Have you set aside enough money for all the incidental costs involved with closing a transaction? Do you know what a buyer’s next steps are once an offer has been accepted?
Avoid any surprises by having a CENTURY 21® real estate professional guide you through the necessary steps. Rely on their expert advice to keep you informed and prepared. It's just one more way that your CENTURY 21 sales representative takes the anxiety out of buying a home.
So, whether you’re a first-time buyer or a seasoned homeowner, gathering information about the buying process can help you avoid potential pitfalls - and this section contains some of the most important things you need to know. Select a topic that interests you, and learn more.
- What’s the difference between a buyer’s REALTOR® and a seller’s REALTOR?
- How do you know if a property listed on the MLS® is fairly priced?
- What’s the best way to negotiate price once you’re ready to buy?
- How can you find a property’s historical buy-sell information?
- How can you discover “hot” properties not currently listed on the MLS?
- Are you familiar with ALL the costs involved in closing your transaction?
Great sources for historical property information include the land titles office and the city property tax administration office in the related area. But of course, these methods take considerable time and effort, and the information you find can be difficult to understand. Here’s where working with an experienced REALTOR pays off.
A knowledgeable professional can locate several years worth of historical property information by searching through MLS database systems – viewable only by licensed REALTORs. Not only do they know where to go to acquire the information you need, but they have the industry experience to determine what’s relevant to the property you’re interested in.
Of course it’s still a great idea to do as much of your own homework as possible, but make sure you provide your findings to your REALTOR for additional details and insight that you may have overlooked.
In addition to the listed price of a property, there are certain incidental closing costs involved in completing the transaction. And although they’re not hidden, they can certainly come as a surprise, especially to a first-time buyer.
These incidental costs include:
- Deed Transfer Taxes
- Mortgage Insurance
- Appraisal fees, legal fees and disbursements
- Adjustments for property tax, property insurance and mortgage
- And applicable home warranties
Incidental costs vary from region to region, so it’s always a good idea to investigate all the details – especially for new home construction. Be sure and ask your REALTOR for a complete list of the estimated closing costs for your market area before you make an offer, so that the only surprises are good ones.