Sunday, January 15, 2012

Pop quiz: Ten new questions for property buyers

  1. How much will I save if I deal directly with the listing agent?
  2. How much deposit do I have to put down to make an offer?
  3. How is an escrow deposit dispute settled and does it matter whose escrow account it's in?
  4. If I change my mind about a purchase 10 days after signing the contract can I get my deposit back?
  5. The inspection revealed that the AC doesn't work. The contract is "as-is". What are my options?
  6. Is $500 reasonable for closing costs for a cash buyer of a $400,000 property?
  7. The seller has offered to equally split the title insurance cost. Is that fair?
  8. Can I change the contract to my brother's name after it's executed?
  9. The seller countered my offer at a higher price but came back the next day and accepted my first offer. Do I have to accept it?
  10. How is a buyer's agent paid?
If you're unsure about any of the answers, you may want to pause your property search until you do know the answers. Not knowing or being wrong about any of them could be costly.

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