|
|
|
FIND YOUR IDEAL PROPERTY AT IDEALPROPERTIES.NET! CathySmith@IdealProperties.net 419-280-3942
Find YOUR Ideal Property at IdealProperties.net
find YOUR Ideal Property
at IdealProperties.net
Homes For Sale and Area Information Nationwide! I specialize in Homes to Buy and Homes for Sale in North West Ohio and in Homes to Buy and Homes for Sale in South East Michigan Real Estate Listings Our real estate web site is designed to provide you with the latest real estate market information for properties across the Nation. You will find a wealth of useful real estate information for home buyers and sellers on IdealpropertiesListings PropertySearch MarketMortgages Home.net. In the Market to Buy or Sell A Home or Property? Are you looking for a Realtor® in Ohio or Michigan? Before you buy or sell a home or property in the Toledo, Ohio area or Southeast Michigan. Click on the Icons in the table below to find information and to get the process started. Listings, Property Search, get Daily Property Listings e-mailed directly to you, Market Analysis, Area and Market Information, Mortgage Information or contact me for information, reports or to find a contractor or Home Services. Below you will find a tool to find Home Estimated Values, Comparable Properties that have recently sold and Area Market Information. DESCRIPTIONS OF LINKS Listings – You will find listings, client's, FSBO (for Sale By Owners), Builder's New Construction, Relocations, Investment Properties, Foreclosures, Vacation Properties and more. PROPERTY SEARCH - Search for properties and homes anywhere in the United States of America by inputting your desired criteria. Auto E-mail Search - click on this button to create a saved search with specific parameters for Your Ideal Property. This will send you daily e-mails with the latest properties that meet your search criteria. And this will give you a Personal Web Page where the home listings are stored and managed. This web page allows you as a home buyer to save properties for us to tour and notes about each property in your favorites folder. This tool allows buyers to see listings even before the Realtors do. Market Analysis – This link will send a request for a Comparative Market Analysis that will show comparable properties to your own that have recently sold in your area to assist in pricing, sales strategies and negotiations. Mortgage Information – with years in the mortgage industry I have many resources and referral sources to help you with your financing. Click this link to find out more. Home Services - I would love to meet with you to show you the unique strategies and the aggressive marketing that I use. Send this form to contact me for my Home Services or you may also send this if you are seeking Home Serves of any kind; painting, cleaning, counters, carpet, remodeling and more. I have numerous reports on the current market in your area and some insightful tips for preparing your home for a quick sale and other tutorials on the selling process that will give you the edge on your competitors. Please contact me if you would like help with this information. Click on the links and articles on the right hand margin to view reports and market information found on this website or simply click this link and select the reports that you would like me to e-mail directly to you. CathySmith@IdealProperties.net BUYER AND SELLER TOOLS SEARCH LISTINGS AND LISTING INFORMATION USE THE IDEAL PROPERTY SEARCH TOOL AND THE ZOLLOW.COM HOME VALUATION TOOL TO GET A ROUGH IDEA OF IT'S CURRENT MARKET VALUE. IT IS ALMOST LIKE GETTING A FREE APPRAISAL OR A FREE COMPARABLE MARKET ANALYSIS INSTANTLY. IF YOU WOULD LIKE A FREE COMPARABLE MARKET ANALYSIS PLEASE CONTACT ME. Though the Zillow Home Valuation Tool is not an exact Home Appraisal it is a helpful Buyer's Tool. When you find some homes that appeal to you, you will likely want to know if they are over priced or if you can buy them well under market value. You can get an idea of what that specific Home Value is by putting the Property Address into The Home Valuation Tool and then just press go and it will show you either the list price or A Home Value. If it does show the list price then you will have to click on the link that says "see Comparable Homes". Then you will need to find the average of at least 4 homes that are similar in size, construction and attributes to your subject property that have sold within the last 6 months or less and are within a one mile radius of the subject property. This will give you a good idea of the Home Value as well as how much a lender will likely loan on the property. You may also check out Trulia.com to get some County Property Tax Information, possibly what the current owner paid for it, as well as graphs and statistics on the market in the specified local area. On the listings on my Property Search you will want to be sure to click on the links to view maps, school information, area demographics, home details, and if you click the virtual tour link on my listings it will take you to a web page that features that listing with huge photo spread, and slide show, the home and area information as well as a LIVE Video Tour. | FREE LOCAL AND NATIONWIDE PROPERTY SEARCH First Input City and State and then your other search criteria to search home listing information and homes for sale in this area or any where in America. | | | | | Free Property Search Ohio and Michigan Listings Toledo, Sylvania, Maumee, Temperance, Lambertville, Erie, Monroe and Surrounding Areas IdealProperties.net will serve as you real estate resource site and will make your search for real estate and homes for sale in Toledo, Sylvania . . . Ohio and Michigan and across the nation easy. The site includes every listing from all of the North West Ohio Multiple Listing Service (MLS) and the Michigan MLS in a searchable on-line database. Plus you will find links to Government foreclosures, Bank Owned Properties, REOs, Police auctions and numerous other helpful web sites. Find your Ideal Property at IdealProperties.net. You can also find neighborhood information and listings nation wide. Browse from thousands of properties, houses for sale, homes, new construction, vacation homes, condos, townhouses, duplexes, apartments, commercial properties, foreclosures, vacant properties, REOs, Bank Owned properties, Farms, Land, Lots and other real estate listings. 
