Looking to Buy? Sell? or Both!

BUYING or SELLING

Whether Buying or Selling

There are things you should know!

The Real Deal on Buying

Having your Credit Score at a point where you can buy, and the financial ability (meaning your debt-to-income ratio) low enough to be approved for a loan, is only the first step. Whether using a 0% downpayment loan (like VA or USDA), or putting money down on your home at closing, you still need additional funds in the bank!

"But what do I need the money for if my lender tells me I need no money down?"

The BLUF (Bottom Line Up Front!):

Funds to pay Due Diligence: These funds are given to the seller as soon as they accept your offer. The buyer provides a specified amount of time that they'll need to the seller in order to complete all inspections. Meanwhile no other buyers will be looking at the property or putting in offers.
Funds to pay Earnest Money: These funds are similar to Due Diligence however, the buyer will get this money BACK if they walk away prior to the end of their Due Diligence period.
Funds for Inspections: Typically, an inspector will require payment for services prior to releasing their inspection report to the buyer. (There may be an occasion where they'll agree to get paid at closing, but that is not common practice.)
Funds for the Appraisal: Appraisers require payment prior to producing their appraised value of the property.
Funds for Re-Inspections: This may occur for instance if the crawlspace is over 20% in moisture or there are active wood destroying insects. A lender will require a re-inspection to prove the issue has been mitigated.
Funds to Move: Many buyers forget they may need to hire movers, or pay for a U-Haul.
Funds to Start Up your new Electric, Water, Trash, Internet: There's also required set up costs for many utilities!

Each property is different, and each buyer is different. Talk with a Realtor to determine what funds may be necessary for your situation!

Understanding Lender Options

Let's say the home you want to purchase is $200,000. Here might be your options:

Conventional Loan: Downpayment between 5%-20% = $10,000 to $40,000
FHA Loan: Downpayment is 3.5% = $7000
USDA Loan: Downpayment is 0% = $0
VA Loan: Downpayment is 0% = $0

0% down just means you're not making a downpayment. Don't mistake that for not needing funds to get to the closing table!

You may not pay those costs up front, but they will be tacked on to the purchase price. Lender fees, Attorney fees, Title Fees, Taxes, Insurance… all added to your loan that you’re now paying interest on.

Wait! Are you a Veteran or Active Duty? Active Duty or Veterans with no disability or a rating less than 30% will ALSO have to pay a VA Funding Fee. If your rating is 30% or higher then this fee is waived!

What About Selling?

Getting ready to sell your home? A little prep goes a long way in attracting buyers and getting top dollar. Here’s a simple checklist to help you start strong:

First and Foremost: What is the Market Value of your Property!

Contact a Realtor to obtain a CMA (Comparative Market Analysis) of your property. This will help you gauge what your house is valued at in relation to similar homes that have sold recently around yours. Compare this to what you owe on your house, and any other factors that will contribute to the sale of your home.

Next! Follow these steps to prepare your home!

1. Declutter & Depersonalize

Pack away personal photos, excess furniture, and anything that makes the space feel “busy.” You want buyers to imagine themselves living there.

2. Deep Clean Everything

Scrub floors, baseboards, bathrooms, and kitchen surfaces. A sparkling home feels well cared for — and that builds buyer confidence.

3. Handle Small Repairs

Fix loose handles, leaky faucets, squeaky doors, or cracked tiles. These small issues can make a big difference in how your home shows.

4. Boost Curb Appeal

First impressions matter. Mow the lawn, freshen up mulch, trim bushes, and consider adding a welcoming touch like a new doormat or potted plant.

5. Neutralize & Brighten

Light, neutral colors and bright spaces sell. Open curtains, replace burned-out bulbs, and consider a fresh coat of paint if needed.

6. Get a Realtor’s Eye

Before listing, have your real estate agent walk through the home. They can spot things you might’ve missed and offer expert tips on staging and pricing.

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