This is the video I was going to ask for 😍😍 Buying in a sellers market and waiting for the sellers acceptance let's hope I can use this soon 😍 #YoureTheManTho
Hi Crystal Vazquez, Thank you for watching and your positive mojo! Very much appreciated! Where are you in your home buying journey? Thanks again for watching! Enjoy a fantastic day! Thanks, -Your Real Estate Geek, Andrew Finney www.andrewfinneyteam.com/ #YoureARockstar
Thanks! The tip I found most helpful was the last one; getting your homeowner's insurance ready to go. Did that today, 2 wks out from closing. Feel better.
We close in 2 weeks and we thought it was going to take 30 days but the seller has already had everything done before accepting the offer. We are waiting on a home appraisal. This is so helpful so much.
Our next step is the inspection. I must admit that I'm a bit concerned about the appraisal part. Charlotte has a very competitive market for real estate. Some homes get offers of 10 -15K over the asking price. The one takeaway I got is just to stay on top of things. Excellent video, very informative.
I learned more about closing in this video then my last eight months of my broker license preparation. But to be fair, at least because of the preparation I knew all of the terms and definitions and concepts verbatim.
I wasn't told about the appraisal process. My realtor did not write that in as a contingency, thankfully the appraisal came back about $20,000 over the selling price or I would have been in trouble like you said.
Thank you. We're now waiting for the appraisal to be done. I didn't even think about the wiring situation for the funds. I'm glad I watched this. I've put two reminders on my phone to inquire with my bank about their policies for wire transfers an entire week and a half ahead of our expected closing date. I feel a bit more prepared now. I've been doing everything I can to be ahead of anything that could slow the closing process. Thank you for this video
Hi I am actually a Mortgage scheduler for a closing department and this video actually is extremely helpful as I am hoping to be promoted to a processor or closer soon. My husband and I bought our first home back in 2019 with a VA loan and remember all these great tips! thank you for your insight!
You have no idea how insightful and helpful you have been in my preparation of home buying. Thank you so much for your videos and being so informative!
Thank you Daniel! I'm glad you enjoyed this video. If you'd like to take a peek of what this looks like in practice, check out the home buying reality show currently airing on my channel, here's the one for making an offer: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-vW1SJiA_oyw.html What would you like to see next?
I should have been looking to You-tube to help me become more informed on my home buying journey. You are clear and to the point, even thou sometimes you explain things real fast. But no worries, I simply rewind. Thank you!
I wish I found this video prior to starting my process. The whole video was useful. I had to learn each step the hard way and here's the funny....I had a real estate broker assisting me the entire time. I would often hear "You don't have to worry about that" "You won't understand that"... I've finally found all of the explanation I ever asked for since the beginning of my process. WOW!
@@jasminemiller8502 Yes, I am now a homeowner and I am pleased with the property and the terms. I learned so many lessons. You have to really go the extra mile to remain in the driver's seat during the homebuying process.
Same thing happened to me. I had to lose a home, earnest money is still with the title company, already paid for inspection and appraisal. I finally had to change the broker and the realtor. Got another property, did inspection and appraisal. I got my clear to close today. The home buying process is rough but it worse when you are dealing with some unprofessional people.
Andrew, I hit that “LIKE” before I even watch. If I find it not up to your standard video information I usually find, I de-select LIKE and just move on. I have never DE-selected the LIKE button on your uploads ........ yet. 🤣 I like the being informed as to the steps and have a list to check off. Organized!!! What’s next is one of my key questions on just anything I am doing. I like to know the road before my turn if you know what I mean. No surprises on when it’s time to turn. 🤯 I hear Home Owners Policy and Home Insurance. The difference being what? I plan on putting 22% down and then selling the old home. This way I am not put out on a street with no home to be in and allows me the time and elbow room to paint, replace carpet, etc without bumping into everything and body. So with a 22% down, is there a need for Home Insurance? (I might be mixing Home Insurance and Mortgage Insurance up here)
Awesome Harry! Thank you my friend! And hopefully you'll never feel compelled to to "de-select." I really appreciate you, your kind words, and your support! You're amazing! Ok, to your question... That really depends on the context. Often times the terms "policy" and "insurance" are used interchangeably. That said, be sure to ask questions when the time comes. In specific, there's 3 things I find a lot of buyers confuse at times: 1. Homeowners Insurance Policy 2. Mortgage Insurance Policy 3. Home Warranty (I've heard many buyers call this a policy... It's a WARRANTY! lol...) Perhaps a new round of videos about each is an order?
