Frequently Asked Questions for Buyers

---

Answer: Pre-qualification is an estimate of how much you may be able to borrow, while pre-approval is a more thorough process where a lender assesses your credit and financial situation to provide a specific loan amount you’re approved for. Pre-approval is more reliable and valuable when making an offer on a home.

When selecting a neighborhood, consider factors such as location, schools, safety, amenities, and future development. Think about your lifestyle and priorities, and work with your real estate agent to find a neighborhood that aligns with your needs.

Closing costs typically range from 2% to 5% of the home’s purchase price. These costs include fees for services like appraisals, inspections, title insurance, and lender charges. Your real estate agent and lender can provide a more precise estimate.

Your real estate agent will conduct a comparative market analysis (CMA) to assess your home’s value based on recent sales of similar properties in your area. Pricing should be competitive while considering your home’s unique features and market conditions.

Small repairs and improvements, like fixing leaks or freshening up paint, can enhance your home’s appeal. Major renovations should be carefully considered, as they may not always yield a positive return on investment. Consult your real estate agent for guidance.

The closing process involves signing the necessary legal documents to transfer ownership. It typically takes around 30-45 days, but the timeline can vary. Your real estate agent and attorney will help you navigate this process, ensuring a smooth transition to the new owner.