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| Contract Item | Comment | Estimated Cost* |
| Sales Price |
The higher the sales price, the better your offer. You usually have to offer over list price to win in a multi-offer situation. |
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Termination Option NOTE: Relocation companies do not allow Termination Options (which are unique to Texas). |
Negotiable for 7-10 days and $200-500 fee. Waiving your Termination Option can be a good way to be competitive, and you are still allowed to do inspections. However, you will have little negotiating room for repair requests. In a hot real estate market, most sellers won’t agree to repair requests anyway. (See more about inspections and common issues on homes in this area.) If you want a Termination Option, but you also want to be competitive, then offer a $1000 fee to show that you are a serious buyer. If you do not “exercise your option to terminate” then your Option fee is applied (credited) to your Sales Price at Closing. |
$200-1000 |
| Requested Non-Realty Items |
Do not request excluded items if you want to be competitive. You can ask for appliances, furniture, etc. and offer to pay for them in a Non-Realty Items Addendum. |
$10 or more |
| Title Policy | Sellers usually pay for the title policy but you should pay for it if you want to be super-competitive. | Calculate cost |
| Survey | Buyers usually pay for a new survey if the sellers do not have an accurate one available. | $425 at Closing |
| Home Warranty |
The Seller usually pays for a Home Warranty, but the Buyer chooses which home warranty company and policy type they want, and the title company orders it and pays for it out of Closing funds. To be more competitive, pay for the Home Warranty yourself. |
$500-800 (with pool) |
| Closing Date | If the home is vacant, then the sooner the better to Close (for the Seller). Being flexible on a Closing date, to match what the Seller wants, can be a good way to be competitive. Closing time frames are mostly determined by the lender who usually require 5-6 weeks. Cash buyers can usually close in 3-4 weeks as long as their funds are readily available. | |
| Possession/Temporary Lease Backs | If the home is still occupied by the owner, then offering a Temporary Lease Back to the Seller, so they have time to pack and move after the Closing, can be a good way to be competitive. | |
| Seller’s Contribution to Closing Costs |
If you need help with Closing costs, because you do not have a lot of cash available for the purchase, then your offer will not be very competitive. Asking the Seller to pay for anything extra lowers their “net proceeds” from this transaction. Sometimes you can offset “Seller’s Contribution to Closing Costs” with a higher sales price, but not often in a multi-offer situation. |
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| Type of Financing |
A conventional loan from a reputable local lender will make your offer more competitive. If you have a big bank (such as BofA, Wells Fargo, or Chase) then you will not be as competitive (because listing agents don’t like them due to Closing issues). FHA loans are not competitive because of the stringent inspection process and reputation for low appraisals. |
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| Days for Buyer Approval | On the Third Party Financing Addendum, we typically put 21 days for Buyer Approval, but if you have all your paperwork turned into the lender, and your lender says it’s OK, then you may want to put 14 days to shorten this contingency (to be more competitive). | |
| Appraisal Addendum |
If you are bidding high on a house and have concerns that it will not appraise, then you should request an Appraisal Addendum (see my detailed article and video about this). This is especially true if you are a cash-rich buyer. However, this makes your offer less competitive than offers who do not make this request. If you can afford it, do not request an Appraisal Addendum and be prepared to pay the difference between the sales price and the appraised price (plus down payment and Closing costs). |
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| Subdivision Info | You can usually get the deed restrictions for a neighborhood online. If you want a printed copy, then you may be charged for it and you will have to request it on the HOA addendum. This is very unusual and will make your offer less competitive. |
Cost Varies |
| HOA Transfer Fee | The transfer fee should be listed on the MLS, but it may be inaccurate. The Buyer usually pays the transfer fee. There may be other fees $200-400 approximate) charged by the HOA before Closing…each HOA is different. | Cost Varies $200-400 |
| Foundation Fee | Johnson Development who runs Cross Creek Ranch, Sienna Plantation, and Riverstone, requires that Buyers pay an extra fee at Closing, usually equal to one year’s HOA maintenance fee. There may be other neighborhoods/developers that require this as well. Make sure you identify “who pays what” in the contract. | Usually equal to HOA fee $1100-1300 |
| Capitalization Fee | Johnson Development who runs Cross Creek Ranch, Sienna Plantation, and Riverstone, requires that Sellers pay an extra fee at Closing, usually equal to .25% of sales price. There may be other neighborhoods/developers that require this as well. Make sure you identify “who pays what” in the contract. | Cost Varies but usually .25% of sales price |
| *All of the costs listed are ESTIMATES only. | ||
To write an offer to purchase a home, I will need the following information:
(for e-signature system to be legal, they require separate emails)
Buying & Selling Real Estate Is a Huge Investment
Don’t You Deserve a Five Star Real Estate Agent?
Sheila Cox
832-779-2890
REALTORS DON’T “JUST” SELL HOUSESReal estate agents don’t “just” sell houses; we sell a SERVICE to effectively guide home buyers and sellers through the entire real estate transaction, which usually takes several months. We are more like real estate consultants than we are salespeople. That’s probably why 86 percent of all home buyers and sellers choose to hire a real estate agent when buying or selling a home! Buying or selling a home is not like buying or selling a TV, a computer, or a car. You can’t buy/sell a home on the Internet with a couple of clicks. There are MANY legal aspects, deadlines, and requirements that most people are not trained to handle. What’s more…mistakes along the way can cost you thousands and even hundreds of thousands of dollars. The financial risk is much greater than just about anything else you may buy.
Please read the list of my value-added services for home buyers |
FREE GUIDES & REPORTS by Sheila Cox, Five Star Realtor
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View Helpful Videos on Sheila’s YouTube Channel
Why You Should Hire Sheila Cox As Your Agent
Integrity—I promise to give you candid opinions on all homes and areas so you can make the best decisions. I won’t ignore potential defects that can cost you money, or effect your resale value, in the future…I point them out to you! My job is to protect you, as much as possible, from defective homes while helping you make a sound financial investment. You will get more REAL info from me regarding homes/neighborhoods than you ever had before! (Read client testimonials)
Local Area Expertise—This isn’t just my business…it’s where I work and live (for 20+ years) so I really know the area. I will help you narrow your options and find the best neighborhood for you based on your specifications. For long-term resale value, the neighborhood you choose is just as important as the home you buy. (Download my Ultimate Katy Guide)
Great Pricing Data—I will give you the most in-depth data you have ever seen…to help you make the wisest decisions. This includes a professional CMA when you are ready to purchase a specific home…so you don’t pay too much. You can’t get this level of pricing information anywhere else. (Also see Pricing a Home Correctly)
Premium Customized Home Searches—Yes, you can search on your own, but no other home search available can filter down to the school level…and filter out the subdivisions that may be known to flood. Plus my search includes “Coming Soon” homes not listed on other websites. (Request a Premium Customized Home Search)
Video Home Tours—If you or your spouse lives out of the state or country, then you will enjoy my detailed video home tours. I have sold multiple homes to out-of-area clients “site unseen” by providing High Definition video walkthroughs of potential homes. My videos show front and back yards, closets, pantries, laundry rooms, and the garage…as well as the entire home. This gives you a complete picture of the house (unlike Matterports). I also point out any potential defects or deferred maintenance that I see. (view sample video walkthrough)
Easier Process—Moving your family (and possibly changing jobs) is stressful enough. I’m your transaction manager and will guide you, step-by-step, through the process so you never miss an important deadline. I assist with inspections, repair negotiations, home warranties, HOA compliance inspections, hazard insurance, surveys, appraisals, title commitment, home warranties, title commitment, and more. (Get Details of My Value-Added Services)
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