You need to take action As if you were a bank institution lending you the money to a buyer and need to follow their procedures & methods to protect yourself as a homeowner vs. Tenant from hidden structural problems that are not visible or that go unnoticed. Consider all of the additional costs as a homeowner vs tenant. First doing an inspection report will help you determine if the house has settled properly being that you moved in when new and also can point out minor and major repairs needed that can affect your immediate and future financing budget for housing expense such roof repair or replacement. An appraisal is a must as it will tell you how much you should be paying comparing to similar homes in your immediate neighborhood just sold past 3 to 6 months. Appraisers determine value by minus and plus method of what your home lacks or offers more than the comps used to see if $320,000 is a fair amount to pay. Once you sign the loan agreement from the owner you will have to pay that off whenever selling this property. So you do not want to pay for a property that maybe worth less then the loan! Closing costs are usual and customary 50/50 % so not an advantage for the buyer. Remember that added to your monthly housing expense are Taxes, home owner's insurance, Water and sewer bill, and repairs that become your responsibility as a homeowner vs tenant. Just precautionary steps to take and consider other than closing costs.
Best Regards, Tony Taranto, Keller Williams Realty, Paso Robles, Ca. 93446. (949) 637- 7133.
Feel free to call me with any questions. Congratulations on becoming a new homeowner.
Contact the escrow company that is handling your transaction and ask them to provide you with a "buyer's net sheet." They will need the information that you provided here as well as other information that they will ask you.
Hope this helps and good luck.
How lucky you are to be moving to the Central Coast! I am a native of the San Luis Obispo area. Being a Central Coast native gives me a true appreciation of all that the local lifestyle represents. I bring this enthusiasm to everything I do.
This is the busiest season for the real estate market - people come as tourist and decide that they want to have a second home, retire or just move here permanently.
A home here is a wise investment as our market tends to be more stable than others nationwide. We lack the dependency on large industry or manufacturing so the population and resource remain consistent.
I am a Realtor and would be delighted to assist you. My reputation and future success depends on providing my clients with exceptional service and professionalism. When looking for a partner to find the ideal home or to sell your property, remember my name and call me, knowing that I am here to serve.
Seawave Real Estate, Inc.
Pismo Beach, CA
Web Reference: http://www.rebeccasccl.com