• How long does the buying process take? 

The home buying process varies greatly in length as there are many different variables involved. There is always the possibility you fall in love with the first home you tour, or things could take a few months. This is why we always recommend connecting with us sooner than later so we can have ample time to discuss a game plan built for success. Once we’re able to get an accepted offer on your ideal property, a financed offer typically takes around 30 days until you own the house. In today’s market if a seller is still occupying the property the standard is they’ll ask for some possession time after closing, allowing them time to move, typically 30 days.  

• How many properties does the typical buyer look at? 

The quote “typical buyer” will look at anywhere from 10-15 properties over the course of 45 days. Glover Home Group caters our experience to fit your needs. Whether you fall in love with the first house or the 25th one you’ll know it’s the one from that fuzzy feeling you get as you walk in the front door. 

• When should I make an offer? 

Often homes will be listed with an “offer deadline”, this is a time where buyers put together their highest and best offer and submit it to the seller for review. When a seller asks for this deadline, we often wait until within a few hours of the deadline allowing us to gather as much information as possible for crafting a competitive offer. If the home you’re interested in doesn’t have an offer deadline set, speed is key. You never know when another interested party might pop up, we always recommend putting the offer in as soon as possible once you decide it’s the one! 

• How much should I offer? 

This answer to this question alone could be a separate document! The biggest influence when it comes to structuring our offer will be other competition. Although what we advise will depend on a multitude of factors including but not limited to, your finances, active competition, home condition, time on market, agent relationships, comparables in the area, risk tolerance, liquid funds, and the list goes on. When competing against multiple other offers Glover Home Group has a lengthy list of strategies we can implement to get our offer accepted over competition. When there is little to no competition sometimes a clean simple offer gets the job done! How much you should offer will always come down to your comfort and confidence levels. We’re here to offer strategy and advice based on past experience but you always have the final say.  

• When will I get the keys? 

The seller can ask for a varying amount of possession time after closing. Meaning you can own the property and the seller still stays there for a limited amount of time. The soonest you can get the keys would be at the closing table. The latest would be 60 days after closing, unless some form of rental agreement is in place. 

• What happens at the closing? 

The fun part, you become a homeowner! Closing will take place at a local title company unless remote accommodations have been arranged. This process will take around 30 minutes and consists of you signing a packet of documents outlining your purchase. The title rep will review all documents with you and answer any questions you may have at the time. 

• Is the closing date on my contract guaranteed? 

No, purchasing a home has many moving parts. When writing a purchase agreement we’ll set a target date for closing. This can change depending on many different factors, inspections, appraisal, lender, title company, your schedule, sellers schedule, etc. This date can be delayed or moved up depending on the situation. 

• How much earnest money should I put down? 

In Grand Rapids the standard is around 1% of the purchase price, meaning a 200k house would be a 2k deposit. This can vary, if 1% isn’t realistic for your financial situation we can always offer a lower amount. If there is active competition we can offer a higher amount, a non refundable amount, or even a tiered amount based on what point in the process we’re at. This is your money that goes towards your down payment and closing costs at the time of closing. 

• What happens to my earnest Money?

Upon getting an offer accepted we will collect your earnest money deposit (EMD). We have 72 hours from the time of acceptance to have this deposited by RE/MAX Of Grand Rapids. This is of utmost importance or the contract can be voided. 

Once your EMD is collected it is held by RE/MAX throughout the process in a non interest bearing account and then credited back to you at closing. If you breach your contract this money is forfeited to the seller. If there are contingencies in your offer such as home inspections, financing, appraisal, etc and you chose to back out during one of those windows you would then be refunded your EMD. 

• How often is the first home viewed “The One”?

You’d be surprised! Often potential home buyers have been looking online for months leading up to actually viewing their first home in person. Even if it’s the first house you’ve seen in person you’ve been into friend’s and family’s homes. Viewed many different homes online via Zillow, Movies, and TV Shows. Even if you haven’t expressed your wants and needs outloud you have a subconscious idea of what it is you’re looking for. Just because it’s the first house you’ve walked through in person don’t let that turn you away from the fact it might be the one. Glover Home Group has helped many buyers view and purchase the first property they’ve seen, we’ve also helped clients look at dozens!  

• What is the likelihood of a multiple offer situation? 

Plan on it, but if we happen to stumble into a home without competition in today’s market that’s a blessing. The average sale price is Greater Grand Rapids is pushing 400k, anything below that average has a high likelihood of coming with competition. Even if you’re shopping above that, you don’t buy your way out of competition, statistics show there are still multiple offer situations at all price points. 

• What money will I need to come in with? 

You don’t need 20% down payment or even 5%! We have lenders that can help with down payment assistance programs, 0% down programs, and we can ask for concessions from a seller to help cover your costs. Generally you’ll need enough money to cover a downpayment, your closing costs, inspections, and your buyers agent fee. If you’re considering purchasing, reach out and we will connect you with a lender to see what program would be best for you. 

• How long does the home inspection take? 

A home inspection generally takes 2-4 hours to complete depending on size and condition of the home. Along with if you purchase any extra inspections such as pest, radon, etc. 

• Do I really need a home inspector? 

A home inspection isn’t required in Michigan and just like everything else throughout the process the final choice is yours. Although we always highly recommend them, even on new construction homes. 

• Can you recommend a home inspector, lender, or other resources? 

Absolutely, this is music to our ears! A home is one of the biggest assets you will purchase throughout your lifetime, DON’T SETTLE. Let us connect you with local professionals that will ease your mind offering you the same level of service Glover Home Group strives to provide. Cost efficient, responsive, knowledgeable, and local are just a few of the boxes that our providers have to check before we’ll pass them along to you.