The short answer is yes.
The long answer is that there is the cost of buying the home, and then the cost of obtaining the mortgage to buy the home.
Here are some of the things you can expect to pay for when buying a home:
Inspection
Appraisal
Loan Fees & Bank Charges
Pre Paid Interest, Taxes & Insurance
Taxes on the Note, (if you are getting a new mortgage as opposed to paying cash)
Title Insurance (sometimes a seller's charge, depending on the type of sale and county of property)
Settlement Fee (paid to the title company, not including title insurance premium)
Application Fee (Usually paid when buying a condo)
Recording Fees (for public record)
Courier, Fax, Copy, Doc Scan
A great way to get an idea of what the actual costs of these items are, is to ask your loan officer for a Good Faith Estimate.
Be sure to confirm any third party fees, like title insurance and inspection with those outside vendors.
READ ALL ANSWERS HERE:
http://www.zillow.com/advice-thread/Is-there-a-way-to-calculate-closing-costs-for-a-home-I%27m-interested-in-buying/403522/
Thanks for Reading!
Aaron
Wednesday, June 15, 2011
Friday, March 25, 2011
Zillow Advice Thread - Earnest Deposit
http://www.zillow.com/advice-thread/Can-the-seller%27s-agent-require-receipt-of-earnest-money-if-buyer-cancels/392000/
QUESTION:
Can the seller's agent require receipt of earnest money if buyer cancels?
DISCLAIMER: Let's be clear, I'm not an attorney, nor is this legal advise, but I will give you my opinion as a Realtor.
MY ANSWER:
I'd say that the seller in a short sale is not alowed to get any money at closing. The seller, however, may make an arguement, that anything that happens before the closing is fair game, kinda like rent. Ask yourself this question; Does a seller get to keep the rent of a property he/she is short selling? I'd say your question runs along this same line.Also,the listing agreement dictates what happens to the deposit, and very important, is negotiable. I do believe that the listing agent can get the total amount of the deposit as liquidated damages, if he/she negotiates it in there.If you feel, however, that you may have a claim on the deposit, even if you are short selling your property, then you may not want to sign your right to the deposit away. Personally, I split the deposit 50/50 with the seller, regardless if it's a short sale a not. If I were the Realtor, I'd call the attorney that is provided to me as part of my dues to the Florida Association of Realtor for clarification. If I were you I'd call my own real estate attorney to get some advice. You may, very well, be entitled to the deposit or at least some part of it, even if you are short selling your property. If you don't have an attorney, then you can get a referral from a friend, or check your state legal bar website to find a qualified attorney.
FURTHER MORE:
In no way should a Realtor be allowed to get a fee for providing a short sale service, unless that Realtor owns a title company or some other legally recognized business,and is getting paid seperately on the HUD by the bank. Like another Realtor said earlier, if the Listing Agent filled in the contract with 100%, and the seller signed the agreement, then 100% of the deposit goes to the Realtor, in the event of a buyer default. It doesn't seem to me that there is any upfront fee in this case. If the Listing Agent is trying to negotiate a higher percentage of the deposit, then that's his/her right to do so. I'd say, however, if the Listing Agent wants the full 100%, and he wont negotiate with you and take 50%, then perhpas you're working with the wrong Realtor. Also, I'd be mindfull of that Realtors cancellation fee as well. I've seen Realtors take advantage of sellers and charge them a 3% fee for cancelling before the end of the listing agreement. I dont know about any other Realtors, but I charge a $495.00 cancellation fee + expenses.Hope that helps!
Be sure to click on the link to read all the answers. Great topic!
http://www.zillow.com/advice-thread/Can-the-seller%27s-agent-require-receipt-of-earnest-money-if-buyer-cancels/392000/
QUESTION:
Can the seller's agent require receipt of earnest money if buyer cancels?
DISCLAIMER: Let's be clear, I'm not an attorney, nor is this legal advise, but I will give you my opinion as a Realtor.
