Question 1

Can I negotiate the asking price of a home?

Accepted Answer

Yes, you can negotiate the asking price of a home. However, it's important to be reasonable and considerate in your negotiations to ensure a successful outcome.

Question 2

What is the difference between a pre-qualification and pre-approval for a mortgage?

Accepted Answer

A pre-qualification is an estimate of how much you may be able to borrow based on your income and credit score, while a pre-approval is a more detailed analysis of your financial situation that gives you a specific loan amount that you are approved for. A pre-approval can help you make a stronger offer on a home.

Question 3

How do I know if I can afford a home?

Accepted Answer

A good rule of thumb is to keep your housing costs at or below 30% of your monthly income. You can also get pre-approved for a mortgage to determine your budget.

Question 4

What is a home inspection?

Accepted Answer

A home inspection is a thorough evaluation of a property’s condition. It includes examining the structure, systems, and appliances, to identify any issues or potential problems.

Question 5

What is earnest money?

Accepted Answer

Earnest money is a deposit made by the buyer to show they are serious about purchasing a property. It is typically 1-2% of the purchase price and is held in an escrow account until closing.

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