January 2002
Risa's Pieces
Volume 5 Issue 1
Questions I Am Often Asked
When looking at the real estate purchase contract, most buyers focus on the sales price — but the price isn’t the only factor that determines the bottom line. Is a bargain really a bargain if the buyer is paying all the transaction costs?
Before you decide to go with a great price, make sure you know the transaction costs and who will pay for what.
Typical costs include the broker’s commission, a home inspection, a termite inspection, escrow or attorney’s fees, a title search, an owner’s title insurance policy, transfer taxes and recording fees.
These costs vary greatly around the country. Who pays for what can be negotiated, and sometimes the customary local practice is applied.
Home Search Online Tip
When searching for homes online, look for databases that let you save your search criteria. When a new listing matches your criteria, it will immediately be e-mailed to you to help you get a chance at first bid. Saving your criteria is also helpful because it saves you time — you don’t have to continuously return online to search, and if you do, you don’t need to fill out forms every time.
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GREAT TIME TO BUY Lowest Rates in Three Years
Ranging from about 6.5 to 7 percent, mortgage rates haven’t been this low since October 1998. Despite uncertainties in the economy, most experts believe that low mortgage rates should keep home sales strong in 2002. Low rates also mean it’s a great time for you to buy a home or move up to a larger home. In 2001, the national median existing-home price was about $147,200, an increase of 5.9 percent compared with 2000. The typical new-home price is expected to be $177,800 in 2001, up 5.2 percent from last year. Let me help you determine what you can afford.
This months joke:
Question How much does a pirate pay to get his ears pierced?
Answer: A buccaneer!!
Click here for Local Coupons Page
Cartoon of the Day
compliments of WhitePalm
Question: What do I need to bring to closing/close of escrow?
Answer:
1. A picture I.D for each purchaser.
2. Receipt for the first year's premium of a Home Owner's Insurance policy.
3. Additional documentation the lender may require, such as proof of sale of an existing residence, deposit verifications, proof of sale of a car, copies of tax returns.
4. Certified funds for money due at closing, in accordance with Georgia law and the law firm's policy. The closing attorney will advise the amount.
Your title agent will receive the loan package from the Lender in time to provide you with figures prior to closing. The figures are on a Settlement Statement (HUD-1). In the event your figures change before the actual closing, the title agent will probably accept a personal check for the difference at the closing table.
Have questions? email Risa at questions@risa.net or call her at 1-800-699-4901
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January favorite links:
How To Keep Your New Years Resolution
Great ideas for the new year from Martha Stewart
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