First-time Buyer?
Jodi has the experience and knowledge to help you find your first home. Real estate agents use lingo you may not be familiar with. Here are some that are commonly used:
Offer: An agreement between a buyer and a seller to purchase real estate.
Comps: AKA Comparables - You finally found the house you want to put an offer on, but how do you know what offer to place? The agent will run comps for you which are homes that have sold in the same area with the same square footage etc. The comps give you a basis of value.
Contingency: A contingency can be placed by either the buyer or the seller. It’s a provision in the contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event. IE: You have an unsatisfactory home inspection and decide not to move forward with the house purchase
Deposit: A deposit made to the seller showing the buyers good faith in a transaction. It’s typically held in the selling agents escrow account until the closing. A deposit is typically 5% in my area.
Home Inspection: A complete examination of the property including all structural and mechanical aspects of the home. This is performed by a licensed home inspector and is paid for by the buyer. Customary in my area to have the inspection done within 10 days of an accepted offer.
Appraisal/appraiser: Once you are in contract, an appraiser will have to come through the house to provide an unbiased estimate of what the house is worth. The bank hires them and you pay the fee usually at closing.
Closing costs: Closing costs are all the transaction charges that home buyers or sellers need to pay at the closing when the property is transferred. The lender will speak with you about these charges.
Closing: The closing is usually held at the office of the Buyers attorney or the bank attorney. This is when you will be signing the documents to secure the mortgage for the home. When the documents are recorded at the Registry of Deeds, that is when you are officially a homeowner!!! This is also the day you receive the keys and can move in!!!