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Frequently Asked Questions
About Real Estate
A few of the more popular questions we receive with their basic answers. Please contact us if your question about our loan process or real estate services is not answered.
- How much house can I afford to buy?
- Why do I need to do an inspection?
- What happens if there is a bidding war?
- What if the seller doesn't accept my offer?
- How much time does the seller have to leave the property once it has been sold?
- How long does it take to close?
How much house can I afford to buy?
While our underwriters have established debt-to-income ratios which cannot be exceeded when determining your monthly mortgage payment, often times those limitations are still higher than you want to spend anyway. Generally, you want your mortgage payment to stay under 30% of your gross monthly income.
Why do I need to do an inspection?
Inspections aren't required by us when you purchase your home, however to protect yourself from making a bad investment, it is wise to have your prospective home inspected by a certified, licensed home inspection company prior to purchasing.
What happens if there is a bidding war?
Bidding wars are obviously good for sellers and bad for buyers. Should you find yourself involved in a bidding war, we will assist you with the negotiation process and make every effort to secure the home of your choice. However, should the bidding begin to exceed neighborhood market value, it may be wise to continue looking for another home.
What if the seller doesn't accept my offer?
In the event you make an offer to purchase a home that isn't acceptable to the seller, they will often "counter-offer" back to you with terms they consider to be more desirable for them.
How much time does the seller have to leave the property once it has been sold?
This is stipulated in the purchase agreement from the beginning, but is also part of the negotiation process. Some homes are already vacant, and some sellers need time to move after closing. Usually however, the keys are transferred at closing and the buyer gains immediate occupancy.
How long does it take to close?
The actual mortgage process can take as little as 7 days to complete, however the closing date can be scheduled as much as 45 days out. Primarily it depends on how quickly the buyer and/or seller want to move, and we almost always accommodate any desired schedule.
For more information about how Signature Realty Group can help you with your real estate needs, please contact us. 
