Question 1

How long does the home buying process take?

Accepted Answer

The timeline can vary but typically ranges from 30-60 days from the offer to closing.
The search phase depends on your preferences and market conditions.

Question 2

Do I need a home inspection?

Accepted Answer

Absolutely. Inspections provide crucial information about a home’s condition and can help you avoid costly surprises.

Question 3

Who pays the agents' commissions?

Accepted Answer

In most cases, the seller pays the commission for both the listing agent and the buyer’s agent.

Question 4

What other costs should I expect beyond the Earnest Money Deposit?

Accepted Answer

In addition to the EMD, buyers should budget for:
- Closing Costs: Typically 2% to 4% of the loan amount
- Home Inspection: Usually $300-$500
- Appraisal Fee: Around $300-$600
- Homeowners Insurance: Varies based on property and location
- Moving Expenses & Home Maintenance

Question 5

Can I buy a new home and sell my current one at the same time?

Accepted Answer

Yes! There are strategies for managing both transactions smoothly. Some buyers sell first and rent temporarily, while others purchase with a contingency to sell their current home. We’ll discuss what works best for your situation.

Question 6

What does it mean if a property is REO/Foreclosure?

Accepted Answer

The bank legally owns the property. Once the offer is placed, it typically takes 2-5 business days for a response. Buyer is responsible for de-winterizing property at the buyers’ expense for home inspection. Property will be sold “AS IS”.

Question 7

What does it mean if a property is a Short Sale?

Accepted Answer

The seller is requesting their bank take less money than what is owed because of hardship. Once sales agreement is signed, it may take 2-8 months for short sale negotiator to respond. Property is sold “AS IS”.

@haleyrosecatelle

Haley Catelle | Licensed in RI & CT

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