Q: Who pays closing costs?
A: It‘s negotiable, but it depends on a many factors, including:
market conditions, your offer price and terms of the contract.
Q: How soon do I need to apply for a loan once the contract
is accepted?
A: Usually the Contract will specify a time. Example... Purchaser
agrees to make loan application within 5 days of an accepted offer to purchase.
Although I recommend you do it before you start looking at houses. You will stand
as a stronger offer if your loan in all ready pre-approved and it will save you
time at looking at house you can’t afford.
Q: How much earnest money should I submit with the offer?
A: Typically buyers deposit 3% of the purchase price. However, it is
a negotiation between the buyer and seller.
Q: When can we close on the home we are purchasing?
A: Generally, 25-60 days after acceptance of the offer.
Q: Should I get the property inspected?
A: Yes, we highly recommend it! If you don’t know of an inspector, ask
your agent for references.
Q: What if something turns up during the inspection?
A: You have the right to negotiate the repair or remedy, or withdraw
the contract.
Q: Why should I buy, instead of rent?
A: A home is an investment. When you rent, you write your
monthly check and that money is gone forever. But when you own your home, you
can deduct the cost of your mortgage loan interest from your federal income taxes,
and usually from your state taxes. This will save you a lot each year, because
the interest you pay will make up most of your monthly payment for most of the
years of your mortgage. You can also deduct the property taxes you pay as a homeowner.
In addition, the value of your home may go up over the years. Finally, you'll
enjoy having something that's all yours - a home where your own personal style
will tell the world who you are.
Q: How long does it take to buy my home?
A: Mostly,
the time is yours. It takes a decision that you have found the best home for you
to buy at the time you make your decision. Cash Deals obviously may close a bit
quicker than with a mortgage company. However, all should go smoothly with good
financial records and a pre-approval letter from your mortgage company. The seller
also plays a role too. They must be willing to allow occupancy to the premises
based upon mutual needs and/or requirements
Q: What is a Home Warranty?
A: A
home warranty is a service contract, normally for one year, which helps
protect homeowners against the cost of unexpected covered repairs or
replacement on their major systems and appliances that break down due to
normal wear and tear*. Coverage is for systems and appliances in good working
order at the start of the contract (i.e. preexisting conditions are not
covered).