COE at 9am done in 35 minutes and only the notary public was with us in the title equity office ! Most of the papers we signed we have already signed via Docusign. Paid closing costs two days before COE. Title deed emailed same day at night. Don’t stress out during closing day as you already know what papers you’re going to sign and will be explained as you do it ! Now what’s next Andrew ? Thanks for all your informative videos
Just want to say thank you for clarifying all the questions that I had you did such a great job on that video. I watched multiple videos of the multiple suggestions videos that people have for me but none of them did the trick like you explained in this video I just wanna say thanks for such a great job
Hi Mary, Thank you for watching and for sharing with us! Way to live the #StongerAndBetterTogether movement my friend! Thank you for the catch! I'll create an updated video on this topic in the near future. What would you like to see next?
Hi Janine Hoke! Thank you for watching. It's great to hear from you! Super happy you enjoyed this video. Yay! You have a deal! I'll keep on making vids to help you and everyone else make sense of the real estate process. Always a pleasure to hear from you Janine! Gave you a shout out in this week's live episode: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gwSox6U0Mgo.html Hope to see in the next live session. I go live every Wednesday at 11am PST. =) Thanks again for watching! Enjoy a beautiful day! Thanks, -Andrew Finney www.andrewfinneyteam.com/
Hi Peyton Place! Thank you for watching! Just out of curiosity, why did you say you wish you would've found my channel a couple of weeks ago? Everything ok? I'm glad you found my channel now and hopefully my videos will continue to be helpful to you moving forward. On a side note, over the past several months I've been working on a real estate reality show with real clients sharing their story of buying/ selling their homes in an educational fun way. If you'd like to check out the first episode, here's the link: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-byMELcRfWEk.html If you'd like to support my channel, please donate at: www.paypal.me/andrewfinneyteam?locale.x=en_US Wishing you a terrific day! Thank you, Andrew Finney
Hi, you videos are really straight to the point. I just signed the commitment letter couple days off and the loan has been approved. I still have about 1 month before the closing day, now I am looking for a good home Insurance company, I hope this is the last step before the closing day.
We accepted an offer on vacant land which we put up for sale by owner. The buyer (also a realtor) submitted the mutually signed contract to the escrow and closing agent. The escrow agent did not receive the earnest money from the buyer and did not disclose this to us until the buyer terminated the contract 2 weeks later. The money should have been in the agents custody within 2 days after the contract was signed per the contract. A few days after the contract was signed the escrow agent received an email from the buyer stating that the earnest money would be delayed. The escrow agent did not forward this email to us or disclose the buyers communication until after the contract was terminated. Did the escrow agent breach their fiduciary duty to us? Did the escrow agent breach their duty to make full disclosure to us? Did the escrow agent breach their fiduciary duty by "allowing" the buyer an extension of time to deposit the earnest money which was not in the contract? The escrow agent tells us that under the law they are not responsible for "enforcing the contract" or for telling the buyer the earnest money has been received/not received. Please tell us your thoughts. Thank you.
You could bring anything you want to closing with you though smoking won't be allowed within the facilities and professional parties will not be permitted to imbibe the wine. Now, when get the keys to your new home, that's another story. Party on my friend! Sending you positive vibes for a great closing process! Super happy for you! What would you like to watch next?
We just closed on our house last Wednesday. It was scheduled for the Friday prior, but it had to be postponed because the USDA hadn't approved the loan yet. I think one thing that I really wanted clarification on was 'customary closing costs paid by seller'. It seems to be something that varies from area to area. Our lender did reference one of the things that the seller was paying in closing, but I didn't realize that they were paying several of the titlework fees and other stuff until we got our closing disclosure. Our realtor did say that she'd get the sellers to pay for the titlework-related stuff, but as you know there's a laundry list of fees on the estimate so I was still a bit unsure and confused as of what I was paying/not paying until things got rolling along further. The initial lender estimate had us paying about 2k out of pocket at closing. Thanks to the customary seller paid closing costs as well as a usable survey already available, combined with relatively high estimates on various costs, our closing disclosure actually had us receiving 1k back at closing rather than paying anything out of pocket.
Hi PeabodysParadise, Thank you for watching and for sharing with us. It's great to hear from you! Great points! Tomorrow's video is about buyer closing costs revealing 28 fees that may apply to a home buyer depending where they reside. I made this video last fall about seller closing costs: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-3RNjo0RiVWo.html What would you like to see next? Thanks again for watching! Enjoy an amazing day! Thanks, Andrew Finney www.andrewfinneyteam.com/
The typical things to do after the appraisal was very interesting. Meet halfway... or... can you back out of a deal after appraisal and as a buyer you didn't like the sellers price... what would be the repercussions?
