ListingCraft for BuyersAll answersAnswers
The 100 questions home buyers ask most, answered plainly, and how ListingCraft for Buyers helps with each one.
Yes. In most of the U.S. you can buy a home without hiring a buyer's agent by working directly with the listing agent. ListingCraft for Buyers is an iPhone app built for exactly that: you find homes, request showings, send your offer and track every step to closing yourself.
Full answerContact the listing agent directly. In the ListingCraft for Buyers app, tap Request a showing on any listed home and your request goes straight to the listing agent, with your preapproval letter attached if you choose. The agent replies to your own email.
Full answerSend your terms directly to the listing agent, who then prepares the official purchase contract for you to sign. ListingCraft for Buyers builds that offer package for you: price, earnest money, closing date and contingencies, with nearby sold comps and your preapproval letter if you choose.
Full answerCompare the asking price with what similar homes nearby actually sold for recently, adjusted for size. ListingCraft for Buyers does this for any home in one tap: it shows the nearby sold comps, an estimated value and range, and a plain verdict of Priced high, On target or Priced low.
Full answerYour cash to close is roughly your down payment plus closing costs and prepaid items (like insurance and tax escrow), minus the earnest money you already deposited. ListingCraft for Buyers adds this up live while you set your offer price, down payment and earnest money, and explains each piece in plain English.
Full answerListingCraft for Buyers costs nothing to download, and you can browse the map of homes as a guest. Unlimited home reports, showing requests, offer packages, deal rooms, saved homes and daily alerts start with a 3-day trial, then $19.99 per month, billed through your Apple ID. Cancel anytime in your App Store settings.
Full answerYes for research: anyone can use the home reports, comps and payment estimates. Before you contact a listing agent or send an offer on your own, read your buyer-broker agreement and talk to your agent, because the agreement may say you owe them a fee on any home you buy during its term.
Full answerUsually the listing agent prepares the purchase agreement on your state's standard forms using the terms you sent, and you review and sign it. In some states an attorney handles contracts. ListingCraft for Buyers sends your terms as an offer package and lets you sign the contract and amendments in your deal room.
Full answerCheck your credit, decide on a budget, get preapproved by a lender, then start looking at homes and comparing them with recent sales. ListingCraft for Buyers covers the next part on your iPhone: browsing homes on a map, reports with sold comps and your monthly payment, showing requests and offers.
Full answerFinding the right home can take weeks or months, and once your offer is accepted, closing usually takes about 30 to 45 days with a mortgage, or a couple of weeks with cash. ListingCraft for Buyers keeps the second part on track with a closing checklist that shows every deadline.
Full answerA common rule of thumb is to keep your total housing payment (mortgage, property tax, insurance and any HOA fee) near 28% of your gross monthly income, and all debts near 36%. Your lender's preapproval sets the ceiling. ListingCraft for Buyers shows the estimated monthly payment for every home, so you can compare real homes against your budget.
Full answerBuying tends to make more sense if you plan to stay several years, have steady income, and can cover the down payment, closing costs and a cushion for repairs. Renting keeps you flexible. ListingCraft for Buyers helps you compare by showing the estimated monthly payment and cash to close on real homes near you.
Full answerNobody can reliably time the market. The better question is whether the payment fits your budget, you plan to stay a while, and the price is in line with recent nearby sales. ListingCraft for Buyers shows sold comps and a price verdict for any home so you can judge the price in front of you.
Full answerGet preapproved, look into first-time buyer loans and down payment programs, find a home, make an offer with contingencies that protect you, then complete inspection, appraisal and closing. ListingCraft for Buyers walks first-time buyers through the home search, showing requests, offers and the closing checklist on iPhone.
Full answerMany conventional loans want a score of about 620 or higher, FHA loans allow scores down to 580 with 3.5% down (and lower with more down), and higher scores usually get better rates. ListingCraft for Buyers lets you upload your preapproval letter once you have it, so listing agents see you are ready.
Full answerPlan for your down payment (often 3% to 20% of the price), closing costs (often 2% to 5% of the loan), earnest money at offer time, and a cushion for moving and repairs. ListingCraft for Buyers adds up your cash to close live as you set your offer price, down payment and earnest money.
