Your Ultimate Real Estate FAQ Guide

Real Estate FAQ 

1. What is the first step in buying a home?
The first step in buying a home is getting pre-approved for a mortgage. Pre-approval helps you know your budget and shows sellers you’re a serious buyer.

2. Should I buy or rent a home right now?
This depends on your personal goals, financial stability, and the local real estate market. Buying builds equity, but renting can offer more flexibility. Use a rent-vs-buy calculator and consult a real estate agent or financial advisor.

3. When is the best time of year to buy or sell a house?
Historically, spring and early summer have more inventory and demand, but the “best time” is when you’re financially ready and not just based on season.

4. Do I really need a real estate agent?
While you can buy or sell without an agent, a real estate agent provides expertise, access to the MLS, help with negotiations, and guidance through inspections and closing.

5. How do I choose the right real estate agent?
Ask about their experience, how many clients they work with, how they communicate, and whether they work full-time. These are key interview questions when selecting an agent.

6. How much do I need for a down payment?
The down payment depends on the loan type; it could be low (e.g., 3–5%) or higher (e.g., 20%) for conventional loans.

7. What are closing costs, and how much should I budget for them?
Closing costs include fees like title insurance, appraisal, lender fees, taxes, and attorney fees. They typically range around 3–6% of the home’s sale price.

8. What is earnest money?
Earnest money is a deposit made in good faith when you make an offer. It shows the seller you're serious and is often refunded or applied to your down payment if the deal closes.

9. What should I ask during a home inspection?
Ask about structural issues, roof age, plumbing/electrical condition, HVAC, potential repair costs, and whether there are warranties or recent fixes.

10. How do I know if a property is fairly priced?
A comparative market analysis (CMA) from your agent, along with recent sold comps in the area, will help you understand whether the listing price aligns with market value.

11. Why has this house been on the market so long?
Long days on market (DOM) may indicate overpricing, property issues, or low buyer demand. It’s a question buyers often ask to assess seller motivation. 
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12. Why is the seller selling?
Buyers often ask this to gauge the seller’s motivation, which can affect negotiation power. 

13. What are the average utility and maintenance costs?
Beyond the mortgage, ask for typical monthly costs for utilities, insurance, property taxes, and upkeep to understand the true cost of ownership. 

14. Is the property in a flood zone or other risk area?
This is very important — if a property is in a flood zone, you may need extra insurance and face higher costs. 

15. What is title insurance, and do I need it?
Title insurance protects against liens or claims on a property’s title. It’s a common closing cost and can safeguard your ownership rights. 

16. What is a title search?
A title search investigates public records to make sure the seller has legal ownership, and to uncover any liens or “clouds” on the title. 

17. What is a “cloud on title”?
A “cloud on title” is any unresolved claim, lien, or defect on the property’s title that could threaten your legal ownership. 

18. Can I assume the seller’s mortgage when I buy?
Sometimes. Certain loans (like FHA or VA mortgages) are assumable, meaning you take over the seller’s mortgage terms — if the lender allows that. 

19. What happens during closing?
At closing, you sign the legal documents, pay closing costs, transfer funds, and the title is officially transferred to you. 

20. How negotiable are real estate agent commissions?
Commissions are often negotiable. It’s important to ask your agent up front how their commission works and whether there’s flexibility. 

21. How long does it typically take to close a deal?
The timeline varies, but on average it takes 30–45 days after your offer is accepted, assuming no major issues. (This can depend on inspections, appraisal, financing.) 

22. Should I price my home aggressively or conservatively when selling?
Your pricing strategy depends on market conditions, comparable sales, and how quickly you want to sell. A well-priced home can attract more offers and reduce time on market. 

23. What should I do to prepare my home for sale?
To maximize value and appeal, declutter, clean, make minor repairs, stage your home, and boost curb appeal. 

24. How do I find out how much my home is worth?
Get a comparative market analysis (CMA) from your agent, review recent nearby sales, and potentially hire an appraiser. 

25. What questions should I ask a real estate agent before hiring them?
Good questions include: How many closings have you done? How long will my home be listed? What’s your marketing plan (if selling)? What’s your commission? How often will you communicate?

📞 Ready to Find Your Dream Home?
Our dedicated team at Pawlak Properties is here to assist you every step of the way. Whether you're buying, selling, or just exploring your options, we're committed to providing exceptional service tailored to your needs. Pawlak Properties
Contact us today to schedule a viewing or to learn more about these listings.

5122 Main Street, Downers Grove, IL 60515
(630) 349-7384