Shopping for Title Insurance
When a purchaser buys a home their are other costs (often called closing costs) that they will incur outside of their down payment, hazard Insurance, taxes, etc. One can usually guess the closing costs will equal approximately 3% of the sale price of the home. So, if the purchase price is $300,000 and the purchaser puts 10% down, they would need $30,000 plus about $9,000 in closing costs. One way to reduce the $9,000 is to ask the attorney who is handling the paperwork to shop for the best rate in title insurance. The savings could be in the 100’s of dollars. When shopping for the best rate, make sure you are getting owners and lenders coverage and in most cases you want the title insurance to be enhanced.
Pricing it right makes all the difference!
The gap between the sellers price and what the buyers are willing to pay is finally shrinking. It has taken almost 18 months for sellers to realize that the 2004 and 2005 prices are a thing of the past. The good news is that when a seller gets their price right, there are buyers who are ready to make an offer. In fact, we have recently seen and heard about homes once again getting multiple offers. Pricing your home too high and waiting forthe right buyer in my opinion, is a bad idea.The longer it is on the market, the less chance you will even get an offer must less onewith which you would be happy. By you and your Realtor lookingat the comps and then pricing it aggressively, you will have a much better chance of receiving an offer that will be acceptable to you.
Taking advantage of a market vs the market taking advantage of you
We all know that in most situations sellers are having to reduce the price of homes to get their property sold. However, there is a silver lining. Assume that a seller has to reduce their $400,000 home by 10% to get it sold and are interested in moving up to a $600,000 home. Selling their home @ $360,000 on the face of it shows a $40,000 loss. If you consider the $600,000 has to reduce by that same 10%, in actuality, there is a $20,000 positive difference in the two transactions. In a strong market, the seller would have sold their home for $400K but they probably would have had to pay $600K for the home they want to purchase.
Roy Wheeler home | Search our listings
Farms and estates | Meet our agents | Market insights | Buying and selling | Relocation services | About us | Contact us
Ednam Hall, 1100 Dryden Lane
Charlottesville, VA 22903
434-951-5155 or 877-560-2858 ext 158
