FAQs -Home Buying Process

Q:  What Is The Difference Between A “Buyer’s” and “Seller’s” Market?

Simple economics is the rule of thumb here.

Everyone wants to “buy low and sell high,” but the truth of the matter is there is no way that can happen for everyone, every time.

Seller’s Market = More buyers than sellers

Buyers Market = More sellers than buyers

Q:  Where Does My Earnest Money Go?

The Earnest Money Deposit is credited back towards the buyer’s closing costs and/or down payment.

Any additional funds are given back to the buyer from the escrow company.

Q:  Do I Need A Home Inspection?

Some mortgage programs require a borrower to get a home inspection if it is mentioned in the purchase contract.

Either way, there are several reasons why it is important for a home buyer to have a licensed professional take a closer look at a property before the transaction is finalized.

…….(read more about home inspections)

Q:  Does it matter if I buy a home that is part of a Home Owner’s Association?

A Home Owner Association may have the power to determine the color of your home, the number of pets you have and the type of grass you have to plant.

They also may have the power to levy assessments, dues and fines.

Or, they may be as simple as collecting a few dollars per year to make sure the grass is cut in the common areas.

…….(read more about HOA Hurdles To Be Aware Of)