A First-Time for Everything (including closing costs)

FIRST-TIME HOMEBUYERS

512 Nebraska Street

This week I have had the pleasure of closing on two homes with first-time buyers.  On Monday, I handed over the keys to 512 Nebraska Street to a young couple who will be getting married in a couple of weeks.  The excitement of moving as well as the stress of starting a new job and the upcoming wedding were evident throughout the home buying process for Jared and Kristi.  Nonetheless, I could feel their relief for finally having a place to call their own.

208 East 9th Street

 
Today, another buyer, Cody, moves into 208 E 9th Street as he continues his education at Wayne State.  This young man has a great future ahead of him and a great place to spend his college years.  I'm sure he will make lots of memories at his new home! Welcome Home to both sets of new owners!


CLOSING COSTS

Many people have been asking me about closing costs during the past few weeks, so I want to provide some insight into those little buggers for those who have not had the experience of buying a home.  In essence, there are two sides to the world of closing costs:  the real estate side and the banking side.  The real estate side is unavoidable in most instances.  Typical closing costs for purchasing a home include:

-Title Insurance (customarily split 1/2 buyer and 1/2 seller)
-Deed Filing Fee (to give public knowledge of the property transfer) and
-Termite Inspection or other requested inspections (typically paid by the buyer) 

The above costs reflect those involved even if you do not need to get a loan.  A lender's closing costs might include:

-Loan Origination Fee (usually 1-2% of the loan amount - this is how the lender gets paid for their work)
-Discount Points (essentially prepaid interest to lower the effective interest rate throughout the life of the loan)
-Appraisal Fee
-Credit Report Fee
-Tax Service Fee
-Flood Certification
-Insurance and Interest Escrows (3-6 months usually paid up front)
-Mortgage Filing Fee

Remember, these fees are in addition to the title insurance, deed filing, and inspection fees.  This is not an "all inclusive" lists, however, it does cover many of the most common closing costs.  Most buyers can expect to pay between $2,000 to $3,000 in closing costs.

In addition, as a home buyer, you are also generally required to make an earnest money deposit of $500 to $1,000 when you make an offer on a home.  That money is deposited in a trust account with your real estate agent or escrow company until closing.  At closing, it is credited towards the purchase price of the home.  Your lender may also require an application fee to begin the loan application process.  These fees can vary depending on the lender.

For additional information about the true cost of buying a home, feel free to contact me at 1st Realty by calling (402) 375-1477 or e-mailing thansen@1strealtysales.com.  Welcome Home!

School Daze!

During the next few days, school will be back in session for both the Wayne Public Schools and Wayne State College.  We always experience a bit of a lull in the real estate action from early August through Labor Day as families enjoy last minute summer vacations, school shopping, and schedule changes.  I'm heading back to school myself this fall to finish out my second to last semester as a graduate student at Wayne State.  Not only does this mean that I'll have to extend my evening schedule to cram for tests and finish papers, but it also provides me the opportunity to shape the minds of our youth.  The sometimes daunting task of keeping 80 students involved and in line this semester looms ahead of me as I prepare course materials and integrative lectures.  People often ask me where I find the time to work as both a graduate assistant and a full-time real estate broker, and my resounding answer is generally, "I don't know." 

Believe it or not, teaching courses actually makes me more organized, a better time manager, and it helps me to better assist my customers and clients.  How, you might ask?  Well, it's not because I'm a Blackberry or SmartPhone type of person.  I still use the old pen and paper method for writing notes, appointments, and wedding plans.:)  However, think back to those days when you were in school and your teacher spent hours trying to explain difficult subjects or tolerating unruly students.  That same person also probably helped you through some difficult times or stayed late after school some days to help you with troublesome projects.  Isn't that what real estate agents do?  We are given the opportunity to educate homebuyers and sellers by fielding questions, handling transactions, and ensuring that everything goes smoothly.  My students teach me about understanding, compassion, humor, recognizing personality clashes, and patience, and all I am giving back to them is knowledge about management, marketing, or the world they are entering into after college.  It is an experience that provides me new skills to apply in my life and workplace everyday.  I hope it continues to show in the service I provide to all of you!

Back in the Saddle

It has been a while since I took time to write in my blog.  In my defense, the month of July was BUSY in real estate terms...not to mention the fact that I got engaged to my best friend of three years, Tim Peters!  Don't worry, though. I have no plans of changing my name and moving to exotic Scribner, Nebraska after our December nuptials!  I still plan to stay on as a full-time real estate broker at 1st Realty as we make our new life together.

Well, a lot has happened in the month of July.  We have seen between one and two new listings each week and we have also had the pleasure of closing on six homes with a variety of buyers from investment to first-timers.  The most bittersweet closing came at the end of June, though, when my neighbor and friend Shannon moved away after six years.  I have truly missed our talks in the front yard after mowing lawn or watering the flowers.  However, I am anxious to strike up a new friendship with the Ericksons who will be moving in gradually this fall when they sell the acreage they have called home for many years and officially move into town.  

As mentioned, July was a busy month for new listings.  We have seen listings from Wakefield to Wayne.  The home styles include everything from classic 1 1/2-story bungalows to 2-story square frame homes to ranch-styles.  Below are a few of those you have to choose from!

612 Winter Street, Wakefield

108 S. Lincoln Street

208 E 9th Street - SALE PENDING!

408 Douglas Street

903 Hillside Drive

705 West 3rd Street

916 Logan Street

523 Windom Street

In addition, our closings have provided a place to live for a variety of young families that will be making their homes in Wayne.  It was a pleasure to work with Adam Hoffman and his fiancee Ashley Becvar as they purchased 212 West 12th Street as well as Rick and Alyssa Bartek as they made 511 West 4th Street their home. Rosario and Maria Salcedo are also new home owners at 907 Winter Street in Wakefield.  It was exhilarating to see the excitement on all of their faces on their respective closing days!  July has been a great month for real estate in Wayne, and I hope the momentum continues in August!  Welcome Home!