Don’t Forget the Closing Costs When Buying in Tucson

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

 

Typically, when we work with buyers, many assume that the down payment is the only money they will need to pay out of pocket for the property. These buyers get a rude awakening when they realize there are other costs. That’s why today, we’re talking about closing costs.

First of all, there’s the down payment. There are some loan programs that don’t require any money down. In Tucson, there’s even a down payment assistance program. If you don’t want to pay any money out of pocket, you will still need a savvy agent to negotiate closing costs.

Closing costs include loan origination fees and other fees. If you are working with a DPA program, you can probably come in with a 3% down payment. If your agent doesn’t negotiate the closing costs, however, you will actually need to pay 6.5% out of pocket.  

In our current market, homes priced around $250,000 are in a strong seller’s market. That said, sellers are still paying closing costs. You may have to offer closer to the asking price in order to make that happen, but it will mean less money out of pocket at the end of the day.

There are other fees that a buyer needs to be aware of as well. We always recommend that buyers conduct a home inspection. These usually run around $300 to $350. For smaller properties like townhouses and condos, a home inspection might only cost $280. This is a small investment to make in order to know everything about the property before you buy it.

On top of the regular home inspection, you should also get a termite inspection. Termite inspections only cost $40 to $60. It’s important to make sure that the property doesn’t have any termites because banks won’t finance your home purchase if there are termites.

As you can see, there are many costs involved in buying a home. If you have any questions, give us a call or send us an email. We would be happy to help you!

The News About Long-Term Listing Agreements in Tucson

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

Long-term listing agreements are ultimately designed for failure. You wouldn’t go out on a blind date and marry that person right on the spot, would you? It’s the same kind of thing when you interview an agent to sell your property.

Don’t hire the first agent you interview. Talk to at least two to four agents before making a decision. You may know one of them better than the others already but you won’t know their whole history. You need an agent with proven experience.

Typically when you sign a listing deal, you commit to working with that agent for 6 months to a year and there’s no clause to exit the agreement. If things don’t go smoothly with the agent, you are stuck with them until the agreement is up.

On our team, we include a no-questions-asked clause that allows you to get out of the contract. In the state of Arizona, you need to provide the start and end date in a contract. We include this clause so that if you’re not happy with our services, you can cancel at any point. This holds us accountable. We will do what we say we’ll do during the listing appointment. If we don’t, you don’t have to continue working with us.

This is the best way to go into long-term business relationships. Most agents will just tell you what you need to hear and, after they get the listing, you won’t hear from them. The no-questions-asked clause keeps us on our toes and working hard to sell your home. 

If you have any questions about today’s video or real estate in general, give us a call or send us an email. We would be happy to help you!

The Key to Avoiding a Real Estate Disaster in Tucson

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

There is one main question you should ask your agent before hiring them: “Are you a full-time agent?” You need to find whether they just do real estate as a hobby or as a part-time job. If that’s the case, you probably shouldn’t hire them.

Most deals that fall through do so during the inspection process. If you have an agent who is only part-time and has only done a few transactions, you increase the chances that the deal will fall through. You need a savvy agent with a lot of experience in order to ensure the deal goes smoothly.

A part-time agent is only going to be available part of the time. If a buyer calls to check out your house, but your agent isn’t available to take the call, the buyer will move on to the next home. You need an agent whose highest priority is real estate so that they’re always available to assist you.

Here at Emprea Real Estate, we are full-time agents. We don’t hire anyone part-time because we want to ensure a professional experience for our clients. Selling a property can be very stressful, so we want to help take the stress off our clients as much as possible! On our team, there is always someone available to answer your call!

If you have any questions about the real estates process, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!