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Buying residential real estate is an important and often intimidating situation for many people. Here are answers to some frequently asked questions.

DO I really need a real estate agent? If you are wanting to buy a property, having someone who works for and represents YOU is important.

WHAT’S the buyers’ agent going to charge me? The agent’s fee (commission) is usually paid by the seller, not the buyer.

WHAT’S involved in buyer agency? You’ll be asked to sign several agreements which authorize us to represent you and to promote your interests. These include: a Real Estate Agency Relationship Disclosure, an Agency Agreement Addendum, and the Buyers Agency Agreement. We can then team up to help you find the perfect property.

HOW will we find the right property? As members of the RASE multiple listing service (MLS), we have access to over 1500 properties in the Sioux Falls area. We’ll research those for your requirements.

WHEN can I start looking for homes? If you don’t have a pile of cash, you should first get pre-approved for financing through a lending institution. That way you’ll know how large a mortgage you qualify for and what the payments and other expenses will be.

WHAT if I find something on my own that I want to see?You should let your agent know so we can make arrangements with the owner for you to view the house. Of course you’re free of attend Open Houses on your own. Just remember to tell the host realtor that you’re working with an agent. We can view the house again at any time.

WHAT happens when I find a property I want to buy? We will put together a purchase agreement which spells out what price you’re willing to pay and any other conditions of the sale. We’ll then present it to the seller’s agent, conditions of the sale. We’ll then present it to the seller’s agent, along with your earnest money, as soon as possible.

WHAT’S earnest money?Earnest money is the “deposit” you put down to show your sincerity in buying the property. When all parties agree on the purchase contract, your check will be cashed. If an agreement isn’t reached, your money will be returned to you. Earnest money is applied toward the purchase price or other costs at closing.

HOW long do we have to wait to know if our offer has been accepted? You determine the time frame for allowing the sellers to make a decision. They may counter offer and the negotiations will continue until all parties agree.

After the offer is accepted, what happens?An inspection, appraisal, and title work is scheduled. If all is well, the closing is also scheduled.

WHAT happens at the closing?Usually a title company prepares the documents which include the results of a title search, and a title insurance commitment for the buyer. You’ll be asked to sign several papers including your mortgage and the HUD Settlement which shows the disbursement of moneys...Then you’ll receive the keys to your NEW HOME!