Elle Realty
| P.O. Box 38522 Dallas, TX 75238 Send us an email Jo (214) 850-3908 Paddy (214) 202-9030 FAX (866) 268-8200 Agent Business Center |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
REAL ESTATE TIPS: Buying Tips
Consider working with a Texas REALTOR®:
It’s estimated that the process of buying a home consists of 142 tasks. Are you
prepared to manage all 142? Working with a REALTOR® will not only save you time,
but eliminate stress and protect your interests. Texas REALTORS® have the
knowledge and expertise to help you throughout the homebuying process. They are
skilled at negotiating, have exclusive access to the Multiple Listing Service (MLS), and
can find you the home that meets your specifications. A REALTOR® will help you
determine just how much home you can afford, direct you to a reputable lender, and
walk you through the complex legal maze. All REALTORS® adhere to a strict code of
ethics, ensuring you the highest level of service and integrity possible. Texas
REALTORS® understand the real estate process inside and out.
So if you plan to buy a home, consider working with a Texas REALTOR®.
Finding the right neighborhood:
Picking a neighborhood that fits your lifestyle and desires is an important part of the
home buying process. It can be challenging, though … there are so many things to
consider.
For a lot of people, quality schools top the list of desirable neighborhood amenities. It
may surprise you that being in an area with good schools is important even for people
without children because good schools mean a higher resale value.
As unpleasant as it may be, the crime statistics of an area are important, too. Take
your time and do your research on this one … there are plenty of resources out there,
including local law enforcement resources, Web sites, even neighborhood Internet
groups.
You may also want to consider transportation issues, such as how living in an area is
going to affect your day-to-day errands, your commute, and the ease of access to
public transportation and major thoroughfares.
Some people want to be in close proximity to health care facilities. Others find that
having quick access to shopping centers or their favorite grocery store or
restaurants is a top priority. Still others may value features such as public pools and
parks, access to bike routes and jogging and walking trails.
The point is that everyone’s list will be different. The key is to find a neighborhood that
scores well in areas you deem important. That’s a good place to focus your search
efforts.
If you’re able to find everything you’re looking for in a neighborhood, good for you!
However, if you’re like many people, you may have to make some sacrifices. A
neighborhood you’re considering may score well on most of your checklist but not
meet every single one of your criteria. That’s when you have to decide if one missing
attribute can be offset by the presence of another.
Closing costs:
Everyone knows that in most cases you’ll need at least a small down payment to
purchase a home … but that’s not all. You’ll also need to come to the transaction
with money for closing costs, which can be sizeable.
Your lender is required by the Real Estate Settlement Procedures Act (RESPA) to
provide a good faith estimate of your closing costs. This estimate is an itemized list of
fees you’ll pay to get a loan.
Mortgage closing costs cover things like appraisals, attorney fees, title insurance,
taxes, and other expenses associated with getting a loan.
A property appraisal is generally required by a lender before loan approval to ensure
that the mortgage loan amount is not more than the value of the property. An
appraiser is needed to make this determination.
A survey of the property is usually required to verify that boundary lines for your
property, easements, and fences are where they’re supposed to be.
You’re about to buy the home … after that, you’ll own it, right? Well, in some cases,
there may be a lien on the property, or some historical dispute to your right of
possession. A title search fee is paid to the title company for doing detailed research
on the property records for your home. The title company will look at prior deeds,
court records, property and name indexes, and many other documents. This is to
ensure that there are no liens or problems associated with your ownership of the
property.
You’ll need homeowner’s insurance, which covers the costs of rebuilding should an
insured event occur. In some cases, your first year's insurance may be paid at
closing.
Other fees that you may see include attorney fees, courier fees, pest inspection, plat
drawing, underwriting, flood-zone certification, document preparation, and others.
It’s important to check your lender fees and closing costs carefully, and don’t be
afraid to ask for advice … the only bad question is one that you don’t ask. This is
where your Texas REALTOR® can really help.
