Resources for Buyers

Q: What home can I afford?

What is your income? What are your current and expected financial obligations? By consulting with a realtor from Prestige Realty ahead of time, you can determine a ballpark figure for the price you can pay for a new home. Then, you can work with a lender to get pre-approved for a proper home loan to make you far more attractive to the sellers you want to impress.

Q: Can I buy a home and sell my current one at the same time?

A major issue of searching for a home to purchase while still looking for a buyer for your previous property is how thinly you stretch your finances. If you sell before you buy, you and your family will need a place to stay in the interim. If you sell after you buy, your finances will often be far more strained until the sale. This is why realtors often work a sale contingency into your contract – which requires all parties involved to give their consent.

Q: How many homes should I see before making an offer?

These days, you can look at hundreds of homes online before you ever put in an offer. If you want to check them out in person, you may find yourself in for a few days’ worth of driving – but could still find your dream home. Most people view an average of 10 homes in person before deciding to make their offer. The best strategy is to work with a qualified realtor at Prestige Realty in East Texas who can help you identify the types of home and price range you can afford and move forward from there.

Q: What do you think the seller will accept as a fair price?

The general rule of thumb is to stay cautious when lowering your offering price. Reducing it by as much as 5 percent may not upset the seller, but dropping it dramatically could ruffle feathers. Sellers always have unique motivations for selling their properties, so if you work with one of the experienced East Texas realtors at Prestige Realty, you might be able to score a phenomenal deal on a new home.

Q: How do I know if the property is a good deal?

Only the test of time can determine whether or not a home’s value will remain the same, increase, or plunge over time. However, you can somewhat hedge your bets by considering the overall market. East Texas real estate agents at Prestige Realty understand the ups and downs of the local market and can provide you with the information you need to make the smartest choice for your financial situation.

Q: How quickly can I close?

After performing your due diligence on the closing process (see the next answer), your typical escrow period should last between 30 and 45 days. By working with a local realtor at Prestige Realty in East Texas, you can keep the closing process quick and relatively painless.

Q: Should I get a home inspection?

The vast majority of realtors will insist upon a home inspection before closing. It’s critical for you  to gain a full understanding of the conditions of the house – it’s roof, electricity, heating and air, plumbing, and more. By knowing the total health of the property ahead of time, you can negotiate with the seller and ensure you get what you’re paying for.

Q: When can I back out if I change my mind?

Homebuyers can back out of a deal during the option period and not risk forfeiture of their earnest money. However, waiting too long may lead to forfeiture of your earnest money. By utilizing the services of a qualified East Texas realtor at Prestige Realty, you can ensure your security by including contingencies in the contract that allow you to back out if you find issues with the purchase.

For more information on purchasing a home in East Texas, contact Prestige Realty today.

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