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Helping You Plant Roots in VA, DC & MD

Home Buyer Q&A

Who Pays For Home Inspections?

In most cases, the buyer chooses the home inspector and the buyer pays for the inspection. Most home inspectors accept cash, check or credit card. They usually expect payment at the home inspection.

How Much Do Home Inspections Cost?

This depends on the size, complexity and sometimes the price of the home.  A small condo may only cost $200 while a single family home may cost $450 or more.

How Is My Buyer Agent Compensated?

The seller pays the buyer agent at settlement based on a commission rate that they advertise with the listing. This is also the case with new construction.

Should You Use A Buyer Agent With New Construction?

Yes! It is important to have a buyers agent experienced with new construction purchases helping you negotiate the terms, review the contract and advise you throughout the transaction.

How Long Does It Take To Find A Home?

It depends. The average home buyer goes out to look at homes between 3-5 times before finding the right home. Sometimes less and sometimes more. If you are realistic with your expectations and working with a buyers agent that knows the area well, your time will be more efficiently spent.

How Long Does It Take To Get To Settlement?

The average amount of time between when you ratify a contract and settle on the homes is 30 days. If you are not financing the purchase (“paying cash”) then you can settle sooner. If you are using an FHA or VA mortgage then you may want to take a little bit more time.

When Can I Move In?

Once you settle on a property – you own it. You can move in right away unless there are condo or HOA restrictions.

How Much Are Closing Costs?

On average, closing costs range between 2% and 3% of the purchase price. Ask your lender for a good faith estimate that will break down the closing costs you should expect to pay.

Who Pays For Closing Costs?

The buyer and seller will each have their own set of closing costs. The buyer may negotiate a closing cost subsidy paid for by the seller to offset the buyer’s closing cost burden. Tip: It is very important to make sure that your lender will allow the seller subsidy you plan to ask for.

Can I Negotiate A Lower Price Without A Buyer’s Agent?

Based on the typical listing agreement, if there is not a buyer’s agent involved in the purchase, then the listing agent earns both commissions.  You will not have an advantage negotiating a better deal without a buyer’s agents.  In fact, you could cost yourself many thousands of dollars trying to navigate a home purchase without an expert adviser.

What Website Do You Recommend For Finding Homes?

Many real estate websites display homes that are no longer for sale.  This can be very frustrating!  The homes displayed on ArbourRealty.com are synched with the local MLS at least once an hour.  Another site we like is HomesDatabase.com.  It is owned by our local MLS so you are ensured that the listings are up-to-date.

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