Our home is in escrow but the people we need to move are stalling, now we have 6 days, and we cannot buy the house we want to move to. Their messing up a lot of people’s lives. It really sucks that they can stall everything
Who takes the purchase contract to the title company? Who takes the earnest money deposit to the title company? Is it the seller or buyer? If its the seller does that mean the buyer sends the EMD to the seller first?
Hi I’m a first time home buyer. I’m going through the process now. My documents has been seen by the underwriter now I have a few documents to turn so my approval can be updated. The appraisal has been ordered as well. Should I wire my closing cost now or wait on my approval to be updated?
My mortgage broker doesn’t like explaining things, he just wants me to sign. The estimates he presents don’t make sense to me, and when I ask questions, the only answer I get is these are only estimates and they will change... I am now at the appraisal process. Is it too late to get another broker?
Hi Marshe! Thank you for watching. That's not cool... Get with your loan officer and having a "coming to God" conversation with him about reviewing your loan estimates with you and answering your questions. I'm very sorry to hear that this is your experience, it shouldn't be that way. The issue is if you were to change mortgage officer's at this point, the process is likely to go beyond your original closing date which could cause issues. Best practice: 1. Get your real estate agent involved with your loan officer to get him to review your estimates with you and answer your questions. 2. Get with your loan officer about breaking everything down for you. 3. If all else fails, get with your real estate agent to see if they can get a closing extension so you can switch loan officers. If that's the case, you'll need to be very swift in making the change to keep everything on track as best as possible. Hope this helps. What would you like to watch next? 3 Easy Ways to Help Our Tribe Grow - This is what the RU-vid Algorithm likes and WE CAN DO IT TOGETHER! #StrongerAndBetterTogether 1. Subscribe and tap the bell icon for all notifications 2. Watch, Like, and comment on all videos 3. Share the videos on your social media
Hi!, im a freshman in high school and I want to be a real estate agent in the future, after high school. But I don’t know anything about real estate agents. So I’m watching videos on how they work. This is the first time I’m watching a video of this channel. Any tips that I should do as a young kid trying to be prepare for the real world? The job of a real estate agent sound interesting.. I’m into it. Should I start worrying about this job or worry later when I’m older?
Do these all apply to cash buyers? Specifically what happens with the EMD phase? Does that happen with a cash buyer and is that amount subtracted from the agreed price of the house?
We just close last friday and the scrow said we need to wait for hud homes approval and deed so they can recorded to the county im in ca .the house was foreclosure .any idea of this case ???,
Hi Rick Pineda, Thank you for watching and for your great question! So, are you the buyer or seller? The earnest money deposit will automatically be applied towards the down payment of the buyer's loan at closing. The remaining balance will be paid at closing. Example: House costs $500,000 Down Payment: 10% of the sales price = $50,000 Buyer Closing Costs: 0 (in this case from your comment... Usually 2%- 4% of the sales price) Earnest Money Deposit: 1% of the sales price $5,000 $50,000 down payment - $5,000 earnest = $45,000 cash due at closing. What would you like to see next in a video? Thanks again for watching! Enjoy a great day! Thanks, -Your Real Estate Geek, Andrew Finney www.andrewfinneyteam.com/
I am the buyer. We are doing a rural development loan and closing June 1. Your videos have been a big help. And I just noticed I said buyer instead of seller. Sorry for the confusion.
We just closed on our home last Wednesday. We used a USDA RD loan as well. Our contract had the seller paying 3% closing costs, which ended up causing us to receive a little over 1k back at closing, so basically a refund of our EMD and a few other things. (We were required to pay up front for the appraisal and pest service WDO certification). It may be different where you are, but that's how it worked here in Florida. I would recommend speaking to your lender or title company to find out for sure. My lender told me right over the phone that we'd be getting money back. Best of luck with your closing!
Is there a way to not have to draft an LOI to put in an offer In order to see the details of the home on the contract/purchase and sales information? I ask because I am new to buying a house and my agent drafts an LOI and each time she does I find out the house I love either has asbestos etc. is there an easier way to know without having to draft an LOI
This is a great channel.....I subscribed. I am a Marine myself so semper-fi brother. Question: What is the difference in down payment and escrow money deposits and if you needed to back out of the contract which do you get back or do you get back both?
