By Mary Pat Elledge

Nobody Likes Surprises in Real Estate Transactions!

As a member of the Texas Association of Realtors, your Realtor subscribes to a strict Code of Ethics. A Realtor is a professional with the skills to help you through the entire process of buying or selling your property. Protecting your interest as a consumer is a top priority! Whether it is assessing all the properties for sale in your desired area, explaining the Texas required Real Estate Contract, negotiating for you to get the BEST possible price available for your home, or facilitating the Mortgage process and the Title Company paperwork, your Realtor's goal is to make this process an enjoyable experience with less stress for you. Your Realtor is a wealth of information, and you should ask questions of him/her so that there will not be any ‘surprises' during this process.

Here is some information that might be helpful to home buyers that they need to be aware of at the beginning process of Buying a Home…..and this Surprises many people:

One important fact that many buyers do not realize is that when they find a home and make an offer on that home, they need to be prepared to invest some money up front in order to make that home theirs.
• Up front money will be an "Option Fee" of from $50-$100, that is paid when a contract is submitted. This allows the buyer the time to get an inspection on the home to make sure it meets up with their expectations & whether there needs to be any repair to the home not covered in the contract. (usually this money is refunded at ‘closing')
• Buyers will need to write a check for "Earnest Money" to be cashed and held at the Title Company until Close, and usually if all agreements in the contract are fulfilled, this money will be credited to them at closing. (this check can be anywhere from $500 and up according to the price of the home they want to buy.)
• If Buyer chooses to have an inspection (which I highly recommend) they are responsible to pay that inspector after the inspection on site. This cost is usually $300 to $500.
• Buyer might also be required by the Lender to pay for the Appraisal of the home, which is normally required when obtaining a mortgage. This will usually cost $350+ and is due at the time the appraisal is done.

If the buyer is not prepared to meet these kinds of costs even before the home is theirs, it can be eye-opening to them! So, ask questions, do your homework and don't be afraid to ask your Realtor to explain in detail your concerns.

I am happy to answer your real estate questions. Just give me a call 214-923-3114 or email me at marypat-homes@comcast.net Thanks! Mary Pat Elledge, Keller Williams Realty and Murphy Resident