Learn About The First-Time Homebuyer’s Credit – Video

In November, 2009, the federal government extended and expanded the popular First-Time Homebuyer’s Credit. It lets you trim your tax bill by up to $8,000. Sign a contract to buy a home before April 30, 2010 and then close on it by June 30, 2010 and you can claim the credit on your 2009 or your 2010 tax return.

Learn About The First-Time Homebuyer’s Credit

Special Offer – HomePath pays buyers closing costs

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010
• Property sales must close before May 1, 2010
• Buyers must be owner-occupants, investors are excluded

To see a list of Fannie Mae Foreclosed properties Click Here

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

Understanding Private Mortgage Insurance

If you have bought a home in the past, or are considering buying a home, condo or townhouse, then you have probably heard the term Private Mortgage Insurance or PMI.

PMI is an insurance product sold by some private insurance companies. PMI protects a lender in case a homebuyer does not or cannot maintain payments on their home loan or mortgage. In other words, PMI protects lenders from loss if a buyer defaults on their loan.

If you are getting a loan to purchase a home or other real estate, most lenders prefer that you put 20% of the purchase price as a down payment. However, not all homebuyers have that amount of money available for a down payment. It is not uncommon for buyers to only put 15% down, or 10% down, or 5% down, or in some cases, no down payment is applied, and the lender provides 100% financing.

To protect the lender’s interests in situations where the down payment is less the 20%, the lender will usually require a borrower to pay for PMI so that the lender is covered in case the borrower later defaults on the loan. The premium charged by insurance companies for PMI is usually a percentage of the loan amount. The premium is normally rolled into the borrower’s mortgage payment. While PMI increases a borrower’s monthly payment, it does help them get a home loan that they may not otherwise be able to obtain.

As an alternative to PMI, many lenders offer two loans to reach the amount of money needed by a borrower. For example, a borrower may obtain a first mortgage for 80% of the loan amount, and a second mortgage for 20% of the loan amount, which totals 100% financing. Borrowers must meet credit, income and debt requirements to be eligible for these types of loans.

Homebuyers should remember that PMI protects only the lender and not the homebuyer. If a borrower does not maintain payments on a mortgage, the lender will mostly likely initiate foreclosure proceedings.

Be sure to shop various lenders to identify the best loan program for your particular situation.

Tips For Home Buyers

This page is designed to give homebuyers a general idea of the steps involved in buying a home in Portland Oregon. While the statements below usually apply, there are circumstances in which these statements are not relevant or parties have reach an agreement that does not include one or more of the steps below.

What is a Buyer’s Agent?

If you are considering buying a home, townhome, condo or any other type of real estate, then you will most likely interact with a real estate agent. So who are these agents and whom do they represent? In most home sales, there is an agent who represents the seller, and in many cases there is an agent who represents the buyers. The goal of the seller’s agent is to get the seller the best price and terms possible on the sale. The goal of a buyer’s agent is to get the buyer the best price and terms possible. Buyers should know that when they call a phone number listed on a For Sale sign or visit in an Open, they are most likely dealing with the seller’s agent. Again, the goal of the seller’s agent is to get the highest price and best terms possible for the seller. The seller’s agent does NOT represent your interest. In contrast, a buyer’s agent usually has no affiliation with the seller or their agent, and is motivated to represent your interests only!

What’s This Going to Cost Me?

Nothing! While most buyer’s agent represent your interest, the seller actually pays them when the property sells. The good news for buyers is that while you get the benefits of professional representation, the seller usually pays for the buyer’s agent. Be sure to check with your buyer’s agent that there will be no fees charged to you for their services.

How Exactly Does a Buyer’s Agent Paid?

When a seller decides to put the home on the market for sale, they often hire a real estate agent to represent them. Sellers negotiate a total amount of commission to be paid for both their agent and the agent who brings in the buyer. When a home closes escrow, the seller pays both the seller’s agent and the buyer’s agent.

What Are The Steps to Buying a Home?

