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FAQs – Buying

How much does it cost a buyer to use an agent?
The seller’s agent pays for both the seller and buyer’s agent. Typically the only “fee” charged for a buyer to use a Realtor is regulated by the agent’s office / broker. A common amount is from $275-375 and this is only charged if the buyer settles on a property.

How long does it take once a buyer finds the property he/she wants to buy?
Once you have a ratified contract (both the seller and buyer have agreed on al terms) the buying process usually takes about 45 days. During this time you will apply for financing, do a home inspection, get an appraisal, and let a title company order and research the house to it properly conveys. For example, your lease is up at the end of April. You should aim to be in a ratified contract no later than mid-March.

If I am interested in buying an “As – Is” sale, can I do inspections?
Yes! Within an As – Is sales contract you have the ability to do the inspections with the right to terminate. This means that you can conduct inspections, and if something comes up that you aren’t comfortable with, you can terminate your contract with no questions asked.

How much money do buyers typically pay at settlement?
In most cases, a buyer can come to the settlement table with as little as 3.5%. For example, for every 100,000 you will need $3,500.

What are some expenses that a buyer will need to plan for throughout the process before settling?
You should budget for the following (costs are a good estimate):

  1. Bank appraisal – $450.00 
  2. Home inspection – $275.00 – $365.00 depending on the size 
  3. Termite inspection – $65.00

When meeting a Realtor to write an offer on a house, what should a buyer bring?
In order to make an offer on a house, you will need a pre-approval letter from your chosen lender showing the property address, approved amount, and conditions. You will also need an Ernest Money Deposit (EMD). This is typically 1% of the offer amount. For example, if you are making an offer for 250k on a house, your EMD should be for about $2,500.00. This is to show the sellers that you are a serious buyer and will be deducted from your settlement charges.

Find expert advice and helpful hints in our Baltimore Metro Home Buyer’s Guide
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