It’s estimated that the process of buying a home consists of 142 tasks. Are you
prepared to manage all 142? Working with a REALTOR® will not only save you time,
but eliminate stress and protect your interests. Texas REALTORS® have the
knowledge and expertise to help you throughout the homebuying process. They are
skilled at negotiating, have exclusive access to the Multiple Listing Service (MLS), and
can find you the home that meets your specifications. A REALTOR® will help you
determine just how much home you can afford, direct you to a reputable lender, and
walk you through the complex legal maze. All REALTORS® adhere to a strict code of
ethics, ensuring you the highest level of service and integrity possible. Texas
REALTORS® understand the real estate process inside and out.
So if you plan to buy a home, consider working with a Texas REALTOR®.
Finding the right neighborhood:
Picking a neighborhood that fits your lifestyle and desires is an important part of the
home buying process. It can be challenging, though … there are so many things to
consider.
For a lot of people, quality schools top the list of desirable neighborhood amenities. It
may surprise you that being in an area with good schools is important even for people
without children because good schools mean a higher resale value.
As unpleasant as it may be, the crime statistics of an area are important, too. Take
your time and do your research on this one … there are plenty of resources out there,
including local law enforcement resources, Web sites, even neighborhood Internet
groups.
You may also want to consider transportation issues, such as how living in an area is
going to affect your day-to-day errands, your commute, and the ease of access to
public transportation and major thoroughfares.
Some people want to be in close proximity to health care facilities. Others find that
having quick access to shopping centers or their favorite grocery store or
restaurants is a top priority. Still others may value features such as public pools and
parks, access to bike routes and jogging and walking trails.
The point is that everyone’s list will be different. The key is to find a neighborhood that
scores well in areas you deem important. That’s a good place to focus your search
efforts.
If you’re able to find everything you’re looking for in a neighborhood, good for you!
However, if you’re like many people, you may have to make some sacrifices. A
neighborhood you’re considering may score well on most of your checklist but not
meet every single one of your criteria. That’s when you have to decide if one missing
attribute can be offset by the presence of another.
Closing costs:
Everyone knows that in most cases you’ll need at least a small down payment to
purchase a home … but that’s not all. You’ll also need to come to the transaction
with money for closing costs, which can be sizeable.
Your lender is required by the Real Estate Settlement Procedures Act (RESPA) to
provide a good faith estimate of your closing costs. This estimate is an itemized list of
fees you’ll pay to get a loan.
Mortgage closing costs cover things like appraisals, attorney fees, title insurance,
taxes, and other expenses associated with getting a loan.
A property appraisal is generally required by a lender before loan approval to ensure
that the mortgage loan amount is not more than the value of the property. An
appraiser is needed to make this determination.
A survey of the property is usually required to verify that boundary lines for your
property, easements, and fences are where they’re supposed to be.
You’re about to buy the home … after that, you’ll own it, right? Well, in some cases,
there may be a lien on the property, or some historical dispute to your right of
possession. A title search fee is paid to the title company for doing detailed research
on the property records for your home. The title company will look at prior deeds,
court records, property and name indexes, and many other documents. This is to
ensure that there are no liens or problems associated with your ownership of the
property.
You’ll need homeowner’s insurance, which covers the costs of rebuilding should an
insured event occur. In some cases, your first year's insurance may be paid at
closing.
Other fees that you may see include attorney fees, courier fees, pest inspection, plat
drawing, underwriting, flood-zone certification, document preparation, and others.
It’s important to check your lender fees and closing costs carefully, and don’t be
afraid to ask for advice … the only bad question is one that you don’t ask. This is
where your Texas REALTOR® can really help.
Home warranties:
After you buy an existing home, let’s face it—the last thing you want to worry about is a broken big-ticket item like the air conditioner or oven.
For this reason, it’s a good idea to get a home warranty plan (also called a residential service contract).