There are many steps involved in buying a home, condo, or any other type of real estate:

1. What Do You Want?

   Having a clear idea of exactly the type of property you want can save you a lot of time. If you are considering buying a home or condo, try to anticipate the number of bedrooms and bathrooms you need, the square footage, the size of the yard, price range, etc. The more focused your home search, the faster the process will likely be.

2. Find a Real Estate Agent.

   A good agent can help you throughout the home buying process. From finding the prefect home, to helping you obtain a loan, to guiding you throughout the many steps involved in buying real estate, a good agent can save you time and money.

3. Get a Pre-Approved For A Loan.

   Getting a loan can be a complicated process. Borrowers have to determine which loan is best for their unique situation. Buyers need understand factors such as the pros and cons of adjustable vs. fixed rate loans, how credit scores can impact interest rates, how a down payment can influence monthly payments, etc. Borrowers have many options when it comes to getting a home loan, and rates vary between banks so it’s best to get multiple quotes. Your bank and real estate agent can provide you with information about reputable loan organizations. Once you decide on a bank, ask them to review your financial information and provide you with a Pre-Approval or Pre-Qualification letter. You will need this document prior to submitting an offer on a property. Get Pre-Approved.

4. Earnest Money Deposit.

   Before a buyer can make an offer, they should ensure that they have some funds available to put toward a deposit. This deposit is known as an earnest-money deposit or a good-faith deposit. The deposit shows to a seller that a buyer is serious about purchasing the property. When a buyer makes an offer, they usually need to specify in the offer the amount of deposit the buyer will give to the seller if the offer is accepted. While there are no rules regarding the amount of a deposit, not surprisingly, larger deposits carry more weight with sellers than smaller deposits. Deposits in the range of 1% to 3% of the purchase price are not uncommon in Portland Oregon. If the offer concludes in a purchase, then the deposit amount is applied to either the buyer’s down payment or toward buyer’s closing costs (see below for a discussion about closing costs). The actual deposit amount is usually held in trust by either the seller’s agent, buyer’s agent, or by the Escrow Company. The deposit amount can be forfeited to the seller if the buyer does complete the purchase or cancels the contract without legitimate and legal reason for doing so. The buyer’s real estate agent should advise them about situations that allow a buyer to withdraw or cancel a sales contract and still get their deposit back.

5. Closing Costs.

   In addition to the earnest money deposit mentioned above, buyers should also have sufficient funds to cover fees known as closing costs. Closings costs are fees charged by third parties involved in the sale or purchase of a property. Some of these fees are customarily charged to homebuyers and others fees to home sellers. These fees are in addition to the sales price of the home. Some of these third-party fees include lender charges, escrow, survey, appraisal, title search, title insurance, survey, property taxes, attorney, credit report, mortgage insurance, deed recording, etc. It’s not uncommon for the buyer’s portion of closing costs to be 3% or more of the sales price of the home. Your lender can give a good estimate of likely closing costs for your home’s sale price. Closing costs are usually paid on the day of closing, which is the end of the escrow period. In some cases, buyers are able to negotiate with the seller to pay all closing costs.

6. Search For Homes.

   The Internet has become the primary method by which people search for homes. Do a query on any of the search engines for homes, condos, or other real estate in the communities that interest you. You should be able to easily find web sites that provide you access to all the MLS listings (i.e. real estate for sale) that meet any criteria that you specify. You can also ask your real estate agent to program the MLS so that you automatically receive email descriptions of properties that meet your criteria as they come on the market. Search the MLS.

7. Visit Homes.

   Seeing homes on the Internet gives you a general idea about a property, but there is nothing more useful than actually seeing homes in person. Send a list of properties that you want to see to your real estate agent. Your agent can then call the sellers agents’ and make an appointment for you and your agent to see the home. Request Appointment To See a Home.