As your Real Estate Agent I will do all of the leg work and research for you and keep you informed every step of the way, from listing your home or searching for a home through the negotiations, to the closing table. I have real estate services, strategies and the software that will help you in your home buying and selling process. I specialize in Ohio and Michigan, Toledo, Sylvania, Ottawa Hills, Maumee, Holland. Monclova . . .Temperance, Lambertville, Erie, Luna Pier, Ottawa Lake, Monroe and the surrounding areas. I am a Certified Relocation Specialist and A Certified Marketing Expert. I will utilize my experience, resources, tools and technology to help to make your real estate process smooth and efficient. I would like to serve as your Real Estate Specialist. Contact me so that I may provide you with detailed research and information based on the details that I collect from you on our Buyer's or Seller's Needs Assessment Survey. Please call me or click the Link below to contact me. Please make a note about any special circumstances, to let me know if you are interested in any reports, or if you are seeking any Home Services. Click this link to contact me for any Home Services that you may need. | | | | 
Learn more about me and how with over 20 years of experience in Real Estate, the Building and Remodeling Industries, Finance, Relocation, Investment Properties, Relocation Services, Marketing, Technology and use of the Internet I have numerous insights and resources that I would love to share with you. More About Me | Find properties on our free home search in Ohio, Michigan or across the United States of America; We list and sell properties in NW Ohio and SE Michigan, Sylvania, Ohio, Sylvania Township and Toledo, West Toledo, South Toledo, The City of Ottawa Hills, Holland, Perrysburg, Maumee, Oregon, Monclova Township, Point Place, Whitehouse, Waterville, Ottawa Hills, West Toledo, Michigan homes for sale, Bedford, Michigan, Lambertville, Temperance, Ida, Ottawa Lake, Adrian, Blissfield, Hudson, Hillsdale, Dundee, Petersburg, Luna Pier, Erie, Monroe or Monroe Township. Home Buyer Tools and Services I hope that you have found my website, IdealProperties.net, to be both helpful and informative. Please feel free to call me for help or for insights at any point in the process. Home Search - On the Home Page you will be able to do Property Searches for Properties anywhere in the United States. The listings that come up in the search on my site will have details on the property and the area for you to review, photos, maps, room sizes, description, school information and local demographics. Tax Records - You may also want to look up the Property Tax Records that can usually be found at the County Web Site, to see when it was last sold and for how much. You can see what the taxes are and if they are paid up to date. You will find many helpful details about the property: flood zones, foreclosures, Sheriff Sales, zoning and regulations and much more. Transfers and Legal Notices - You can do a search for any legal notices that will note any transfers or foreclosures. This may be public record with the courts, city or county or you may find it posted on other sites, like legalnews.com. You can also search for Government owned properties that are up for sell, see the link on the home page, http://www.treasury.gov/auctions/ . You can also search for Bank Owned Properties to get a good deal on. Feel free to call me and I will walk you through the process. Home Value - Then you can input the addresses of your favorite listings into the Home Value Tool to get a very general idea of what it may be worth. Auto E-mail Search - click on this button to create a saved search with specific parameters for Your Ideal Property. This will send you daily e-mails with the latest properties that meet your search criteria. And this will give you a Personal Web Page where the home listings are stored and managed. This web page allows you as a home buyer to save properties for us to tour and notes about each property in your favorites folder. This tool allows buyers to see listings even before the Realtors do. Ideal Property Search - You also can have my set up a more detailed search for you with special software that scans any property in the Multiple Listing Service (MLS) where local Realtors have their listings. I would be happy to set up a detailed property search for you with my special software. I will set up the search based on the information that you share with me in my buyer’s survey that we will go over when we get together. Your specific search parameters will be input into my software so that you will be sent an e-mail each time a property comes on