Q: What is the process of buying a home like?
Especially if this is your first home purchase, the home buying process can seem complicated and daunting. In hopes that it will give you a better idea of what to expect, here's a flow chart and time line of the entire process from beginning to end. 

 Q: What's the difference between a Selling Agent and a Listing Agent?
A Selling agent is hired by the buyer to represent them in purchasing a home. A listing agent is hired by an owner to help sell their home.

 Q: Why should a buyer sign an Exclusive Buyer's Brokerage agreement?
It's the law. In order for a real estate agent to represent a buyer (meaning that the agent gives advice) this agreement must be signed. The agreement can be terminated at any time (for any reason) if the buyer or agent want to no longer work together. The signed agreement discloses the duties of a real estate agent to the buyer and establishes a formal relationship between the buyer and the agent.

 Q: Who pays the Realtor's Commission?
The seller of the home.

 Q: Why do I want a Realtor if I'm buying a new home?
You're already paying for it! The price of a new home is fairly non-negotiable and the commission for the listing agent and selling agent are already factored into this price. The listing agent is representing the builder/developer of the home, the  selling agent is representing the buyer.

 Q: Why should I shop around for rates? How many quotes should I get?
How much did your TV cost? How many price comparision did you make before you purchased your TV? The cost of your home will be 100s of times more expensive than your TV. Try to get at least two quotes from a variety of reputable lenders. This way you can intelligently make a decision about whose rates and closing costs are the lowest. Try lenders from large and small mortgage companies, banks, and credit unions. Beware of internet lenders . . . many times there are hidden costs and no one to talk to when there is a problem.

  Q: What is the difference between an appraiser and an inspector?
An appraiser is hired by the lender to estimate the value of a home so that the lender will feel comfortable with the amount of money he is lending the buyer. In the event that a buyer/owner defaults on his mortgage, the lender wants to make sure that he can recoup the money he has lent. An inspector is hired by the prospective buyer to evaluate the home with a fine-toothed comb. He looks for defects in the home such as water damage, electrical problems, rotting wood, etc.

 Q: How does buying a foreclosed home work?
For the best explanation, watch this quick video.  Buying Foreclosures