8. Make an Offer.

   So you found a home that you like and you’re read to make an offer. What’s next? Your real estate agent is key at this point. They should review recent sales in the community to help you determine a fair offer price. They will also prepare the contract documents that are required to communicate your offer to the seller’s agent. The seller’s agent will deliver and review the terms of your offer with the seller. In most cases, sellers usually do not accept the first offer, but typically come back with a counter-offer in which they propose an alternate sales price or terms. It’s not uncommon for buyers and sellers to go back and forth proposing alternate prices until both parties agree of price and other terms.

9. Escrow.

   A process known as escrow begins once a written offer is accepted by both parties, Escrow is an independent and impartial third party company that processes documents and funds so that the property being sold successful transfers from the seller to the buyer. In Oregon, there are Escrow Companies who provide this service for buyers and sellers. Depending on the terms negotiated with the seller, a typical escrow takes between 30 to 60 days. The property transfers from the seller to the buyer at the end of the escrow period, which is also known as ‘closing’ escrow or just ‘closing’. There are many things that need to occur during the escrow period, which include:

   • Lender Documents.

     Once an offer is accepted, there are many documents that the lender will require to process and approve the loan. The pre-approval or pre-qualification letter mentioned above is just the initial step to getting a final loan approval. Most lenders usually require additional documentation such as pay stubs, W-2s, tax returns, etc. Buyers are well served to send these documents to the lender within the first few days after the offer is accepted. This is especially true when is escrow period is only 30 days, when the time to process, approve and fund the loan is so compressed.

   • Inspections.

     Once an offer is accepted, a buyer usually has a specific agreed-upon time in which to conduct any inspections. Buyers usually hire a home inspector to evaluate the condition of a home and a termite inspector. There are many other types of inspections that your real estate agent can tell you more about. Most of these inspections are conducted at the buyer’s expense. If the inspections reveal information that is concerning to the buyer, the buyer can usually cancel the contract, ask the seller to make repairs, or ask for a price reduction consistent with the repairs required. The buyer’s real estate agent can advise them about their options.

   • Appraisal.

     Most lenders will require an independent evaluation of a property’s value before approving a loan. Appraisers perform this function. While appraisers consider many factors when determining the market value of a home, two important factors are recent sales price of similar homes in the same neighborhood, as well as a home’s condition. A lender will usually only approve a loan if the appraisal value is at or above the negotiated sales price. If the appraisal value of a home is less than the negotiated sales price, most lenders will require the buyer to pay difference out of pocket or request that the seller reduce the sales price (if the seller is willing). If either of these actions are not possible, then the lender will most likely disapprove the loan and the transaction will likely cancel. A good real estate agent will advise their buyer about the market value of a home so that problems with an appraisal value are unlikely.

10. Closing Day.

    This is the day during which the buyer and seller sign all the documents to initiate transfer of the property from the seller to the buyer. The lender also transfer funds to the seller’s account on this day, and the escrow company records the transfer of ownership with the appropriate governmental authority. All these steps result in the buyer becoming the new owner of the property with the lender having a lien interest.

Nuts and Bolts of a Home Inspection

What is a Home Inspection?
If you have purchased a home or are considering buying a home, then you’ve probably heard about home inspections. So what exactly is a home inspection, when does a home inspection occur, how much does it cost, how can the information uncovered by an inspection be used, and how can you find an inspector? 

A home inspection is a through examination of the physical condition of a home by a qualified inspector. The product of a home inspection is usually a detailed written report describing the condition of a home’s major systems such as structural elements, mechanical systems, appliances, plumbing, heating, air conditioning, roof, visible water leaks and damage, electrical systems, etc. A home inspection often reveals problems in a property, which may be minor or major defects. A good home inspection will usually last 3-5 hours depending on the size and condition of the property. 

When Does a Home Inspection Occur?
Homebuyers often request a home inspection as a contingency to purchasing a home. For example, a buyer making an offer to purchase a home may require that the home undergo inspection either before the offer is made, or more often, before the contract takes full effect.  

How Much Does an Inspection Costs?
The cost of an inspection is often linked to the size of a property and varies by region of the country. For a typical three-bedroom house, a standard home inspection will probably cost between $300 to $500. The inspection industry is a competitive business, so get a few bids before selecting an inspector.

