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Finding the Right Home What should I consider before purchasing? Even before starting to look at houses, find out what price house or condominium you can afford. In general, you can afford to buy a home equal in price to three times your gross annual income. More precisely, the price you can afford to pay for a home will depend on six factors: 1.your income; 2.the amount of cash you have available for the down payment, closing costs and cash reserves required by the lender; 3.your outstanding debts; 4.your credit history; 5.the type of mortgage you select; and 6.current interest rates. | ||||
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Pricing What is the difference between prices? A seller's advertised or list price should be treated as only a rough estimate of what he or she would like to receive. Some deliberately overprice, while others ask for close to what they hope to get, and a few actually underprice their houses with hopes that potential buyers will compete and overbid. The appraisal price is another estimate of value. The appraised price is how much money a professional appraiser estimates the home to be worth and usually is based on comps, or sales of comparable homes in the same area. Purchase price and sales price are the same thing. Both terms mean the amount of money the successful buyer actually pays out to purchase the home. | ||||
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Financing Are there first time buyer discounts? Numerous programs exist to help first time buyers purchase a home. A host of private lenders offer low-down payment loans. The U.S.Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Loan limits vary depending on the county where the property is located. Fannie Mae has a program allowing people to buy with just 3 percent down payments. The State of New Mexico has special programs as well. For details, borrowers should contact lenders who offer government-insured loans. | ||||
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Home Inspections Should I use a home inspector? We strongly recommend that buyers have their proposed home purchase inspected by a professional home inspector who will give you a professional unbiased evaluation of your proposed purchase. We strongly advise using a professional home inspector for both re-sales and new homes. Just because a home is a new home and may have a builder's warranty doesn't mean it may not have problems. Remember, even the best home warranties will not normally cover everything that can go wrong in a house. An inspection can cost anywhere from the low $100's to over $400 but is well worth doing. We can give you names of inspectors we have used successfully in the past. Another option is to contact the American Society of Home Inspectors; 1735 N. Lynn St.; Suite 950; Arlington, Va. 22209 | ||||
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Closing Costs Who pays closing costs? Closing costs vary from one transaction to another and often total in the thousands of dollars. They may be paid up front or added to the buyer's loan balance. Many fees traditionally paid by seller or purchaser are negotiable, and it is not unusual for sellers to offer to pay some or all of the costs to induce a sale. Your real estate agent or your mortgage lender should be able to give you a good faith estimate of your closing costs in advance of your submitting a contract on a house. Historically, if one or more real estate agents are involved, their commissions are traditionally based on the sales price and paid by the seller at the time of closing. In recent years, buyers have paid for agent services in some cases. | ||||
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Earnest Money The Earnest Money Deposit In submitting a written offer to the seller, the buyer is generally required to include a deposit in the form of a personal or cashier's check or cash. This deposit is called earnest money and is evidence of the buyer's intention to carry out the terms of the contract in good faith. There is no absolute answer as to how much is appropriate. A good rule of thumb is 1 or 2% but this can be less or more if your situation dictates. As a rule the seller is looking for an amount sufficient to discourage the buyer from defaulting, compensate the seller for taking the home off the market, and cover any expenses they might incur if the buyer defaults. You should keep in mind that many buyers have won properties away from competing offers based on the size of their deposit. The listing broker will turn your deposit over to a bank, savings and loan institution or title company until the transaction closes, at which time it will be applied to your down payment or other settlement expenses in the case of no-downpayment loans. If the seller doesn't accept your offer or if certain conditions of the contract are not met by the seller the deposit will be returned. You also need to know that there is the potential that you can lose this deposit and the seller may pursue other remedies allowed by law if you default on the contract once your offer is accepted. | ||||
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