FAQ

How do I know if it’s time to buy instead of rent?

If you know where you want to live, have a steady and secure income, and are ready for the responsibilities of homeownership, then it’s a great time to invest in property.

How much do I need to save up for a down payment?

A conventional loan down payment is usually 5%-20% of the sales price, but other types of financing require as little as 3.5% to 15%. A mortgage lender can tell you what types of loans you qualify for.

How do I know if I qualify for a loan and how much I can afford?

Contact a mortgage lender to get pre-approval for a loan. The lender will ask you some basic questions about your income and debts and can tell you what amount you can be approved for, and how much your mortgage payments will be. Ask me for my lender recommendations!

What does the lender need from me to give me a loan?

Usually, you are asked to provide your last two tax returns to show proof of income. You should also provide recent bank and credit card statements and proof of your current pay rate. You will also be asked for your social security number so they can run a credit check.

How do I know which mortgage option is right for me?

Your mortgage lender is the best person to advise you on this question. Their products and qualifications change from time to time, so they would know best what products are available to meet your needs.

What should I do when I see a house online that I like?

Call your buyer’s agent: the agent you are working with to find your home. It’s best that you work with one real estate agent throughout your search because that person learns what you like and dislike and will invest a lot of time vetting properties for you. That person also represents your best interests only. When you call the agent advertising the home, you are dealing with the seller’s agent, so, while they can assist you, they are also trying to get the best price for the seller.

Can you show me a house if it’s not your listing?

Absolutely. As a buyer’s agent, I can show you any house listed in our MLS system, and I will contact for sale by owner sellers on your behalf. As mentioned above, working with me as your buyer’s agent ensures that your interests are protected.

How do we write an offer?

When you find the property you want to make an offer on, I will run a Comparative Market Analysis(CMA) to help you determine a fair offer amount. I will also guide you through the additional terms of the contract, such as the earnest deposit amount, closing date, and any additional terms you want to be added to the offer. I will write the offer on a contract form and submit it to the seller’s agent.

What happens if there are other offers on the house I love?

If a seller receives multiple offers on their home, usually their agent will inform the buyer’s that multiple offers have been received and the buyers have another opportunity to alter their original offer to present their “highest and best” offer. Keep in mind that many factors may influence the seller in addition to the offer price, such as the down payment amount, closing date, and inspection terms.

What happens when my offer gets accepted?

Once both parties have agreed on all terms and signed the contract, your escrow deposit must be made and you should schedule the home inspection. Your lender will receive a copy of the contract and will begin processing your mortgage application.

Do I need an inspection?

We always recommend that you have a home inspection done. In the scheme of things, paying a few hundred dollars to have peace of mind that there are no hidden dangers or problems is well worth the money.

Should I sell or buy first?

There are strategies that may allow you to close both on the same day. If this cannot happen, you need to decide which risk you are more comfortable with – owning zero houses (selling your home first) or owning two houses (purchasing next home first).

How do I prepare my house to go on the market?

The first thing you should do is take a good look at your house and make a list of things that are need of repair or a little love. Buyers are going to notice these as well and will likely take them in to account as to whether or not they decide to make an offer and if they do, what kind of price they are willing to pay. Schedule a consultation with your Realtor to discuss which items are a priority to get done. Your Realtor will also have ideas on what else should be done to stage the home for sale.

Should I do updates to my house before I put it up for sale?

Yes and no. Yes it is worth it to replace worn out flooring, paint in neutral shades of color, and give other items a little face lift around the house. No it’s not worth it to make major renovations since it isn’t likely that you will have a good return on investment. I highly recommend that you consult with your Realtor before deciding which projects are or are not worth it.

How do I know how much my house is worth?

Believe it or not, your Zestimate given to you by Zillow is not 100% accurate. I know, you’re shocked!! But if that isn’t able to tell you, how can you find out? Consulting a Realtor to to a CMA (aka Current Market Analysis) of your property will help you decipher your market value. It unfortunately is not an exact science.

What happens if the house doesn’t appraise for the purchase price?

If your home does not appraise for the purchase price, there is a provision spelling out your options in the purchase agreement (unless altered in the terms of agreement, some may include an appraisal guarantee). The buyer can make up the difference by bringing in additional funds to closing, the purchase price can be renegotiated or the buyer can choose to terminate the sale.

Which areas do you cover?

I work in West Michigan. Mainly the surrounding areas of Grand Rapids. Jenison, Hudsonville, Byron Center, Zeeland, Grandville, Caledonia, Ada, Cascade, Alto, Walker, Rockford, Belmont, Kentwood, Wyoming, Comstock Park, Coopersville, Sparta, Cedar Springs, Dorr, & Allendale.