How Can Information From an Inspection be Used?
A buyer typically makes an offer on a property contingent upon a satisfactory home inspection that does not uncover significant defects. One of the most valuable parts of the inspection report is that it provides an estimate of the remaining useful life of a home’s major systems. A buyer can use this information, as well as other defects identified, to renegotiate the price and other terms of their offer. During renegotiations, a buyer can request that either repairs be made at the seller’s expense prior to close of escrow, or that the seller reduce the price of the home consistent with the cost of repairs, or in some circumstances, the buyer may wish to cancel the contract altogether.

Find a Good Inspector 
The qualifications of home inspectors vary greatly. In some states, inspectors must be licensed by the State, while no verified qualifications are required in other states. One of the best ways to find a good inspector is to ask for referrals from you friends and your real estate agent. They are likely to provide you with a list of people who they have had positive experiences with. You can also search for home inspectors in trade associations such as the National Association of Home Inspectors. 

Home Buyers Save $500 Off Closing Costs

Save $500 Off Closing Costs^†

It’s the perfect time to make your move with our closing costs offer. Take advantage of this money-saving option for home purchases now through April 30, 2010.

Features

• Competitive Rates
• Easy online preapproval Click Here
• Many programs available, FHA, VA and Special Military Financing.
• First Time Buyers—Receive up to an $8,000 tax credit when you close by June 30, 2010.  

  

^† Offer is valid on purchase transactions closed between 12/1/09 to 4/30/10 and excludes bare lots and construction financing. Subject to credit approval. $500.00 offer is only available with our preferred Wells Fargo Home Mortgage representative. Contact us for details.

Home Buyers Tax Credit

Learn about the $8,000 & $6,500 Tax Credits

The tax credit available through the American Recovery and Reinvestment Act of 2009 has been extended and expanded. We distilled the information from the official website – www.federalhousingtaxcredit.com – in these simple, easy-to-understand terms:

• The tax credit is for first-time home buyers and current homeowners that have lived in their house for 5 years and would like to move. For the tax credit program, the IRS defines a first-time home buyer as someone who has not previously owned a principal residence for three years prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 ($6,500).
• The credit is available for homes purchased on or after November 6, 2009 and before April 30, 2010 and must be closed by June 30, 2010. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

For a list of frequently asked questions about the $8,000 & $6,500 tax credits for home buyers, please click here.

Real Estate Firms Favor Virtual Offices

Without losing a single real estate professional associate, RE/MAX Dolphin Real Estate got rid of 11 expensive offices and 40 percent of its operating expenses.Today, most of its 60 professionals work from home offices, coffee shops and even their cars, although the company does have one central office in San Mateo, Calif., and three satellite locations. But even those aren’t staffed by employees.

“This is not a geocentric business anymore. The office has become less of a focus,” says Allan Bernardi, CEO of RE/MAX Dolphin. “Technology has reduced the need to get the client into the office. You need to go where your clients are.”

Competing companies in the area are doing the same thing. The offices of Pacific Union GMAC Real Estate closed its main office in 2007, opting for a smaller, unstaffed location with a conference room and office equipment to serve 20 associates who otherwise work remotely.

“Sitting here in a brick-and-mortar office really is a thing of the past,” says Keith Miller, manager for the Contra Costa County operations. “All the paperwork and all the contracts are accessible online. [The associates] can sit down at a Starbucks and do everything. It’s totally cost-effective.”

Source: Inman News, Gilbert Mohtes-Chan (03/09/2009)

Home Inspections

Home Inspections Avert Future Headaches
Suppose you bought a house and later discovered, to your dismay, that the stucco exterior concealed a nasty case of dry rot. Or suppose that when you fired up the furnace in the winter, you discovered a cracked heat exchanger leaking gas into your home. The best way to avoid unpleasant surprises like these is to arrange for a home inspection before you buy.

Home Inspections Help You Avoid Unpleasant Surprises
A good home inspection is an objective, top-to-bottom examination of a home and everything that comes with it. The standard inspection report includes a review of the home’s heating and air-conditioning systems; plumbing and wiring; roof, attic, walls, ceilings, floors, windows, doors, foundation and basement.