Full answerBudget and credit check, preapproval, home search, showings, offer, inspection, appraisal, final loan approval, final walkthrough, closing. ListingCraft for Buyers handles the search, showing requests, offer package and a closing checklist that updates itself.
Full answerLook at the price against recent nearby sales, the condition of the roof, foundation, plumbing, electrical and HVAC, the layout, the commute, the property tax and any HOA rules or fees. ListingCraft for Buyers puts the price check, tax, sale history and monthly payment in one report.
Full answerNew construction offers new systems and builder warranties but can cost more and take time to build. Existing homes are often move-in sooner and may have room to negotiate. Either way, compare the price with recent nearby sales, which ListingCraft for Buyers shows for any address.
Full answerCondos usually cost less and include exterior maintenance, but come with HOA fees and rules. Houses offer more space and control, with all upkeep on you. ListingCraft for Buyers shows the estimated monthly payment for either, so you can compare total costs.
Full answerNot necessarily 20%. Some conventional loans allow 3% down, FHA allows 3.5%, and VA and USDA loans can allow 0% for eligible buyers. Putting less than 20% down on a conventional loan usually means paying mortgage insurance. ListingCraft for Buyers shows how your down payment changes your cash to close.
Full answerYes, if you qualify for a VA loan (eligible service members and veterans) or a USDA loan (eligible rural areas and incomes), or a down payment assistance program. You will still usually need money for closing costs and earnest money. ListingCraft for Buyers shows that cash to close for each offer.
Full answerPrequalification is a quick estimate based on what you tell a lender. Preapproval means the lender checked your credit, income and assets and issued a letter for a specific amount, which sellers take more seriously. In ListingCraft for Buyers, listing agents see a "Preapproval on file" badge when you upload your letter.
Full answerApply with a lender and provide pay stubs, W-2s or tax returns, bank statements and ID; the lender checks your credit and issues a preapproval letter, often within a few days. Then upload the letter to ListingCraft for Buyers so you can attach it to showing requests and offers.
Full answerA preapproval usually involves a hard credit check, which may lower your score by a few points for a short time. Shopping several mortgage lenders within a short window is typically counted as one inquiry. Once you have a letter, ListingCraft for Buyers keeps it ready for offers.
Full answerUsually 60 to 90 days, depending on the lender. If it expires, the lender can refresh it with updated pay stubs and bank statements. Keep the current letter uploaded in ListingCraft for Buyers so the listing agent always sees the latest one.
Full answerPMI is insurance that protects the lender, usually required on conventional loans when you put less than 20% down. It is added to your monthly payment. FHA loans have their own mortgage insurance. Your total monthly cost matters, which is why ListingCraft for Buyers shows an estimated payment for each home.
Full answerPut 20% down on a conventional loan, use a VA loan if eligible, ask about lender-paid mortgage insurance, or plan to remove PMI once you reach 20% equity. ListingCraft for Buyers lets you see how a larger down payment changes your cash to close.
Full answerFHA loans allow lower credit scores and 3.5% down but carry mortgage insurance that often lasts the life of the loan unless you put 10% or more down. Conventional loans usually cost less for buyers with good credit, and PMI can be removed later. Ask lenders to quote both. ListingCraft for Buyers works with either.
Full answerA VA loan is a mortgage backed by the U.S. Department of Veterans Affairs for eligible service members, veterans and some surviving spouses. It often allows 0% down and no monthly mortgage insurance, with a one-time funding fee unless exempt. Once preapproved, upload your letter to ListingCraft for Buyers.
Full answerA fixed rate keeps your principal and interest the same for the whole loan. An adjustable rate (ARM) starts with a fixed period, often 5, 7 or 10 years, and then can change. Fixed is simpler; an ARM can make sense if you expect to move or refinance before it adjusts. ListingCraft for Buyers helps you compare homes by estimated monthly payment.
Full answerA 15-year loan usually has a lower rate and much less total interest, but a higher monthly payment. A 30-year loan keeps the payment lower and more flexible. Pick the payment you can comfortably afford. ListingCraft for Buyers shows an estimated monthly payment for each home you look at.
