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05/25/2018

What to Expect During Closing on Your First House

Countywide Title in Plainview knows that buying a home isn't all about going to the bank, asking for a loan, finding your dream house, and then moving in. It is never that easy. You have to take into consideration your down payment, if you want something move-in-ready or something you can personalize a little, and lastly the hidden/closing costs. Although many of the closing costs are associated with financing in specific, others are completely independent of the mortgage loan. Some charges are associated with either the buyer or the seller, but remember that in real estate almost anything is negotiable; in a buyer’s market, when properties are slow to sell, anxious sellers frequently agree to pay part of the buyer’s closing costs; this is less likely to happen in a seller’s market, when properties sell quickly.

How Much Should You Pay?

As mentioned above, closing costs are negotiable so you can use them as motivation in your offers. Typically in an average market, you'll want to set aside a comfortable 2-4% of the total price. In retrospect, this isn't a huge amount, but it will be very necessary before purchasing. If you can't have the cash, you might be able to waive closing costs by raising your offer.

How Do You Know You Aren't Getting Ripped Off?

You are going to have a lot of resources available to you, so use every single one of them. Make sure your real estate agent is honest and trustworthy; they also want their commission! Also, form relationships with other real estate experts. People like inspectors and insurance agents are never bad to have on your side!

Title Insurance in Plainview

Once you have found a home you like and can afford, don’t leave any stone unturned. Consult with the real estate experts of Countywide Title at (806) 293-8363 with any questions, at any time! They know more about real estate than anyone in the area!!

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