Frequently Asked Questions

Frequently Asked Questions

 How long does the buying process take?

           While there’s no easy answer to this question we hope to make the process, however long, as easy as possible. Expect somewhere between 30-60 days.

        How many properties does the typical buyer look at?


        On average, it takes about 8-10 homes before a buyer is ready to make an offer. That said, you can find your home on the first try or the fifteenth.

When should I make an offer?

           
When you find a house that fits your needs you should make an offer immediately. That’s why it’s important to have your pre-approval letter in hand when you start looking at houses.

How much should I offer?

           
You should make the best offer you’re comfortable. Extremely low offers can be seen as an insult to the seller. On average, you’ll negotiate 2-5 times on the transaction from the purchase price, through the inspection and the appraisal.

Should I lock in my interest rate or should I float?

           
This is a good conversation to have with your lender. You can’t lock in until you have a signed purchase agreement.

What happens at the closing?

            
You’ll be asked to make sure you bring your I.D.
            
You’ll get the exact amount of your cashier’s check at least 3 days before.  
            
You’ll sign lots and lots of mortgage documents.

 Is the closing date on my contract guaranteed?

           
No, most likely the dates on your contract will change, perhaps multiple times. They are subject to many variables.

How much earnest money should I put down?

           
The amount of earnest money you put down can be viewed by the buyer’s as an example of how serious your offer is, especially in multiple buyer situations. The amount is really up to you, but usually at least $500.

What happens to my earnest money?

            
It is deposited into the listing agency’s trust account and credited towards your purchase at closing.

Will I get my earnest money back if the contract is not accepted?

           
Yes, it will be written that way in the purchase agreement and the earnest money will not be deposited until you have an accepted offer.

What is the process to get my earnest money back if the contract is accepted and the home inspection finds an issue?

The listing agency will return your earnest money when the signed Cancellation of Purchase Agreement is processed.

How often do you find the perfect property on the first day?

           
It happens more often than you think! Keep in mind the 80/10/10 Rule if you find a house that has 80% of what you are looking for, 10% of things you can change and 10% of things you can live with, it's a keeper.

What is the likelihood of a multiple offer situation?

           
In today’s market the likelihood of a multiple offer situation is pretty high. This also depends on what home you are interested in buying.

 What monies will I need to come in with?

           
You’ll need to come to closing with a cashier’s check for your down payment and closing costs. This amount will be provided to you at least 3 days prior to closing.

How long does the home inspection take?

           
A home inspection usually lasts 2-3 hours. It can take up to a week to get your inspection results.

Do I really need a home inspector?

           
We always suggest a home inspection. Ultimately, this is a personal decision, taking into account the age of the home, your plans for the home, and more.

Can you recommend an attorney, home inspector or a lender?

           
Absolutely and we’re more than happy too! We always suggest using an attorney who specialized in real estate and working with a local lender and a reputable inspector.  

For more information on how you can save money on your next transaction, download our free report called "Eight Insider Tips That Save Buyers Thousands!" This report is offered to all guests.

Click Here to Download this guide today!

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Contact Information

Photo of J.S. Realty Real Estate
J.S. Realty
J.S. Realty, LLC
5112 Midway Rd
Duluth MN 55811
Office: (218)729-9784
Fax: (218) 729-5638