Information on How to Buy A Home
Questions and Answers You Need to Know
As REALTORS® our job is not only to educate you, but also to make the buying process as easy as possible. Over the years we have helped hundreds of buyers and have listed below many of the questions and concerns they had. So whether you're a first-time or experienced buyer this information is for you.
Once you have read through the information below, we recommend sitting down with us for a buyer consultation. This service is FREE and takes about an hour. Whether you're buying now or in the near future we guarantee you'll walk away with a much better understanding of what you need to know about buying a home.
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Leave a message for one of our agents or simply contact us at 586-336-1506. Need to sell your home? Get a Free Analysis.
Here's a few Questions and Answers
- Are there any special programs for first-time buyers? Yes, there are several programs available for first-time buyers - FHA, VA, and MSHDA just to name a few. However, many items play a part in determining which program is best for you. You can contact our mortgage specialist for details. Read about the different types of loan programs.
- How much money will I need? This depends on the type of financing program but you'll need to cover the down payment, closings closts, pre-paids, and escrows. We can help you determine all these amounts during the consultation.
- Will I save money going through the listing agent? No, in fact the listing agent usually represents the seller's best interest. Their job is to make sure the Seller gets top dollar. You need someone to represent you during the transaction through Buyer Agency.
- Do I pay the Realtor? The seller pays the largest portion of our commission via the listing and our office charges a small commision of $195. This varies from office to office.
- Should I get pre-approved for a mortgage? Yes, you should definitely contact a mortgage banker. The mortgage industry has been turned upside-down and what worked years ago does not work today. You can contact Bill Sassin for a consultation and pre-approval. He'll actually meet with you face-to-face and explain the various programs available. Many lenders do this via the telephone and leave out many important items. Learn more about the pre-approval process.
- How much can I afford? Lenders look at several factors to determine what you can afford but your debt-to-income ratio plays a huge factor in it.
- Is spring the best time to buy? Spring is usually a busier time because people want to get moved before the school year starts, but its not necessarily the best time to buy. Houses sell all throughout the year. The best time to buy is when you are ready.
- Should I use only one Realtor? Absolutely! Since real estate agents belong to the MLS (Multiple Listing Service) they have access to ALL homes currently on the open market, regardless of who has it listed. So agents who belong to the local MLS get all the same data. Plus agents are not paid until closing and work on commission, so they would rather work with someone that is giving them 100% than someone giving them 50%. You should hire one agent to represent you and look at homes only with that one agent. Otherwise you may see doubles. Find someone you like, trust, and someone who is experienced and a full-time realtor.
Are you walking around unprotected?
Did you know that when you walk into an Open House, call on a real estate sign, or call on an advertisement, the agent on the other end may be representing the seller? Get your rights and confidential information protected through Agency Disclosure, it's Michigan law.
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