the market that matches your specific criteria. The e-mail will have a link to a web page personally designed for you to manage the “Hot Home Listings”. When you see a home that you may be interested in click the radio button to save it into your favorites folder and then e-mail me to let me know when you will be available to tour the properties. I will contact you when I find properties that I think will be a good home for you. Pre-Approval - I will help you obtain a Pre-Approval that will help us determine your buying power and will give you an edge in negotiating the purchase of your home. FREE Comparable Market Analysis - I will prepare a FREE Comparable Market Analysis on the final home or in some cases homes that you choose so that our offer is on target. I don’t just help you buy a house and I help to negotiate the best deal on your dream home. When we find the property that is just right for you I will walk you through The Purchase Agreement, The Purchase Negotiations, the Home Inspection, The Financing, The Closing Process and make sure that you get ‘More Money For Your Home and More Home For Your Money’. As Your Real Estate Agent, with over a decade of experience in marketing, buying, selling, investment properties and financing homes, I have numerous tips, technology and resources that I will gladly share with you. If you have any questions for me or would like to meet with please contact me at 419-280-3942 or at CathySmith@IDealProperties.Net. I would like to help you find your Ideal Property. I look forward to the opportunity to meet with you to learn more about what you are looking for and how I may best help you. Cathy Smith Real Estate Agent Ohio & Michigan DiVine Realty USA www.IDealProperties.Net CathySmith@IDealProperties.Net 419-280-3942 FIND YOUR IDEAL PROPERTY AT IDEALPROPERTIES.NET More Money For Your Home and More Home For Your Money! | Home Buying Process - TO DO LIST | Done | | Get a copy of your credit report and correct any errors. Do not Make Any Major Purchases or take out New Loans. | | | Reduce your consumer debt – No late pays on loans or collections. credit card balances to <50% of the credit limit | | | Assemble cash down payment. If your Income or debt changes your whole loan will change and need to be redone. | | | Get a gift letter and Bank Account Statement from donor if you are using gift funds | | | Work with your Loan Officer (LO) to determine how much you can afford to pay for a home. | | | Decide how much your monthly housing payment should be (very different from how much you can afford). | | | Get familiar with basic mortgage terms and programs. Find out the best terms for your situation. | | | Shop for a mortgage loan with your mortgage lender. Don’t shop rate, shop service, knowledge and costs. | | | Get your pre-approval Letter (keep it equal to the amount of your offer or the sale amount). | | | Investigate neighborhoods where you want to look for a house. | | | Do your own due diligence your Realtor is not legally allowed to discuss anything relating to any protected classes. | | | Consider neighborhood school quality and crime rates. | | | Select two or three neighborhoods that meet your requirements. | | | Visit homes for sale with your Realtor® and make notes. Outline Major Dislikes and Major Needs. | | | When researching the homes you are interested in go to Idealproperties.com to do a search to get listing & area info | | | You can find out home values and area information at Zillow.com or on Trulia.com | | | You also may find what the seller originally paid for the home and property tax information at the local County’s web site | | | Your lender will run title work on the property to see if there are any current leans or encumbrances against it. | | | Decide how much to offer for the home you want. Have your Agent provide you with research documentation. | | | With the help of your real estate agent, write an Offer to Purchase. | | | Negotiating the purchase terms – Clearly voice your ideas - rely on your Real Estate Agents experience | | | Hire an inspector to examine your prospective home (Usually within 10 days after the purchase acceptance). | | | Accompany your inspector during the inspection. | | | Get agreement on repairs to be made by the Seller. Inspect repairs and handle other details prior to closing day. | | | For some loans you will need to get bids on the repairs from licensed and insured contractors | | | Complete all mortgage loan application requirements. Find out what they will need to get a “clear to close”. | | | You’re ready to get your loan in order. Meet with your lender, Loan Officer (LO) and provide all needed Docs (listed below) | | | Be sure to ask