Full answerPoints are an upfront fee (one point is 1% of the loan) to lower your interest rate. They pay off only if you keep the loan long enough to pass the break-even point. Points add to your cash to close, which ListingCraft for Buyers totals for you on the offer screen.
Full answerMost buyers lock once they have an accepted offer and a closing date, choosing a lock period that covers the time to closing (often 30 to 60 days). Ask your lender about float-down options and extension fees. ListingCraft for Buyers's closing checklist shows your closing date so you can pick the right lock length.
Full answerDebt-to-income (DTI) is your monthly debt payments, including the new mortgage, divided by your gross monthly income. Many lenders look for 43% or less, though some loans allow more. Lower DTI makes approval easier. ListingCraft for Buyers shows the estimated payment for each home so you can see how it would affect your budget.
Full answerUsually principal, interest, property tax and homeowners insurance (often called PITI), plus mortgage insurance and HOA fees if they apply. ListingCraft for Buyers shows an estimated monthly payment and the property tax for every home report.
Full answerEscrow means two things: a neutral party holding money (like your earnest money) during the purchase, and the account your lender uses after closing to pay your property tax and insurance. ListingCraft for Buyers includes prepaid escrow items in your estimated cash to close.
Full answerYes. State housing finance agencies, cities and some employers offer down payment and closing cost assistance, and loans like FHA and some conventional programs allow low down payments. Your lender or your state housing agency can tell you what you qualify for. ListingCraft for Buyers then helps you find homes, make offers and track closing.
Full answerUsually yes, from an eligible donor such as a family member, with a signed gift letter and a paper trail showing the transfer. Rules vary by loan type, so ask your lender first. ListingCraft for Buyers shows your total cash to close so you know how much you need.
Full answerDo not change jobs, open new credit cards, finance a car or furniture, miss payments, or move large sums of money without telling your lender until after closing. Any of these can change your approval. ListingCraft for Buyers's closing checklist keeps your loan steps in view until you get the keys.
Full answerClosing costs are the fees to complete the purchase and loan: lender fees, appraisal, title insurance, recording fees, transfer taxes in some states, and prepaid tax and insurance. They often total 2% to 5% of the loan. ListingCraft for Buyers estimates them as part of your cash to close.
Full answerBoth usually pay some. Buyers typically pay loan and title-related costs; sellers often pay their agent commissions and some transfer taxes, depending on local custom. Everything is negotiable, and you can ask the seller for a credit in your offer. ListingCraft for Buyers's offer package sends your terms straight to the listing agent.
Full answerYes. You can request a seller credit (seller concession) toward closing costs in your offer, within your loan program's limits. It is more likely to be accepted when the home has been on the market a while. ListingCraft for Buyers lets you put your terms in an offer package to the listing agent.
Full answerEarnest money is a good-faith deposit you make when your offer is accepted, often 1% to 3% of the price, held by a title company, attorney or broker in escrow. It is credited toward your costs at closing. You set the amount in ListingCraft for Buyers's offer screen, and it shows up as a credit in your cash to close.
Full answerUsually yes if you cancel within a contingency (such as inspection, appraisal or financing) and follow the contract's deadlines and notice rules. If you back out for a reason the contract does not allow, the seller may keep it. ListingCraft for Buyers's closing checklist shows each contingency deadline so you do not miss one.
Full answerIt depends on the home's assessed value and the local tax rate, and the amount can change after a sale when the home is reassessed. ListingCraft for Buyers shows the property tax for each home in its report and includes it in the estimated monthly payment.
Full answerHOA fees are monthly or yearly dues paid to a homeowners association for shared costs such as common areas, exterior upkeep or amenities, depending on the community. They add to your monthly housing cost, and lenders count them. Review the HOA documents before your contract deadlines, which ListingCraft for Buyers tracks.
Full answerIf you have a mortgage, yes: lenders require it before closing, and the first year's premium is often paid at or before closing. Get quotes early in your contract period. ListingCraft for Buyers includes prepaid items like insurance in your estimated cash to close.
