Not using an agent helps you get a better home price and could save you thousands of dollars. Generally, home sellers will pay up to 3% in commissions to a buyer’s agent for bringing them a buyer. When you buy a home without the help of a buyer’s agent, you can negotiate with the home seller to lower the sale price of their home because they won’t have to pay the 3% commission to a real estate agent.
Know what your dream home is worth. Homie has partnered with certified appraisal companies and can get you a “Value Report” for a small fee. The Value Report will include the price at which similar homes in the same area sold and an estimate of the value of the home you are considering. You can use this information to make an educated offer on the home.
Amount of Earnest Money. The average earnest money deposit is 1% of the home’s sale price. When making offers, offering more earnest money makes your offer stand out and shows that you’re serious. You have to have the available cash to cover your earnest money deposit because you will have to deposit this amount with an title/escrow company when your offer is accepted.
Get prequalified as soon as possible. Whenever you buy a home this should be one of your first steps so you know how much you can afford and it signals to the seller you’re able to afford their house if you make an offer.
If you need help getting prequalified, email us at firstname.lastname@example.org.