Buying Archive

50 Real Estate Answers

 

Do I need flood insurance?

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Flood insurance is a separate policy from your homeowners hazard insurance policy. Read more: What is a flood? What’s Covered? If your property is in a high-risk flood zone and you obtain government-backed mortgage financing or obtain conventional financing from an FDIC-insured institution, you’ll be required to obtain flood insurance. Read more: “When Flood Insurance is […]

Where can I research flood maps / areas?

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Trulia’s Local Info is the most user-friendly map view of FEMA flood maps. It’s also a great resource for earthquake, tornado, and other natural hazards. You can view Trulia’s mapping of FEMA’s Tulsa Flood Plain Maps and/or INCOG’s Tulsa County Floodplain Map. These are more user-friendly but not the official maps. The official FEMA address-based search is […]

To whom should I write the earnest money check?

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When submitting an offer, you’ll need to provide your End Zone Realty REALTOR® with an earnest money check so they can submit it along with your offer. However, since you’re not sure the seller will accept your offer, you can simply write your check to “End Zone Realty” and, in the event your offer is […]

Should I agree to let the builder hold my earnest money deposit?

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When buying or building new construction, it is not usually recommended for the contract to state that the earnest money be held by the builder. Some builders have true trust/escrow accounts, and some do not. The situation we’re trying to avoid is one where your earnest money deposit is not held in trust like it’s required […]

What is earnest money, how much should it be, and can I get it back?

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When submitting an offer to a seller, there’s a place in the contract to specify the amount of earnest money that is accompanying your offer. Earnest money is a deposit paid by a prospective buyer to show good-faith intention to complete the transaction. In the event the contract closes, the earnest money deposit goes toward […]

When can I bid on a HUD home for sale?

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HUD Bidding Timelines — What owner-occupants and investors need to know about HUD’s Lottery, Exclusive, and Extended Listing Periods so they can know when they can bid.

How long does it take to buy a house?

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Buyers typically visit about 5-10 homes before finding the one they eventually purchase. Once an offer is submitted, the seller typically replies within 1-5 days. Negotiations may go back and forth several times before an offer becomes a contract. Then you’ll have about 10 days to conduct your due diligence (e.g. property inspections and finalize […]

Do I have a good enough interest rate?

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Your mortgage loan’s interest rate is determined by your credit profile, the mortgage market, and your loan type. A “good” interest rate is relative to the recent- and long-term rates. It’s important to make sure the interest rate you’re offered is acceptable to you long-term. If you can afford the additional monthly payment, you can […]