The general idea behind a home warranty is this: If a covered item malfunctions, the homeowner calls the home warranty company, which
contacts a contracted local service provider. The local provider makes an appointment with the homeowner to evaluate the failed equipment. If
the item can be fixed, it will be. If it cannot be repaired, the policy pays for a replacement and installation.
Home warranties offer different levels of protection. Some provide comprehensive protection, while others are more limited—for instance, they
may not cover the AC unit. Special coverage will likely be needed if you’ve got a swimming pool or a hot tub in your new place. Choose your
policy according to your needs and make sure you know the level of coverage you’re paying for.
Most warranties are prepaid for a year, and range from about $250 to $600. Sometimes sellers will include a one-year home warranty as an
incentive to you, but they’re also doing it so that you don’t call them or their agent if an item breaks down.
Keep in mind that you must renew your residential service contract if you want to continue coverage after the initial term. You may decide that
it’s better to have the protection and not need it than to need it and not have it.
Be ready to buy:
If you find what you’re looking for in a home, you should be prepared to make an offer quickly. Even if homes are staying on the market a little
longer in your neck of the woods, it only takes one other interested buyer to snatch the home or create a bidding war.
You can help the offer process by being ready. In addition to being pre-approved for a loan before you begin looking at properties, it’s wise to be
honest with yourself. You know exactly what you want in a home and how much you can actually afford. Make sure to take into account utilities
and other monthly expenses associated with home ownership.
Be advised, though, that a quick offer doesn’t necessarily mean a quick end to the transaction. There are myriad potential postponements in a
real estate transaction. There may be contingencies, repairs, lender delays, or any number of other issues.
Purchasing real estate can be a tricky and detailed business, but a Texas REALTOR® can help prepare you for the process. He knows the value
of properties in your local market and how to navigate the entire process to a smooth conclusion. He’ll use this information to help you submit
an excellent offer.
When you have the information you need to make a good decision, your chances of making a successful offer on a property improve. Use a
REALTOR® to increase your advantage.
Learn about loans:
If you are thinking about buying a home, you should take some time to familiarize yourself with the lending process and how different types of
loans work. There are many kinds of loans; the one that makes the most sense for you depends on your current situation and your plans for the
future.
A fixed-rate mortgage offers the same interest rate for the entire life of your loan. If you think you’re going to stay in this home for a period of,
say, 10 years or more, this type of loan makes sense. It’s also a good option if you like payment stability. Fixed-rate loans can have different
repayment terms, with 15, 20 and 30 year being the most common—the longer the terms of your loan, the lower your monthly payments. The
trade off for these lower monthly payments is that you’ll build equity slower and end up paying substantially more interest.
An adjustable rate mortgage, or ARM, features interest rates that will change over the life of the loan, according to fluctuations in the market.
An ARM will offer a lower interest rate than a fixed-rate mortgage for a stated period of time. After that, the interest rate will adjust and your
payments can go up or sometimes down. This can be beneficial because you’ll qualify for a larger loan and begin with lower monthly payments.
This may be an attractive option if you are planning to sell the house in a few years or if you’re sure you’re going to be making more money in
the near future and will be able to handle the potential for increased monthly payments.
In a fixed period ARM, you may see numbers, such as 10/1, 7/1, 5/1, and 3/1. The number before the slash is the number of years your initial
interest rate is locked. The second number is the frequency with which your interest rate will adjust after that initial period. In other words, on a
7/1 ARM, your interest rate would be locked for 7 years and would adjust each year thereafter.
Comparing ARMs can be complex. For more detailed information, including how interest rates are calculated in these types of mortgages, visit
the ARM page of the Federal Reserve Board.
Educate yourself and evaluate your situation, then shop around for the best deal—don’t just take the first offer that comes your way. Your
Texas REALTOR® can be a valuable resource at this stage in the game. As an expert in the field, a REALTOR® can help you understand the
various loan products and lending sources, ensuring you have the knowledge to find one that fits your needs.
