Home Buyer Resources

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FAQ

How long does the process take?

From start to finish we can get you into a home from as little as 30 – 45 days however many people spend more time looking and researching and the average transaction in Fargo ND takes many clients 3-6 months but it is not uncommon to work with a client for a year or more.

What is earnest Money?

Earnest money is included with a Purchase agreement to show commitment from the buyer towards completing the transaction for a new home. It covers the costs of the seller removing the home from the active market as closing services are prepared for the transfer to the new owner. Earnest money can be protected with contingencies. If the buyer completes the transaction the earnest money is applied to down payment funds. If the buyer walks away from the transaction funds may be subject to surrender to the seller. Contact your agent for more details.

How much money do I need to buy a Home in Fargo ND and surrounding?

This all depends on your financial picture and what types of loan programs you qualify for. Some have a minimum of $500 out of pocket, others may require 3.5% down and some sellers are willing to pay part of that at closing.

How much money do I need to buy a Home in Moorhead MN and surrounding?

This all depends on your financial picture and what types of loan programs you qualify for. Some have a minimum of $500 out of pocket, others may require 3.5% down and some sellers are willing to pay part of that at closing.

How much earnest money should I put down?

In the FM area, we see an average of 1-2% being used for earnest money ($500 – $1000 minimum) to show commitment from the buyer towards completing the transaction for a new home. It covers the costs of the seller removing the home from the active market as closing services are prepared for the transfer to the new owner.

How long does an Inspection take to look over an average home in fargo?

Home inspectors are often available to get out to a home soon after a purchace agreement is finalized. Often the inspection is done in 3- 5 work days. An average home takes between 2 and 4 hours to go through it with the inspector and ask any questions you may have. This is your time to get to know the home and all of the mechanical systems.

Do I need to be present for an Inspection in Fargo? (COVID-19 Update)

You do not need to be present for your inspection, but this is the time for you to ask any questions about your inspector. During your inspection, your inspector or Realtor should be able to provide a live video feed or images for any concerns so that you can clearly see what the inspector is seeing if you are unable to attend the inspection in person.

Does my inspector have to be licensed?

In North Dakota, the inspector does not have to be licensed but the inspection should be completed by a person qualified to do the inspection or tests, as evidence by a license or professional designation. (Source: ND Purchase agreement rev 7/18)

In Minnesota,

How long does an appraisal take?

In the Fargo Moorhead market, we are seeing an average of 30 to 45 days to get an appraisal completed from the time of the purchase agreement. The appraiser typically is done with their physical inspection of a property in about 30 minutes and then returns the results to bank on average 3-5 days after the physical inspection.

Do I need 20% down?

There are many loan programs that can help you get a home with less than 20% down. In fact, Minnesota and North Dakota both have down payment assistance programs. Talk to your lender for your best options. The downside of not having 20% down is that you often have to pay PMI on your loan.

Are there downpayment assistance programs available in Minnesota?

Are there downpayment assistance programs available in North Dokota?

What is the difference between FHA and Conventional financing?

What is PMI and do I have to pay it?

PMI (Private Mortgage Insurance) covers the bank if you default on the loan. It is an added monthly cost to your mortgage and often charged for any borrower that has less than 20% down on the home.