Q&As

• What is the difference between a real estate agent and a real estate broker?
• What steps do I go through to buy a house?
• How long does it take to buy a house?
• I want to buy a house. I know the property and the seller has an agent. Do I need my own agent or can I negotiate a lower fee if I act as my own agent?
• How much does it cost to use a Buyer’s Agent / Realtor / Broker?
• Working with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?
• Real vs Personal Property
• Mortgages for Manufactured Homes
• What is a CMA, Appraisal, and AVM?
• Can the Buyer purchase personal property from the Seller?
• Can a mortgage be used to purchase a mobile home?
• What are the basics for handling multiple offer negotiations?
• Are husband and wife required to apply jointly for a mortgage?
• How do I prepare for a cash purchase?
• Do I need flood insurance?
• Where can I research flood maps / areas?
• To whom should I write the earnest money check?
• Should I buy a residential service agreement (i.e. home warranty)?
• Assuming you’ll be obtaining mortgage financing (i.e. not paying cash), here’s a list of steps to buy a house:
• Do I also need an attorney?
• How does the MLS help buyers?
• What is the MLS?
• What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?
• When do I apply with a mortgage lender?
• What is Owner’s Title Insurance (OTI)?
• What is Lender’s Title Insurance (LTI)?
• What is title insurance?
• What does a title company do for Buyers?
• How can Harrah Realty help me as a Buyer?
• How much does it cost to buy a home?
• Do you work with out of town clients?
• Can you help me purchase or build a new home?
• Do you work with First-Time Home Buyers?
• What is a lease purchase or an option purchase?

How long does it take to buy a house?

Buyers typically visit about 5-10 homes before finding the one they eventually purchase.

Once an offer is submitted, the seller typically replies within 1-5 days.

Negotiations may go back and forth several times before an offer becomes a contract.

Then you’ll have about 10 days to conduct your due diligence (e.g. property inspections and finalize financing approval).

If after this time period you want to continue with the contract, you’ll want to keep in good communication with your mortgage loan officer, providing them any additionally-requested documentation, and making sure your finances stay in order in preparation for closing.

When purchasing with mortgage financing, your closing date is typically 25-60 days after the contract date (about 15-50 days after the end of your inspection/review period).