02/23/2022
BUYER BE AWARE 🧐
💰 LISTEN! If you plan on buying a house this year please listen up. These sellers aren’t paying a penny towards closing costs and everything is selling well over asking price (EVEN IF YOU THINK IT'S TO HIGH). Buyers are getting their offers accepted everyday but if you want to be one of them, you have to bring your 🅰️ game. So how much money do you need??? Let’s break it down 👇🏽🏠
1️⃣ Earnest money - (1% of the purchase price or more if possible). If you want to let a seller know that you’re serious, you have to have some skin in the game. This money will be held in an escrow account at the Title Company. Upon closing, this will be returned to you as a credit and go towards what you owe at closing.
2️⃣ Inspection - ($350-$500) Not mandatory but strongly recommended. You don’t want to spend hundreds of thousands of dollars only to find out you brought a lemon 🍋
3️⃣ Appraisal - ($500-700) This is how the bank determines if the house is worth the amount that you’re trying to buy it for. The bank isn’t going to finance more than a house is worth so if you’re feeling froggy 🐸 and want to jump well over asking price to win the deal, make sure you have some extra coins to cover an appraisal gap.
4️⃣ Closing Costs and Prepaids - (3%-6% of the purchase). This is made up of many different fees that are associated with your home purchase. This includes lender fees, closing attorney fees, taxes, prepaid insurance, ect.
5️⃣ Down Payment - This amount depends on the type of loan that you have. $0-VA loans, $0-USDA loans, 3.5%-FHA loans, $3%-$20% Conventional.
Call or text me and let’s chat!
Kelsey Fowler
JLA Realty
☎️ 832-916-0435