to your lender to provide you with all title search information and the final HUD Doc before closing. | | | Your lender will take care of most of the process for you. Ask them to search for programs that will best help your needs. | | | Your lender can add your fees into the closing costs if they are being paid by the seller (Insurance, Home Inspection). | | | You may ask the lender to not charge an origination fee or points (this is a part of your pay to the LO). It makes rate higher | | | Flood Zone Insurance – your lender pulls a Flood Certification or you can go to FIMA Maps to see if it is in a Flood Zone | | | Property Survey – your lender orders survey insurance or you can order a full survey on the property for not much more. | | | You may want to hire a lawyer to review your closing documents at the closing. It is about $250 and gives you assurance. | | | Have your Home Owners Insurance Binder for the closing day (you may pay for 1 year or have it paid for at close). | | | Your Agent will work with the Lender and Title Company to set up your closing date and time that meets your needs. | | | Get the utilities set up in your name and have it turned on after you close or on the agreed upon date. | | | Hand over a certified check for the down payment and pick up the deed and the keys for your home. | | | The title company or your attorney will record your deed with the county. | | | Arrange for Movers prior to your move date. | | | CONGRATULATIONS AND WELCOME HOME! | | | The following information is usually required during the loan process: - Legal Name, Your Social Security number , Address and Date of Birth
- Current months pay stubs & 2 W2s or, if self employed, your tax returns for the past two years
- Bank statements for the past two months
- Purchase Agreement (will be provided by your realtor when accepted)
You may need: - Investment account statements for the past two months
- Life insurance policy – if you will taking a loan from it
- Retirement account statements for the past two months
- Make and model of vehicles you own and their resale value
- Credit card account information
- Auto loan account information
- Personal loan account information
If you currently own Real Estate: - Mortgage account information
- Home insurance policy information
- Home equity account information (if applicable)
| | Buyer’s Services - Bottom-line Buy  Investor Services  Relocation services  Free Mortgage Pre-approval  Credit Counseling  Mortgage Loan Program Planning  Loan Qualification Consultation  Ideal Home Wish List Survey  Future Goals and Lifestyle Survey  Multiple Listing System - MLS – search homes based on your specific criteria  Hot Home Listings - e-mailed daily to you with a link to prospective homes. See listings before Realtors® do.  Your Personal Web Page - to manage Homes that meet your criteria. E-Mail me, Your Favorites for us to tour. Save your notes on key properties.  Technology and Software to help to find properties that are priced under market value.  Comprehensive Destination Orientation Programs  Real Estate Transactions, Purchase Process System  Purchase Property Research – Comparable Market Analysis, Taxes, Liens, Inspections  Purchase Strategies and Negotiations Techniques  Knowledge About Communities and Resources  Buy Right – Buyer tutorials and check lists  Moving Management System  Home Owners Information and Resource Guide | | Sites and Resources: Mortgage Loan and Credit FREE Pre-approvals- www.Ameriway.com www.noic.com Fair Isaac/Credit Scoring - http://www.myfico.com Equifax – http://www.equifax.com/ Experian – http://www.experian.com/ Trans Union – http://www.transunion.com/ Real Estate Toledo wREALTOR.COM Real Estate Info and Home Search – IdealProperties.net Tax Auditor - http://maps.co.lucas.oh.us/areis/areis.asp Lucas County Clerk of Courts - http://lucascountyoh.gov/ default.asp?RequestedAlias=clerk Lucas County Sheriff - http://lucascountyoh.gov/Sheriff/ All Counties and Community info - The Toledo Board of Realtors® -http://toledorealtors.com/ Ohio Board of Realtors® - http://ohiorealtors.org/ Home Builders Ass’tn of Greater Toledo - www.toledohba.com National Ass’tn of Home Builders - www.nahb.org Home Value and Information Real Estate Info and Home Search – IdealProperties.net www.zillow.com www.homeinsight.com www.Trulia.com Real Estate Investments Area REOs e-mailed daily - http://www.foreclosure.com/ HUD Homes -http://www.mcbreo.com/ohio/ohplindex.htm US Marshal’s by Bid4Assets - http:// .bid4assets.com/ Freddie-Mac Homes - http://www.homesteps.com/ Fannie Mae http://www.mortgagecontent.net/reoSearch Application/fanniemae/reoSearch.jsp Marcus & Millichap RE Invst. -http://marcusmillichap.com/ BUY-BANK-HOMES - http://buybankhomes.com/ BANK OF AMERICA - http://bankofamerica.com/state.cgi? section=generic&update=&cookiecheck=yes&destination=nba/loansandhomes/index.cfm? template=hc_bank_op | ESTIMATED FEES FOR PURCHASES $150,000 AND LOWER. THIS IS FOR OHIO PROPERTIES ONLY. BUYERS FEES: EAGLE POLICY OF TITLE INSURANCE $5.75/thousand + 15% of same policy – TG amount OR = $______________ STANDARD POLICY OF TITLE INSURANCE $5.75/thousand ________X $5.75 = $ _____________ SIMULTANEOUS ISSUE $100.00 = $______________ (When owner’s and loan policies are purchased at the same time. Not needed on cash transactions) EXAM (platted property) $ 30.00 = $_30.00________ COMMITMENT FEE $100.00 = $100.00________ CLOSING PROTECTION LETTER = $_15.00________ CLOSING PROTECTION LETTER – LENDER = $ 35.00_______ EPL ENDORSEMENT $ 75.00 = $______________ (Lender may require additional endorsements at a fee) SURVEY COVERAGE $100.00 SURVEY $150 - $250 (based on property = $______________ location) RECORDING $28 for 1st two pages, $8 each page = $______________ after (typically $28 for 2 page deed $140 for 16 page mortgage) OVERNIGHT, WIRE AND $20 overnight original docs to lender = $______________ ELECTRONIC DELIVERY FEES $20 incoming funds wired by lender = $______________ $15 documents emailed by lender = $______________ MISCELLANEOUS BILLS PAID AT CLOSING = $______________ CLOSING FEE $235.00 = $235.00_________ ESTIMATED TOTAL BUYERS FEES__=$_________________ What to Expect on the HUD Closing Statement The parties to a real estate sale may negotiate on who will pay certain closing costs. In the absence of an agreement, local custom calls for each party to pay those closing costs related to that portion of the transaction for which they are responsible. Some of those costs and who usually pays them are described below. The information below will give you a rough idea of what you will expect to see on the HUD or Settlement Statement at the time of closing, what fees are paid by the Seller and what fees are to be covered by the Buyer. These fees may vary based on the area, the property, the purchase price or the lender’s requirements. When a buyer asks to have his closing costs covered by the seller they must be made aware that this money is in essence coming out of the buyer’s loan and they are really paying it themselves over the term of the mortgage. The Lender will usually only allow the Seller to pay up to 3% or as much as 6% of the Buyers closing fees depending on the loan programs requirements. You may want to look into how much interest will be paid on that few thousand dollars over say a 30 year period and the possible tax benefits of this. Having these fees paid within your loan or by the seller may give you even more benefits when you consider that a lender gives you a better interest rate when you have a higher loan amount and with more money to put on a down payment the lender will qualify you for a larger amount. The major downside of this is that the Seller may not view you as a buyer with solid purchasing power and may not be as willing to work with you to get the deal accepted. There are also Buyer’s Down Payment Assistance Programs that can be wrapped into the loan. The lender will usually allow you to use from 3 – 9% of the purchase price Down Payment Assistance based on the loan program and the property’s appraised value. In order to use Seller Paid Closing Costs or Buyer’s Down Payment Assistance Programs you will need to be sure that you are buying the property for that much under market value because a Lender will not make a loan for more than the appraised value of the home. If the home does appraise for too low to fold those costs into the loan then you may ask the Seller if he would consider taking back a second loan for you. If a Seller needs to get out from under the home and will have some equity in the home after his loan payoffs have been made then this could be very advantageous to both you and to the Seller. There are many creative ways to put a deal together you make ask your Real Estate Agent, however your Loan Officer will be able to up date you on the many financing programs that are available. Be sure to ask your Loan Officer to give you a copy of your Good Faith Estimate after he has plugged in the exact numbers for the property that you are purchasing so that you will know exactly what to expect to pay at closing. | | Definition of Closing Costs | Seller Paid Fees | Buyer Paid Fees | |
| Abstract
