Information for Buyers
Right now is a great time to buy a home. A RealtySnap real estate agent can make it simple. Our highly-trained agents can help you find just the right home. They know the market. They will ask the right questions. Get the answers you need. And they have access to the most advanced digital real estate tools.
Choose a RealtySnap agent and find your next home today!
Closing Costs - Who Pays?
It's in the contract, or it should be.
Question (TX): I am a REALTOR®. In a contract for new construction with a production builder, my client the Buyer agreed to pay for his title policy since he did not use the builder's lender. I cannot locate anywhere within the contract where buyer agreed to pay seller's closing costs. We did use the lender's title company. The title company said that with this particular builder, the buyer paid all closing costs including seller's 1/2 escrow fee, state guaranty fee for owner's policy and mortgagee policy. Is this possible?
Answer: Yes, it is possible although we cannot offer a comment regarding a contract that we have not read. However, if this builder is a production builder you can bet that the builder has had numerous issues from numerous buyers, some represented by Realtors and some not represented at all. As a Realtor, however, representing a buyer in an agency capacity, your primary goal is to obtain the best deal for your client (the buyer) by representing the client’s best interests. In that regard, if there is anything in the builder’s contract that your client did not understand you should have recommended, preferably in writing, that your client consult an attorney.
Bottom line: A contract is a contract. We recommend that you contact the title company that handled the transaction. The title company is supposed to follow the contract as to terms and provisions. Ask the title company to point out exactly where in the contract it deals with who pays what fees and to whom. If your client is not satisfied with the answer, your client can hire an attorney to look at the contract. Perhaps the attorney can find something where your client did not receive the benefit of the bargain from the builder, but we suspect the builder has his own attorney and that the contract was specifically designed to be one-sided in favor of the builder.
Posted December 10, 2009, 5:54am.
Hard Lesson Learned
Seek advice from licensed individuals.
Question: I gave a $100,000 deposit to a reputable home builder (or so I thought) 10 months ago, and still no house. The owner of the property deals with McDonalds, Applebee’s and others. I was told the house would be ready by June, July, Aug, and lastly 1 Nov . Now I am told they have a contract with another home builder to build my house. I have all e-mails with said company. Last e-mail 15 Dec. I asked for Date of completion. Still no answer as mortgage rates are low for first time home buyer. I live in N.J. but also rent in Woodlands.
Should I sue for my money or wait for a finish date? This house was to be my Dad’s dream home but he passed and was laid to rest before he lived in it. I have a witness of all discussions with sales representative especially the last date of completion but nothing in writing. I would like some help. Can I take the owner to court for theft, or sue for mental anguish, pain and suffering? It has been too long.
Answer: This is a tough lesson for buyers to learn. It reminds us of the saying attributed to Mark Twain, "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." Contracts are only as good as those who sign them. If your builder chooses to ignore his obligations, he has your money and no duty to perform (i.e. the GHBA form).
The time to hire an attorney is before you sign the contract. No one should ever enter into a legally binding document regarding real estate without being represented by a real estate agent and, if there is any wording contained in the contract that you don’t understand, also an attorney.
Hire an attorney now to review your documents, but talk frankly with attorneys about fees. Seek the attorney’s professional advice as to costs and chances of success if you were to litigate. An attorney can help, but can't guarantee anyone will honor their obligations.
Posted December 10, 2009, 5:47am.
Is your credit in shape?
Taking these simple -- and free -- steps can help you find out now, while you can do something about it.
Unless you're paying cash, you will probably need to arrange a mortgage through a Mortgage Broker or Bank. Your lender will probably check your credit to see how you have handled your debts in the past. A credit report includes information on where you live, how you pay your bills, and whether you've been sued or arrested, or have filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, and buying or renting a home.
To order, visit www.annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print it from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through www.annualcreditreport.com, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Posted September 6, 2009, 6:37am.
Do I really need a real estate agent?
You are not just hiring a "helper," but someone who is bound by law to work for you.
Think about how much sense it makes to use an agent who is LEGALLY obligated to represent YOU… An agent trained in buyer representation and who has an arsenal of products and services to assist you in finding and purchasing your home!
The best way to assure that a Texas real estate licensee is representing YOUR interests instead of the seller's is to enter into a written Buyer Representation Agreement which spells out the obligations and responsibilities of both parties. Our RealtySnap agents will always offer you the chance to choose to be represented
Posted September 6, 2009, 6:35am.
Is now a good time to buy?
Market timing is risky. If the home you want is available, then now is a good time to buy.
Yes. Experienced investors and Realtors will tell you that trying to time the market is always risky. Waiting for prices or interest rates to go down is a catch 22. Even if you happen to guess right, (and you might not), you might be better off with a year's worth of mortgage tax write-offs and a year of building equity. Consult your Realtor and get pre-approved for a mortgage.
If the home you want is available and if you can afford the closing costs and monthly payments now, then now is a good time to buy. Plus you and your family can start living in the home you've chosen!
Posted September 1, 2009, 9:45am.