Most popular questions
The answer to the question is YES! There are tons of reasons why you should talk with a
bank and get approved before looking at homesd. First and foremost, talking with a bank
before looking at homes can help you understand exactly how much you can afford.
If you’re a first time home buyer, talking with a bank before looking at homes is strongly
suggested, as there are many first time home buyer program available.
Another important reason to talk with a bank before looking at homes is so you understand
exactly what costs are associated with buying a property. There are many home buyers
who don’t understand the difference between a down payment, pre-paid items, and
escrows, which can be thoroughly explained by a mortgage professional. A mortgage
professional can give you advice on the type of financing you should be looking to obtain
and also whether or not you should request the seller to contribute towards your closing
costs, also known as a seller’s concession.
Buying a home can be a very solid investment. This being said, renting can also be a
better option for some, depending on the circumstances. The current interest rates are
incredible. Since the interest rates are so low, it actually can be cheaper to pay a
mortgage right now than paying rent.
There are questions that you should ask yourself before deciding to buy a home. One of
the most important things to consider is the length you plan on staying in a home, if you
were to purchase. If the answer is only a few years, it’s likely the better decision is to
continue renting. Another question to ask yourself is whether you are ready to take on the
additional “responsibilities” of owning a home.
Buying a home is a great option in many cases, but not always.
There is truly no concrete “correct” answer to this question. There are pro’s and con’s and
the same can be said about selling your current home before buying another.
Buying a home before selling your current home
The biggest benefit to buying a home before selling your current home is the fact that you
have a suitable property lined up. This can reduce the stress and pressure of having to
find a home once your current home is sold. This however also can create disappointment
and heartbreak. If you are unable to purchase a new home without having to sell your
current home, you’re purchase offer is going to be contingent upon sale and transfer of title
of your current home. If your current home does not sell in a timely manner, this can lead
to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re
looking to purchase, which can be devastating.
Selling your current home before buying a new home
The time it takes to sell your current home is unpredictable. There is no crystal ball that
exists that can tell you exactly how many days it will take. Selling your current home
before buying a new home will put you in an ideal position to negotiate on the new home
you’re purchasing due to the fact you are purchasing without the sale contingency of your
One risk of selling your current home without buying a new home first is the chance of not
being able to have a place to live. There are options if your current home sellers before
buying another though. A “rent-back” can sometimes be negotiated with the buyer of your
current home. A “rent-back” would allow you to retain possession of your current home for
a certain number of days after closing at the expense of paying the buyers mortgage. A
“rent-back” allows for additional time to find a new home.
In most cases, however, the Spring months are amongst the best times to be selling a
Whilst Spring is a good time to sell, you will likely have lots of competitive properties on the
market at the same time.
In some cases, selling a home during the Autumn and Winter months actually may be
better than waiting until the Spring real estate market.
This is due to a combination of many factors including lower competition and serious
buyers are always looking for a home, as well as other factors.
NO! There is not any situation in which this is appropriate. Having the owner in the house
makes the buyers uncomfortable. They feel as though they can’t make comments or ask
questions that could be offensive. The owner—who has a history and attachment to
the house—has the tendency to argue if a potential buyer makes a comment that could be
a little negative. This can turn off buyers and lose you offers
There is not a standard answer to this question. A purchase offer will have a “life.” The
“life of the offer” can vary from 12 hours to 3 or 4 days. There are many circumstances
that can effect the length of the “life of the offer.” Your Realtor should know how long of a
“life” to give to your offer. If you’re looking to purchase a home that is newly listed and the
possibility of multiple offers exists, a shorter life is recommended. If the home you’re
looking to purchase has been on the market for 3 months and the seller is located out of
town, a 2 day “life” maybe necessary and/or recommended.
It is your legal responsibility to keep the rental unit in good repair. This means the
premises must be safe, sanitary and habitable throughout the course of the tenancy.
Habitability includes “livable” conditions such as working doors, faucets, toilets and
heaters. In other words, the rental unit must remain comfortable to live in.