How Much Money Do I Need To Buy A House?

Buying a house is so much easier than you may think! You do not necessarily need 20% down as there are still programs available to get 100% loans. You can also negotiate with the seller to pay most, or all, of the closing costs.

You will need earnest money. This can range from $500.00 to 1% of the sales price. The earnest money is credited back to the buyer at the closing providing the buyer proceeds with the sale. If the buyer backs out of the deal, the earnest money can go to the buyer or seller depending on the reason for the termination of the contract. You may be asked to pay due diligence. This fee is negotiable and may be as little as $100.00. This money is given directly to the seller at the time of a signed contract, but is deducted from the purchase price. You will have an appraisal fee. This ranges from approximately $300.00-450.00 in N.C, but may vary in different states. Most lenders require that this fee is paid when it is ordered.

Optional things you may choose to include would be different types of inspections. I say optional because the lender typically does not require them, but I highly recommend them. A home inspection usually starts at about $375.00 and you can personalize it to your needs. A pest inspection should range from $50.00-100.00. Surveys are determined by many factors, but a licensed surveyor will be able to give you an estimated quote on your cost.

An estimated Closing cost will be provided by your lender when you get pre-approved for your loan. These costs could range from 3-6% of the sales price.

If you would like additional information on the process of buying a home, getting pre-approved, cost involved or getting started, please contact me. I would be honored to assist you. Did you know my service is free to you? Sellers pay for the commission earned by realtors-not the buyers!