05/21/2026
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Top 10 Home-Buyer Questions
1. What does a real estate agent actually do?
Think of a real estate agent as your guide and advocate through the entire home-buying process. We start by helping you understand your buying power and finding properties that fit your needs and budget. From there, we schedule viewings, provide insights into neighborhoods, and help you craft a competitive offer. Once an offer is accepted, we help you navigate inspections, appraisals, and all the paperwork leading up to closing day, ensuring a smooth transaction.
2. How do real estate agents make money?
Real estate agents typically work on commission. This means our compensation is a percentage of the home's final sale price. In many traditional scenarios, the seller pays the commission, which is then split between their agent and the buyer's agent. This structure allows you, as the buyer, to have professional representation without usually paying out-of-pocket for it.
3. What does the home-buying process look like from start to finish?
While every journey is unique, the general process follows several key steps. Here’s a super simplified overview:
• Get pre-approved for a mortgage to determine your budget.
• Search for homes that fit your needs and schedule tours to view them.
• Find the right home and submit an offer.
• Enter the contract phase if your offer is accepted, which includes:
o Home inspections
o An appraisal
o Finalizing your loan
• Close on your new home by signing the documents and getting the keys!
4. There was recently a big lawsuit in the news (the NAR Settlement). How does this affect our relationship? Does it vary by state?
The NAR settlement changed how agent commissions are handled, aiming for more transparency. The biggest change is that buyers’ agents are now encouraged to sign a written agreement with their clients that clearly outlines their services and compensation. While the fundamentals of how we support you remain the same, the rules around compensation are evolving. These new practices are being implemented nationwide, but specific details and timelines can vary by state.
5. How long does it take to buy a home?
Everyone’s journey is a little different. On average, it can take anywhere from a few weeks to several months to find a home. Once you have an accepted offer, the closing process typically takes another 30 to 45 days. This period allows for the mortgage to be finalized, the appraisal and inspection to be completed, and for all legal paperwork to be processed.
6. Do I really need a real estate agent with so many listings available online?
Online resources are great for browsing, but an agent offers expertise and protection that websites can't. We provide deep knowledge of the local market, identify properties that might not be widely advertised, and have a network of trusted professionals like inspectors and lenders. Most importantly, we act as your negotiator, working to get you the best possible price and terms while handling complex contracts to protect your interests.
7. What's the difference between being pre-qualified and pre-approved?
Pre-qualification and pre-approval are slightly different, optional steps you can take before you begin the official loan process. Keep in mind, neither of these will lock you into a loan on their own, but they’re a good way to get an idea of what you can afford. And in today’s market, it’ll put you at a great advantage to get pre-approved before you make an offer on a home. Here's a simple breakdown of the two:
Pre-Qualification
• Quick, informal estimate of what you might be able to borrow
• Based on self-reported information (like your income and debts)
• No official documentation or credit check required
• Helpful for getting a rough idea of your price range
Ere-Approval
• More formal and in-depth process
• You provide financial documents to a lender (pay stubs, tax returns, etc.)
• Lender verifies your income, assets, debts, and reviews your credit
• Results in a pre-approval letter, which shows sellers you are a serious, financially-vetted buyer
• Can give your offer more strength in a competitive market
As long as the conditions of your pre-approval stay the same when it comes time to close, your lender can offer you a final loan approval.
A pre-qualification, on the other hand, is really just an initial step to see what loan amount you might be able to borrow, based on the information you shared with your lender, though more details are needed to be approved for one.
8. How many homes should I see before making an offer?
There's no magic number! Some buyers fall in love with the first home they see, while others may look at a dozen or more. The goal is to see enough homes to feel confident you understand the market, and can recognize the right property when you see it. Your agent will help you refine your search as you go, so you can make an informed decision without feeling rushed.
9. What are closing costs?
Closing costs are fees associated with finalizing your mortgage and transferring the property ownership and are separate from your down payment. These costs can include lender fees, appraisal fees, title insurance, and pre-paid property taxes. Your agent will provide you with an estimate of these costs early in the process so you can budget accordingly.
10. Can you recommend inspectors, lenders, or other professionals?
Absolutely! In fact, this is one of the best parts of working with an agent. Over the years, we've built a network of trusted professionals who have a proven track record of serving our clients well. We can provide you with a list of recommended home inspectors, mortgage lenders, and real estate attorneys to help you build a reliable team for your home-buying journey. However, you are always free to choose your own providers.
Michael Gray REALTOR® | Sarasota, FL | Coldwell Banker