Thank you for tis video! Very helpful! What if a seller is not paying any part of the closings but there are some things like the roof that has not been replace in 14 years and need some fixing. Does the seller could be ask to cooperate with the closing costs due to we will need to fix some things on the roof and it is not to far from the need to replace it?
When my inspection came back. I wanted all items fixed. Instead of doing repair/fix seller did addendum to contract. Was this wrong/illegal? I was in negotiations.
Hi Amber Rose! Thank you for watching. It's great to hear from you! Super happy you enjoyed this video. Yay! Great question! Thank you for great video suggestion. On it! Gave you a shout out in this week's live episode: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gwSox6U0Mgo.html Hope to see in the next live session. I go live every Wednesday at 11am PST. =) Thanks again for watching! Enjoy a beautiful day! Thanks, -Andrew Finney www.andrewfinneyteam.com/
Hey Roy. Quick note, that's not a correct statement. Title companies are held accountable and that is why they are very thorough with Title Insurance to ensure a title is transferred in a "clear & marketable" way. If a mistake is made, the title insurance would kick in to protect the new owner.
Hi Vickie Booker, Thank you for watching and for sharing your key takeaways with us! You got it! Home inspections are critically important, here's another video you might love: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-dgKiymMmw5Q.html What would you like to see next? Thanks again for watching Vickie! Enjoy a great day, Andrew Finney www.andrewfinneyteam.com/
On my closing disclosure, which of these cost has to do with Enhansed title insurance cost? Closing fee, title abstract search, survey fee, lenders title ins cost, owners title ins cost, lenders title endorsements. I'm in Florida. Also, isn't the seller supposed to pay for all of this instead of the buyer? I'm a 1st time home buyer thanks for the great content.
Hi Javier, Thank you for watching! Great questions my friend! Best practice here is to review your closing disclosure (CD) with your loan officer and title officer so they can answer your questions. Regarding closing costs... There are seller closing costs and buyer closing costs. Some of the closing costs are paid on a 50/50 basis (depending on how your contract is written) between the seller and buyer. To better help out, here's a break down of typical buyer closing costs: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-viofaNXQFiw.html Hope this helps! I'm super excited for you and your new home Javier! Wishing you many happy years in your new home! Yay! What would you like to watch next?
@@AndrewFinney We are very existed Andrew thank you for the video. I had 1 last question. If I'm buying the house for 370k but the inspection repairs came back with 4k estimate overall including plumbing, electrical, roof, etc. Is it reasonable for me to ask the seller to pay all or part of it? How would you go about it? Thanks again for everything.
Hi Razer Fitness, Thank you for watching and for your great question! First off, thank you for your service! The closing process for a VA loan is very much the same with the addition that a termite inspection must be performed. The seller must pay the termite inspection and escrow fees as they are considered VA non-allowable (VANA) fees. Here's a very in depth video about the VA Loan Process I made last year with a great local lender (Bill Merren) in Las Vegas: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-oh2fNqjWlX4.html Congrats on getting your offer accepted! Wishing you a very smooth and efficient closing process and terrific experience! What would you like to see next? Thanks again for watching! Enjoy a wonderful day! Thanks, -Your Real Estate Geek, Andrew Finney www.andrewfinneyteam.com/
So it's unavoidable that the seller pays for both the termite inspection and the escrow fee's? I know we had to put up the EMA, or will be next week. (I'm in SC, btw) and thank you for the response!
Hi Razer Fitness, Great points. So with VA non-allowable fees (VANA) essentially anyone can pay for them other the VA buyer. It's customary and normal for the seller to pay the fees when they agree to accept a VA loan offer. At the same time, your lender, agent, or even the listing agent can pay them as well. The vast majority of cases, the seller pays for them. Hope this helps! Thank you for your service! Semper Fi, Andrew Finney www.andrewfinneyteam.com/
Hi ericimi, Thank you for watching! Sure do! It's call an Earnest Money Deposit (EMD) and it's usually 1%- 3% of the price of the of the home. Example: $500,000 house 1% EMD = $5,000 Here's a couple videos I made about EMD. 1. What is an EMD? ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-E0pIqjwJQuY.html 2. How to Protect Your Earnest Money Deposit! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ND7J57hzroE.html What would you like to see next in a video? Thanks again for watching! Enjoy a great day! Thanks, -Your Real Estate Geek, Andrew Finney www.andrewfinneyteam.com/
Yes the EMD is applied towards the down payment and/ or the buyer closing costs when you purchase your home. One may lose their EMD if they are in breach of contract or cancel a contract for reasons aside from the agreed upon contingencies within their purchase agreement. As as everyone does as they say they will and abides by the contract all parties have agreed upon, then a buyers EMD is secure and will be applied towards the purchase of their new home. =)
Hi BepTex, What you believe you can achieve! Keep learning, keep growing, and focus your mind on what's most important to you. Do the work and great things will happen with a focused & disciplined mind. That great thing is that you're only 14 y/o currently... Imagine how much you can learn and grow between now and the next few years! You got this BepTex!
