We love the opportunity to work with first-time buyers and repeat buyers alike. We make shopping for your new home fun and easy.
1. How much does it cost to use a Realtor® when purchasing a home?
It’s FREE! In a transaction, the seller pays the commission of both the listing agent and the buyer’s agent. |
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2. How much money will I need when I write an offer?
When you write an offer, it is customary to give the seller a deposit to secure the property. This deposit is called “Earnest Money.” It will be credited back to you at the time of closing. Traditionally, earnest money is 1% of the purchase price of the home. The earnest money is deposited into the listing broker’s escrow account and remains there until the property closes. |
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3. What out of pocket costs will I incur prior to closing?
Immediately after acceptance of a purchase agreement, we will have the property inspected. Inspections run on average $250. If you choose to have a radon or termite test, plan to spend around $350-$400.
Prior to closing, you will need to pre-pay one-year of homeowner’s insurance. This is part of your closing costs and pre-paid items that the lender will discuss with you.
Some lenders have fees that are paid prior to closing, such as an appraisal or credit check. Talk to your lender of choice to find out about their charges and to obtain a "Good Faith Estimate." |
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4. How much are my closing costs?
Closing costs are different with each and every lender. When discussing financing options with your lender, be sure to discuss closing costs, prepaids, etc. |
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5. How much do I have to put down on a house?
That depends…speak to your lender about the best financing product for you. There are many products that allow you to put less than 20% down on a home. Each product has its positive and negative aspects. |
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6. What if I’m interested in a spec home or building?
#1 Rule…involve a Realtor! Builders are always more than willing to work with Realtors and prefer to. When you build a home or purchase a spec home in a new development, you need an advocate on your side to watch after your best interests. Builders factor in the commissions for a realtor into the price of their homes. You will not receive a better deal if you do not use a realtor. |
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7. What happens if I find out something bad in the inspection?
Inspections are an opportunity to help homebuyers identify issues with a home, which may otherwise be invisible to the naked eye. After you have the inspection; the buyer has an opportunity to respond to the seller with an “Inspection Response.” |
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8. What is my monthly payment?
Monthly payments are composed of Principal, Interest, Taxes & Insurance.
Your taxes & insurance will vary depending on price of home & location.
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