An abstract is a summary of the history of ownership of the property. If an existing abstract needs to be updated or continued, the cost will be lower than if a complete, new abstract must be prepared. An update usually costs between $75 - $150. A new abstract in Ohio or Michigan can cost upwards from $250 - $400. The cost for an abstract is usually paid by the Seller. | Abstract Update $75 - $150 Complete $250 - $400 | | | | Appraisal | | Appraisal $250 - $400 | | | Real Estate Agent/Broker Commisions | Real Estate Agent/Broker Commisions Buyers Agent 2% - 3% Seller’s Agent 2.5% - 4% | | |
| Down Payment
Most lenders require a borrower to pay at least 10% of the purchase price as a down payment but certain loans or government loan programs require less or even no down payment. With a good credit rating you may be allowed as low as a 3% down payment. Ask about down payment assistance programs. | | Down Payment Percentage of Purchase Price 3 – 10% | |
| Loan Origination Fee, Points
A loan origination fee is a lender's fee to a borrower for establishing a new loan. Conventional loan origination fees may be 1 to 3+ points. A point is 1% of the loan. The LO gets paid by the Lender that is buying the loan based on the interest rate and how large the loan amount is. It is usually best not to pay points. | | Loan Origination Fee, Points 1% of the loan per point | |
| Appraisal Fee
An appraisal fee is paid to an appraiser to obtain an estimate of market value upon which the lender will base the loan amount. The cost is about $300-$400. This fee is usually paid by the buyer. | | Appraisal Fee $300-$400 | |
| Credit Report
A credit report is an evaluation of the buyer's credit habits made by a credit bureau for the lender. The cost is $50-$60 and is usually paid by the buyer. | | Credit Report $50-$60 | |
| Tax Service Fee
A tax service fee is a charge of approximately $75 by a tax service company to verify to the lender that taxes have actually been paid when due or are due to be paid by a borrower or mortgage company if impounding. | | Tax Service Fee approximately $75 | |
| Inspection Fees
Inspections the buyer may choose to have done may include a general property inspection that usually cover foundation, electrical, plumbing and overall construction at a cost of $200 -$300. Roof inspections cost $75-$125. Septic inspections may cost between $200-$400. Homes built before 1978 Lead Base Paint/Asbestos | | Inspection Fees $200 -$700 $200 -$300 structural, mechanical $ 89 Wood boring Pests $ 95 Radon $ 300+ Mold $ 45 Carbon Monoxide | |
| Title Insurance
Title insurance covers title defects and even certain unrecorded liens, is based on the loan amount or purchase price and is required by almost all lenders. The cost depends on the amount of the loan, for a lender's policy, or the purchase price, for an owner's policy. A title insurance policy for a lender does not insure owners so the owner may want to buy their own policy. The cost for title insurance is usually paid by the buyer/borrower. Closing Fee $165, $23 per pay off overnight fee. Buyer $215, Shipping $55, Wire fee $15 | Title Insurance $3 per $1000 plus $350 Closing Fee $165, $23 per loan pay off overnight fee | Title Insurance $215, Shipping $55, Wire fee $15 | |
| Title Examination Fee
The title to the property is reviewed for liens, mortgages, easements or defects. This fee is sometimes added directly to the cost of title insurance or may be a separate item on the settlement statement. This is usually paid by a buyer. | Title Insurance – Title Exam & Settlement Fee $3 per $1000 plus $350 | Title Examination Fee $150 - $200. | | | Definition of Closing Costs | Seller Paid Fees | Buyer Paid Fees | |
| Deed Preparation
This is like a bill of sale for real estate. This cost ($60) is usually paid by the seller. | Deed Preparation $60 | | |
| Plat Sketch
A plat sketch is a sketch of the boundaries of a piece of real estate used to determine whether buildings or other improvements are actually located on the property and that the neighbors' buildings or improvements do not encroach on the property to be financed. The cost for a plat sketch (between $60 -$75) is usually paid by the buyer. | | Plat Sketch between $60 -$75 | |
| Deed Tax
A deed tax is a state tax. The cost is $3.30 per $1,000 of the selling price. This tax is usually paid by the seller. | Deed Tax $3.30 per $1,000 of the selling price | | |
| Miscellaneous Costs & Fees
An estimate of $150 should be considered to cover other items such as recording fees and document preparation, as well as allowing for variations from these other estimates. | | Miscellaneous Costs & Fees
An estimate of $150 | |
| Hazard Insurance Reserve
