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Earnest money is a deposit made to show you're serious about buying a property. It usually ranges from 1% to 3% of the purchase price, but the amount can vary based on the market and the agreement with the seller.
To determine your home-buying budget, consider your income, savings, monthly expenses, and debt. Use the 28/36 rule: your mortgage payment should be no more than 28% of your monthly income, and your total debt should be under 36%. Also, factor in down payment, closing costs, and an emergency fund.
Finding and purchasing a home usually takes 2 to 6 months, but it can vary. The home search can take several weeks to a few months, depending on your preferences and the market. Once you find a home, the offer, negotiations, and inspections typically take a few weeks. After your offer is accepted, the closing process usually takes 30 to 45 days. Factors like market conditions, financing, and inspections can influence the overall timeline.
A home inspection is a thorough examination of a property's condition by a professional inspector. They assess the home's structure, systems, and overall safety, identifying any issues or needed repairs. It is highly recommended, as it helps you understand the property's true condition and can prevent unexpected costs down the road. The inspection report can also be a valuable tool in negotiating the purchase price or requesting repairs from the seller.4o
