Home owners need to understand and be prepared for the types of offers Buyers will present.
Closing costs contribution is a common occurrence we are seeing in the Southwest Louisiana real estate market. Buyers are allowed to ask Sellers to contribute up to 6% of the purchase price to be used for Buyers closing costs.
Your Realtor should be well versed in what types of financing options that are available to buyers and be able to explain how closing costs will affect potential offers you may receive. For instance, if your home is listed in an area that qualifies for 100% Rural Development financing, you can expect a Buyer may ask for closing costs since they are obtaining a 100% loan. By understanding the options buyers have with Mortgages you will be better prepared when you do receive a purchase contract on your home. Your Realtor should be able to explain potential financing scenarios.
The Buyer’s Home Inspection:
The Louisiana Agreement to Buy and Sell includes a section that addresses the inspection period. The Buyer is allowed an inspection period to conduct further inspection of the property. Seller’s should be aware that the Buyer may hire a professional home inspector or individual of their choice to assist them in providing a home inspection. The inspection can take up to two hours for the inspector to go through the home and prepare a report for the Buyer.
Sometimes Sellers wish to be home when the inspector is present, which is acceptable. However, at the time of the walk-through when the Buyers and the Buyer’s Realtor show up to meet with the Inspector, it is polite and expected that the Seller step out or leave and allow the Buyer time to go through the house with the inspector. When the Seller stays and insists on listening to the faults the inspector has found they may be tempted to over-share information. Remember when listing a Lake Charles Home for Sale, a Seller should complete disclosures. The disclosures will include any repairs, or additions to the home. To add to the discussion, without the Seller’s agent present is not a good idea and it can also be akward for everyone involved.
Copyright 2014© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605