MY ANSWER:
I'd say that the seller in a short sale is not alowed to get any money at closing. The seller, however, may make an arguement, that anything that happens before the closing is fair game, kinda like rent. Ask yourself this question; Does a seller get to keep the rent of a property he/she is short selling? I'd say your question runs along this same line.Also,the listing agreement dictates what happens to the deposit, and very important, is negotiable. I do believe that the listing agent can get the total amount of the deposit as liquidated damages, if he/she negotiates it in there.If you feel, however, that you may have a claim on the deposit, even if you are short selling your property, then you may not want to sign your right to the deposit away. Personally, I split the deposit 50/50 with the seller, regardless if it's a short sale a not. If I were the Realtor, I'd call the attorney that is provided to me as part of my dues to the Florida Association of Realtor for clarification. If I were you I'd call my own real estate attorney to get some advice. You may, very well, be entitled to the deposit or at least some part of it, even if you are short selling your property. If you don't have an attorney, then you can get a referral from a friend, or check your state legal bar website to find a qualified attorney.
FURTHER MORE:
In no way should a Realtor be allowed to get a fee for providing a short sale service, unless that Realtor owns a title company or some other legally recognized business,and is getting paid seperately on the HUD by the bank. Like another Realtor said earlier, if the Listing Agent filled in the contract with 100%, and the seller signed the agreement, then 100% of the deposit goes to the Realtor, in the event of a buyer default. It doesn't seem to me that there is any upfront fee in this case. If the Listing Agent is trying to negotiate a higher percentage of the deposit, then that's his/her right to do so. I'd say, however, if the Listing Agent wants the full 100%, and he wont negotiate with you and take 50%, then perhpas you're working with the wrong Realtor. Also, I'd be mindfull of that Realtors cancellation fee as well. I've seen Realtors take advantage of sellers and charge them a 3% fee for cancelling before the end of the listing agreement. I dont know about any other Realtors, but I charge a $495.00 cancellation fee + expenses.Hope that helps!
Be sure to click on the link to read all the answers. Great topic!
http://www.zillow.com/advice-thread/Can-the-seller%27s-agent-require-receipt-of-earnest-money-if-buyer-cancels/392000/
Friday, February 18, 2011
How Can I Get My Home Value?
There are many ways to find out how much your home is worth.
A Realtor is typically the best place to start, because they have the tools neccessary to make an informed assesment of your property. Typically they may provide a CMA (Comparative Market Analysis).
You can also try looking up your house on Zillow, but I've heard a lot of complaints about the Zestimate being inaccurate.
A lot of people will go to their county website for the info. Here's mine www.bcpa.net. When you search your county tax appraiser's website, sometimes that information is also mis-leading. Most of the time, I find that homes typically appraise for higher than what the county assesses them for.
Perhaps the best way to get the true value of your house is to hire an appraiser. It make cost 300 - 400 dollars, but it's a valuable tool when trying to sell your house, whether you are using a Realtor or not.
It may even save you money in the long run.
Be sure to check out more responses at http://www.zillow.com/advice-thread/How-can-I-get-a-home-value/387407/
Thanks for reading!
Aaron
A Realtor is typically the best place to start, because they have the tools neccessary to make an informed assesment of your property. Typically they may provide a CMA (Comparative Market Analysis).
You can also try looking up your house on Zillow, but I've heard a lot of complaints about the Zestimate being inaccurate.
A lot of people will go to their county website for the info. Here's mine www.bcpa.net. When you search your county tax appraiser's website, sometimes that information is also mis-leading. Most of the time, I find that homes typically appraise for higher than what the county assesses them for.
Perhaps the best way to get the true value of your house is to hire an appraiser. It make cost 300 - 400 dollars, but it's a valuable tool when trying to sell your house, whether you are using a Realtor or not.
It may even save you money in the long run.
Be sure to check out more responses at http://www.zillow.com/advice-thread/How-can-I-get-a-home-value/387407/
Thanks for reading!
Aaron
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