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Who pays for what in Real Estate?
There are a lot of expenses in a real estate transaction, but who pays for what?
There are a lot of expenses to consider when purchasing or selling a home. Let me know if you have any questions.
WHAT THE BUYER GENERALLY PAYS FOR...
Lender’s Title Insurance Premium
Escrow Fees
Recording charges for all documents in buyer’s name
Tax proration (from date of acquisition)
Homeowner’s Transfer Fee
All new loan charges (except those required by lender for seller to pay)
Interest on new loan from date of funding to 30 days prior to first payment
Assumption/change of Records fees for take-over of existing loan
Beneficiary Statement Fee for assumption of existing loan
Inspection Fees (roof, property inspection, geological, termite, etc.)
City Transfer/Conveyance Tax
Fire insurance premium for the first year
Notary Fees
Courier Fees
WHAT THE SELLER GENERALLY PAYS FOR...
Real Estate Commissions
Owner’s Title Insurance Premium
Document Preparation Fee for Deed
Document Transfer Tax
Any City Transfer/Conveyance Tax
Any Loan Fee required by buyer’s lender
Payoff of all loans in sellers’ name (or existing loan balance if being assumed by buyer)
Interest accrued to lender being paid off
Statement Fees, Reconveyance Fees and any loan prepayment penalties
Termite Inspection and work
Home Warranty
Any judgments, tax liens, etc., against the seller and recording charges to clear all documents of record against seller
Tax Proration (for any unpaid taxes up to time of transfer of title)
Any unpaid Homeowner’s Dues
Homeowner’s Association Document Fee
Any bonds or assessments
Any and all delinquent taxes
Notary Fees
Courier Fees
10 Mistakes Buyers Make
Don’t fall victim to any of these common mistakes.
During a seller’s market, buyers have to be on their A-game. Here are the top 10 mistakes I see buyer’s make.
1. MAKING AN OFFER ON A HOME WITHOUT BEING PRE-APPROVED
Preapproval will make your life easier-so take the time to speak with a lender. Your situation will be different from anyone else, and your communication with a fantastic lender can make or break your financing.
2. NOT HAVING A HOME INSPECTION
Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues that most buyers overlook.
3. LIMITING YOUR SEARCH TO OPEN HOUSES, ADS, OR THE INTERNET
Many homes listed in print ads or online have already been sold. Your best resource will be your Realtor and the NWMLS. They have up-to-date information that is unavailable to the general public.
4. CHOOSING A PART-TIME AGENT
Choose a professional who is dedicated to serving your needs before, during, and after the sale. You don't want to have to wait for your Realtor to get off work to go show you houses.
5. THINKING THERE IS ONLY ONE PERFECT HOUSE
Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so keep an open mind.
6. NOT CONSIDERING LONG TERM
It's important to think ahead. Will the home suit your needs 3-5 years from now?
7. NOT EXAMINING INSURANCE ISSUES
Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.
8. NOT BUYING A HOME WARRANTY
This is essentially a mini insurance policy that usually lasts one year from the close of escrow. It can cover basic repairs you may need.
9. NOT KNOWING TOTAL COSTS INVOLVED
Early in the buying process, ask your lender for an estimate of closing costs. Title company and attorney fees should be considered. HOA fees, hold backs, etc.
10. NOT FOLLOWING THROUGH ON DUE DILIGENCE
Buyers should make a list of any concerns they have relating to issues such as; crime rates, schools, power lines, neighbors, etc. Be diligent so that you can have confidence in your purchase.
Are you ready to take the plunge and buy a home?
10 Things You Didn't Know About Snohomish
Planes, eggs, and cheerleaders. Oh my!
The town was originally called Cadyville.
Fun fact: Mary Low Sinclair, arrived in Cadyville on May 1, 1865, became Cadyville’s first permanent white female resident. She is considered to be the founder of education in Snohomish by opening her home as the first classroom. She lived on Pearl Street.
Old Ferg, the founder of Snohomish, had a daughter with an Indian woman, but married someone else.
Ferg lived with an Indian woman who soon gave birth to a girl. While in Olympia, he met Lucetta Morgan and they married in 1868. Ferguson rejected his common-law wife and child but continued to give them some support.
Snohomish means “Big Tribe.”
Snoqualmie...people of the moon
Stillaguamish...people of the river
Sultan...fastest, best
Pilchuck...red water
Mukilteo...good camp
Tulalip...shallow bay
Actors in the worst play to hit the Snohomish stage were forced to escape out the windows when the audience starting to throw eggs at them.
"The Times Special Service. Snohomish, Friday, March 26, 1909 — The Three of a Kind Company, a decidedly barn-storming aggregation, reached a dramatic climax at the Alcazar Theatre last evening when the audience rose en masse during the first act and threatened to present the play actors with a choice selection of eggs as a mark of their lack of appreciation.
"The stage manager promptly dropped the curtain to prevent any further demonstration. The audience waited a few minutes and as there were no further indications that the play would be resumed, a few bolder spirits went behind the scenes. They did so just in time to see the members of the company — four young women and several men — making frantic exits from handy windows.”
It cost approximately $700,000 to demolish the Hal Moe pool.
Real Estate Excise Tax funds of $700,000 were used to remove the building, fill the existing pools, and hydroseed the ground.
Back in the day the police chief had a monthly salary of $20, with an arrest bonus of $2 per arrest.
Hyrcanus Blackman, Police Chief.
Local legend has it that the ghost of a former policeman and many others still haunt the old Oxford Saloon in the city of Snohomish.
Chrissy Teigen was a high school cheerleader, working that team spirit as a student at Snohomish High.
The first airplane to carry mail took off from Harvey Field.
Noble Harvey established a family-owned airfield in 1945, which the family still operates as Harvey Airfield. In 1911, Nobel purchased the first automobile in the county, the same year he hosted the first airplane flight. Fred J. Wiseman’s flight in Snohomish was cut short by rain-soaked, fabric-covered wings and it ended in a muddy but safe nose-dive after reaching only 60 feet in altitude. The amazing machine was repaired, continued to break records, and is currently hanging in the Smithsonian Postal Museum as the first plane to carry the mail.
The Town Clock has a typo.
The town clock commemorates the incorporating of the City of Snohomish located at First Street and Avenue A. Can you find the mistake?
Give up? Look at 11 o’clock… oh wait… it says 12 twice!
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Learn what a comparative market analysis is, how it works, and why it matters for buyers and sellers in Snohomish County, WA.