Buying in an HOA:
If you are thinking about buying a home in a new subdivision, common interest development (CID), or planned unit development (PUD), chances
are good that you will automatically become a member of the local homeowners’ association. These associations help protect property values
by ensuring each home is up to neighborhood standards, but be sure the rules and regulations are compatible with your lifestyle and
pocketbook.
The primary purpose of an HOA is to provide maintenance, enhancements, and protection for the community’s common areas. An example
might be tennis courts, a pool, a playground, or trails – all of which would be maintained by dues or special assessments that the residents of
the community pay to the HOA. This pooling of money gives an individual homeowner access to facilities that he would likely not be able to
afford on his own. An HOA’s dues can range from almost nothing to many thousands of dollars per year, depending on the neighborhood and its
standards and amenities. Keep in mind that even if you know you’re not going to use the pool, moving into the neighborhood obligates you to
pay theses dues.
When you purchase a home in an area governed by an HOA, remember that you’re also entering a legal contract with that HOA. You agree that,
in addition to paying dues, you are obligated to live by the association's rule book, sometimes referred to as covenants, conditions, and
restrictions (CC&Rs). An elected, volunteer board of directors has the responsibility of CC&R enforcement. The regulations vary widely, but
generally address such things as approved colors for houses, the height of shrubbery or fences, banned dog breeds, where you can park your
car, and whether you can rent out your home.
Breaking an HOA contract can definitely end poorly for you. In some U.S. states, including Texas, a homeowners’ association can actually
attach a lien to a house foreclose a member's house in order to collect fines or dues not yet remitted. Though not a common occurrence, it
demonstrates the scope of an HOA’s power.
Be sure to review the HOA’s documents prior to purchasing a property in an area covered by an HOA and make sure the dues are acceptable to
you. Also, you should check to see that the HOA has adequate reserves, whether there is any pending litigation involving the HOA, and whether
there are any other outstanding or imminent issues that may result in an assessment.
Make sure you know what you’re getting in to when you purchase a home that’s covered by an HOA. The benefits of the HOA may suit you, but
be sure you are willing to play by the rules. If you have any questions, make sure you ask your Texas REALTOR®.
Making a good offer:
When you’ve finally found your dream home, making an offer is the next step. Make sure you’re working with a buyer’s agent, so you know you
have someone looking out for your best interests. A buyer’s agent will help get the best deal possible, assisting you with negotiations,
paperwork, and the myriad other details involved buying your dream home.
When coming up with an offer amount, keep in mind that some sellers may get offended with an offer significantly lower than their asking price.
Though their selling agent should counsel them not to let emotions get in the way, some people will see your low offer as a personal insult. That
doesn’t mean you shouldn’t make an offer substantially lower than the asking price. Perhaps you think that’s the fair value of the property.
Just know that you may not hear back from the seller.
Many times a seller receives more than one offer at a time, and it’s up to you and your buyer’s agent to make your offer look as attractive as
possible. After coming up with your offer price, you must also determine how much earnest money will accompany your offer. This money is
used to show the seller that you are serious about purchasing the home and acts as a “good faith” deposit.
There are other ways to make your offer attractive. Talk with your Texas REALTOR® about the best game plan for making your offer look at
appealing as possible.
Prepare yourself for a good closing:
Closing is a process that begins weeks before the actual closing date, and follows an outline dictated largely by the buyer’s original offer. The
sales contract, once the seller signs it, covers the key elements of the settlement or closing. Closing costs will likely include most of the
following:
Charges for establishing and transferring ownership. These include title search, title insurance, and related escrow fees. Title insurance is also
part of closing and can be troublesome if the seller doesn’t have a clear title to the property. Your lending institution won’t give you a mortgage
loan on a house unless you can prove that the seller owns it. This proof comes in the title search.
