Libby answers the question “what are the upfront or out of pocket costs for buying a house?”
You’re so excited. The seller accepted your contract and you go wow! Now, what do I do? What kind of money do I have to come up with upfront?
Well, if you’re financing your loan your lender is going to want to order an appraisal more than likely, and they’re more than likely going to want you to pay for that appraisal upfront. So be prepared for that.
If you’re going to do any kind of the home inspection or termite inspection or any kind of inspections, roof inspections, sewer lateral inspections, whatever kind of inspections you want to have done. You’re going to need to pay the inspectors too. So keep that in mind.
So you go… Well, wait a minute. What if something happens and it doesn’t go through? What? Do I get reimbursed? Well, that’s a risk you need to understand upfront when you’re purchasing a home that you may not get reimbursed for that money in case something does happen.
So just keep that in mind when you’re out there looking at homes, and just keep on truckin along and I’m sure you’ll find the perfect home.
Do you have questions about buying or selling a home? Leave your question in the comments below and I’ll do my best to answer them, or call me at 925-628-2436 and I’ll be glad to help!