Full answerBeyond the mortgage: closing costs, moving, utilities, maintenance and repairs (often budgeted at 1% to 2% of the price per year), HOA fees, and tax or insurance increases. ListingCraft for Buyers shows the estimated monthly payment and cash to close up front so fewer costs surprise you.
Full answerUse a home search app with filters for price, beds and baths, get alerts for new listings, and drive by homes you like. ListingCraft for Buyers shows homes for sale on a map with price pins, highlights today's new listings, and sends morning alerts for new homes in your price range.
Full answerSet up saved searches or alerts in a home search app. In ListingCraft for Buyers, turn on morning alerts and you get notified about new homes in your price range, and new listings are highlighted on the map each day.
Full answerSale prices are generally public records kept by the county, and many home search tools show them. ListingCraft for Buyers shows a home's sale history plus what nearby similar homes sold for recently.
Full answerComps (comparables) are similar nearby homes that sold recently. Comparing their prices, especially price per square foot, tells you what a home is likely worth. ListingCraft for Buyers pulls nearby sold comps for any home and gives a plain verdict: Priced high, On target or Priced low.
Full answerThey are a starting point, not an appraisal. Automated estimates can miss condition, updates and unique features. Check them against recent nearby sales. ListingCraft for Buyers shows the comps behind its estimate and a value range, so you can see why it says what it says.
Full answerIt is useful for comparing similar homes close by, but it ignores condition, lot size and layout. Use it together with recent sales. ListingCraft for Buyers shows price per square foot for nearby sold comps next to the list price and your offer.
Full answerLook up county records or use a home search tool that shows past sales and price changes. ListingCraft for Buyers's home report includes the sale history alongside nearby sold comps and the estimated value range.
Full answerThe listing agent's name and brokerage are usually on the listing and the yard sign. In ListingCraft for Buyers, the "Listed by" section shows who listed the home, and Request a showing sends your request straight to them.
Full answerAsk why the seller is moving, how long it has been listed, whether there have been offers, the age of the roof, HVAC and water heater, any known issues or past water damage, utility costs, HOA rules, and what is included in the sale. ListingCraft for Buyers lets you check the price and sale history before you go.
Full answerSigns of water damage or mold, foundation cracks, sloping floors, an old roof, outdated electrical panels, fresh paint in odd spots, unpermitted additions, and a price far above recent nearby sales. ListingCraft for Buyers helps with the last one by showing sold comps and a price verdict.
Full answerNo. You can contact the listing agent directly to book a showing. Since August 2024, buyers who tour with their own agent must first sign a written agreement with that agent; going straight to the listing agent avoids that. ListingCraft for Buyers sends your showing request to the listing agent in one tap.
Full answerYes. Open houses are open to the public, and you can walk in on your own. Before you go, open the home's report in ListingCraft for Buyers to see its sold comps, price verdict and estimated monthly payment.
Full answerOften it helps, because it shows the listing agent you are a serious buyer. You do not have to reveal your full approval amount; lenders can issue a letter for the price of the home. In ListingCraft for Buyers, you choose per request whether to attach your letter.
Full answerBase your offer on what similar nearby homes recently sold for, how long the home has been listed, its condition and how much competition there is. ListingCraft for Buyers shows nearby sold comps and a price verdict, and the offer screen shows where your price sits against them.
Full answerIt depends on the comps and the market. If similar homes sold for less, or the home has been listed a long time, an offer below asking can be reasonable. If it is priced on target and competitive, a low offer may be ignored. ListingCraft for Buyers's price verdict (Priced high, On target, Priced low) tells you which situation you are in.
Full answerThe price, earnest money, financing type and down payment, closing date, contingencies (inspection, appraisal, financing, home sale), any seller credit, what is included, and a deadline for the seller to respond. ListingCraft for Buyers puts these into an offer package you send to the listing agent, who then prepares the purchase agreement.
Full answerContingencies are conditions that let you cancel or renegotiate without losing your earnest money, such as inspection, appraisal, financing and the sale of your current home. Each has a deadline. ListingCraft for Buyers lets you choose contingencies and their windows day by day, then tracks those deadlines.
Full answerIt is risky: without it, you may lose your earnest money if the inspection finds problems and you want to back out. A middle ground is a short inspection window or an informational inspection. ListingCraft for Buyers lets you set your inspection window day by day.
