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3 details that can make a big difference to homebuyers or sellers

3 details that can make a big difference to homebuyers or sellers

Buying or selling a house is a big deal. Trust me, I get it.

Whether you’ve buying your first condo after scoring a well-paying job just out of college debt free, or you’ve had great success at your first job and they’re transferring you from Cincinnati to Irvine, or you’ve successfully launched each of your five children into lives of their own, it’s a big deal.

And little details will make a difference when you’re in the midst of the buying or selling experience.

Here are the top three small details that you want to keep in mind. Each is less important than whether your clothes and shoes fit in the closet or whether your cars fit in the drive way.

But they still need to be on your radar.

• The seller pays the real estate agent commissions. Let me repeat. Buyers get the services of their real estate agent for free.

That means zero out-of-pocket to the homebuyer. No line item on the HUD1 or loan disclosure charging the buyer with a single penny. Zero.

Nothing at all. Not even gas money.

• As a homebuyer, you will be required to pay an entire year’s premium on your homeowner’s insurance. This is part of what is referred to as your closing costs. And is confirmed by the escrow company before closing.

While you have the luxury of shopping around and getting quotes from your car insurance company and your life insurance company, at some point, hopefully a week or so before you’re scheduled close, you have to pull the trigger and buy a home owners insurance policy.

But don’t write a check for it or give the insurance company a credit card. The payment needs to be made by the escrow company, so your lender gets the official notification that the insurance policy has been issued. For the entire first year of your home ownership.

• As a buyer, you will have to pay out-of-pocket for the home inspection (which you most certainly want to do) and the appraisal your lender will require. That you will have to pay by cash, check, or credit card.

If you’re paying cash, you will dodge the appraisal fee (not necessary – you know value when you see it and do not need any third party confirmation) but not the home inspection fee.

Trust me. You want to know if you’re looking at a money pit or a pristine palace. There’s a big difference.

Don’t let this squash your dreams of buying or selling.

Just add these into your equation so you’re not surprised at the last minute. Proper financial planning for both buying and selling equals success.

Leslie Sargent Eskildsen is an Orange County real estate agent. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com. Her website is leslieeskildsen.com.

The Orange County Register – News Headlines : Real Estate News