Common Denver Home Buying Questions
How is a Denver Realtor paid?
Typically Sellers pay their Realtor a commission, which is split with the Buyer’s agent making the services of a Realtor free to the Buyers.
After finding a home and coming to an agreement on terms with the Seller, it typically takes between 30 & 45 days to complete the transaction.
What a is lender pre-qualification letter, when do I need it, and why do I need it?
A pre-qualification letter is provided by a Lender after an initial credit and income check, providing the Buyer with the maximum amount they can borrow to purchase a home.
A pre-qualification is needed prior to being shown homes by your Realtor
A pre-qualification letter is needed to prove to Sellers that you are qualified to purchase a desired home, and to ensure you are looking at relevant properties.
What is earnest money?
Earnest money is typically 1% of the purchase price.
Earnest money is held in escrow as collateral during the purchase process.
Earnest money will be credited as part of the down payment at closing.
What expenses will I have other than closing costs and the downpayment?
Depending on square footage and types of inspections the Buyer chooses, will determine this out of pocket expense.
Basic ~ $250+
Radon ~ $150+
Sewer ~ $150+
Mold ~ TBD
What is an Agency agreement?
A Buyer’s Agency Agreement is required by most Realtors, enabling them to work on your behalf and contracting that you are not working with other agents.
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