Buying A House
What should I know about inspections?
It is recommended that buyer have a home inspection done at their expense during the option period. We require our buyer to indicate that they choose not to get the inspection done on the Buyers Final Walk Through Acceptance Form, if they do not have one done.
What does a home inspection cover?
- Ceiling, walls and floors
- Any hazardous materials
- Heating and HVAC
- Get your house ready for inspection.
Do I need a termite inspection report?
Some loan types require a WDI report typically the buyer will purchase a WDI inspection at the time they purchase a home inspection. Some loan types prohibit the buyer from paying for a WDI report, this will be reflected as a seller charge on the closing statement issued by the title company.
What is the home warranty?
A home warranty is a service contract that covers the repair or replacement of important home system components and appliances that break down over time due to normal wear and tear. The home warranty covers things that a typical home insurance policy will not.
What is the option period?
The Option period is a set number of days determined by the contract during which the buyer can have inspections done on the house. During this time they have the option to exit the contract and not purchase the home, in exchange the seller will keep the fee the buyer paid for the option period.
What is Earnest Money?
Earnest money is money that the buyer places at the title company to assure you that they are willing to demonstrate good faith in completely the terms of the contract.
What should I expect to spend during the process of buying a home?
You will need to pay for some things upfront as the buying process progresses.
- When you place an offer you will need to put down some earnest money typically sellers ask for 1% of the sales price.
- You will also need to pay an option fee to purchase your option period during which you will do your inspections to insure the house is in the condition you think it is.
- The fee for the home inspection is paid directly to the inspector at the time your home inspection is conducted please see the Information for your Protection Form.
- You will also need to purchase a WDI report to determine if there are termites or other wood destroying insects on the property.
- If the property has a septic system you will need to have this inspected as well.
- If there are large trees on the property it may be a good idea to consult an arborist regarding their health if that is important to you.
How do commissions work?
The seller contracts with a Realtor to sell their home. The contract states how much commission is to be paid in total and what portions are to be allocated to the sellers agent and the buyers agent. The agent(s) are then paid by the seller at the closing for their work in selling the home.
Can’t I just ring the door bell on a house for sale and negotiate a sale with the owner in order to save myself a bunch of money on Realtor fees?
No. The reason why is, the sellers list their homes with Realtors in an exclusive right to sell agreement. In that agreement the sellers agrees to refer all buyers to the Realtor® even if the seller does “find their own buyer” they will still owe the Realtor the full commission per the terms of the Exclusive right to sell agreement. Unless you list with Solid Realty Group, LLC., we do things a little different.
What is the final walk through and why do I need one?
The final walk through is conducted very close to the closing date, if not, the same day. It allows the buyer to walk through the home one last time and make sure the home is in the condition it was in when they viewed the home. You never know, maybe the house burned down since the seller moved out (I actually had a client who had that happen to them once). Anything could happen really, a leak, vandalism, or maybe your seller just left you with a big mess and a bunch of trash to throw away. The final walk through is your chance to make sure the house is in the condition you expect before you sign on the dotted line.
Can Solid Realty Group represent me if I want to buy a new home?
Yes. Not using a buyer’s agent can hurt you. Remember, the seller agent represents the seller, NOT YOU!