Monday, October 4, 2010

Buyer's Top Questions

With rates between 4-5%, the buyers are again contacting their agents or calling local real estate offices.
Common questions are found in most conversations!!

YOU may a few of the same:

1.  Are home prices as low as they will go????

        Dependent on where you live, the answer may vary.  Yet, in many markets, home prices have stabilized
            with modest increases in 2010.

2.  Can I get the seller to pay my closing costs??

       It is common for sellers to pay closing costs in today's market.  Yet, it is possible that a given seller will
           be opposed.  But with the inventory being strong, the buyer needn't worry as the right home is

3.  Can I offer a low offer or will the seller ignore my it?

       The seller may ignore an exceptionally low offer....but exceptionally low to one seller may be reasonable
           to another seller.  Normally, sellers will respond to an offer.

4.  Why buy now???  Prices will go down so I will get a better price later, right?

       As noted earlier, prices aren't decreasing overall though pressure on pricing does remain. The primary
          reason to buy must be that the buyer needs a place to live.  A close second will be the 4 % rates.

       These historically low rates may not last very long and could not be seen for many years.  Present
          homeowners planning to stay in there house are refinancing to get these great mortgage rates.

5.  Should I get a Home Inspection??

        Your home inspection may be the best money you spend.   A home inspection provides you detailed
           input on the condition of the home.  It will help you determine if it will be a sink hole for repairs or
           a well-maintained home with a few honey-dos to accomplish.

6.  What is Title Insurance...why do I have to pay the Mortgage Companies share?

        In preparation to complete the settlement on your new home, the title company/attorney goes to
           the court house to ascertain the liens, chain of ownership and other similar factors as related to
           the ownership of the home you are buying as shown on the "title" of the home.  Title Insurance is
           simply an insurance policy on the work done and unknown/unfiled claims on the title that may
           become apparent after settlement. 

        The mortgage company requires the buyer to pay the insurance fee to protect their interest on the
           loan the buyer is undertaking.  The Buyer Can Also Acquire Title Insurance To Protect Themselves!!

7.   How quickly can I close???  My lease expires at the end of the month!!

        Typically, settlement is a 45 to 60 days process since January 2010.  Congress enacted new guidelines
           in the loan settlement process to protect the buyer.  Thus, closing under 30 days are very challenging
           but as a means to protect the buyer.

Got your own question????   Post it and I will answer!!

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