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Frequently asked questions

How to price your offer?

Nuhom believes the recent sale of similar properties best reflects what the market has been willing to pay. This data should be used to price your offer. The asking price is created by the seller to drive buyer interest and should not be the primary focus of your offer price.



What is a downpayment?

A down payment is the amount of actual money you intend on putting towards the purchase of your home. This does not include closing costs you may incur.



What is a pre-approval or a proof of funds?

When you are utilizing a mortgage to purchase, a pre-approval is a document produced by a bank or lender and certifies their early ability to provide you a mortgage based on their review of your credit score, employment, income, and debt. It is not a binding document. When you are utilizing only cash to purchase, a proof of funds document is a bank or cash statement showing that you have the funds to purchase this home. Account numbers should be redacted. Depending on your approach, either of these documents should be attached with your offer to purchase. The document sends a strong signal to your seller that you are financially qualified to purchase the home.



What are contingencies?

Contingencies are stipulations in an offer which if not met allow you as a buyer to walk away from the offer often without penalties or loss of deposits. As each stipulation is met, the home purchase process is being de-risked. The most common contingencies in an offer to purchase are home inspection and financing.



What is a appraisal?

An appraisal is conducted by a third party appraisal firm hired by the bank or lender you have applied for a mortgage with. The appraiser will often walk through or drive by the home you are purchasing to make an assessment of it's value. They do this by considering the quality and amenities of the home and comparable home sale prices. The bank or lender uses their assessment to certify if the home is worth what you are purchasing it for or not.



What happens on closing day?

Closing day is an exciting one! It is also the day you should expect to actually begin owning the home you are purchasing. By this day you will have transferred the remaining portion of funds owed to purchase the home to your lawyer and you will meet with them to sign all home purchase and loan documents.



What happens after I complete this form?

After review of this submission, an experienced and dedicated Nuhom agent will reach out to you to discuss any final questions and concerns. After this, they will finalize the offer and send it to you for signing online. You agent will submit the offer to the seller and will negotiate on your behalf to get it accepted.



How do I make a strong offer?

The strongest offer considered by sellers is one with little or no contingencies and the highest price. This is especially true with highly competitive bid situations. Less contingencies in an offer means less risk for the seller, but potentially more risk on your part. Remember to always understand each contingency you utilize and why and to price an offer within your means.