A truly reliable agent will fill you in about hidden fees.
When you go through our buyer program, we want to make sure that you don’t get ‘sticker shock,’ or that feeling of surprise when buyers find out at closing that their fees are more than they estimated. We do that by giving you an estimate before you even submit an offer on a home. That way, you’ll have an accurate idea of how much you’ll be paying; it is a 30-year commitment, after all.
Hidden fees can be a problem for many buyers, especially those who were living in condos or rentals previously. Things like lawn service, pest control, and pool service are simply things they weren’t used to. Depending on where you live, we’ll go through and add those things into a payment plan for you so you can be ready. Otherwise, tackling those issues yourself is also an option.
“You need to determine whether programs like that are forgivable—in other words, whether you’ll have to pay them back or not. ”
On the settlement statement or your closing documents, you’ll find a list of fees that can be fairly overwhelming, including things like doc stamps, title insurance, property taxes, and so on. We’ll go through each of those items and break them down for you step by step, answering any of your questions along the way.
Bear in mind when thinking about these fees that there are many assistance programs out there. If you bought your first house within the last five years, you’ve probably used some kind of first-time buyer program, which could have been up to $15,000, depending on what you qualified for. Be advised that you need to determine if programs like that are forgivable—in other words, whether you’ll have to pay them back or not.
Sometimes when people go to close on a purchase after using such a program, they find that they have the program fees hidden as a second mortgage on their profile. If the client didn’t know that they’d have to pay it back, that’s a pretty big screw-up on their agent’s part. To avoid this, be sure to work with an experienced, qualified agent and ask them many questions during the buying process so that you understand what’s going on and how it’s going to affect your deal.
Here at ERA Heavener Realty, we just want to make sure that you’re getting the best service and that you know what you’re getting into with this 30-year commitment (even though statistically, you’ll probably end up buying a different house in six to seven years).
If you have any questions about the home-buying process, would like to learn more about hidden fees you’ll encounter, or need a second opinion about an issue, feel free to give us a call or send an email. We’d love to help you.