Frequently Asked Questons: Buyers and Sellers

We have compiled a list of questions to prepare you for your purchase and sale. Take a look at the questions below to bring clarity to the process. If you have additional questions, feel free to reach out at any time!

Buyers:

Sellers:

How long is the closing period?
- The time from purchase agreement to closing is most commonly between 30-60 days. This gives the lender and the title company time to process their files.
What are my upfront costs?
- Buyers generally need earnest money, inspection costs and sometimes appraisal costs in the 1st couple of weeks after signing a purchase agreement.
When I hire you, will I get to work with you?
- At Sohus, we take a team approach in terms of specialty areas, but when you choose the agent you want to work with, that is your primary contact. We will all support your process in our specialty areas to be sure we are available when you need us and that your file is continually crosschecked to keep your closing on track.
How many homes will I see before I need to choose one?
- Statistically, most buyers see between 5-8 homes before pursuing one. Our goal is to show you enough homes to help you feel confident in your choice.
What is earnest money?
- Earnest money is money the buyer submits at signing of the purchase agreement, often 1% of the sale price. It is held and transferred as a credit to the buyer at closing.
Will I get to do an inspection on the property before purchasing?
- Inspections are negotiated at the time of the purchase agreement and usually take place in the week following final acceptance of the offer.
How much does an inspection cost?
- Inspections can cost in the $400-$600 range with add ons for things like radon tests or sewer line scopes.
What is an appraisal?
- An appraisal is an independent valuation of the home that ensures that the home is worth the price agreed to.
When do I set up utilities?
- It is a good idea to contact the utility company in the 2 weeks prior to closing to switch over billing. You may need the other party’s name in order to successfully transfer. We will assist with reminders and by coordinating with the sellers agent and title company.
What do I need to bring to closing?
- Usually your driver’s license or state id and your cashier’s check are all that is needed. We will work closely with your mortgage and title companies to be sure you have everything you need.
How long does closing take?
- Closing is the signing of all the documents for the mortgage and the transfer of the home and usually takes just less than an hour.
When is my final walkthrough scheduled?
- Your final walkthrough is usually scheduled in the final days leading up to closing. We will work with you to find a time that will work best for you and then coordinate the appointment with the seller and their agent.
How long does it take to hear back on my offer?
- Generally a seller will confirm receipt and then respond to your offer within 24 hours. If they are planning to take longer, it is customary to inform the buyer’s agent.
What is appraisal gap coverage?
- Appraisal gap coverage is the buyer’s agreement to pay a set amount over the appraisal value up to the sale price in the purchase agreement. It can be negotiated into the purchase agreement or in the event of a low appraisal.

How long will my house be on the market?
- Average days on market is a good indicator of this. Days on market are also dependent on pricing, condition and marketing. It is also dependent on timing and demand.
What do I need to get my home ready for market?
- We have an extensive list of suggestions on preparing your home for the market.
How do agents get in my home for a showing?
- We have a secure lockbox system that will hold your keys and be attached to your front doorknob, or elsewhere near the access door. Authorized agents will have access during an agreed timeframe to access the key and show their clients the home. Inspections and appraisal work in the same way. All members of this secure system have passed a background check and are verified daily.
How do showings work?
- Showing requests come through my office and are coordinated with you through text, email or phone message. We will work with you to determine your preferences for confirming these requests. Licensed Realtors that comply with the requirements of our system will accompany their clients for the showing.
Should I be home during the showings and inspection?
- It is best to give buyers and their representatives time to fully review the property without the owner present. Not that they can’t see you, it is just a bit awkward for both parties to be in the house during this time.
Do I have to have a sign in my yard?
- A for sale sign is a large part of the total marketing package. Many people look for the big red sign when they are driving through a neighborhood they are checking out.
How do you determine pricing?
- We use the market data available to us to analyze pricing of similar properties that have been on the market in recent months. We also consider your priorities when determining where in the window, to price it.
When I hire you, will I get to work with you?
- At Sohus, we take a team approach in terms of specialty areas, but when you choose the agent you want to work with, that is your primary contact. We will all support your process in our specialty areas to be sure we are available when you need us and that your file is continually cross checked to keep your closing on track.
How long is the closing period?
- The time from purchase agreement to closing is most commonly between 30-60 days. This gives the lender and the title company time to process their files.
When do utilities cancel?
- It is a good idea to contact the utility company in the 2 weeks prior to closing to switch over billing. You may need the other party’s name in order to successfully transfer. We will assist in getting you what you need to accomplish this.
What do I need to bring to closing?
- Usually your driver’s license or state id and your cashier’s check are all that is needed. We will work closely with your title company to be sure you have everything you need.
How long does closing take?
- Closing is the signing of all the documents for the mortgage and the transfer of the home and usually takes just less than an hour.
Do I buy or sell first?
- Generally you’ll need the funds from your 1st closing before you can close on your new home. If you prefer to purchase 1st, we can review the options together and determine your qualifications to do so.
Do I have to be at closing or can I do it virtually?
- There are many options for closing including, pre-signing, virtual closing and closing live. We will work with you to find the best option available to you.