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For Buyers: Overview
Some Advantages
of Home Ownership |
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Historically, real estate has been demonstrated
to be one of the better hedges against inflation.
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Limited housing supply and a growing population
often creates upward movement in housing prices thereby
increasing the value of your long-term investment.
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Mortgage interest and real estate taxes are tax
deductible.
Frequently Asked
Questions |
What does it cost to buy a home?
Common costs in the
purchase your new home are:
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Price of Home: Your expense depends on your
downpayment which ranges from
0-100% of the purchase price.
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Inspections: A general
inspection can be several hundred dollars, and this
may lead to specific inspections at additional costs.
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Closing
costs: Costs vary depending on the purchase contract
and may include items such as various escrow fees,
insurance, loan points & fees, transfer
taxes, and prorated mortgage interest and real estate
taxes.
What is 'escrow'?
Escrow is a process for handling the
details of the transaction from the time the purchase
agreement is accepted until title is transferred to the
Buyer. An escrow is a temporary deposit of assets, such
as funds and documents, with a neutral third party
that makes sure that the terms of the purchase agreement
are carried out. The money is released when the conditions
of the contract between the two parties have been
met.
How long is an escrow?
The length of an escrow is determined
by the terms of the purchase agreement and can range
from a few days to several months. An escrow often takes
an average time of 30 to 45 days.
How are real estate
agents compensated?
A commission amount is negotiated
between the Seller and the Seller's agent, and that amount
is usually divided among the Seller's agent's Brokerage,
the Seller's agent, the Buyer's agent's Brokerage, the
Buyer's agent, and any referring agents. Real Estate
commissions are traditionally paid at the close of
escrow from the Seller's proceeds.
Do I have to work with
the agent that is on the sign or at the open house?
No,
I can assist you in buying any home. Home information
on the Multiple Listing Service is shared and available
to any licensed agent.
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