So have a situation here. Lender mislead me in signing loan disclosure with discount points included ( he did not go over this as an optional item). I'm very close to closing and when asked about it, he tried to give the run-around about how I signed the document). I refuse to pay 5k in points. What are my options?
Hi thank for the video Question my lender put the pre approval subject to job but the job told us they not taking people at the time we Re moving from to a different state. What can we do to help us out thanks
Andrew, my landlord offered to sale me the home I'm renting from him. He want me to have the house appraised. When i looked on line i found out that home will probably not appraise for the amount his asking for. When I spoke with him he said he would work with me on it but not agree to come down if the appraisal is low. Should i take the chance.
Hi Andrew thank you for sharing this video, highly appreciated, I am in the process of closing soon I do not have a "trusted real estate agent" so I am just going with my basic knowledge. It's a new construction/new subdivision, they sent me the appraisal, do you think I should still get an inspection and appraisal done? I am also searching for house insurance, any recommendations??
Hi Kesha! Thank you for watching! In all likelihood the appraisal you received was ordered by you loan officer so it's highly unlikely you need another appraisal. If you'd like to hire a home inspector, reivew how that works with the builder you're in contract with. Some will permit ongoing inspections at key points during the building phase and others prefer the inspector to come by when construction is completed. That said, be sure to review your warranty's with the builder. i.e. 1 year builder's warranty, manufacturing warranty, etc... Based upon that information, you'll be able to make a well-informed decision about a possible home inspection that's right for you. What would you like to watch next? I'm going live 3x per week at 9am PST M, W, F with other top agents around the USA talking about the hot topics, if you'd like to join us, here's the link to the playlist: ru-vid.com/group/PLRT4sgnCVqNecugVWsOgYPoEH0IXc-Tm4
Good afternoon I’m currently living in NYC and was looking to move to NJ around Jersey City, Hoboken, Elizabeth areas not to far from NYC for a good commute. Do you know any good rental realtors in NJ?
Thank you for the video. If you put down a down payment and paid for the appraiser and inspection and at the end of the road your loan does not get approved by the bank, Do you lose the down payment?
Realtors are not trusted. Ha They just want to close. Most will tell you to waive your inspection and are not honest. I didn't listen to mine and therefore never waived inspection.
How do I know the lender is not over charging or adding things that are not applicable. I am buying a home I offered and was accepted for 116,900 plus closing cost on Georgia
Also when does the buyer sign? Once I wire my down payment , what does the lender do then? Does he sign off? Do we all sign off the same day? Does the owner sign off first? And of the lender wants to see 6 months reserves and I just signed and wired when can I take my 6 months reserves and wire them out of that account? Lots of unanswered questions. 😄
Each of those are excellent questions Diyonne. The best practice here is to contact your loan officer and your realtor you're working to give you an overview. I've also created videos specifically for closing day that I hope will serve you well and answer you questions. Closing Day for Homebuyers ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-V3qqyu4aev8.html Signing Day for Home Buyers ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-wt7zX7TUZNo.html Quick summary. The title officer will reach out to you when they reach the loan documents to schedule your signing appt. On the lending side, multiple people are involved including what they simply call the "funder" to fund your loan. The funder will work with the title/ escrow team to balance the numbers in your file prior to signing. Best practice is to wire your closing funds 1-2 days in advance of closing if possible so the funds are at the title/ escrow company and 1 less thing for you to worry about. Depending on your state the the buyer and seller might sign the same day. In Las Vegas usually the seller will sign a few days or week before the buyer signs. (refer back to the first line of this paragraph for the reason why) For your reserve amounts, that sounds like it may be a condition pursuant your home loan type. Double check that detail with you loan officer. Between this reply and the videos above, I hope this helps answer some of your questions so you know what to expect. I'm super excited for you and congrats on your new home! =)