Here are some typical
questions asked by folks that want to buy a home in
Houston. If there are questions you have that are not
answered here or that are not answered fully enough
please send me an email and I'll answer you directly and
most likely post the question and answer here on my
frequently asked questions page.
Q: What are Buyers typical fees?
Buyer typically pays for:
Appraisal
Credit Report
Discount Points
Escrow Payments
Homeowner’s Association Fees
Insurance Impounds
Interest Adjustment
Mortgage Insurance Impounds
One-time MIP (FHA only)
Origination Fees
Prepaid Insurance
Recording Fees
Tax Impounds
Title Policy
VA Funding Fee (VA only)
Appraisal
Credit Report
Discount Points
Escrow Payments
Homeowner’s Association Fees
Insurance Impounds
Interest Adjustment
Mortgage Insurance Impounds
One-time MIP (FHA only)
Origination Fees
Prepaid Insurance
Recording Fees
Tax Impounds
Title Policy
VA Funding Fee (VA only)
Q: Tips for First Time Buyers?
Save, prepare and research. Bidding wars for homes
are becoming more common as demand for houses
continues to grow. According to a report in Ladies’
Home Journal, gone are the days of offering 20
percent under the asking price. In today’s market, it
pays to go in with your highest offer — which
requires some careful financial planning.
Some tips:
* Have enough savings. First-time buyers make an average down payment of 12.5 percent.
* Check your credit report for possible errors.
* Apply for a preapproved mortgage so you know your spending limit. Generally, you can afford a home that costs about 11/2 times your annual income.
* Research recent real estate transactions to find out how much buyers have paid for comparable homes in the area.
Some tips:
* Have enough savings. First-time buyers make an average down payment of 12.5 percent.
* Check your credit report for possible errors.
* Apply for a preapproved mortgage so you know your spending limit. Generally, you can afford a home that costs about 11/2 times your annual income.
* Research recent real estate transactions to find out how much buyers have paid for comparable homes in the area.
Q: How Do Agents Differ? Agency disclosures.
What should a buyer expect from a buyer's agent?
1. Understand Your Agent Works on Commission
* Very few real estate agents work on salary.
* Most real estate agents are paid commission. If an agent does not close a transaction, she does not get paid.
* Agents are not public servants and do not work for free. Do not ask an agent to work for you if you intend to cut the agent out of your deal.
1. Understand Your Agent Works on Commission
* Very few real estate agents work on salary.
* Most real estate agents are paid commission. If an agent does not close a transaction, she does not get paid.
* Agents are not public servants and do not work for free. Do not ask an agent to work for you if you intend to cut the agent out of your deal.
Q: How can I help my real estate agent?
Q. How many homes should I plan to view?
Your buyer representative will show you print outs of
all the properties that meet your desires in your
chosen area and price range. Then you will help your
buyer agent eliminate the ones that don't interest
you. You will be left with several possible
candidates that your buyer agent will show you in
person as soon as he makes the necessary
appointments.
Q. What is title insurance and why do I need it?
Title insurance generally is provided by the seller
to assure that you have clear title to the home
you're purchasing. A title search is the primary
component of "due diligence," a process that will be
started by the title company as soon as your Buyer
Representative brings your accepted contract to them.
The title search determines whether the seller
actually owns the property and if there are any
claims against it. All liens and claims will have to
be cleared up before the title company will issue
your title insurance policy.
I will work hard to hopefully save you time and money. Give me a call me at (713) 632-4500