What does it actually mean for the Buyer when the Seller is paying a specific amount towards the Buyer’s closing costs? Where does the money go and how is it used? This has been the topic of debate lately and the only thing that’s clear is that it’s unclear to most buyers.
Most people won't be faced with the dilemma of trying to purchase a house that isn't for sale, but the number could be higher. There are plenty of people who buy houses where they settled based on what was currently available. Maybe they really wanted an extra bedroom, an extra garage, more closets or even 9' ceilings, but decided to live without certain features because they could find one house that had them all. If the feature can be added/changed at a later date, such as different types of counter tops, or remodeling a bathroom, then setting for not having it may be acceptable. However, when the types of features that are missing could be costly or impossible to add, that is when settling becomes more difficult.
If the buyer had a savvy real estate agent they might have proposed looking at houses that are not on the market that best match their wish list and approach the owner about interest in selling. It doesn't guarantee finding the dream house, but it does expand the pool of possibilities.
You may think that calling the listing agent on every home you are interested in is going to be better time spent by you. You may think that they are going to give you the most accurate information on the property (and they very well might). You may think they are going to keep your best interest in mind.
We’ve all seen HGTV shows and the *grandness* that the shows portray when it comes to searching for a home. Chip and Joanna name the homes that they show to their clients. The Property Brothers use state-of-the-art imagery technology to show what the home flip will look like. House Hunters portrays pitting 3 homes against one another that all seem to be at a $1 million budget.
You’ve heard the rumors; it’s a “Seller’s Market.” Well if you are actively searching for a new home, you know that it’s true. The low inventory of homes for sale has made things difficult for buyers. There just aren’t many homes for sale out there and when a nice listing does come on the market, it’s met with multiple offers, often with offer prices over asking.
Real Estate agents are individuals who are licensed to assist clients when buying or selling real estate. Unlike other professionals who get paid by the hour they spend on a job, real estate agents only get paid when a transaction successfully closes. The agent is then paid by receiving a commission for services. The commission is calculated based upon the selling price of the property.
The seller pays the commission for both the listing agent and the buyer’s agent. This means that using a buyer’s agent does not effect your side financially.
We have all heard stories about flipping houses and the profit involved in such a venture. I will attempt to give the reader some guidelines as I see the pros and cons of the practice. Even though it can produce profits, it also has some pitfalls to avoid. Following is my list of dos and don’t as I view it from years of real estate experience.