Earnest Money

Nykki Gallegos Buyer Insights, Buying

The quick facts on earnest money When you execute a contract to buy a home, you will offer some earnest money to the seller. The contract specifies when you need to provide the earnest money to the seller or seller’s agent and this is normally within a few days of contract execution. This check will be cashed within 24 to …

Home Inspections

Nykki Gallegos Buyer Insights, Buying

You need to schedule inspections on the house you are buying.   2. You have to get your inspections done prior to the Inspection Objection Deadline found in Section 2 of the contract.   3. Read our report HERE re: inspections.   We consider the inspection process to be one of two of the most important steps in a home purchase …

Home Warranties

Nykki Gallegos Buyer Insights, Buying

Ask your agent if he/she is aware of any existing home warranties that may be in effect or available for the house you are buying. Here are some possibilities: New Home Warranties: New home builders typically provided some kind of extended warranty covering the structure of a home for 5 to 10 years. The remaining term on such warranties usually transfers …

Disclosures Made by Sellers

Nykki Gallegos Buyer Insights, Buying

Buyers and sellers are obligated to make accurate disclosures and representations when buying and selling real estate. For buyers, this primarily entails dealing fairly and honestly with the seller and not misrepresenting the buyers ability to obtain a loan. Things are a little more complicated for sellers. Sellers are obligated to disclose latent property defects to buyers. A latent defect …

Holding Title

Nykki Gallegos Buyer Insights, Buying

If you are buying a property with another person, you have to decide how you want to hold title to the property. If you are the sole purchaser of the property, you can ignore the rest of this post. The two options for holding title are: (1) Joint Tenants or (2) Tenants-In-Common. A basic difference is what happens when an …

Arrange for Home Owner’s Insurance

Nykki Gallegos Buyer Insights, Buying

It’s time to make sure that your home owner’s insurance is in place. Even if you are buying a condo or townhouse or any property where the hazard insurance on the structure is being paid by a home owner’s association, you’ll still need to obtain what is commonly called “condo” insurance — it covers certain interior real estate items, your …

Your Loan Commitment Deadline Date is Crucial and Vital

Nykki Gallegos Buyer Insights, Buying

One of the most important deadline dates in your contract is the Loan Objection Deadline. You will find it in Section 2 of your purchase agreement. On or before this date, you can terminate the contract and get your earnest money back if you have not been able to obtain a firm loan commitment that is satisfactory to you. After …

Making Sure Funds Are Available for Closing

Nykki Gallegos Buyer Insights, Buying

The exact amount of cash you need to bring to closing is typically not known until within 24 to 48 hours of closing. At that time, you’ll need to be able to go to your financial institution to get a cashier’s check for that amount. Alternately, you’ll need to contact your financial institution to have the money wired to the …