Knowing everything you need to bring in when buying a new home might feel overwhelming, but our agents are here to help! This week, Jill Hertel and Trista Gaughan answer the question “What Monies will the Buyer Need to Come in With?” Armed with this knowledge, you’ll go into completing your sales agreement prepared and with confidence.
As a buyer you’ll need a suggested Good Faith Estimate Escrow Deposit in order to complete the sales agreement. These monies will be applied towards your down payment or closing costs upon closing the home. Closing costs are typically between 7-8% of the purchase price and cover the bankers charges, title fees, inspection, and taxes.
Your realtor can prepare a Good Faith Estimate, also called a GFE, for you. This is a document that will show you estimates of what your costs will be prior to submitting your offer.
The Good Faith Estimate doesn’t quite include everything in the costs of buying your new home. Things not included in the Good Faith Estimate include your initial inspection costs, your mortgage application and appraisal fee, and your initial deposit on the home. Those monies will be collected within the first two weeks after your offer is accepted, and your realtor will assist you through that process as well.
With an experienced agent , the process of buying or selling a home will be guided by an experienced professional. Look to Lewith & Freeman agents for the best in the area! our agents have been withing in the industry for years, and their knowledge will help you buy or sell your home.
Kayleigh is a content writer with a BA in technical writing/literature and an MA in creative writing. When she’s not at work writing, she’s at home writing, reading, or binge-watching television shows… for research, of course. A big do-it-yourselfer and crafter, Kayleigh loves testing out projects and gifting them to friends and family—all in preparation for when she owns her own home one day and decorates with her own personal creations. Her work has appeared on The Writing Cooperative and as an Honorable Mention in East Meets West American Writers Review.