Questions and Answers

Buying A Home

Q: Besides the down-payment, what other costs are there when buying a home?
A: In addition to your down payment, you will need funds for closing costs on the day you actually purchase your home and go to escrow. Closing costs can run in the thousands of dollars, so be prepared.

Q: Can Sellers pay my closing costs?
A: Sellers and buyers have their respective share of closing costs. If you are limited on funds, and if your loan type allows it, you can negotiate in your sales contract for the Seller to pay some of the closing costs. Unlike your down payment, certain closing costs can be added to the loan. As a Buyer, some of these closing costs are paid upfront when you apply for a loan.

Q: Why do I need home inspections?
A:Inspections are designed to disclose defects in the property that could affect its safety, livability, or resale value. You will need to determine, on your own, the types of items that will need attention. Depending on the type of financing you choose, two or three separate inspections should be conducted on the home you are looking to purchase. First, have a base inspection.
Second, conduct a professional whole-house inspection with a reputable company. Third, an inspection should come at the time of the appraisal. And, in many states, a termite inspection is required.