Commonly Asked Real Estate Questions



Real estate agents get many questions from home buyers every day. It is the job of an agent to guide them through the buying and selling process of a home. Some questions are more common than others since there is similar information clients ask the agents. It does not matter if you have already bought a house in the past since you might need to refresh your memory in this process once again. To get more info, click about.  Below are some questions that are frequently asked and they will be accompanied by answers. 

You will expect that most people will ask what the first step in buying a house is. The answer is very simple since a buyer will need to get his or her mortgage approved. As a buyer, you need to know how much money you can borrow from a financial institution. With a specific amount of money in your mind, you can narrow down the type of houses you can afford. This will help you avoid wasting time looking at different types of houses that are not within your budget. It also prevents you from being disappointed if you find a house that you like and do not have enough money to afford it.

Home buyers will want to know how long it takes to complete the process of buying a home. Once a buyer has enough money to begin to pay the mortgage, it could take up to forty days to complete the process. To get more info, click learn. However, in cases where you are paying cash for the house, the process could be faster since you do not experience delays from financial institutions such as banks. However, if the property you are looking to buy has a high demand, the process may take longer since there are other parties involved in the process.

The other question you may get as an agent is the amount of commission you should  receive from the buyer. The average commission rate in most states is six percent of the cost of the property. This amount is divided between the agent listing the house and the agent presenting the buyer. You may ask for a discount which some agents are willing to give once in a while. 
A buyer may ask how much is required for down payment. Only eleven percent is required which is the national average for both repeat and first time home buyers. For first time buyers, they mostly require a first deposit of roughly five percent.Learn more from  http://money.cnn.com/2017/10/12/pf/buy-first-home/index.html.