Melody Wagstaff
REALTOR®, MRP, ePro, C2EX, RENE, PSA
Realty Executives Associates
If you're considering buying or selling a home in East Tennessee, you're in the right place. Today, I'm going to break down the financial jargon that often surrounds real estate transactions, making it as easy as CDE.
C: Closing Costs Closing costs are fees incurred when you close the deal on your new home. From processing paperwork to legal checks, these costs are essential but can vary. They can range from 1% to 3% of your purchase price. Good news for buyers: you might negotiate the seller covering these costs through your skilled REALTOR®.
D: Down Payment Your dream home is within reach with a down payment. Picture this: you find the perfect house, put in an offer, and your financial institution asks for a down payment. This is a percentage of the total cost you're willing to contribute upfront. It's a smart move because it can lower your mortgage amount.
E: Earnest Money Earnest money - your commitment to making your real estate dreams come true. Think of it as a show of good faith, showing sellers that you're serious. This upfront money is subtracted from your total at closing. Remember, you'll need the funds available in a checking or savings account.
Navigating C,D, and E is simpler than you thought, right? If you're considering a move in East Tennessee, whether you're a seller or a buyer, I've got your back. Don't hesitate to reach out with questions or for expert guidance. Your real estate journey starts here!
