Useful information so you can know what to expect - Buying a home in Tampa Florida
When contemplating a purchase of a home, you may wonder..."what are going to be some expenses I can expect to pay out of pocket prior to closing on my new home?"
Once you find a home that you really feel called to, you will need to make an offer with your real estate professional and you will want it to be considered a "strong offer". I would suggest making an offer with at least a $1000 earnest money deposit. This money will be taken to the title company that will handle the closing. It will be held at the title company until the day of closing and goes towards the purchase price of the home.
Once the negotiations are complete and you have an "executed contract" its a good idea to order a home inspection. You can expect to spend approximately $350 for the home inspection plus and additional $75 for termite inspection (determined by what the inspection co charges per square feet).
An appraisal is required by your mortgage company -- approximately $375. This will be ordered by your mortgage company or mortgage broker. Depending on the type of loan this may be able to be included in your closing costs. If not, you will need to pay it out of pocket at the time of the appraisal.
A survey is also required. If the seller had one done recently, it may just need to be updated for a smaller fee. Otherwise a good estimate is $400.
On the day of closing, if you decide to, your Realtor can also order a Home Warranty that will cover any major repairs that may need to be made in the first year with a small "co-pay" whenever you need to call a repairman out -- for air conditioning, plumbing, etc. You can also request a home warranty to cover the pool if applicable. You could ask your realtor to negotiate for a home warranty to be paid for by the seller also and see if the seller is agreeable to that.
You can ask your mortgage lender for a complete breakdown of the closing costs having to do with your loan.
Knowing what to expect brings peace of mind. I hope you find this information useful. Please let me know if you have any questions.
Please call me if there is anything at all that I can do for you,