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Vocab terms for the 1st Time Homebuyer
Dated: November 17 2020
Buying a home for the first time can be really confusing! Have no fear! I'm here to help.
Here are a few First Time Homebuyer Terms every buyer needs to know:
Appraisal - Professional opinions of the market value of a property, often help you determine if a home’s value is appropriately reflected in an asking price and determines the value of your loan for the mortgage company.
Closing and Closing Costs - Costs associated with the completion of a sale. These fees may be related to insurance fees, survey fees or attorney’s fees (if applicable). These costs may vary by location and even with different lenders. Before putting an offer on a home, it's a good idea to speak to your lender, to ensure you have the extra funds to cover any surprise costs.
Home Inspection - This is a very close physical examination of a property. Home inspection happens after you have already put an offer on a home and it is accepted. Home inspections determine the functionality of plumbing, electrical units, heating and cooling systems, appliances, structural stability, etc. Home inspections occur early in the process and before the purchase of a home if finalized.
Offer - the bid, or amount of money you want to give for a given property. Offer may be negotiated with seller, or seller may reject offer based on value or the receipt of a better offer.
Realtor - Realtor or Real Estate Agents act as your guide to buying a home. They are market experts and will be able to match you with the types of homes you are looking for, what best fits your needs, and what fits your price point. They are like personal shoppers that do all of the research for you. Buyers generally do not pay Realtors for their work, in most cases buyers agents don't make a penny until they get to the closing table, where they get paid by the home seller.
Stay tuned for the next article on Loan Types and the important things you need to know!
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