What's On Your Mind?

Buyers' Frequently Asked Questions (FAQs)

You may have a million thoughts and questions about buying real estate. Some of these may be common knowledge, but other questions will be unique to you and your situation.

Buying your home or property is one of the most important decisions you will make in your life, so it’s important that you make sure you’re making the best decision for you (and others).

If you seek additional questions and answers, send us a note or give us a call. We will happily get in touch with you!

Ask Us Anything!

Complete this form below if you seek answers

We respect your privacy. Your information is 100% safe with us.

Your Questions Answered

CAN I BUY A HOME AND SELL MY CURRENT ONE AT THE SAME TIME?

Yes, absolutely! Leverage an Elevate Realty real estate agent to help you navigate challenges associated with timing and transition.

WHAT IS PRE-QUALIFIED VS. PRE-AAPPROVED LETTER?

A pre-qualification letter provides an estimate of what you may be able to borrow and interest rate. This is a quick way of letting you know your price range and affordability. A pre-approval letter means a financial institution has taken a thorough look at your finances and is highly likely to approve your loan.

HOW LONG DOES IT TAKE TO BUY A HOME?

On average, escrow may take 30 to 45 days to close. Depending on complexity or the situation, it may take longer. You can also request to extend the close date.

HOW MUCH MONEY DO I NEED FOR A DOWN PAYMENT?

Normally, you would need at lease 3% to 5%. A down payment of 20% or more puts you in a stronger and competitive position against other buyers. For VA or USDA loans and opportunities, no down payment is required.

CAN I BACK OUT IF I CHANGE MY MIND?

Yes, absolutely. Be careful and consider all options before making this decision. If you have contingencies in place, you may cancel the transaction and receive your earnest money deposit back. Earnest money deposit is around 1%-5% of the offer price. If you have no contingencies in place or you default, you may forfeit your earnest money deposit.