5 Questions Every First-Time Homebuyer Should Ask

Buying your first home is exciting — and sometimes overwhelming. Between deposits, inspections, appraisals, and closing paperwork, it’s easy to feel unsure about what happens next.

If you’re entering today’s market with higher home prices and shifting interest rates, understanding the process is essential. Here are five key questions every first-time buyer should ask.

1. What Happens to My Earnest Money?

After your offer is accepted, you’ll submit an earnest money deposit — typically 1–3% of the purchase price. This shows the seller you’re serious.

Before sending it, make sure you understand:

• How much is typical in your market
  
  

• The deadline to submit it
  
  

• When it’s refundable
  
  

Earnest money is usually protected by contingencies (like financing or inspection), but those protections have deadlines. Know the timelines before you transfer funds.

2. What Should I Focus on During the Inspection?

Inspection reports can be long and detailed. No home is perfect — the key is knowing what truly matters.

Pay close attention to:

• Structural issues (foundation cracks, roof concerns)
  
  

• Major systems (HVAC, plumbing, electrical)
  
  

• Water damage or drainage problems
  
  

• Septic, well, or pest concerns (if applicable)
  
  

Cosmetic flaws are common. Safety issues and major system problems are not. Understanding the difference helps you prioritize what’s important.

3. How Do Repair Requests Work?

After the inspection, you can request repairs or credits.

Before submitting anything, consider:

• What issues are truly significant
  
  

• What’s reasonable to ask for
  
  

• Whether a second opinion or contractor quote is needed
  
  

The goal isn’t to create conflict — it’s to address meaningful concerns so you can move forward confidently.

4. What If the Appraisal Comes in Low?

If the appraisal is lower than your purchase price, your lender may not finance the full amount.

Your options could include:

• Renegotiating the price
  
  

• Bringing additional cash to closing
  
  

• Canceling under an appraisal contingency (if included)
  
  

Understanding this possibility ahead of time reduces stress if it happens.

5. What Should I Expect on Closing Day?

Closing is when you sign your final paperwork and officially become a homeowner.

Be prepared to:

• Bring a government-issued photo ID
  
  

• Send a wire or bring a cashier’s check for your closing funds
  
  

• Review and sign your final settlement statement
  
  

Also confirm when you receive the keys — possession may be immediate or delayed depending on your contract.

Bottom Line

Buying your first home isn’t just about choosing the right property. It’s about understanding what happens from accepted offer to closing day.

A good agent will make sure you understand these questions and guide you through the process so you can move forward with clarity and confidence.