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    Understanding Buyers Agency & Escrow Money

    Q&A Episode 23
    This week, Rich answers more of your burning real estate questions like…
    How much do I pay a buyer’s agent when I hire them to help me purchase a home?
    What kind of credit score do I need in order to buy a home?
    What is earnest money and where does it go? …and more!
    Have a question for our team? Drop it in the comments below, or send us a message!

    How much do I pay a buyer’s agent when I hire them to help me purchase a home?

    In Pittsburgh, you do not pay a buyer’s agent. The buyer’s agent gets paid by the seller as part of the fee negotiated by the listing agent. As the buyer, you pay a small brokerage fee for the services provided by the broker, but you generally do not have to pay your agent’s fee, this way, your agent can focus on representing your best interest. They can be bound to confidentiality with you, remove the stress of added research and scheduling tours of homes, and more.

    What kind of credit score do I need in order to buy a home?

    If you have a credit score of 740 and above, you’re considered a very good, low-risk applicant for a loan. It will be easy to get a good loan. We know lenders that will dive down as low as the 550 range on most occasions, and if your credit score is above that, you’re likely to still be able to acquire a real estate loan. Of course, there are a lot of other factors like debt to income ratio, etc. and when working with a low credit score, you may still be able to apply for a loan, so find a lender that you trust to work you through the process of buying a home or beginning the credit repair process.

    What is earnest money and where does it go?

     

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