Amounts paid to state and local governments. These include city, county, and state transfer taxes, recordation fees, and prepaid property taxes.
Costs of getting a mortgage. These include appraisal, credit checks, loan documentation fees, notary charges, loan origination, underwriting,
commitment and processing fees, hazard insurance, interest prepayments, and lender’s inspection fees.
Sound like a lot to process? It can be, but your Texas REALTOR® will help you understand each step as you go along, as well as negotiate the
best possible transaction.
You can help ensure a smooth transaction by familiarizing yourself with the process, reading all of the paperwork in advance, and bringing
several items to the closing table. Be sure to take a certified check or money order for the amount specified on your final settlement costs
statement, your checkbook in the unlikely event other charges come up at closing, proof of a homeowner’s insurance policy, and your lender’s
good faith estimate. If you follow this advice, you’re sure to close with a smile.
An inspection is a good investment:
Whether you're buying or selling a home, it's crucial to include a thorough home inspection as part of the process. It's something consumers
often overlook because, as we all know, buying or selling a home can get expensive and expenses add up quickly. While it might be tempting to
ignore this piece of the puzzle, it's one of those investments that are a real payoff in the end. Here's why:
Consumers can only see so much on pre-owned homes. A home inspection goes beyond the cosmetic to give buyers a clear look at what's
behind the walls.
From a new-construction standpoint, consumers often think an inspection on a brand new home is a waste, but things do come up that aren't
found on a building or city inspection. For example, the hot and cold water indicators on faucets may have been inadvertently reversed. A minor
fix, to be sure, but potentially dangerous for families with small children.
From a seller's standpoint, offering an inspection to potential buyers goes a long way to ensure peace of mind.
The cost of inspections hasn't increased by more than $50 in the last 10 years; total cost is about $250 to $300, so the expense is well worth it.
The bottom line is that a home inspection is the best financial investment consumers can make.
After you buy an existing home, let’s face it—the last thing you want to worry about is a broken big-ticket item like the air conditioner or oven.
For this reason, it’s a good idea to get a home warranty plan (also called a residential service contract).
The general idea behind a home warranty is this: If a covered item malfunctions, the homeowner calls the home warranty company, which
contacts a contracted local service provider. The local provider makes an appointment with the homeowner to evaluate the failed equipment. If
the item can be fixed, it will be. If it cannot be repaired, the policy pays for a replacement and installation.
Home warranties offer different levels of protection. Some provide comprehensive protection, while others are more limited—for instance, they
may not cover the AC unit. Special coverage will likely be needed if you’ve got a swimming pool or a hot tub in your new place. Choose your
policy according to your needs and make sure you know the level of coverage you’re paying for.
Most warranties are prepaid for a year, and range from about $250 to $600. Sometimes sellers will include a one-year home warranty as an
incentive to you, but they’re also doing it so that you don’t call them or their agent if an item breaks down.
Keep in mind that you must renew your residential service contract if you want to continue coverage after the initial term. You may decide that
it’s better to have the protection and not need it than to need it and not have it.
Be ready to buy:
If you find what you’re looking for in a home, you should be prepared to make an offer quickly. Even if homes are staying on the market a little
longer in your neck of the woods, it only takes one other interested buyer to snatch the home or create a bidding war.
You can help the offer process by being ready. In addition to being pre-approved for a loan before you begin looking at properties, it’s wise to be
honest with yourself. You know exactly what you want in a home and how much you can actually afford. Make sure to take into account utilities
and other monthly expenses associated with home ownership.
Be advised, though, that a quick offer doesn’t necessarily mean a quick end to the transaction. There are myriad potential postponements in a
real estate transaction. There may be contingencies, repairs, lender delays, or any number of other issues.
Purchasing real estate can be a tricky and detailed business, but a Texas REALTOR® can help prepare you for the process. He knows the value
of properties in your local market and how to navigate the entire process to a smooth conclusion. He’ll use this information to help you submit
an excellent offer.
