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1. Do I need a real estate agent to buy or sell a home?
No, it’s not required, but highly recommended. A licensed REALTOR® in the San Antonio Area should provide expertise, market insights, negotiation skills, and help manage legal documents and deadlines. Sellers benefit from targeted marketing and pricing strategies, while buyers gain access to listings and guidance through the process.
2. What is a mortgage pre-approval and why is it important?
A pre-approval is a lender’s written statement of how much you can borrow. It’s based on your credit, income, debts, and assets. Being pre-approved strengthens your offer when buying a home and helps you shop with confidence, knowing what you can afford.
3. What’s the difference between pre-approval and pre-qualification?
Pre-qualification is a quick estimate based on self-reported financial information. Pre-approval involves verifying your income, credit, and assets and carrying more weight with sellers. This involves supplying your tax returns, bank statements, and a credit pull. If you do not have a lender, your REALTOR® in the San Antonio area can provide you with a list of local ones.
4. How much should I save for a down payment?
Down payments vary by loan type. Conventional loans often require 5–20%, FHA loans 3.5%, and VA/USDA loans can require no down payment. Those are your typical types of loans. There are many other loan products besides those with various downpayment requirements. You should also budget for closing costs, Inspections, option fee and earnest money. The closing cost can depend on the lender you use and if the seller is willing to contribute closing cost concessions
5. What are the closing costs?
These are fees paid at the end of a real estate transaction. When you’re ready to buy or sell, make sure you’re working with a realtor Alamo Heights TX residents consistently choose, call us now to start your process the right way. They include lender fees, title insurance, appraisals, taxes, and legal costs. Both buyers and sellers have closing costs, and buyers can sometimes negotiate for sellers to cover part of them.
6. What does a home inspector look for?
A home inspector checks the home’s major systems, foundation, roof, HVAC, plumbing, electrical, and structure. Texas requires inspectors to be licensed, and they have a process they must follow. As a REALTOR® in the San Antonio area, we have a large list of them to choose from. The inspector will identify safety issues, deficiencies, and deferred maintenance. Want to hear directly from people who’ve closed with us? Visit our testimonials page and see why we’re the realtor Alamo Heights TX turns to for clear, confident guidance. Based on the findings you may be able to negotiate repairs or money to do the repairs.
7. How long does the home buying process take?
Once under contract, it typically takes 30–45 days to close. The full timeline, including home searching, varies depending on market conditions, your timeline, financing, inspections, and negotiations.
8. Should I sell my current home before buying another?
It depends on your financial situation and market timing. Selling first may give you the down payment you need but may require temporary housing. If you’re still weighing your options, talk with a realtor Alamo Heights TX homeowners rely on, call us today and let’s break down what makes the most sense for your situation. Buying first may be a smoother transition but could involve contingent offers or bridge financing.
9. What is a contingency in a real estate contract?
A contingency is a condition that must be met for the contract to proceed. Common ones include financing, home inspection (option period), appraisal and sale of other property. If a contingency isn’t met, the buyer may withdraw without losing their earnest money.
10. What is earnest money?
Earnest money is technically promised default money. The amount is negotiated when you make an offer and typically runs around 1%, but there is no set amount. The amount is deposited when your offer is accepted, showing your commitment. It’s held in escrow and applied to closing costs. If the deal falls through without a valid reason provided for in the contract, the seller has the right to keep it.
11. What happens if the home appraises below the offer price?
You can renegotiate the price, pay the difference in cash, split the difference with the seller, or terminate the contract. The lender will only finance up to the appraised value. To make sure you’re not navigating this step alone, reach out to a realtor Alamo Heights TX buyers trust to walk you through your appraisal options, call us to get started. If you hire the right REALTOR® in the San Antonio AREA, then they will assist in first attempting to present why the price should be higher than what was turned in and try to get it raised.
12. What is a buyer’s market vs. a seller’s market?
In a buyer’s market, more homes are available than buyers, giving buyers negotiating power. This usually means more than 6 months of inventory. In a seller’s market, inventory is low, and demand is high, often leading to multiple offers and quicker sales. This is usually less than 3 months of inventory. A balanced market is between 4-5 months’ worth of inventory.
13. What is property tax and how is it calculated?
Property tax is paid to your local government annually. It’s based on your home’s assessed value and local tax rate. It typically funds schools, emergency services, and infrastructure. Each county and ISD (Independent School District) are different. Each state varies greatly on this tax.
14. What’s PMI or MIP and do I have to have it?
Private Mortgage Insurance (PMI) is required on most conventional loans when you put down less than 20%. It protects the lender, not you, in case of default. PMI can often be removed once you’ve built 20% equity. Similarly, Mortgage Insurance Premium (MIP) is basically the same thing under an FHA loan. The biggest difference between the two insurances is you can at a point remove the PMI on a conventional loan, however MIP on FHA is for the life of the loan.
15. Do I need to stage my home before selling?
Staging isn’t required, but it often helps your home sell faster and for more money. Before you make any moves, it’s worth hearing what others say about working with a realtor Alamo Heights TX families recommend, visit our testimonials page to watch their stories. There are several options for staging a home. Soft staging, virtual staging, and full staging. It helps buyers visualize living in the space and highlights the home’s features. As a REALTOR® in the San Antonio area, we offer a full suite of options for our sellers in order to help them make their property look its best.
16. Can I sell my home as-is?
Yes, but you may limit your buyer pool and sell for less. Many buyers expect basic repairs or concessions and do not have the money beyond that to do more. Selling as-is typically appeals to investors or cash buyers.
21. What documents do I need to get a mortgage?
Typically, you’ll need W-2s or tax returns, recent pay stubs, bank statements, identification, and information on debts or assets. Your lender will guide you based on your situation.
22. Can I use gift funds for my down payment?
Yes, many loan programs allow for gift funds from family members. You’ll need a gift letter verifying that the money is a gift, not a loan. The lender will need to verify and approve this.
22. Can I terminate the contract as a buyer?
Yes, if you’re within your contingency periods (financing, inspection, etc.). After that, backing out can result in loss of earnest money or legal risk.
23. Can I terminate the contract as a seller?
Yes, the seller may terminate if the buyer does not deliver the Earnest Money in the allowed time. That is the only place in the current contracts that sellers have that ability.
24. What’s included in a monthly mortgage payment?
Principal, interest, property taxes, and homeowner’s insurance. You will pay your Homeowners Association outside of your mortgage. If you put less than 20% down, it will also include mortgage insurance.
25. What should I avoid during the buying process?
Avoid opening new credit lines, making big purchases (like a car), changing jobs, getting married, getting divorced or missing bill payments, all can impact your loan approval.