If you have ever had the television on late at night it isn’t possible to NOT run across one of those infomercials about how to buy real estate. The stories are indeed amazing. “I bought this $500,000 beach front condo for $10,000 and I didn’t have to bring anything to the closing table,” says the Hawaiian shirt wearing host. But how does that one in a million transaction affect you and your purchase?
One way it negatively affects your pending transaction is the idea of buying a home with nothing out of your pocket. Yes it is possible to structure things certain ways where you can finance all of your closing costs, but if you are going to take advantage of things like that then you need to make sure you are very flexible in what house you decide to purchase. You need to be prepared to walk away from your dream home if the seller won’t work with you regarding concessions and conversely you need to be able to settle on a house that may not be exactly what you want, but where the financing options are favorable.
The bottom line is when you are looking to purchase a house you need to make sure you have a few dollars to put into the transaction. The days of needing to save up 20% are long gone but having closing costs and at least 5% already in the bank will make the home buying process much easier to handle. Always deal with a reputable agent and feel free to contact me for a list of local professionals.
Compliments of:
Tim Barlow
Cornerstone Home Mortgage
www.timloans.com
Tel: (360) 570-0106
Fax: (360) 570-1001
Direct:(360) 250-3400
3604 Henderson Blvd. SE
Olympia WA 98501
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