Adam Somers Realtor

There are two ways the buyers agent can be paid: 1. The less common way is that the buyers pay their agent out of pocket. This is the most straight forward way, though it's not what's typically done. 2. The most common version is that the buyer's agent's fees are rolled into the sale price, and then the seller's pay the buyer's agent. This was a practice that was adopted a few decades ago to allow first time home buyers, as well as buyer's who weren't cash heavy, to have proper representation. When a listing agent and seller determine a sale price, it's done so with the assumption that the buyers are going to have a buyer's agent. In my market that amount is usually 3%. In addition, the 3% buyers agent commission being rolled into the sale price is so commonly practiced that when you're looking at comps to determine your own home's sale price, it's safe to assume that almost every home sale that took place was done so with the buyers agent commission rolled into it.

There are three different timelines to break down here. First, it should take 2-8 weeks to prepare a home for sale. This includes painting, making minor repairs, staging, de-cluttering, preparing marketing material, etc. I have a "pre-listing checklist" available that gives you a detailed room-by-room breakdown. Second, it can take anywhere from a couple days to a few months to get an offer on your home. This depends on your market, time of year, price point, etc. Third, once you accept an offer on your home, the escrow process averages about 30 days, though the range is 1-8 weeks. In 2021, if everything is done properly, selling your home should take 2-3 months depending on how much prep work you do before it's up for sale.

Sherwin Williams Agreeable Gray or another brands equivalent. Though I do like that color, it's not just my opinion. It's usually ranked in the top paint color lists for homes, and is sometimes even number 1. It's neutral, bright but comforting, and blends well with both shades and earth tones.

When you're ready to be a homeowner. It sounds simple, but it's the truth. I heard somebody recently say in regards to financial investments, "most people are too concerned with timing the market when they buy. It's significantly more important to time when you sell". Unlike securities, funds, bonds, or other investments, your home is the only asset you live in. It's the only one that you use daily, and raise your family in. With that said, I always tell my buyers that if they're buying a home with a short term living plan, they should have a back-up plan in case the market goes down. If they're buying to live in long term, it doesn't matter. Even the people who bought homes in 2007, then watched their home values plummet a year later, are sitting on tremendous positive equity today. The U.S. housing market averages 3.8% annual historic appreciation, so I'd trust the odds. I don't have a crystal ball, but history shows us that as long as you buy and hold, you tend to win.

Yes! It would be against your best interest to buy a home without one. Even though you pay for it out-of-pocket, it's a small investment toward avoiding a huge mistake. More often than not, you'll end up negotiating with the sellers to handle some repairs or to give you concessions. I know in this market (2021) some buyers have been waiving their home inspections for the sake of being competitive. If you find yourself in a situation where you're being pressured to waive it, I recommend a middle ground: Include a clause in your offer that says you have the right to an inspection, but you're going to "take it or leave it". That way, the sellers know there won't be any negotiating, but you're still protected. Another option is to offer to take on a set amount of repair costs before you approach the sellers about them. You're equally as protected here, but also are given the option to renegotiate if the repairs are more than you can handle. In summary, always have an inspection!

Typically in the first week after your offer has been accepted, and you hire and pay for the home inspection company. We have a few reputable local companies we can recommend if desired. When you write an offer on a home, what you're actually doing is filling out a contract called a purchase agreement. That contract states the price you're offering, how you're paying, etc. It also includes if and when you're having a home inspection. Once the sellers sign that contract and accept your offer, you're in what's called the "escrow" period. A number of timelines in your contract begin at this point, including the timeline for you to complete your home inspection (should you choose to have one...which we always recommend you do). In our market, it's pretty common for that inspection timeline to be within the first 7 calendar days of the contract being signed. It can vary though and be more or less depending on what everyone agrees to.

If you're getting a mortgage (loan) to buy the property, it will depend on the type of loan you're getting. Simply ask your bank or private lender for options. It's a myth that you need 20% down. There are loan options that exist for people with lower credit, great credit, and first time buyers that require as little as 3% down. So for a $200,000 home, that's only $6,000. For veterans and certain professions you may be able to get a loan with 0% down. There are additional costs that go along with buying a home, such as obtaining title insurance, mortgage processing fees, home inspections, appraisals, property taxes, etc. that can add a few thousand dollars or more. This is in addition to your down payment. This is why it's extremely important to talk to your bank or lender about your financial situation before you start looking for a home. They will be able to tell you exactly what you need so you can prepare to get the home you want.

At the end of your escrow period. Let me explain: Let's say you've found a house you like. You're going to sign a contract called a "purchase agreement", and present that (and any affiliated documents that go with it) to the sellers to make an offer. The contract will include the price, how you're paying for the home, whether you're having a home inspection, and a lot of other items. If the seller accepts your offer, they will sign the contract. Now you are "in escrow". At this point, you and the current home owners have a signed agreement that says you are going to purchase their home, pending clearing the conditions of the contract. This can include getting your mortgage (loan), having the home inspected, making sure the title/deed is free and clear, etc. If you're getting a mortgage, it's common for this to take 3-6 weeks. Once your contract conditions are complete, you'll schedule a date and time to sign paperwork and complete the sale. You pay for the home at this time.

A pre-approval letter is a letter given to you by your bank or private mortgage lender that states that you are financially able to purchase a home. It will have your budget, as well as state information on whether the lender has looked at your credit report, income, employment, and assets. If you are getting a mortgage (loan) to buy a home, then yes, you need this letter to start looking for a home. Without it, you won't know for certain what your comfortable/max budget is, nor will you be able to write an effective offer on properties you like. It's common practice today that if you write an offer on a home and aren't able to provide the sellers with a pre-approval letter, then your offer won't be considered until you can. This is because the sellers want to be certain that the offer you are presenting them is legitimate, and that includes seeing that a bank will be willing to give you a loan in the amount you need.

Schedule a pre-listing consultation. At this appointment, we sit down with you for free with no obligation to learn more about you, your timeline, why you're selling, where/if you're moving, and to begin drafting a custom marketing proposal for your property. From there, we would sit down at some point in the near future to present the marketing proposal and begin the process of preparing your home for sale. In the meantime, it's important to start preparing your home for selling. During our meetings we will give advice on how to best prepare your home's curb appeal, what repairs or renovations should be made to get the highest price or best return, and how to stage your home.

1. Consider your timeline. The home buying process typically takes a few months from the moment you're "ready", so it's best to make sure you're planning well in advance. 2. Will you be getting a mortgage (loan) to purchase the home? If so, you need to speak with a bank or private lending company about your ability to obtain a mortgage, and what you will need to accomplish (if anything) to get approved. We have recommendations to some great local and national lenders to get you started if you need it. 3. Have a home buying consultation. By now you know what your timeline is, as well as what your budget is, so it's time to learn about how the home buying process works. We sit down with you and educate you about how we'll search for properties, how to write an offer, how the escrow process works once the offer is accepted, and when to expect to receive the keys for your new home. To schedule a home buying consultation, simply contact me at 248-735-7297.