Buyer FAQs

What is a Buyer Brokerage Agreement?

It is written agreement between the consumer and the Real Estate Brokerage that is representing you. It defines the relationship, services, and compensation. A written agreement is the law in the state of Virginia.

 

What is a pre-approval lender letter?

It provides proof that a mortgage lender has qualified your financial position for purchasing a home. The lender letter is provided with the Sales Contract when purchasing a home.

 

How long will it take to find me a home?

It all depends. There’s two main components – the current real estate market (inventory available in your price range and location) and your specific situation (financial ability and timeframe you require). This could be anywhere from 3 weeks to a 1 year. On average 60 days or less.

 

Do I owe the Real Estate Agent any fee’s for helping me find a home?

It alls depends on the Real Estate Brokerage firm you are working with and what you agreed to in your Buyer Brokerage Agreement. In the state of Virginia, the Seller pays the Real Estate Agent’s commission fee. If the entire commission fee is not paid by the Seller, the Buyer can provide the remaining fees. Optionally, you can also be required to pay a retainer fee for the real estate services. The retainer fee can be refundable or non-refundable.