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6. Make your real estate closing gifts personalized. Closing gifts thank clients and remind them of your work together after everything is finalized. Give them something that they’ll tell their friends about — having clients tell others about your outstanding work is often more effective than advertising.
This means that all of the money that is needed to make up the down payment can come from a gift. With Federal Housing Administration (FHA) loans, the borrower is required to provide a minimum cash investment of at least 3.5% for the down payment. That money must be verified by the lender as having come from an approved source.
Whether it’s closing gifts or swag to hand out to prospective clients, real estate agents are always on the lookout for different and creative real estate promotional items. Promo products can help you stay top of mind with your clients and prospects, so they refer you to friends and family, and return to you when they are ready for another ...
Average appraisals costs range from $300 to $450, and vary in price depending on the location and size of the property. The lender hires an appraiser to provide the fair market value of the home, and the buyer typically pays the lender at closing. Sometimes a second appraisal fee is charged, called a reinspection fee.
Photo ID: The closing agent has to verify that you are who you say you are. A driver’s license or current passport will do. A Costco membership card, not so much. Cashier’s or certified check: This is to cover any down payment and closing costs you owe. Do not bring personal check or cash.
What you'll bring to closing. • The deed, if your home is paid off. • A valid, state-issued photo ID like a driver’s license or passport. • A certified check if required in the amount requested by the escrow officer. • The keys and security codes, if possession of the house is granted at closing.
A gift letter for a mortgage is a written statement confirming that the gift money you receive from a family member or friend is a gift, not a loan. According to a 2024 Zillow survey, 30% of mortgage buyers used a gift or loan to finance their down payment. In instances like this, gift letters are used to explain the sudden large sum of money ...
26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the 'attorney review') to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process that ...
Complete inspection and repair requests (1-2 weeks) Mortgage application and underwriting (5-20 days) Appraisal (1-2 weeks) Acquire homeowner's insurance and title insurance (1 day) Get loan approval, commonly called "Clear to close" (1 day) Do a final walk through (1 day) Attend your closing appointment and close on your new home (1 days ...