Getting a professional inspection is crucial for older homes because age often takes its toll on the roof and other hard-to-reach areas. Problems can also be the result of neglect or hazardous repair work, such as a past owner’s failed attempt to install lights and an outlet in a linen closet.

A home inspection is also a wise investment when buying a new home. In fact, new homes frequently have defects, whether caused by an oversight during construction or simply human error.

Getting an Inspector
Real estate agents can usually recommend an experienced home inspector. Make sure to get an unbiased inspector. You can find one through word-of-mouth referrals, or look in the Yellow Pages or online under “Building Inspection” or “Home Inspection.”

Home inspections cost about a few hundred dollars, depending on the size of the house and location. Inspection fees tend to be higher in urban areas than in rural areas. You may find the cost of inspection high, but it is money well spent. Think of it as an investment in your investment – your future home.

Some builders may try to dissuade you from getting a home inspection on a home they’ve built. They may not necessarily be trying to hide anything because most builders guarantee their work and will fix any problems in your new home before you move in. Some builders, in fact, will offer to do their own inspections. But it’s best to have an objective professional appraisal – insist on a third-party inspector.

An Inspection Will Educate You about Your House
Education is another good reason for getting an inspection. Most buyers want to learn as much as they can about their purchase so they can protect their investment. An examination by an impartial home inspector helps in this learning process.

Ask if you can follow the home inspector on his or her rounds. Most inspectors are glad to share their knowledge, and you’ll be able to ask plenty of questions.

Inspection Timing and Results
Homebuyers usually arrange for an inspection after signing a contract or purchase agreement with the seller. The results may be available immediately or within a few days. The home inspector will review his or her findings with you and alert you to any costly or potentially hazardous conditions. In some cases, you may be advised not to buy the home unless such problems are remedied.

You could include a clause in your purchase agreement that makes your purchase contingent upon satisfactory inspection results. If major problems are found, you can back out of the deal. If costly repairs are warranted, the seller may be willing to adjust the home’s price or the contract’s terms. But when only minor repairs are needed, the buyer and seller can usually work out an agreement that won’t affect the sale price.

The Basics of Making an Offer

A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that’s included in your written offer and in the final completed contract, or you won’t have grounds for collecting it later.

REALTORS® have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you. Your REALTOR® will guide you through the offer, counteroffer, negotiating and closing processes. In many states certain disclosure laws must be complied with by the seller, and the REALTOR® will ensure that this takes place.

If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area.

After the offer is drawn up and signed, it is usually presented to the seller by your real estate agent, by the seller’s real estate agent, if that’s a different agent, or often by the two together. In a few areas, sales contracts are drawn up by the parties’ lawyers.

What is in an Offer?
The purchase offer you submit, if accepted as it stands, will become a binding sales contract (known in some areas as a purchase agreement, earnest money agreement or deposit receipt). So it’s important that the purchase offer contains all the items that will serve as a “blueprint for the final sale.” The purchase offer includes items such as:

• address and the legal description of the property
• sale price
• terms: for example, all cash or subject to you obtaining a mortgage for a given amount
• seller’s promise to provide clear title (ownership)
• target date for closing (the actual sale)
• amount of earnest money deposit accompanying the offer, whether it’s a check, cash or promissory note, and how it’s to be returned to you if the offer is rejected – or kept as damages if you later back out for no good reason
• method by which real estate taxes, rents, fuel, water bills and utilities payments are to be adjusted (prorated) between buyer and seller
• provisions about who will pay for title insurance, survey, termite inspections, etc.
• type of deed to be given
• other requirements specific to your state, which might include a chance for an attorney to review the contract, disclosure of specific environmental hazards or other state-specific clauses
• a provision that the buyer may make a last-minute walkthrough inspection of the property just before the closing
• a time limit (preferably short) after which the offer will expire
• contingencies, which are an extremely important matter and that are discussed in detail below

Contingencies – “Subject to” Clauses
If your offer says “this offer is contingent upon (or subject to) a certain event,” you’re saying that you will only go through with the purchase if that event occurs. Here are two common contingencies contained in a purchase offer:

• The buyer obtaining specific financing from a lending institution: If the loan can’t be found, the buyer won’t be bound by the contract.
• A satisfactory report by a home inspector: for example, “within 10 days after acceptance of the offer.” The seller must wait 10 days to see if the inspector submits a report that satisfies the buyer. If not, the contract would become void. Again, make sure that all the details are explicitly stated in the written contract.

