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FAQs for First Time Lakewood Real Estate Buyers

February 8, 2017

If you’re about to buy a home on the Lakewood real estate market for the first time, you may have a lot of unanswered questions that you are too shy to ask. But, because this is such a huge financial investment, it’s important to be as informed as possible before buying a home. Here are some of the answers to questions most frequently asked by first time homebuyers:

If I need financing, when should I meet with a lender?

First time homebuyers often believe they don’t need to meet with a lender until they’ve found the home of their dreams, but this is not the case. It’s recommended you meet with a lender prior to beginning the search for your home so you can get pre-approved and set a budget. Learn 5 essential reasons to get a mortgage preapproval.

How much will I have to pay my real estate agent?

Some buyers attempt to find and purchase a home without a real estate agent because they are under the impression this will save them money.  But, the truth is the seller is responsible for paying the real estate agent’s commission, not the buyer. If you use an agent to find and buy a home, you will not have to pay him or her a dime.

How long will it take to move into a new home?

Unfortunately, it’s difficult to answer this question because it will vary depending on the listing. Some sellers are more motivated and will be eager to close the deal and move out, while others may ask for more time to get their belongings together. Buyers who need to move into a home quickly can try to offer more money or sweeten the deal in other ways to persuade slow sellers to close quickly. If you buy a home that is in foreclosure or going through a short sale, you can expect a much longer wait since the bank will be involved.

Can I submit an offer that is below the listing price?

A home’s listing price is what the seller is hoping to get out of the home—it is not necessarily the only price the seller will accept. Some homes will sell for lower than the listing price, while others will sell for much higher. This will all depend on a number of factors, including the neighborhood, market value of the home, and condition of the real estate market. It’s best to consult with your agent prior to making an offer. An agent can crunch numbers and look at prior comparable sales to determine how much you should offer for a listing that has caught your eye.

If the question on your mind wasn’t answered in the list above, don’t hesitate to reach out to one of our helpful real estate agents. Our agents can list your home and help you find a new one that meets all of your criteria. Contact us at 720-220-2059 to talk to the experienced agents at Colorado Home Sales.