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Start your research early, determine how much home you can afford, and get pre-approved. Many realtors won’t spend time showing you homes if you are not pre-approved. This allows you and your realtor to be clear on what your budget is. A mistake many home buyers make is diving into online realty sites to look at properties before knowing how much home they can buy.

Your down payment depends on what kind of loan program that you use. For instance, FHA loans require at least 3.5% down. Other factors that could influence how much that you must put down are what type of property you want to buy, your credit history, and if the home is an investment property or not. You should figure paying at least 3 to 5% as a down payment.

This is always a YES!! Always, always, always, get a home inspection. This is the single “best card in your hand” that will protect you in the purchase of your new home. Even if you’re buying new construction, get a home inspection.

Yes. However, this can sometimes be tricky. It is possible to have “back-to-back” closings, but all contingencies need to be completed in a timely fashion. You must have constant communication between all parties, and organization is a must-have.

Once you have a signed contract where all the terms have been agreed upon by all parties, you are bound by a legal document. However, within that contract there are usually several contingencies that need to be met first, like a home inspection. You can’t just walk away from the transaction without penalty, but there are safeguards that will protect you. For instance, if you get your inspection completed within the correct time frame in the contract and both parties do not agree on the repairs needed, you can back out of the contract without being penalized.

It could vary depending on the situation. Typically, you should be able to close within 30–40 days if you have a conventional mortgage. If you’re getting an FHA or VA loan, you probably need around 45-60 days to close. If you are buying a foreclosure, figure on a couple of months. Short sale transactions are notoriously slow and could take 2 to 4 months to close.