Negotiating Tips
You’re in a strong bargaining position, that is, you look particularly welcome to a seller, if:

• you’re an all-cash buyer
• you’re already have a preapproved mortgage and you don’t have a present house that has to be sold before you can afford to buy
• you’re able to close and take possession at a time that is especially convenient for the seller
  In these circumstances, you may be able to negotiate some discount from the listed price.

On the other hand, in a “hot” seller’s market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers.

It’s very helpful to find out why the house is being sold and whether the seller is under pressure. Keep the following considerations in mind:

• every month a vacant house remains unsold represents considerable extra expense for the seller
• if the sellers are divorcing, they may want to sell quickly
• estate sales often yield a bargain in return for a prompt deal

Earnest Money
This is a deposit that you give when making an offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show “good faith.” A real estate agent or an attorney usually holds the deposit, the amount of which varies from community to community. This will become part of your down payment.

Buyers: the Seller’s Response to Your Offer
You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. If the offer is rejected, that’s that – the sellers could not later change their minds and hold you to it.

If the seller likes everything except the sale price, or the proposed closing date, or the basement pool table you want left with the property, you may receive a written counteroffer including the changes the seller prefers. You are then free to accept it, reject it or even make your own counteroffer. For example, “We accept the counteroffer with the higher price, except that we still insist on having the pool table.”

Each time either party makes any change in the terms, the other side is free to accept, reject or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side’s proposal.

Buyers: Withdrawing an Offer
Can you take back an offer? In most cases the answer is yes, right up until the moment it is accepted, or even in some cases, if you haven’t yet been notified of acceptance. If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don’t want to lose your earnest money deposit or find yourself being sued for damages the seller may have suffered by relying on your actions.

Sellers: Calculating Your Net Proceeds
When an offer comes in, you can accept it exactly as it stands, refuse it (seldom a useful response) or make a counteroffer to the buyers with the changes you want. In evaluating a purchase offer, you should estimate the amount of cash you’ll walk away with when the transaction is complete. For example, when you’re presented with two offers at the same time, you may discover you’re better off accepting the one with the lower sale price if the other asks you to pay points to the buyer’s lending institution.

Once you have a specific proposal before you, calculating net proceeds becomes simple. From the proposed purchase price you can subtract the following costs:

• payoff amount on present mortgage
• any other liens (equity loan, judgments)
• broker’s commission
• legal costs of selling (attorney, escrow agent)
• transfer taxes
• unpaid property taxes and water and other utility bills
• if required by the contract: cost of survey, termite inspection, buyer’s closing costs, repairs, etc.

Your present mortgage lender may maintain an escrow account into which you deposit money to be used for property tax bills and homeowner’s insurance. In that case, remember that you will receive a refund of money left in that account, which will add to your proceeds.

Sellers: Counteroffers
When you receive a purchase offer from a would-be buyer, remember that unless you accept it exactly as it stands, unconditionally, the buyer is free to walk away. Any change you make in a counteroffer puts you at risk of losing that chance to sell.

Who pays for what items is often determined by local custom. You can, however, negotiate with the buyer any agreement you want about who pays for the following costs:

• termite inspection
• survey
• buyer’s closing costs
• points paid to the buyer’s lender
• buyer’s broker fees
• repairs required by the lender
• home protection policy

You may feel some of these costs are none of your business, but many buyers – particularly first-timer buyers – are short of cash. Helping them may be the best way to get your home sold.

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