FAQs

Do I really need a preapproval letter from a financial institution to start looking at properties to purchase?

Although a preapproval letter is not necessarily required to look at houses it is a good idea to obtain a preapproval letter and speak to your financial institution prior to viewing.  A preapproval letter verifies that you and your lender are on the same page and that you have opened lines of communication with your lender to ensure you aren’t viewing homes that fall out of your price range.  

A preapproval letter is also typically required when your agent submits an offer on your new home.  Obtaining a preapproval letter also demonstrates to your agent that you are a serious potential buyer and have taken the necessary steps to obtain lending.

How much money will I have to put down on my new home?

The answer is largely dependent on the loan program that you and your lender elect to utilize. Very few buyers can afford to put the traditional 20% down on a home.  It is not uncommon for buyers to have to put down 3.5%-10%.  Again, this is dependent on the loan program and identifying the best options for your situation.

At CORE Real Estate Advisors, we are proud of the relationships that our Agents have with local lenders and our Agents will touch base with your lender to confirm this information prior to submitting an offer on your behalf.

How quickly can I close?

This answer will vary depending on many factors.  It is fair to expect that a transaction will take 30-60 days to close but your particular situation may change this timeline.There is absolutely no set standard on how much commission you must pay your agent. Commissions are negotiable between CORE Real Estate Advisors Agents and our selling clients.

Should I get a home inspection?

CORE Real Estate Advisors encourages all of our buying clients to obtain an inspection from a reputable home inspector. The home inspection can assist in spotting issues that may not have been readily apparent. It also helps provide you comfort in knowing that your new home has been inspected and, at the surface, potential issues have been addressed.

This answer will vary depending on many factors.  It is fair to expect that a transaction will take 30-60 days to close but your particular situation may change this timeline.There is absolutely no set standard on how much commission you must pay your agent. Commissions are negotiable between CORE Real Estate Advisors Agents and our selling clients.

How many homes should I view prior to making an offer?

This varies from client to client.  Some buyer’s will view one or two homes and find exactly what they are looking for while others will sometimes need to see many homes. Your CORE Real Estate Advisors Agent can help you narrow and focus your list and pinpoint the characteristics in a home that matter the most to you.

Do I need to do a final walk-through?

It’s not required, but it’s a darn good idea! Final walk-throughs give buyers a chance to make sure nothing had changed since their first visit. If repairs were requested, as part of the offer, a follow-up visit ensures that everything is squared-away, as expected, per the terms of the contract.This varies from client to client.  Some buyer’s will view one or two homes and find exactly what they are looking for while others will sometimes need to see many homes. Your CORE Real Estate Advisors Agent can help you narrow and focus your list and pinpoint the characteristics in a home that matter the most to you.

Can I purchase a For-Sale-By-Owner while using a Buyer’s Agent?

Yes. It’s imperative that you contact your agent and allow them to make contact with the Seller of the home. The agent can negotiate commission and obtain all necessary information about the property.  This will help alleviate any potential pitfalls in the transaction and give you the best information to proceed.

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