Full answerIt lets you renegotiate or cancel if the lender's appraisal comes in below your price, so you are not forced to cover the gap. ListingCraft for Buyers includes appraisal as a contingency option in your offer and tracks its deadline.
Full answerIt lets you cancel and keep your earnest money if your mortgage is not approved by a set date. It protects you if your loan falls through. ListingCraft for Buyers includes financing as a contingency option and puts its deadline on your closing checklist.
Full answerIt makes your purchase depend on selling your current home. It protects you from owning two homes but makes your offer weaker to many sellers. ListingCraft for Buyers lets you include it in your offer package if you need it.
Full answerOffer a strong price backed by comps, show a solid preapproval or proof of funds, increase earnest money, shorten contingency windows, and be flexible on the closing date. ListingCraft for Buyers sends a clean offer package with your letter attached if you choose, straight to the listing agent.
Full answerAn escalation clause automatically raises your offer above competing offers by a set amount, up to a maximum. Not every seller accepts them, and it reveals your top price. Ask the listing agent whether they will consider one before you include it in your ListingCraft for Buyers offer package.
Full answerWhatever deadline your offer sets, often 24 to 48 hours. Without one, the offer can stay open until you withdraw it. ListingCraft for Buyers's deal room shows your offer status as it moves from sent to countered, accepted or declined.
Full answerYou can accept, reject, or counter again. Look at the full terms, not just price: closing date, credits and contingencies all have value. ListingCraft for Buyers's deal room keeps every counter and amendment in one place so you can see what changed.
Full answerBefore the seller accepts, you can usually withdraw. After acceptance, you can generally cancel only through a contingency or other contract term, within its deadline, or you may lose your earnest money. ListingCraft for Buyers shows every contingency deadline on your closing checklist.
Full answerOften 1% to 3% of the price, but local customs vary. More earnest money can make your offer stronger, and it counts toward your costs at closing. ListingCraft for Buyers's offer screen lets you set it and shows how it affects your cash to close.
Full answerPick a date that gives your lender enough time (often 30 to 45 days), lines up with your lease or move, and ideally suits the seller. Flexibility can strengthen your offer. You set the closing date in ListingCraft for Buyers's offer package, and the closing checklist counts down to it.
Full answerYou sign the purchase agreement, deposit earnest money, schedule the inspection, get insurance quotes, and your lender orders the appraisal and finalizes the loan, all on contract deadlines. ListingCraft for Buyers's deal room handles e-signing and shows a closing checklist with every due date.
Full answerIt is strongly recommended. A licensed inspector checks the structure, roof, plumbing, electrical and HVAC and reports problems you would not see on a tour. Keep an inspection contingency so you can negotiate repairs or walk away. ListingCraft for Buyers lets you set your inspection window and tracks it.
Full answerOften a few hundred dollars, commonly around $300 to $600, depending on the home's size, age and location, with extra for specialty inspections. You usually pay at the time of inspection. Book it early in your inspection window, which ListingCraft for Buyers shows on your checklist.
Full answerA standard inspection looks at visible parts of the roof, foundation and structure, plumbing, electrical, HVAC, water heater, windows, doors, attic and appliances. It usually does not cover sewer lines, mold testing, pests or what is behind walls. ListingCraft for Buyers tracks your inspection deadline so you have time for follow-ups.
Full answerFocus on safety issues, structural problems, water intrusion and major systems, not cosmetic items. You can ask for repairs, a price reduction or a closing credit. ListingCraft for Buyers's deal room keeps amendments and their signatures in one place.
Full answerYour lender bases the loan on the lower value, so you can ask the seller to lower the price, cover the gap with cash, meet in the middle, challenge the appraisal with better comps, or cancel under an appraisal contingency. ListingCraft for Buyers's sold comps help you see this risk before you offer.
Full answerIt is the difference between your offer price and a lower appraised value. Some buyers offer "appraisal gap coverage", promising to pay part of that difference in cash, to compete. ListingCraft for Buyers shows nearby sold comps so you can judge how likely a gap is before you commit.
