Money needed to prepare for a purchase will vary, so I am available to discuss your individual wants, and goals. The following will give you an estimated idea of what you will need to have as cash on hand, when saving for a home purchase:
- Earnest money (varies from $500-$2000 approximately) *Paid at time of accepted offer.
- Inspection ($4-500 approximately. Well/Septic/Radon will be charged additionally, if applicable) *Paid within one week of accepted offer.
- Appraisal money ($4-500 approximately) *Paid within one week of accepted offer.
- Closing costs ($2000 approximately) *Paid at closing.
- Down payment (3.5-20% of purchase price-unless you qualify for 0 down.) *Paid at closing.
These numbers vary depending on the purchase, and how we negotiate the agreement- For instance, I often negotiate into the contract on your behalf, that the seller will pay some or all of the buyers closing costs. (There are limits to these amounts, that I will help you determine via your lender.) The earnest money amount always varies, is a term of negotiation, and I will help you to determine what is best to offer, based on the details of our offer as a whole.
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