Seller FAQ

Seller FAQ2019-02-15T02:38:00+00:00
Can I buy a home and sell my current one at the same time?2019-02-05T16:42:48+00:00

Yes! We actually help multiple families do this every single month. The timing can be tricky and it’s best if we know all the details of what you are looking to accomplish as early in the process as possible. Whether you are looking to buy real estate here locally in the Boise area or you are relocating to a different area all together. At Own Boise we have you covered!

How do I know if it’s a good time to buy a house?2019-02-05T16:43:13+00:00

The short answer is, you don’t. Here’s the best answer I’ve ever heard when it comes to whether now is a good time for you to buy a home. Can you afford it? Do you have a good reason to buy? If the answer is yes to both of those, then we would say go for it! If the answer is no to either, you should slow down and figure out how to make both of those answers yes. If you are looking to time the market, be careful. The only way to truly know whether the “market” is at the top or bottom is to wait until it’s already happened. Attempting to time the market has failed many in the past and will likely fail many more in the future.

How long does it take to buy a home?2019-02-05T16:43:24+00:00

On average, it takes about 30 or 40 days from when you select a house to purchase to when you actually get your keys and are ready to move in. Buyers looking to purchase paying cash can usually close much quicker if the seller will allow it. If you are looking to build, most companies are between 6-8 months to build a house as of the beginning of 2019.

What is a seller’s market?2019-02-05T16:43:38+00:00

A normal market has between 4-6 months worth of inventory. When there is less than 4 months worth of inventory, it is considered a Sellers market. Meaning the Seller’s have most of the leverage and power because there aren’t enough homes on the market for buyers.

What is a buyer’s market?2019-02-05T16:43:58+00:00

A normal market has between 4-6 months worth of inventory. When there is more than 6 months worth of inventory, it is considered a Buyers market. Meaning the Buyer’s have most of the leverage and power because there are a lot of houses for them to choose from.

How much do I have to pay an agent to help me buy a house?2019-02-05T16:44:16+00:00

Great question! In our market, the Seller’s will typically pay the buyers agent a commission upon the successful close of the transaction. That means that the buyer won’t pay their agent anything. Always be sure to ask your agent how they are compensated as it can vary depending on what type of home you purchase.

How much do I need for a down payment?2019-02-05T16:44:47+00:00

This answer will vary depending on your specific situation. It could be $0 down, ½% down, 3%, 3.5%, 5%, 10% or 20%+. Most buyers purchasing today are putting down 3.5% or less. If you’d like to find out your exact scenario, give us a call and we will get you taken care of!

What’s the difference between buying new vs. buying used?2019-02-05T16:47:46+00:00

I think the best way to explain this would be to break out a pro’s list of each type and you could decide what might make more sense to you.

New Construction Pros:

  • You could potentially pick out your own lot, color’s, selections and customizations.
  • It’s never been lived in and you know the condition.
  • There is typically a 1-year warranty provided by the builder to fix any major issues.
  • With everything being brand new, there is typically very little that you need to do to the home.
  • If you can’t find the home that you want in the resale market, you can have someone build it for you!

Resale Pros:

  • Typically 5% less expensive than the same home new.
  • Usually already has a fence, landscaping and window coverings.
  • Could include washer, dryer, and refrigerator.
  • Mature landscaping.
  • You can move in within 30 days or less and don’t have to wait for it to be built.
Is it worth getting a home inspection?2019-02-05T16:48:27+00:00

Short answer, yes…every single time. The average price in Ada County right now is over $300,000. The average cost of a home inspection is around $350. Based on our experience, the average cost of inspection repairs is somewhere in the neighborhood of $1,500. So while you will typically get around 4 times the amount of money back in terms of Sellers repairs versus the cost of the home inspection.

What’s possibly more important than that is the ability to walk away from the transaction if needed. If you found out that there was a high water table and the only way to take care of it was a permanent pump underneath the crawl space, you may not want to purchase the home. The home inspection will help you identify issues in the home, if any, and give you cause to ask the seller to repair them or the ability to walk away if needed. We strongly encourage all of our buyers to get a home inspection, even if the property is being sold as-is.

What happens if I write an offer and then back out?2019-02-05T16:54:29+00:00

There are quite a few variables on this one. I’ll break them out by the most common ones you may find yourself in.

You’ve written an offer but it hasn’t yet been accepted by the seller.
You can rescind your offer any time prior to the acceptance without penalty and get all earnest monies back.

Your offer is accepted by the seller, but you want to back out based on the home inspection results.
So long as you and your agent elected to have a home inspection contingency in the contract, you should be able to back out and get all earnest monies back without penalty.

The appraisal came in low and you want to back out.
You have four options here.

  1. You can ask the seller to lower the price to the appraised value.
  2. You can negotiate with the seller to split the difference or whatever you both feel comfortable with.
  3. You can agree to pay the full price of the home above and beyond the appraised value.
  4. You can walk away from the transaction without penalty if the seller refuses to work something out with you. You will receive all earnest monies back without penalty.

You’ve already passed the home inspection and appraisal periods.
If you have passed the home inspection and appraisal periods and decide to back out, you will likely lose all earnest monies. The seller, their agent, and your agent could also technically sue you for additional damages (i.e. money spent on repairs, time on market, lost commissions etc.). The best advice I could give is to be sure you want to purchase the home you are writing an offer on and make sure you and your agents are meeting all timelines per the contract.

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