When you have the information you need to make a good decision, your chances of making a successful offer on a property improve. Use a
REALTOR® to increase your advantage.
Learn about loans:
If you are thinking about buying a home, you should take some time to familiarize yourself with the lending process and how different types of
loans work. There are many kinds of loans; the one that makes the most sense for you depends on your current situation and your plans for the
future.
A fixed-rate mortgage offers the same interest rate for the entire life of your loan. If you think you’re going to stay in this home for a period of,
say, 10 years or more, this type of loan makes sense. It’s also a good option if you like payment stability. Fixed-rate loans can have different
repayment terms, with 15, 20 and 30 year being the most common—the longer the terms of your loan, the lower your monthly payments. The
trade off for these lower monthly payments is that you’ll build equity slower and end up paying substantially more interest.
An adjustable rate mortgage, or ARM, features interest rates that will change over the life of the loan, according to fluctuations in the market.
An ARM will offer a lower interest rate than a fixed-rate mortgage for a stated period of time. After that, the interest rate will adjust and your
payments can go up or sometimes down. This can be beneficial because you’ll qualify for a larger loan and begin with lower monthly payments.
This may be an attractive option if you are planning to sell the house in a few years or if you’re sure you’re going to be making more money in
the near future and will be able to handle the potential for increased monthly payments.
In a fixed period ARM, you may see numbers, such as 10/1, 7/1, 5/1, and 3/1. The number before the slash is the number of years your initial
interest rate is locked. The second number is the frequency with which your interest rate will adjust after that initial period. In other words, on a
7/1 ARM, your interest rate would be locked for 7 years and would adjust each year thereafter.
Comparing ARMs can be complex. For more detailed information, including how interest rates are calculated in these types of mortgages, visit
the ARM page of the Federal Reserve Board.
Educate yourself and evaluate your situation, then shop around for the best deal—don’t just take the first offer that comes your way. Your
Texas REALTOR® can be a valuable resource at this stage in the game. As an expert in the field, a REALTOR® can help you understand the
various loan products and lending sources, ensuring you have the knowledge to find one that fits your needs.
Buying in an HOA:
If you are thinking about buying a home in a new subdivision, common interest development (CID), or planned unit development (PUD), chances
are good that you will automatically become a member of the local homeowners’ association. These associations help protect property values
by ensuring each home is up to neighborhood standards, but be sure the rules and regulations are compatible with your lifestyle and
pocketbook.
The primary purpose of an HOA is to provide maintenance, enhancements, and protection for the community’s common areas. An example
might be tennis courts, a pool, a playground, or trails – all of which would be maintained by dues or special assessments that the residents of
the community pay to the HOA. This pooling of money gives an individual homeowner access to facilities that he would likely not be able to
afford on his own. An HOA’s dues can range from almost nothing to many thousands of dollars per year, depending on the neighborhood and its
standards and amenities. Keep in mind that even if you know you’re not going to use the pool, moving into the neighborhood obligates you to
pay theses dues.
When you purchase a home in an area governed by an HOA, remember that you’re also entering a legal contract with that HOA. You agree that,
in addition to paying dues, you are obligated to live by the association's rule book, sometimes referred to as covenants, conditions, and
restrictions (CC&Rs). An elected, volunteer board of directors has the responsibility of CC&R enforcement. The regulations vary widely, but
generally address such things as approved colors for houses, the height of shrubbery or fences, banned dog breeds, where you can park your
car, and whether you can rent out your home.
Breaking an HOA contract can definitely end poorly for you. In some U.S. states, including Texas, a homeowners’ association can actually
attach a lien to a house foreclose a member's house in order to collect fines or dues not yet remitted. Though not a common occurrence, it
demonstrates the scope of an HOA’s power.
