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Old 11-01-2007, 09:33 PM
 
Location: West Michigan
654 posts, read 3,108,565 times
Reputation: 567

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I have a question I would like to ask for any TX based agents, or anyone's input would be fine.

As I have mentioned previously, I have been looking at the home on the two acre property in Liberty County and I have already put the offer in for 52K (from the list of 65K) and has been accepted by the seller. So the contract has been done already.

Now my thing is, I have talked to and went to the seller's agent regarding the property (yes I know most will say never to do this since the selling agents favor the seller) and the agent has been very accommodating and helpful as well. She even informed me that the seller is very eager to sell the property (it is also being sold 'as is', which is ok with me) and is willing to help me out in any way she can. From what I was told, the seller doesn't have the funds or the time to do anything as far as fixing the place and that since both her parents (the original owners of the home) are long deceased, she's in charge of the estate.

Only minor downside is that the seller isn't able to help with at least part of the closing costs, so I will need to figure what will need to be done. In talking to my lender (already been pre-approved for $55K) he said one thing I could do was to take three percent of the contract price and put that in the contract, which would be the max contribution the seller could do. Not a problem, but usually what would be the best way to figure that when it comes down to the closing costs?

I've done alot of reading and research on RE in the last few months and I felt I did a great job getting this far. However, my mom feels I made a mistake because I didn't have a buyer's agent, or an RE agent to work on my behalf, and she felt that I shouldn't have rushed in so quickly. Well, I do agree I should have had a agent for my behalf but since I have already signed the contract I will go through with it.

The agent has already shown me the house and everything and while it indeed needs quite a bit a work, I can deal with that, and as for the appliances in there they are very old so I am not certain if they work. But since I am staying at my mom's for now, I don't have the rush in having to move in right away, and I can work on the home it as I can, and at least I will have some property.

I would appreciate any input and thoughts.
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Old 11-01-2007, 10:05 PM
 
Location: Columbia, SC
9,092 posts, read 18,087,027 times
Reputation: 6720
Well, that 3% should have been in the contract up front but you could probably add it if you asked to the purchase price.

Sorry, but you can't learn real estate from the internet even though the DOJ thinks you can and is trying to destroy the RE industry. Next time hire a buyers agent up front. I do hope your purchase goes smoothly and you get a great home that fits your needs.
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Old 11-01-2007, 10:25 PM
 
Location: West Michigan
654 posts, read 3,108,565 times
Reputation: 567
The agent and I will add the 3% in the contract tomorrow from what we discussed earlier today so she pretty much asked me what I wanted her to do. I will be sure to have that added in.

Yep, I know everything can't be learned on the internet but I have learned a few things from those that are in the business. But I am not worried though, lesson learned on that one, and I know that the purchase will turn out great.
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Old 11-01-2007, 11:11 PM
 
238 posts, read 702,222 times
Reputation: 70
AV... I'm not 100% sure I understand your question, but...

closing costs in Texas include:

appraisal... usually $300-$400.
inspection... $200-$300
title insurance... this is set by law, and is based on the home price. For you it looks like it'd be about $500. http://www.alamotitle-austin.com/library/20/TexasTitleInsuranceRates.pdf (broken link)
Then there's the fees set by the escrow company itself. Call or google some escrow companies where you're at, and compare. Est.: $500.
And then of course the fees charged by the mortgage company. You need to ask them what their fees are. Generally there are two kinds. One is called something like "origination fee," the other is prepaid interest, or "points."

The appraisal is so the bank can be sure the property is worth enough to secure their loan.
The inspection is so they can know the condition of the property.
Title insurance is to protect them from the chance there's something wrong with the title.
The escrow company does the work of moving documents around, and coordinating the sale, and making sure the right signatures are in the right places.

I can probably be of more help, if you want.

What do you mean when you say you're adding 3% to the contract?

And what contract are you using?
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Old 11-07-2007, 05:00 AM
 
Location: Houston
19 posts, read 53,815 times
Reputation: 11
Liberty County?
Think again.
You might want to check out its demographics and features.
FLOODING FLOODING FLOODING
Too many trashy trailers.
Poor schools
Poor employment
Poor government
Lots of crime
Poor general IQ level well under 100
Few professionals
Prospects of resale are very slim.
The list of negatves is very long.
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Old 12-19-2007, 04:12 PM
 
4 posts, read 9,413 times
Reputation: 10
Quote:
Originally Posted by Diligent View Post
Liberty County?
Think again.
You might want to check out its demographics and features.
FLOODING FLOODING FLOODING
Too many trashy trailers.
Poor schools
Poor employment
Poor government
Lots of crime
Poor general IQ level well under 100
Few professionals
Prospects of resale are very slim.
The list of negatves is very long.
I agree with a lot of what you say about Liberty County, but to say that their IQ is under 100 is just wrong. I know many people from that area and their not stupid.
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Old 12-19-2007, 04:33 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 19,183,167 times
Reputation: 6383
2 things;

52K full price for a home on 2 acres? Wow, I'll take a dozen please. (that's CA real estate disbelief, pay no attention to it.) I'm looking up Liberty County right now.

100 is the average IQ. To get into Mensa you need to score 140
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