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Things To Have Ready Before Putting An Offer On A Home
Dated: November 30 2016
So, you have your pre-qual letter from a lender, have picked out the perfect home with your awesome agent and are wondering what else you need to be prepared when you put a contract on a home....I get asked this all the time. Here is a quick list of the highlights...call me at 512-919-0653 and we can chat more about it:
-Option $: this is a negotiable amount, but is many times about .1% of the sales price of a home; this is the $ that you use to 'buy time' for inspections, etc. It can be applied at closing if you get there, so it is not 'additional' $ out of pocket. if you terminate the contract during the option period this $ goes to the seller.
-Earnest $: this is also a negotiable amount, but is sometimes around about 1% of the sales price; this $ helps you as the buyer show how serious you are about the property and how much 'skin' in the game he/she has. It also can be applied at closing... but if the contract terminates before closing, depending on the reason for termination the earnest $ could be awarded to the seller.
-Inspection $: be prepared for the cost of a general home inspection, and any other inspections you desire....pool, septic, roof, wood destroying insect, etc.
-Appraisal Cost: once you have a contract executed on a home, the lender will require you to have an appraisal....and many times lenders will expect a buyer to pay for the appraisal upfront vs roll it into closing costs.
There are some highlights. NOT meant to be all inclusive, and I would love to discuss your personal home buying situation with you to give you more insight and come up with a great home buying plan for YOU!
Call me any time! Can't believe it is almost December! :-)
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