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  • About
    • All About Theory
    • Meet the Team
    • Theory Companies
    • Theory Cares
    • Fill The Barrel
    • Blog
  • Buy
    • Buy With Theory
    • 2023 Homebuyer Guide
    • Home Buyer Bus Tour
    • Your Guide to the PNW
    • Featured Listings
    • Home Search
    • Sign In
  • Sell
    • Sell With Theory
    • Free Home Estimate
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5 Questions You Should Ask Before Buying Your Home

We know there’s nothing more frustrating to home-buyers than having unanswered questions. Here at Theory, we want to prepare and inform our buyers! Buying a home is one of the largest investments a person can make. Before you can go through with purchasing a home, it requires lots of thought, research, and documentation. So, here are 5 questions you should ask before buying your home.

Should I Talk With A Lender Before Looking At Homes?

5 Questions You Should Ask Before Buying Your Home

Yes, you should! Talking with a lender before looking at homes will help you understand exactly how much you can afford. There’s no reason to start looking at $400,000 homes if your income only allows for a payment you’d have at the $200,000 price point.

Also, if you’re not quite up to the minimum credit level required, your lender can help put you on a GREAT credit repair plan. Whether you can buy this month or in 6 months, it’s a good idea to talk to a lender and get the ball rolling as soon as possible. The pre-approval process itself is actually pretty quick. We have great lenders we’d be happy to recommend if you’d like to see if you can get pre-approved.

How Much Money Should I Save Before I Start Looking Buy A Home?

Out of our 5 questions you should ask before buying a home, this is perhaps the most common one we hear! The answer depends on a number of factors, including the cost of the house and the type of mortgage you end up getting. Talking to a lender first and foremost will help answer these questions so you know exactly how much to save for. In general, you need to come up with enough money to cover three costs:  


Earnest Money

This is the deposit you make when you reach mutual acceptance on a home. It is essentially an act of good faith that proves to the seller that you are serious about wanting to buy the home. Earnest money is generally $1,000, but some buyers like to put down more earnest money. The more money you put for earnest money, the more attractive your offer looks to the seller. At closing, your earnest money applies to your down payment or closing costs.

Down Payment

This is a percentage of the purchase price that you must pay when you close on the home. The more money you can put down for your down payment, the lower your mortgage payment will be. Some types of loans require 10-20% of the purchase price. However, most first time homebuyers will go the FHA route, as FHA only requires 3.5% down. There are also some down payment assistance programs for FHA buyers that allow as little as $1,000 down.

Closing Costs

These are simply the costs associated with buying a home. These include title and escrow fees, lender fees, pre-paids, etc. For a buyer, closing costs usually run 2.5-3% of the purchase price. If you don’t have enough money saved up to cover your earnest money, down payment, AND closing costs, you can ask the seller to pay for your closing costs. If you’re able to save up and pay your own closing costs, it’ll definitely help make your offer more attractive! Your lender can give you a closing cost estimate (early on in the process) so you’re not caught off guard when you sign your closing paperwork.

Should I Get A Home Inspection?

5 Questions You Should Ask Before Buying Your Home

While buyers often wonder if a home inspection is truly necessary, most agents will say yes, yes, and yes! It’s very important. A home inspector takes a weight off of your shoulders by looking into the ALL components of the home: the condition of the roof, foundation, electrical, heating source, plumbing, crawl space, and attic. The inspection will run you anywhere from $350-$500, but that’s a LOT less than any major repairs would be! Ensuring that all of these home components are in good condition prevents you from paying to fix them in the near future. If there are aspects of the house that are not as sound as you thought (prior to inspection), you can negotiate with the seller to get those items fixed before you close on your new home.

How Long Does It Take To Buy A Home?

The timeline for finding a house varies greatly from person to person. Meet with your Agent early on in the process and create your “needs list”. Your Agent can then help you establish a realistic timeline to find your home. Once you find a house and have an accepted offer, it usually takes around 25-45 days to close!

Who Pays For My Real Estate Agent?

If you’re buying a home, you are off the hook. The seller ALWAYS pays for both sides of the commission, which is paid at closing.

So there you have it! These were 5 questions you should ask before buying your home. If you still have any questions that need answered, feel free to contact us anytime!

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“I think that’s the easiest it’s ever been for me to buy or sell a home!”

Brad Rasmussen -

“

We had a distressed property in Tacoma that required a lot of repair before we could sell. The task soon became overwhelming and that’s when we contacted Theory Real Estate.  They purchased the property “as is”. Within 3 weeks,  we closed on the deal. The Theory team is amazing!!  Every person we came in contact with was friendly, professional and efficient.

John and Diane Simchuk -

“

We are new investors to this market. We met Isaac and Alan through a good friend, and we are so thankful to have met them. They are the nicest, caring, most professional, kind-hearted people we have met in a long time. We would recommend these guys to ANYONE.

Anthony & Sarah Wooden - Tacoma

“

We have bought 2 homes and sold 1 home with Theory. We would recommend them to all our friends.

Rhonda & Rickey Wilks - Buckley

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We worked with Theory to find our perfect house, but ran into a couple obstacles with the seller. The Theory team was always there with answers and went above and beyond all of our expectations.

Ceirra & Kenny Williams - Spanaway

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Tranquil and highly desired 55+ community located Tranquil and highly desired 55+ community located in the heart of Kent with easy access to public transit, shopping ,dinning and parks.📍 1510 Maple Ln Unit #19, Kent
💰 $110,000
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Taking time to connect with our team makes us stro Taking time to connect with our team makes us stronger. We celebrated Pi Day last week with happy hour at Pint & Pie in Downtown Tacoma. Work hard, play hard!
We're looking forward to hosting our next Tacoma C We're looking forward to hosting our next Tacoma Connect all about Airbnbs and Boutique Hotels. We have a 🔥 🔥 lineup of expert panelists, and as always we'll have some awesome live music. If this is an industry you have a passion for or are interested in becoming a part of, we'd love to see you here!🗓 Wednesday 4/12
⏰ 6 PM - 9 PM
📍 Edison Square (5415 South Tacoma Way)
🎟 Tickets at TacomaConnect.com
⭐️ Sponsored by Team Justice - Paramount Residential Mortgage
Help us wish Aaron a very happy Birthday! We're th Help us wish Aaron a very happy Birthday! We're thrilled to have you on the Theory team and love watching you grow! 🥳
Pending Sale: This magical rambler in the Echo Gle Pending Sale: This magical rambler in the Echo Glen community has a fabulous open and spacious floor plan, that boasts of U-shaped kitchen with tons of counter space.📍 6642 57th Avenue SE, Lacey
💰 $460,000
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Calling all investors & house hackers! INCREDIBLE Calling all investors & house hackers! INCREDIBLE opportunity for a townhouse style duplex in Puyallup!📍 12602-12604 119TH St Ct E, Puyallup
💰 $774,950
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🛏 6
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The Home Buyer Bus Tour is THIS Saturday 10 AM - 3 The Home Buyer Bus Tour is THIS Saturday 10 AM - 3 PM!If homeownership is one of your goals for 2023 or beyond, Theory’s Home Buyer Bus Tour is the perfect place to learn more in a stress-free environment with NO pressure to buy before you’re ready! This course is 100% FREE.We will teach you the ENTIRE home buying process, how to prepare for homeownership, and everything you need to know about financing. We’ll also take you on a tour of several Tacoma homes on the Theory Bus and show you what kinds of things to be aware of as a buyer.Register here to join us! 👇
https://www.theoryre.com/homebuyerbustour/

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