Purchasing property is incredibly exciting, but navigating the transaction can be challenging. Fortunately, you don’t have to do it alone. If you want to buy a house in the near future, you probably have a lot of questions about the proceedings, and a seasoned realtor can address all of them. In the meantime, here are the answers to some of the most frequently asked questions about the home buying process.

FAQ About Purchasing Property 

At what point should I find a lender?

It’s wise to connect with a lender in the earliest stages of the home buying process. Obtaining a mortgage pre-approval will provide a set budget and ensure you don’t waste time looking at homes that are outside your means. Talking to a lender will also ensure you’re familiar with the other expenses associated with the purchase, like down payments, property inspections, and closing costs. 

Can I buy & sell simultaneously?

If you want to buy a house but already own property, you may be thinking about selling it during the transaction. There are a few different ways to buy and sell within a relatively short timeframe. For example, you can sell your home first but retain possession of it for a set duration after closing so you can live there while completing the transaction for the new home. Another option is to agree to buy a particular home only if you can sell the one you already own. 

How can you calculate a reasonable offer?

Typically, offering 95% of the asking price is reasonable. If you offer any less than that, the seller may not consider it. There are always exceptions, though — perhaps the property has been on the market for a while, for example — so it’s wise to consult with a professional before making an offer. 

How long does the transaction take from start to finish?

Expect it to take at least a month to close on the new home. If there are no title issues or other disputes, the entire process typically takes between 30 and 45 days. If issues arise along the way, though, it can take several weeks longer. 

If you want to buy a house in Kentucky, turn to RE/MAX Real Team Realty. Based in Ashland, this agency is comprised of nationally-backed realtors who are ranked number one in the area. They understand that property is the largest purchase most people make, so they do everything possible to protect their clients’ financial interests along the way. To learn more about their real estate agents, visit their website, or call (606) 325-0407 to discuss your needs with a representative today.