Full answerIt is a form where the seller lists known problems with the home, such as leaks, repairs or defects. Requirements vary by state. Read it carefully and compare it with your inspection report. Ask the listing agent for it early; you can request it with your ListingCraft for Buyers showing request.
Full answerYou review and sign the loan documents and deed transfer papers, pay your cash to close, and the sale is recorded. Then you get the keys. ListingCraft for Buyers tracks each step to closing and shows your estimated cash to close well ahead of time.
Full answerIt is the final statement of your loan terms and closing costs, which your lender must give you at least three business days before closing. Compare it with your Loan Estimate and your expected cash to close, which ListingCraft for Buyers estimates for you.
Full answerTitle insurance protects against problems with ownership, such as old liens or recording errors. Lenders require a lender's policy; an owner's policy protects you and is strongly recommended. Its cost is part of the closing costs that ListingCraft for Buyers includes in your estimate.
Full answerSome states require an attorney at closing. Elsewhere it is optional, but many buyers without a buyer's agent hire one to review the contract, since the listing agent represents the seller. ListingCraft for Buyers handles the search, showing requests, offer package and deal room; it is not a law firm and does not give legal advice.
Full answerA last visit, usually within a day or two before closing, to confirm the home is in the agreed condition, agreed repairs are done, and included items are still there. It is on the closing checklist in ListingCraft for Buyers.
Full answerNever trust wiring instructions sent by email alone. Call the title or escrow company at a phone number you found yourself to confirm before sending money, and be suspicious of last-minute changes. ListingCraft for Buyers never sends wiring instructions.
Full answerUsually once the deed is recorded and funds are released, often the same day as closing, unless your contract gives the seller time to stay after closing. ListingCraft for Buyers's closing checklist shows your closing date and possession terms.
Full answerOnly if you hire a buyer's agent and agree to pay them in your written agreement. Commissions are negotiable, and sellers may or may not offer to cover it. If you buy without a buyer's agent, there is no buyer's agent fee. ListingCraft for Buyers gives you the tools to buy on your own for a monthly subscription.
Full answerAfter the National Association of Realtors settlement, starting August 17, 2024, offers of buyer-agent pay are no longer shown on the MLS, and buyers working with an agent must sign a written agreement before touring. More buyers now go straight to listing agents, which is what ListingCraft for Buyers is built for.
Full answerIf you tour with your own agent who is a Realtor, yes, a written agreement is required first under the 2024 rules. If you contact the listing agent directly, you are not hiring a buyer's agent. ListingCraft for Buyers sends your showing request straight to the listing agent.
Full answerIn some states an agent can act as a dual agent with written consent from both sides; other states ban it or limit what the agent can do. Usually the listing agent represents only the seller, so make your own decisions on price and terms. ListingCraft for Buyers gives you the comps and numbers to do that.
Full answerIt can be if you skip the steps that protect you: knowing the right price, keeping contingencies, tracking deadlines and reviewing the contract. ListingCraft for Buyers covers the price check with sold comps, the offer terms and a deadline checklist, and many direct buyers also hire an attorney to review the contract.
Full answerA buyer's agent helps you find homes, books showings, pulls comps, writes and negotiates offers, and coordinates deadlines to closing. ListingCraft for Buyers puts those tools in your hands: homes on a map, sold comps and a price verdict, showing requests, offer packages and a closing checklist.
Full answerSend a clean, complete offer: a price supported by comps, your preapproval letter, meaningful earnest money, reasonable contingency windows and a flexible closing date. ListingCraft for Buyers packages all of that and sends it straight to the listing agent.
Full answerTalk to the owner directly, check the price against recent nearby sales, get preapproved, and have an attorney or title company prepare the contract, since there is no listing agent to do it. ListingCraft for Buyers's home report and price verdict work for any address, though its showing and offer tools go to listing agents.
Full answerListingCraft is an iPhone app that turns one address into a finished listing: beds, baths, square footage, year built and lot size from public records, a Street View photo, a price range from nearby sales, likely assigned schools, walkability, and MLS, Zillow and Instagram descriptions written with Fair Housing in mind. It starts with a 3-day trial, then $39.99 per month.