Be sure to review the HOA’s documents prior to purchasing a property in an area covered by an HOA and make sure the dues are acceptable to
you. Also, you should check to see that the HOA has adequate reserves, whether there is any pending litigation involving the HOA, and whether
there are any other outstanding or imminent issues that may result in an assessment.
Make sure you know what you’re getting in to when you purchase a home that’s covered by an HOA. The benefits of the HOA may suit you, but
be sure you are willing to play by the rules. If you have any questions, make sure you ask your Texas REALTOR®.
Making a good offer:
When you’ve finally found your dream home, making an offer is the next step. Make sure you’re working with a buyer’s agent, so you know you
have someone looking out for your best interests. A buyer’s agent will help get the best deal possible, assisting you with negotiations,
paperwork, and the myriad other details involved buying your dream home.
When coming up with an offer amount, keep in mind that some sellers may get offended with an offer significantly lower than their asking price.
Though their selling agent should counsel them not to let emotions get in the way, some people will see your low offer as a personal insult. That
doesn’t mean you shouldn’t make an offer substantially lower than the asking price. Perhaps you think that’s the fair value of the property.
Just know that you may not hear back from the seller.
Many times a seller receives more than one offer at a time, and it’s up to you and your buyer’s agent to make your offer look as attractive as
possible. After coming up with your offer price, you must also determine how much earnest money will accompany your offer. This money is
used to show the seller that you are serious about purchasing the home and acts as a “good faith” deposit.
There are other ways to make your offer attractive. Talk with your Texas REALTOR® about the best game plan for making your offer look at
appealing as possible.
Prepare yourself for a good closing:
Closing is a process that begins weeks before the actual closing date, and follows an outline dictated largely by the buyer’s original offer. The
sales contract, once the seller signs it, covers the key elements of the settlement or closing. Closing costs will likely include most of the
following:
Charges for establishing and transferring ownership. These include title search, title insurance, and related escrow fees. Title insurance is also
part of closing and can be troublesome if the seller doesn’t have a clear title to the property. Your lending institution won’t give you a mortgage
loan on a house unless you can prove that the seller owns it. This proof comes in the title search.
Amounts paid to state and local governments. These include city, county, and state transfer taxes, recordation fees, and prepaid property taxes.
Costs of getting a mortgage. These include appraisal, credit checks, loan documentation fees, notary charges, loan origination, underwriting,
commitment and processing fees, hazard insurance, interest prepayments, and lender’s inspection fees.
Sound like a lot to process? It can be, but your Texas REALTOR® will help you understand each step as you go along, as well as negotiate the
best possible transaction.
You can help ensure a smooth transaction by familiarizing yourself with the process, reading all of the paperwork in advance, and bringing
several items to the closing table. Be sure to take a certified check or money order for the amount specified on your final settlement costs
statement, your checkbook in the unlikely event other charges come up at closing, proof of a homeowner’s insurance policy, and your lender’s
good faith estimate. If you follow this advice, you’re sure to close with a smile.
An inspection is a good investment:
Whether you're buying or selling a home, it's crucial to include a thorough home inspection as part of the process. It's something consumers
often overlook because, as we all know, buying or selling a home can get expensive and expenses add up quickly. While it might be tempting to
ignore this piece of the puzzle, it's one of those investments that are a real payoff in the end. Here's why:
Consumers can only see so much on pre-owned homes. A home inspection goes beyond the cosmetic to give buyers a clear look at what's
behind the walls.
From a new-construction standpoint, consumers often think an inspection on a brand new home is a waste, but things do come up that aren't
found on a building or city inspection. For example, the hot and cold water indicators on faucets may have been inadvertently reversed. A minor
fix, to be sure, but potentially dangerous for families with small children.
From a seller's standpoint, offering an inspection to potential buyers goes a long way to ensure peace of mind.
The cost of inspections hasn't increased by more than $50 in the last 10 years; total cost is about $250 to $300, so the expense is well worth it.
The bottom line is that a home inspection is the best financial investment consumers can make.
| Home Evaluation |
