Home Buying Process-Frequently Asked Questions

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What is the first step in the home buying process?

If you plan to finance your purchase, the first step is getting pre-approved for a mortgage. A pre-approval is typically quick to obtain and shows sellers you are a serious, qualified buyer.

 

Knowing your price range helps you:

• Focus your search on realistic options

• Avoid wasting time on homes outside your budget

• Prevent disappointment from pursuing homes you cannot purchase

Your lender will outline your estimated monthly payment, down payment, closing costs, and any available loan or grant programs. If needed, they can also help you create a plan to improve your credit.

 

Watters Edge Realty Group (Brokered by LPT Realty, LLC) works with trusted local lenders—many experienced in lake homes, cabins, and unique properties—to ensure you have the right financing strategy from the start.

 

Do I need to sign an agreement with a Realtor?

In many cases, yes. A Buyer Representation Agreement outlines your agent’s responsibility to represent your best interests throughout the transaction.

 

This ensures:

• You have dedicated representation and advocacy

• Clear communication and expectations

• Professional guidance from start to finish

We believe in transparency and will walk you through what this means so you feel confident moving forward.

 

Already own a home—can I buy and sell at the same time?

Yes, and there are several strategies to make this possible. Options may include contingent offers, bridge financing, or timing your closing dates strategically.

 

We work closely with your lender to create a plan that aligns with your financial situation and goals—helping you transition smoothly from your current home to your next.

 

Should I buy a home instead of renting?

Buying a home can be a powerful way to build long-term wealth. Instead of paying rent with no return, homeownership allows you to build equity over time.

 

Additional benefits may include:

• Potential tax advantages (consult your tax professional)

• Stable monthly payments compared to rising rents

• The ability to personalize and control your living space

That said, buying isn’t right for everyone. We’re happy to help you evaluate whether it aligns with your current goals and financial situation.

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I have my pre-approval—what’s next?

Now the fun begins. We’ll schedule a consultation to understand your goals, lifestyle, and must-haves. From there, we will:

• Set up a personalized home search with real-time MLS access

• Identify both on-market and off-market opportunities

• Schedule showings quickly—including virtual tours when needed

• Guide you through each step as opportunities arise

Homes can move quickly, and we pride ourselves on being responsive and available when it matters most.

 

How do I find homes that are actually available?

Many public home search websites are not always accurate or up to date. Some properties may already be pending or sold.

 

We provide you with direct MLS-based searches so you receive:

• Real-time, accurate listings

• Immediate alerts for new properties

• Reliable data you can trust

This ensures you never miss an opportunity or waste time on unavailable homes.

 

I found the perfect home—what happens next?

When you’re ready to make an offer, timing and strategy are critical.

 

We will:

• Analyze the property’s true market value

• Develop a strong, competitive offer strategy

• Prepare and submit your offer quickly using digital tools

• Negotiate on your behalf to secure the best terms

In competitive markets, it’s common to face multiple offers. We know how to position your offer to stand out while still protecting your interests.

 

What is an earnest money deposit?

Earnest money is a deposit that shows the seller you are serious about your offer. It is submitted shortly after your offer is accepted.

 

Key points:

• Typically around 1% of the purchase price (can vary)

• Held by a neutral third party (title company or broker)

• Applied toward your purchase at closing

• Generally refundable if contract contingencies are not met

A stronger earnest money deposit can make your offer more attractive to sellers.

 

Should I get a home inspection?

Yes—home inspections are highly recommended. Once under contract, you’ll have a set period (commonly 3–10 days) to complete inspections and evaluate the property.

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Inspections help you:

• Identify potential issues

• Understand the true condition of the home

• Negotiate repairs or credits if needed

Typical costs range from $400–$700+, depending on the property.

 

What is an appraisal?

An appraisal is required by your lender to determine the home’s market value. It is conducted by a licensed, independent third-party appraiser.

 

The appraisal ensures:

• The home is worth the purchase price

• The lender is not over-financing the property

The buyer typically pays for the appraisal as part of the loan process.

 

How long does it take to close?

Most transactions close within 30–45 days from the time your offer is accepted. This allows time for:

• Inspections and due diligence

• Loan approval and underwriting

• Appraisal and title work

We help manage timelines and keep everything on track for a smooth closing.

 

When do I get the keys?

In most cases, you receive the keys on closing day after all documents are signed and funds are transferred. Possession details will always be clearly outlined in your purchase agreement.

 

Do I need a Realtor when buying new construction?

Yes—absolutely. The builder’s sales representative works for the builder, not for you.

 

Having your own Realtor ensures:

• Your interests are fully represented

• Contracts and upgrades are reviewed carefully

• You have guidance throughout the build process

Important: Always bring your Realtor with you on your first visit to a model home.

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How do I choose the right Realtor?

Choosing the right agent is one of the most important decisions in your home buying journey.

Look for someone who:

• Knows the local market inside and out

• Communicates clearly and consistently

• Is accessible when opportunities arise

• Has strong negotiation skills

• Truly prioritizes your best interests

An experienced Realtor can save you time, money, and unnecessary stress throughout the process.

 

Should I use a friend or family member as my agent?

While it can be tempting, it’s important to choose an agent based on experience, expertise, and your comfort level.

This is a major financial decision, and you need someone who:

• You trust completely

• You can communicate with openly

• Has proven success in your target market

The right fit matters more than the relationship.

 

What costs should I expect as a buyer?

In addition to your down payment, buyers should plan for:

• Closing costs (typically 2–5% of purchase price)

• Home inspections

• Appraisal fees

• Insurance and prepaid expenses

We’ll help you understand these costs upfront so there are no surprises.

 

Ready to Get Started?

Buying a home is one of the most important decisions you’ll make—and having the right guidance makes all the difference.

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Watters Edge Realty Group is here to provide expert advice, strong advocacy, and a smooth, informed experience from start to finish.