Category: Buyers

Closing Costs: It’s about More Than Your Down Payment

The first step in buying a home is deciding on a budget. How much house can you afford? Within what price range will you shop? A down payment is, unfortunately, only one part of that budget. To correctly determine the affordability of a home, it’s essential that prospective buyers consider the costs that arise at the time of closing. Closing costs vary from state to state. There are different kinds of closing costs, too: lender costs, including origination and document preparation fees, and nonlender costs, including appraisal and survey fees. Some of these costs are required in certain states, while others are not. It’s also important to note how the market can impact closing costs. In New York City, for example, home prices are higher, which can result in higher lender fees. In today’s market, buyers seeking a conventional loan typically need a 20% down payment to receive optimal rates. As buyers plan their purchase, it’s important to factor in closing costs on top of this 20%. The final total is dependent on the location of the property. Consult with your real estate agent about closing costs in your area – he or she knows the local market...

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Negotiation: There’s More to it Than You Think!

When you think of real estate negotiations, what comes to mind? For most buyers and sellers, price tops the list. While this is certainly an important part of any real estate deal, did you know there are at least six others areas of potential negotiation? Closing costs: In addition to the price of the home, buyers must pay closing costs that cover lender fees and other charges. Buyers may ask sellers to help pay for these costs with a flat dollar amount or a percentage of the fees. Closing date: Do you need to close on a home quickly? Perhaps you need a little more time to search for your next home. There are also different advantages to closing at the beginning and end of the month. Personal property: What will be included with the four walls and roof? Negotiations will be worked out on whether the seller includes the washer and dryer, kitchen appliances, and even items such as living room furniture or that pool table in the basement. Contingencies: Many real estate contracts are contingent on financing or other home sales. The buyer may need to complete their lender requirements by a certain date or complete their current home sale before the contract is in full force. These details must be worked out and agreed to up front. Home repairs: Most contracts include a stipulation that the...

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