Earnest Money
Your first out
of pocket expense will be an earnest money check. These funds
accompany an offer for a home purchase, and if the offered is
accepted, these funds are kept on deposit until closing. At that
time, they are a credit for the buyer at the closing table.
These funds are refundable only when an offer is refused or if
financing is turned down. One other reason to return earnest
money would be if a home failed a home inspection beyond normal
expectations of the buyer and seller.
Loan
Application Fees
Loan
application takes place anytime before selecting a home, but no
later than five to seven days after the seller and the buyer
agree. Fees are paid to the lender for credit reports and
appraisals and are determined by the lender.
Home
Inspection Fees
All buyers
should hire a reputable home inspection service to perform a
full home inspection on your new prospective home. A full
service inspection company should be able to review the home
from the roof to the basement, but at times, an additional
inspector might need to be brought in for a review as well. For
example, the property may have a step crack in mortar or thru
bricks. If this is the case, you may also elect to bring a
structural inspector in order to tell you how extensive the
damage is and give an estimate as to the expense for repairs.
Estimated Home inspection fees
-
Home
inspection fees are based on the size of the home, age of the
home, type of foundation, and if the home is currently
inhabited or vacant.
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