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Ready to start bidding on a home? Contact our RE/MAX Metro team of agents so we can walk you through your options and prepare you for our live transparent bidding platform!

Frequently Asked Questions

Bidders

What should my first steps be?

Start by connecting with a RE/MAX Metro real estate agent, so they can help and guide you through the home-buying process. Once you speak with an agent, you’ll want to get a quick and easy pre-approval.

How much do I need for a down payment?

Your down payment may vary, depending on the lender’s requirements and your type of loan. However, lenders can expect anywhere between 3.5% to 20% for a down payment. For a more accurate number, be sure to talk with your agent about down payment options.

Should I take with my bank before buying a home?

YES! Talking with your bank will help you determine what you are able to afford, and will give you a better idea of where to start looking. Cash buyers are always welcome.

Should I buy another home before selling my current one?

There are pros and cons. The biggest benefit to buying before selling is that you’ll have another property lined up, which helps reduce the pressure of finding a home. It does, however, mean your purchase offer may be contingent upon sale and transfer, so you’ll have to sell your home in a timely manner or you could be passed up as the buyer.

When can I expect to close?

Closings will typically occur anywhere from 30 to 45 days.

Should I get a home inspection?

Though not required, home inspections are recommended for anyone purchasing a new home. This allows inspectors to look into the condition of the roof, wiring, heating, plumbing and more. They’ll also be able to determine any major issues found within the house, allowing you to renegotiate the price with the seller.

Should I hire an attorney

While optional, an attorney does provide a smoother process during the buying process and is recommended.

Buyer’s Agent

Why Should I Use RE/MAX Metro’s, OffersByMetro.com transparent bidding platform?

OffersByMetro.com cuts out the late night, unnecessary appointments you can have with potential buyers. You can help negotiate sales, answer questions, and involve clients all online, saving you time and resources. This puts your buyer in the driver’s seat when making the best offer to the seller.

How can buyers find me?

Our platform places you in our agents list. When buyers click on you, they’ll be able to view your contact information, properties, and other pertinent details that they might need.

General

What is PMI?

PMI stands for “Private Mortgage Insurance” and is typically needed when a buyer puts less than 20% down. Each price can vary, so make sure to contact your agent for more details.

What is a contingency?

A contingency is a provision included in a sales contract stating that certain events or conditions must occur before the contract is valid.

What is an earnest money deposit?

An earnest money deposit, also known as a good faith deposit, is when a buyer purchases a home and provides the seller’s real estate company a deposit to hold in their escrow account. This makes the buyer look more serious about the purchase, typically giving the buyer a better chance at closing.

What is MLS?

MLS, or “Multiple Listing Service” is a computerized listing of homes for sale in an area listed with a realtor. This program allows agents to find houses within a price range or specific area.

What is the difference between being prequalified and being pre-approved for a loan?

When you’re prequalified, it means that you can potentially get a loan for the amount that is stated to you. When you’re pre-approved, it means that the lender is willing to give you a loan.

What is title insurance?

Title insurance is what protects the lender and the buyer against any losses incurred from disputes over the title of a property.

What is a listing agent?

Listing agents will work with sellers to list their property for sale on the MLS.

Can I only receive information or home tours from a listing agent?

No. While a listing agent only needs to represent the seller, a buyer’s agent is able to show you any and all houses that are on the market.

What is a buying agent?

Buying agents work with home buyers to represent them during transactions.

How much does a buyer’s agent cost to hire?

A buying agent typically comes at no cost to the buyer. Since buyer agents are normally paid by the seller, individuals are able to use a buyer agent’s services for free.

What is a counteroffer?

A counteroffer is an offer made by a party that requests changes to the original offer from the other party. When some makes a counteroffer, this will cancel any previous obligation.

What is a DTI ratio?

DTI, or “debt-to-income” ratio, is the percentage of a person’s monthly earnings used to pay off all debt obligations. DTI’s help determine pre-approvals for buyers.

Why should I use an agent?

Real estate agents provide advice and guidance when buying or selling a home. From constant changes in the market, to inaccurate listings, a real estate agent is able to give you the most solid information about homes that you won’t find anywhere else.

How do I create a free account on OffersByMetro.com?

Our setup process is simple! Just go to our account page, register as a buyer or seller, then just follow the steps and fill out your information so you can start using our unique services.

Why do I need to create an account?

Creating an account is the first step to being able to participate in transparent bidding events. In addition, once you have an account, you’ll have deeper access to all that OffersByMetro.com has to offer including the ability to save filtered searches and receive customized property lists and notifications.

Who do I contact for assistance when creating an account?

If you have any questions or issues while creating your account, you can contact us here and our team will assist you with your setup.