There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan).
If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.
Freddie Mac defines closing costs as:
“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and other third…
Enjoy this walking tour of my land listing at 9000 Clay Hibbons Road. The tour begins at the intersection of Lake Shore and Clay Hibbins offering you the view as you drive to the property. This piece of land is 6.5 Acres. Located in a quiet, private and prestigious area of Keller but still just minutes from shopping and restaurants. Horses are permitted and the land is currently ag-exempt. Served by the award winning Keller ISD. Please contact me for more information on the exceptional land opportunity.
As you head off into the weekend, we hope you'll enjoy this quick video reminder of why Keller is such a wonderful place to live, work and play. #BigCityComfortsSmallTownCharmPosted by City of Keller Government on Friday, January 22, 2016
The earnest money deposit is an important part of the home buying process. The deposit of earnest money into an escrow account with a Title Company will reassure the seller you’re a committed buyer, and will later help fund your down payment. Without earnest money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. Sellers will rarely accept offers without an earnest money deposit.
The earnest money is a buyer-performance item required to be deposited after a contract is fully executed. Like most performance obligations in the contract, time is not “of the essence” but it is good practice to deposit earnest money as soon as possible after the contract is effective. Failure to deposit…
It is never a good idea to counter more than one offer at the same time. For example, the seller could be obligated to sell the property to two different purchasers if both were to accept the seller’s counteroffer. It is recommended that the seller reject both offers and invite the prospects to submit better offers for consideration. The seller could also make a counteroffer to one prospect at a time until an agreement made. Both buyers and sellers must understand that when a party makes an offer or counteroffer, that party gives to the other party the power of acceptance to create a binding contract.
For those who don't know, an "Option Period" is the agreed upon time frame during which the buyer can cancel the contract for any reason, without penalties. An option period is usually 7-10 days but it could be longer or shorter. During this time, a buyer would normally conduct an inspection of the property, prepare quotes for repairs, and negotiate repairs with seller. If the buyer chooses to request an extension of the option period instead of exercising the default remedies available to them in the contract, then they must agree to offer something of value as consideration to the seller to ensure that the extension is legally enforceable. This is often done by paying an additional option fee. The option fee is also consider to be non-refundable in the…