An EXCLUSIVE BUYER AGENT (EBA) is more concerned with representing YOU and finding the home that fits your lifestyle. As an EBA, I want you to know the home's value in the Atlanta marketplace.
The term "closing" simply means signing the final loan paperwork (i.e., closing the loan and granting you ownership) with an attorney and transfer of title to you. (i.e., Signing on the dotted line - on lots of forms). This "loan (home purchase) closing" process is where Buyer and Seller finally meet to transfer money, property ownership, and keys.
The closing attorney places all the lender, attorney, Buyer and Seller related closing costs onto a 2-3 page American Land Title Association - Settlement Statement. The form details and summarizes what the Buyer and Seller will pay or receive which includes who's covering closing costs, prepaids(homeowner's insurance & property taxes), etc., and the balances are transferred to the appropriate Buyer/Seller columns on the last page. Click here to review the ALTA Settlement Statement Real Estate Settlement Statement that you will see with final numbers in the columns perhaps 24-48 hours prior to closing or at the loan closing in the attorney's office. IMPORTANT: Compare the numbers that the lender gives you with the Settlement Statement form with your Exclusive Buyer Agent to understand if "all" closing costs are accounted for and within reason for Georgia.
Closing costs normally run anywhere from 2.0-3.5% of the amount of your loan.
NOTE: You may spend money to "BUY DOWN" (i.e. reduce) the rate of interest your lender would charge you at a competitive market rate based on your credit history. These costs are sometimes referred to as "DISCOUNT POINTS" and may be considered as "ordinary closing costs the seller will cover."
The amount of money you normally have to bring to closing depends on your down payment and "PREPAID EXPENSES/ESCROWS" (i.e., several months of Homeowner's Insurance and City/County Property Taxes). Also, other expenses to consider are: YOUR Title Insurance coverage; Flood Insurance coverage (if you're in a flood zone); and PMI (Private Mortgage Insurance - Conventional loans) or MIP (Mortgage Insurance Premium - FHA loans) that may or may not be required at closing or rolled into the loan. You should consult a mortgage representative and after you choose the right lender, always get a "GOOD FAITH ESTIMATE" of your estimated loan rate, estimated closing costs, estimated monthly payments, and the amount required from you at closing. Do you know if these amounts are reasonable? Ask me and I'll try to minimize your costs.
If all goes well, the closing attorney should furnish you with a Settlement Statement at least one day before your closing date. However, most times the HUD-1 is only available on the day (or hour) of closing. You'll want a summary total the charges to be sure all your closing costs and applicable contract terms are covered as they SHOULD HAVE BEEN negotiated.
That depends on so many factors. At the Macro level...the current and projected strength of economy and yields on 10 year treasury notes serve as benchmark.
In fact, per the Friday, November 9th, Wall Street Journal, page C14 "With 30 year mortgage rates most influenced by the 10 year Treasury note...U.S. bond traders began to embrace the 10-year Treasury note as the new king of the Bond market....Also, the one-year constant maturity Treasury Bills are the most popular index for making changes in the Adjustable Rate Mortgage."
Jim monitors the Atlanta real estate marketplace daily, performs market analyses, and exercises negotiating skills applicable to real estate in the area you choose.
NOTE: Do you know if the owner's asking price is really as competitive as others in the neighborhood? Even if priced at or below others in the neighborhood, I can explain why it still may not be valuable to you.
A listed property on a multiple listing service includes a "total" commission rate that the seller has agreed to pay. If another agent is involved in a transaction, the commission is split between the two agents. A "For Sale By Owner" property normally "protects agents" and have factored some form of commission to pay for negotiating a contract. Remember...You use an Exclusive Buyer's Agent to not only help you find the right house, but to advise you on all aspects of home ownership. In today's world, you really should have someone on your side to answer tough questions to make sure you are getting the best price and terms and have more "complete" information about the house, neighborhood and community. There's NO ADDITIONAL COST TO YOU to use an Exclusive Buyer Agent, but it may save you many times more the commission to use one. In fact, since we look at negotiating the best deal for you, we try to save you money not only in the purchase price and terms, but try to prevent you from making a costly mistake!
Let ACCESS BROKERAGE, INC. help you not only choose the right home to fit your lifestyle, but that also fits your budget.
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