Buying a Home

Starting your home buying journey is exciting! Here's a simple roadmap: 1. Check your credit score — anything above 620 qualifies for most loans; 740+ gets the best rates. 2. Save for a down payment — aim for 3–20% of the purchase price depending on your loan type. 3. Get mortgage pre-approval — this tells you your budget and shows sellers you're serious. 4. Find a buyer's agent — they represent your interests and their fee is usually paid by the seller. 5. Search listings — use our filters to narrow by price, bedrooms, location and property type. 6. Make an offer — your agent will help you write a competitive offer based on market data. 7. Complete due diligence — home inspection, appraisal and title search. 8. Close — sign the paperwork, pay closing costs and get your keys!

Pre-approval is a lender's written confirmation that they will lend you up to a specific amount, based on a review of your income, assets, debts and credit. Why it matters: • Sellers take you seriously — in competitive markets, offers without pre-approval are often ignored. • You know your real budget before falling in love with a home you can't afford. • It speeds up closing once your offer is accepted. To get pre-approved, you'll typically need: recent pay stubs, 2 years of tax returns, bank statements, employment history and your Social Security number. Pre-approval is usually free and takes 1–3 business days. It's valid for 60–90 days.

Closing costs are fees paid at the end of a real estate transaction, on top of your down payment. They typically run 2–5% of the purchase price. Common closing costs include: • Loan origination fee — charged by the lender, usually 0.5–1% of the loan • Appraisal fee — $300–$500 for a professional home valuation • Title insurance — protects against ownership disputes, around $1,000 • Home inspection — $300–$600, essential for understanding the property's condition • Property taxes — a prorated share of the year's taxes • Homeowners insurance — first year's premium usually paid at closing • Attorney fees — required in some states Tip: Ask the seller to cover some closing costs as part of your negotiation. On a $400,000 home, expect to budget $8,000–$20,000 for closing costs.

A home inspection is a professional assessment of a property's condition, conducted by a licensed inspector before you finalise the purchase. The inspector examines: • Structural elements (foundation, roof, walls) • Electrical systems • Plumbing • HVAC (heating and cooling) • Appliances • Windows and doors Cost: $300–$600, depending on home size and location. Should you skip it? Almost never. Skipping an inspection to make a more competitive offer in a hot market is tempting but risky. A single missed issue (bad roof, failing HVAC, faulty wiring) can cost $10,000–$30,000+ to repair. If the market is very competitive, consider an 'information-only' inspection — you conduct it but agree in advance not to request repairs, giving the seller confidence while still protecting yourself with knowledge.

Earnest money (also called a good faith deposit) is a sum you pay when your offer is accepted, showing the seller you're serious. It's typically 1–3% of the purchase price. The money is held in escrow until closing, then applied toward your down payment or closing costs. Can you get it back? It depends on your contract contingencies: • Financing contingency — if your loan falls through, you get your money back. • Inspection contingency — if the inspection reveals serious problems and the seller won't fix them, you can walk away and get a refund. • Appraisal contingency — if the home appraises below the purchase price and the seller won't negotiate, you're protected. If you back out without a valid contingency (e.g. you simply change your mind), you typically forfeit the earnest money to the seller.

A listing agent (seller's agent) represents the seller. They are hired to market the home and get the highest possible price for their client. A buyer's agent represents you, the buyer. Their job is to help you find the right home, negotiate the best price and protect your interests throughout the transaction. Important: In most transactions, both agents are paid by the seller from the sale proceeds. You generally don't pay your buyer's agent out of pocket — though this can vary by agreement. Can one agent represent both sides? Yes, this is called dual agency and is legal in most states. However, a dual agent cannot fully advocate for either party. It's usually better to have your own dedicated buyer's agent.