If hazard insurance is to be paid monthly to the lender, a portion of the next premium is collected for the escrow account in order to ensure that enough money is impounded to pay the premium when it comes due. The buyer will usually need to either provide or pay for coverage for the 1st year. If you have seller paid closing costs then add the buyer’s insurance payment into it to be sure to hit your 3 or 6% | | Hazard Insurance Reserve The buyer will usually need to either provide or pay for coverage for the 1st year. | |
| Recording Fees
Charges by the County Recorder to record deeds, mortgages, satisfactions of mortgage or other documents required to clear or transfer title are collected by the closing agent. In most counties, the cost is $20.0 for each page and each party may be required to record one or more documents, depending on the transaction. | Recording Fees $20 | Recording Fees < > $200 | |
| Prepaid Interest
A borrower often must pay interest from the date of closing to 30 days prior to the first regular mortgage payment. | | Prepaid Interest
A borrower often must pay interest from the date of closing to 30 days prior to the first regular mortgage payment. | |
| Mortgage Insurance
Mortgage Insurance usually is required on conventional loans greater than 80% of appraised value. The cost may range from 1/2% to 1% per year and 14 months premium is often collected in advance. This is coverage for the lender in case of default. The premium is paid by the buyer. | | Mortgage Insurance 1/2% to 1% per year and 14 months premium is often collected in advance. | |
| Mortgage Registration Tax
Mortgage registration tax is a state tax charged by the State of Minnesota for giving a mortgage. The tax amounts to 23¢ per $100 of mortgage amount. This tax is usually paid by the buyer/borrower. | | Mortgage Registration Tax 23¢ per $100 of mortgage amount | |
| Tax escrow (impound)
If the new loan is going to have an escrow account for the payment of taxes and insurance, the lender will require from 2-10 months taxes to be deposited at the time of closing, depending on when the next taxes or insurance need to be paid out of the escrow account. These sums are paid by the buyer/borrower. | | Tax escrow (impound) 2-10 months taxes to be deposited at the time of closing, depending on when the next taxes or insurance need to be paid | | | Underwriting/Credit Fees | | Underwriting/Credit Fees $125 - $450 | | | Processing Fees | | Processing Fees $125 - $450 | | | Tax Service Fee | | Tax Service Fee $65 | | | | | | | | Definition of Closing Costs | Seller Paid Fees | Buyer Paid Fees | | | Flood Certification Fee | | Flood Certification Fee $10 - $25 | | | Property Survey or Survey Coverage | | Property Survey $200 - $400 Survey Coverage $100- $150 | | | Mortgage Insurance | | Mortgage Insurance $0 - $500 | |
| Closing Fee
Closing fees are paid to the closing agent for closing the transaction. These fees range from $150 - $350, depending on the complexity of the closing. Usually the buyer pays a fee to close a loan if there is financing and a seller pays a fee for the work needed to transfer ownership of the land to the buyer. Each party may hire their own closing agent, though, to ensure that their part of the transaction is properly handled. Or the parties may choose to hire the same closing agent to close both the seller's and the buyer's portion of the transaction. | Closing Fee $150 - $350 | Closing Fee $150 - $350 | BUYERS GUIDE Real Estate Terms & Definitions |
| Abstract (Of Title)
An abstract is a history of a piece of property including a summary of the public records relating to that land. Some people mistakenly believe that an abstract is like a motor vehicle title certificate. That belief is wrong. An abstract is simply a summary of the history of property. With that history it is possible to draw conclusions about ownership and liens. | |
| Acceleration
The right of a lender to demand immediate repayment of a loan, usually because of some kind of default on the part of the borrower. | |
| Agent
Someone who acts for another. A real estate agent acts on behalf of the either the buyer or the seller. | |
| Agreement of Sale / Purchase Agreement
A written contract setting out the terms of a sale. | |
| Appraisal
An estimate of the value of property. | |
| ARM-Adjustable Rate Mortgage
A loan in which the interest rate changes, usually as a result on a change in one or more government statistical index rates. | |
| Assessment
A local tax "assessed" against property, usually for a specific purpose, such as for sewer or water improvements. | |
| Assessor
A person who values real estate for tax purposes. | |
|
|
|
|
 |
Home Advice
Get the answers on home selling and buying. |
|
|
|
|
|
|
|
Home Advice
Get the answers on home selling and buying.
|
|
|
|
|
Website Design and hosting by AgentAdvantage, official agent and broker website provider of Homes.com
