FAQ Section

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The process typically includes getting pre-approved, searching for a home, submitting an offer, negotiating terms, completing inspections and appraisal, securing final loan approval, and closing. Once closing is complete, ownership officially transfers to the buyer. 

Most transactions take 30–60 days from contract to closing. The full timeline can vary depending on financing, inspections, negotiations, and market conditions .

Common professionals include a real estate agent, lender, home inspector, appraiser, title company, and sometimes a real estate attorney. Each plays a specific role in ensuring the transaction runs smoothly.

 “Under contract” means the seller has accepted a buyer’s offer, but the sale is not yet final. The transaction is still subject to contingencies like inspections, financing, and appraisal. 

Common reasons include financing denial, low appraisal, inspection issues, title problems, or a buyer backing out under a contingency.  

Pre-qualification is an estimate based on self-reported financial information. Pre-approval is a more thorough review by a lender and carries more weight with sellers. 

Down payments typically range from 3% to 20% of the purchase price, depending on the loan type. Some programs allow even lower down payments for qualified buyers. 

Closing costs are fees associated with completing the transaction. They often range from 2%–5% of the purchase price and may include lender fees, title insurance, escrow fees, and prepaid taxes or insurance. 

Your credit score impacts your interest rate and loan options. Higher scores generally qualify for better rates and lower monthly payments. 

Mortgage insurance protects the lender if the borrower defaults. It’s typically required if the down payment is less than 20% on conventional loans. 

Earnest money is a good-faith deposit submitted with an offer to show the buyer is serious. It is usually applied toward the purchase at closing. 

 Contingencies are conditions that must be met for the contract to proceed, such as inspection, appraisal, or financing approval. 

 Yes. A seller can accept, reject, or submit a counteroffer with revised terms such as price, closing date, or contingencies. 

 If the appraisal is lower than the purchase price, the buyer and seller can renegotiate, the buyer can pay the difference, or the contract may be canceled if an appraisal contingency is in place 

 Yes. A home inspection identifies potential issues with the property’s structure, systems, and safety before finalizing the purchase. 

 The buyer can request repairs, ask for a credit, renegotiate the price, or cancel the contract depending on the inspection contingency.  

Repairs are negotiable. In many cases, sellers agree to fix major issues or provide credits at closing. 

A title search verifies that the seller legally owns the property and that there are no liens or claims against it. 

Title insurance protects buyers and lenders against future claims or disputes over property ownership.   

At closing, all required documents are signed, funds are transferred, and ownership is officially recorded. The buyer receives the keys once the transaction is complete. 

 Your first payment is typically due on the first day of the month following 30 days after closing. 

Pricing is based on comparable recent sales, market conditions, and the home’s condition and location. A competitive price attracts more buyers. 

Commissions vary by market but are often between 5%–6% of the sale price, typically split between buyer and seller agents.  

Not always, but addressing major issues and improving curb appeal can help your home sell faster and for a higher price 

Sellers typically receive their proceeds shortly after closing once the transaction is recorded and funds are disbursed.