Filled with mysterious acronyms and confusing terms - we created these resources to demystify the real estate business.
Let’s talk about how real estate commissions work. A commission is basically a percentage of the sales price that is divided between the listing agent and the buyer’s agent. Commissions are normally paid for by the seller – and cover all the things that help the house sell fast . . . Things like signage, photography, and virtual tours. It also places the home in what’s called the MLS – or Multiple Listing Service. The MLS exposes your hundreds, maybe thousands, of other realtors who all have people looking for homes. All these realtor-provided services help your house sell faster – saving you thousands of dollars in bills and mortgage payments. Plus, by using a realtor, you’re likely to sell you home for much more than if you tried to sell it by yourself. When you look at it like that, paying a commission ends up actually making you money. At Rilio, we’re committed to making the home selling and buying process as fast, simple and easy as possible.
Did you know that real estate laws differ from state to state? If you’re considering buying a home in Texas, there’s a unique option available to you, called, well . . . an option. When you make an offer on a home you can pay an “option fee,” usually in the amount of one to two hundred dollars. This “option fee” gives you an Option Period – a window of time that lets you terminate the contract for any reason. An Option Period gives you time to get a complete home inspection, do plumbing tests, and anything else to make sure the home is not only insurable . . . but exactly what you want. During the Option Period, you can terminate the contract for any reason or proceed with the purchase of the home. An Option Fee is just one of the things that can help make your home buying process as stress-free as possible.
That depends on a lot of different things, like the cost of the house and the mortgage rate you get. But in general, you’ll need to have enough money to pay for your earnest money, down payment and closing costs.