FREQUENTLY ASKED QUESTIONS

For Buyers:

How do I start the home-buying process?
The first step is connecting with a trusted real estate professional who can guide you through the process. From there, you’ll want to get pre-approved for a mortgage, outline your must-haves, and start touring homes that fit your needs and budget.

What credit score do I need to buy a home?
While credit score requirements vary, most lenders look for a score of at least 620 for conventional loans, though FHA loans may allow scores as low as 580. A higher score can help you secure better interest rates and loan terms.

How much should I save for a down payment?
It depends on the loan type—some conventional loans require as little as 3% down, while FHA loans typically require 3.5%. VA and USDA loans may require no down payment at all, but having extra savings can help with closing costs and future home expenses.

What are closing costs, and how much should I expect to pay?
Closing costs include lender fees, title insurance, home inspections, and other transaction-related expenses. They typically range from 2% to 5% of the home’s purchase price, so it’s important to budget for them in addition to your down payment.

Should I get pre-approved for a mortgage before house hunting?
Absolutely! A pre-approval gives you a clear budget, shows sellers you’re a serious buyer, and can give you a competitive edge in multiple-offer situations. It also helps avoid surprises later in the process.

How long does it take to buy a home?
On average, the home-buying process takes 30 to 60 days from contract to closing, but this timeline can vary. Factors like loan approval, inspections, and negotiations all play a role in the final timeline.

What is earnest money, and is it refundable?
Earnest money is a deposit that shows sellers you’re serious about purchasing the home. It is usually refundable if you back out for a valid reason stated in the contract, such as a failed inspection or financing contingency.

Do I need a home inspection, and what does it cover?
Yes! A home inspection is crucial to uncover potential issues with the home’s structure, electrical, plumbing, roof, and more. It gives you peace of mind and may help in negotiations if repairs are needed.

What happens after my offer is accepted?
Once your offer is accepted, you’ll enter the due diligence phase, which includes inspections, finalizing your mortgage, and preparing for closing. Your agent will guide you through each step until you get the keys!

What are common mistakes to avoid when buying a home?
Avoid skipping pre-approval, overlooking hidden costs, making big purchases before closing, or rushing into a home without proper inspections. Having a knowledgeable agent by your side helps prevent costly missteps.

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For Sellers:

How do I determine the right asking price for my home?
Your real estate agent will perform a comparative market analysis (CMA) to evaluate similar homes in your area. Pricing your home competitively from the start can attract more buyers and lead to a quicker sale.

What can I do to increase my home’s value before selling?
Simple updates like fresh paint, landscaping, and minor repairs can make a big difference. Decluttering, staging, and ensuring your home is clean and well-maintained can also add to its appeal.

How long will it take to sell my home?
The timeline varies based on market conditions, pricing, and location. On average, homes sell within 30 to 60 days, but well-priced homes in high-demand areas can sell much faster. And of course, there are some circumstances where it could take longer. We do our best to help our sellers set themselves and their home up for success.

Do I need to make repairs before listing my home?
It depends on the condition of your home. Small cosmetic fixes can make a difference, but your agent can help determine if larger repairs are necessary or if they could be negotiated with the buyer.

What are common closing costs for sellers?
Sellers typically pay agent commissions, title fees, and sometimes buyer concessions. Closing costs usually range from 6% to 10% of the sale price, but your agent can give you a detailed estimate.

What is staging, and does it really help sell my home faster?
Staging helps buyers envision themselves in the space by highlighting your home’s best features. Homes that are staged tend to sell faster and often for a higher price than unstaged properties.

Should I be present for showings?
It’s best to step out during showings to give buyers space to explore and picture themselves in the home. Your agent will handle everything and provide feedback afterward.

What happens if my home doesn’t appraise for the selling price?
If the appraisal comes in low, you can negotiate with the buyer, lower the price, or request a second appraisal. Your agent will help you navigate the best course of action.

How do multiple offers work, and how should I handle them?
Your agent will present all offers and help you evaluate the best one—not just based on price but also terms, contingencies, and buyer qualifications. In a competitive market, you may even be able to negotiate for better terms.

What are the tax implications of selling my home?
Depending on your situation, you may owe capital gains tax on your home sale. However, if you’ve lived in the home for at least two of the past five years, you may qualify for exemptions. It’s always best to consult a tax professional for specifics.

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For New & Existing Agents:

How do I get my real estate license?
Each state has its own licensing requirements, but in general, you’ll need to complete a pre-licensing course, pass the state exam, and find a brokerage to sponsor you. We’d love to help guide you through the process!

What are the benefits of working with Coldwell Banker Smith Homes?
At CBSH, we’re more than a brokerage—we’re a family. We provide industry-leading training, top-tier marketing support, cutting-edge technology, and a culture that prioritizes collaboration and success.

How do I generate leads and build my client base?
Success in real estate comes from networking, leveraging social media, hosting open houses, and providing exceptional service to generate referrals. At CBSH, we provide tools and training to help you grow your business.

What tools and resources do you provide for agents?
From CRM systems to marketing platforms, we equip our agents with the latest technology, personalized coaching, and ongoing education to ensure they have everything needed to thrive. We also pair our new agents with their broker and other agents in the office to ensure they have a mentor that is invested in their success.

How does commission work, and what can I expect to earn?
Commission is typically a percentage of the home’s selling price and varies based on the transaction and brokerage agreements. Earnings are unlimited in real estate—your hustle determines your success!

What are the best marketing strategies for listings?
Professional photography, targeted digital marketing, open houses, and social media exposure are key. At CBSH, we provide tailored marketing plans to showcase each property at its best.

How do I handle difficult clients or negotiations?
Real estate is all about relationships and problem-solving. Active listening, clear communication, and staying calm under pressure can help navigate challenges, and our team is always here to support you.

What continuing education or training opportunities are available?
We offer ongoing training, mentorship programs, and access to industry experts to keep our agents ahead of the game. You get local expertise from experience agents who helped us grow in our local communities and everything 100+ years of experience has to offer from CB corporate. Learning never stops in real estate!