02/19/2022
PSA: BUYERS BE AWARE
๐ฐ LISTEN! If you plan on buying a house this year please listen up. These sellers arenโt paying a penny towards closing costs and everything is selling well over asking price( EVEN IF YOU THINK IT'S TOO HIGH) Buyers are getting their offers accepted everyday but if you want to be one of them, you have to come right and bring your ๐
ฐ๏ธ game. So how much money do you need??? Letโs break it down ๐๐ฝ๐
1๏ธโฃ Earnest money - (1% of the purchase price or more if possible). If you want to let a seller know that youโre serious, you have to have some skin in the game. This money will be held in an attorneyโs escrow account. Upon closing, this will go towards what you owe at closing.
2๏ธโฃ Inspection - ($450-850) Not mandatory but I strongly recommended. You donโt want to spend hundreds of thousands of dollars only to find out you brought a lemon ๐
3๏ธโฃ Appraisal - ($500-700) This is how the bank determines if the house is worth the amount that youโre trying to buy it. The bank isnโt going to finance more than a house is worth so if youโre feeling aggressive and want to jump well over asking price to win the deal, make sure you have some extra funds to cover an appraisal gap.
4๏ธโฃ Closing Costs and Prepaids - (3%-5% of the purchase price). 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, etc.
5๏ธโฃ 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 loans
Ready to buy? PM me and letโs get you that home you always dreamed!
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Felecia Dunham Trapp, REALTORยฎ
Felecia Trapp Premier Properties | Virtual Properties Realty
C: 803-269-8160 (call or text) ๐ฑ
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