There are some things that are particularly mentioned in the contract, but generally speaking, "If it can be removed with a tool, it stays." Drapes, window coverings, and any pool equipment are automatically retained. Other than as specified in the contract, the refrigerator and washer/dryer are not included with the house. All light fixtures, the stove, dishwasher, and any associated microwave or vent hood will be left in place. Please feel free to ask any questions you may have regarding a particular item!
We will conduct a Comparative Market Analysis (CMA) on the property to ascertain Fair Market Value. You can determine the value of the property by looking at recent sales of similar properties in the same or nearby neighborhoods. Once we have that information, we will decide what to offer depending on the length of time the property has been on the market, whether the price has recently been reduced, whether it is vacant or occupied, and whether there are any other bids currently being considered for the property.
In order to confirm that your purchase price represents the fair market value of the property, your lender will demand that an appraisal be undertaken. The appraisal typically costs about $500 and is paid for at closing. It is completed after we've had the property inspected. We very rarely have assessment concerns since the appraiser will follow the same procedure we did when we conducted a comparative market analysis. You do have the ability to end the contract, though, if the property doesn't appraise for its worth. The price of the property will frequently be renegotiated to the appraised worth. We occasionally receive a subpar appraiser (we've had one dispatched from Waco to Austin before), in which case we contest the valuation.
Generally speaking, the spring and summer offer more options, but there is also more competition. Prices are often lower in the fall and winter, but there is less available inventory.
The selling agent will often inform all parties that there are many offers on the property and will request each buyer's "highest & best offer" by a specified time & date. Multiple offer scenarios are not governed by any legislation, but there is an industry standard. Both ourselves and the others won't be aware of what the other is offering. You should prepare your maximum offer price, and we will tighten the terms of the offer to make it as alluring as we can without jeopardizing your protection. We have a proven track record of helping purchasers secure contracts after negotiating hundreds of multiple offers.
Getting pre-approved before you start physically looking at properties is probably a smart idea, even though it's not required to start casually looking online. For further information on pre-approval, please visit this link - https://austinmarketrealty.com/the-mortgage-process
Every buyer's search is different, but it typically takes 30-45 days to close on a property once you've entered into a contract. Find out more about the purchasing procedure by visiting this link - https://austinmarketrealty.com/buying-process
The majority of your closing expenses will be related to your loan and pre-paid escrow charges (property taxes, insurance, and interest). Closing fees typically range from 1% to 2%, although they might change depending on the type of loan you pick. This is just one of the many factors that make getting pre-approved early in the process advisable. Closing fees are low if you're a cash buyer; typically under $1000.
According to the market. In the suburbs, where purchasers place a high priority on education, school rankings are crucial for real estate sales. Because the buyers of these residences often don't care about school rankings, school ratings don't effect selling in central Austin neighborhoods whose schools have consistently received low ratings. GreatSchools.org is a great resource if you are concerned about schools.
Absolutely! Your home inspector will go through the property with a fine tooth comb and tell you exactly what condition it’s in. You will find out if there are any repairs that need to be made immediately & what repairs you can expect in the future. Your inspector will check all major & minor systems: Foundation, plumbing, electrical, roof, HVAC, water heater, appliances, windows, structural integrity, & more. While not required by a lender, we do recommend getting a termite inspection at this time. While the price will vary based on the size of your home, the inspection is in the $500 range (and is paid at the time of inspection.) After we’ve reviewed the inspection, we will typically ask for the seller to make reasonable repairs or for a repair credit.
The seller is not obligated to make any repairs, but a fair seller will consent to a reasonable repair request or a credit for repairs. The context of repairs must be considered. You would anticipate a newer property to be in nearly brand-new condition if you were buying it. When buying a house that is 50 years old, you would expect it to be secure and functional but not brand new.
Making an offer on a home is free, but you must be ready to send a check for the earnest money and option fee. The option fee will vary depending on the sales price, but it is often between $200 and $500. The earnest money deposit is typically equal to 1% of the purchase price.
Sadly, there is a lot of ambiguity in the conventional contract about this matter. At closing, sellers frequently have the house "broom clean." We can provide expert cleaning of the property before closing if it is something that is essential to you.
For a residential service contract (also known as a house warranty), a seller will often give you a credit of $400 to $500. If the property has a pool, they will give you a credit of $700 to $800 so that you can acquire the additional pool coverage. What your homeowner's insurance policy doesn't cover is covered by a house warranty. Small items like a stove, dishwasher, or air conditioner are not covered by insurance policies because they normally have a 1% deductible. These things are covered under a home warranty, usually with a $50–$75 deductible. Although having a home warranty is a good idea, filing a claim can be a nuisance. When your air conditioner breaks down in the middle of August, they normally send a repairman out in 2 days, which can be a long time. Like any insurance or warranty provider, they often strive to cover the bare minimum. Therefore, you typically get negative reviews for all of the companies when you Google them. If, after researching the home warranty, you prefer not to ask for one, we can always ask for a seller credit to your closing costs in the same amount a warranty would have cost ($400-$500.)
