Denette Bartoli, Realtor
Denette Bartoli, Realtor's Picture
Denette Bartoli, Realtor
Phone: 650.787.9885
Office: 650.369.7331x39
Cell: 650.787.9885
Fax: 650.369.7339

Ready To Buy? Put Money Aside For...

 
 

Truth be told, buying a home is expensive.  Besides the actual borrowing of money from a bank there are many other expenses you have to put money aside for when buying a home.  Be prepared by saving!  


 

3% Initial Deposit AKA "Good Faith Deposit" 

This is the deposit you put in escrow when your offer is accepted.  If you put an offer on a house at $650k, your 3% initial deposit will be $19,500.  This amount is part of your “down payment.”  Also known as a “good faith deposit” which means you are acting in good faith and shows the seller you are serious about buying their property.  You have 3 days to put this 3% into an escrow account after your offer is accepted, so you MUST have the cash available.
 

Down Payment

Money outside of your loan that you will put toward a home purchase, 10-20% of the purchase price.


Inspections

As a buyer you may want to conduct inspections such as termite, property, roof, foundation, chimney etc.  The type of inspection you choose is up to you.  It’s advised that you conduct your own inspections even if a seller has provides their own.  A termite/pest inspection cost around $275 and a property inspection costs approximately $400-450.  The inspections will provide you with any defects the home might have.


Buying Closing Costs 

When you buy, your closing costs can be $10k+/-, depending on your loan, price of house etc. These closing costs are in addition to the purchase price of you new home.  


Supplemental Taxes

The supplemental tax bill represents the tax due on the difference between the old and new values adjusted for the number of months left in the fiscal year.  


First Year Insurance 

Considered part of your closing costs as a buyer.  The first year of insurance must be paid in full at closing.  Your lender will require it.  It might be added to your loan or you can pay out of pocket.


Property Taxes

These might be added to your loan or put in an impound account by the lender or you can pay out of pocket.  It can be part of your closing costs, depending on the lender regulations.



Contact Me To Discuss Home Buying

Denette Bartoli  / Realtor / License #01759625

Terrace Associates, 926 Woodside Road, Redwood City, CA 94061

Cell: 650-787-9885 / denettebartoli@yahoo.com / www.denettebartoli.com