Closing Costs And What Buyers Should Know

September 25, 2020 devsite

Dave Cantrell and Fred Arnold from American Family Funding share their knowledge about real estate along with realtor Rod McIntosh.

The realtor should prepare the buyer on everything possible before showing the first house they want to buy. Chances are that there is another buyer willing to purchase the house. Buyers may have to learn the hard way to be prepared to pay more for the property as expected.

“The most I’ve seen is maybe 16 offers in one property in a matter of three days,” Rod McIntosh said. It’s common in real estate that there will be competition among the buyers.

In any business there should always be clear communication, however, it’s common that things will not go well due to lack of communication. McIntosh shared his many experiences where he wouldn’t get emails from the broker to find out the seller situation.

He always calls every listing agent and has conversations to find out what he is working with. Overall his plan is to find the best match and budget for his seller and the buyer’s offer.

When it comes to selling your home, the best option is to do the closing costs on your own. Rod points out, “I tell them to call every mother, brother, sister, uncle, and get the money to pay their own closing costs.”

There is another option for closing costs, which is rebate the costs. Dave Cantrell from American Family Funding has programs for first responders and nurses that will take off $1000 from closing costs.

Another way is if you bump the interest rate a quarter percent you can get a half to one percent back to help with the closing costs. “If you got no points and it’s a $500,000 loan and it’s a $600,000 house—let’s say—or $550,000. You know 1% is $5,000 you just made up half your closing costs.”

Remember to always seek advice or help from a professional to get the best results. It is good to work with people who are solution oriented.

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.