtor will walk you through all the next steps which usually includes providing an earnest money deposit, scheduling a home inspection, sending requested documents to your Lender for financing, paying for appraisal, reviewing any associated property documents such as the deed, bylaws, or easements. The process from accepted offer to the closing table is typically 30-60 days.

Send it to me! Or your Realtor. We can see if the property is still available, when showings are allowed, gather the property disclosures ahead of time and if all looks good, get a private showing on your calendar!