Sharon Lanen Coskren - Leading Edge Real Estate



Posted by Sharon Lanen Coskren on 7/20/2018

You already know that closing costs on a home can come at a hefty price. There are a few ways that you can actually cut down on the amount of closing costs that you may have on a home. 


Compare The Costs


You have the right to shop around for a lender who offers the lowest closing costs. You can even ask your lender to match the closing costs of another lender that may have them for a lower fee. Certain fees that are included in the closing are negotiable and flexible. Youíre allowed to shop around for inspections, title searches, surveys, and the like. Thereís nothing that says you have to go with the company recommended by your lender for each. There should be a list of services that is included in the closing costs on your estimate that you receive form the lender.


Question What Each Fee Covers


When you get the loan estimate, donít just accept it. Take a look at each item and inquire what the fee includes. See why each item costs as much as it does. Be on the lookout for fees with similar names. The lender could be double charging you without your knowledge. Itís always good to be informed especially where large investments are involved.        


 

Negotiate


You have the right to negotiate with your lender on the closing costs. You can ask for obscure and unnecessary costs to be taken off from the closing. Getting the closing disclosure form as soon as you can will also help you to settle any discrepancies before itís too late. 


Ask The Seller


Some sellers will even be willing to sweeten the deal for you by either lowering the sale price of the home or covering some or all of the closing costs. Depending on the market, you may be able to get the seller to help reduce your burden of the closing costs. 


If Youíre Refinancing 


Every time that you refinance your home, youíll need to pay closing costs. There are a couple of ways that you can save in this situation. One is to waive the appraisal altogether. If the home has recently been appraised, you may be able to waive the appraisal completely. You can also request an automatic appraisal rather than a full appraisal in order to save some money.

The other option that you have when refinancing to save money is to save on the title insurance. You can ask for whatís called a re-issue date, which is a less expensive rate for the title insurance for refinancers.


Closing costs are a part of the process when you buy a home. If youíre careful, you might be able to save some money on these mandatory fees.




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Posted by Sharon Lanen Coskren on 6/22/2018

From the time an offer is made on a property, and the deal is done, you may face quite a few challenges. Whether youíre buying or selling a home, the process can be dizzying. There are a lot of things that go on from the time an offer is accepted, and the closing table is reached. The entire process of home buying and selling is designed with built-in protections to help both buyers and sellers avoid feeling a lot of regrets. Below, youíll find some familiar situations in the buying and selling process, and whatís available to help you avoid disappointment.


Once An Offer Is Accepted, Is It Binding? 


If you were overzealous to accept an offer on the home youíre selling and wish you had looked at others before making a decision, youíre not out of luck. Once youíre under contract, youíre obligated to sell to a buyer. The reason you may want to look at other offers is that it doesnít hurt to have a ďbackupĒ buyer. If something falls through with the first buyer, the second buyer in line becomes automatically under contract. While you may not necessarily sell for more, in this case, thereís a sure way available to help you sell your home fast. 


The Buyer Doesnít Have The Financing They Thought They Did


If a buyerís financial backing falls through or if the buyer is unable to get financing by the closing date, as a seller, you can walk away. Any financial changes to the contract that would impact you as a seller including a change in the type of loan, downpayment amount, or any variation from the contract terms allow the seller to end the contract unscathed. 


Something Wasnít Disclosed About The Property


Not everything is required to be disclosed by a seller. It all depends upon the rules within the state where you are buying. Understand whatís required to be revealed. If you feel uncomfortable with something, you can inquire about it, or add a contingency to have the problem addressed. Things like a death on the property can't be changed, for example. Your state may not even require that these events be disclosed.


The Home Inspection Raised Some Concerns 


If the home inspection reveals some issues that the seller isnít willing to fix, you have the right as a buyer to walk away. In many cases, these problems would be things like wiring or plumbing issues. 


The Property Appraised For Less Than The Offer


If the property appraises for less than what you offered for the home, you may feel quite upset as a buyer. Donít worry! There are a few things that you can do. Lenders wonít give you more than what the property appraises for. You can, however, bring more of your own cash to the closing table. You can also wait for the seller to adjust the asking price, or withdraw your offer altogether. The problem with the last solution is that you may lose any earnest money deposits      





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Sharon Lanen Coskren