Frequently Asked Questions from Buyers
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What is the first step of the home buying process?
Get a qualified, experienced Austin Realtor to represent you in the purchase of a home. They will walk you through the home buying process and help you find your dream home with a smooth transaction.
How long does it take to buy a home?
The timeline for buying a home varies from person to person. Once you find a home and have an accepted offer, it can take 30-45 days.
What does a Realtor do?
A Realtor is the most valuable asset when buying a home. They will walk you through every part of the home buying process. They will educate you and inform you of all of your options. They will represent you throughout the transaction and beyond.
How much do I have to pay a Realtor as a home buyer?
In most cases, you do not pay your Realtor anything to help you purchase a home. The Seller pays the Realtor fees. The listing agent through the Multiple Listing Service pays the Buyer Agent fees.
What is your best advice for first-time home buyers?
Unless you are paying cash for the home, you will need to get a mortgage loan. In order to know how much home you can afford, you will need to meet with a lender and get pre-approved for a loan.
How much money do I need for a down payment and closing costs?
When you meet with a lender and get pre-qualified, you will know what price home you can afford. The lender will give advice on the down payment and purchase price with estimated closing costs you will need out of pocket to close on a home.
What is a Buyer Representation Agreement?
A Buyer should be represented in a home buying transaction. Interview Realtors before you sign an agreement. The Buyer Representation Agreement is an agreement between Buyer and Broker for a specific term to represent you in a purchase agreement if you should purchase a home. You would sign this agreement with a Broker you are happy with and feel confident in their knowledge and experience.
What is the best way to search for homes online?
The best way to search for Austin real estate online is through austinhomesearch.com. Also, your Realtor can set you up on an automatic search with your criteria to email you with homes for sale in the areas you prefer.
If I already own a home, should I sell my current home before buying?
If you have a home to sell before you can purchase, it is important to let your Realtor know before buying a home. You will need to make the purchase contingent upon selling your current home and use the Sale of Other Property form with your offer to purchase. You will need to coordinate the closings.
How many homes should I look at before putting in a purchase offer?
There is no certain number of homes required to look a before writing an offer to purchase. You may look at as many as needed to find the perfect home. The home buying process can be short or long until you find your dream home and have an accepted offer.
How much should I offer the Sellers?
When buying a home, you are the only one who can determine how much you should offer a Seller. Certainly, it is suggested that you ask for your Realtor’s advice and thoughts, but ultimately, you are the one who can determine how much you should offer.
How long does a Seller have to respond to my offer?
There is not a standard answer to the question. A purchase offer will be as long as it takes to work the offer. If a Seller does not respond or receives multiple offers, you can decide how to handle. You can make a better offer or withdraw the offer in writing, depending on the response from the Seller.
What is the next step once an offer is accepted?
The next step once the offer is accepted, signed and dated, is to be receipted at the Title Company with the earnest money. The option money will be given to the Seller for the unrestricted right to terminate for any reason during that term of the option period. It gives the Buyer time to inspect the property and negotiate repairs if needed and decide to move forward with the purchase.
When do I close and get keys?
Once all contingencies have been met on the contract and the Buyer is approved for the loan, it is ready to close and fund and you will receive the keys!