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Finding a home is an exciting time, and having the right realtor who knows the market to help you navigate the process is crucial. Arturo Bendek is an experienced realtor dedicated to making sure you buy or rent your perfect South Florida home. Call to schedule an appointment with Arturo to find your ideal home today!
Here are some frequently asked questions I get from clients about purchasing a home. Call Arturo Bendek to find your perfect South Florida home today!
Frequently Asked Questions
Is Insurance Required When Purchasing A Condo Or House?
What Is “Earnest Money,” and How Much Will I Need?
Earnest money refers to the amount of money that a potential buyer can put down to demonstrate how serious they are about purchasing a condo or home. There isn’t a hard-and-fast rule as to how much money is required, and the amount is typically negotiable. Earnest money is meant to demonstrate the buyer’s good faith, and generally ranges between 3.5% and 20% of the purchase price- although the amount varies with each case. The earnest money is absorbed into your down payment or closing costs after the offer has been accepted, and is retired to you if the offer is rejected. You may forfeit the entire amount if you decide to back out of a deal, which is why it’s known as “earnest money.”
What Should I Look For When House-Hunting?
Price is only one aspect of finding your perfect home. Some other practicalities to consider include:
- The number of bedrooms and bathrooms
- The amount of room for present/future residents
- How the mechanical systems and appliances function
- If the home is structurally sound
- The outdoor space/yard
- If your furniture will fit in the space
- The floor plan
- The neighborhood/location
Your real estate agent will also be able to advise you and answer questions.
How Do I Make An Offer?
So you’ve found your perfect home- how do you make an offer? Your realtor will help you make an offer that includes the following information:
- Offer price
- Legal description of the property
- Earnest money
- Financing details/total down payment
- Proposed closing and move-in dates
- Length of time the offer stands