Besides at closing, there are a few additional times money is due when purchasing a home:
- When writing your initial offer, an earnest money deposit is required. Amounts vary based on purchase price, but the average sale will be a $1,000 deposit. This check is ONLY cashed after a deal is ratified.
- Money for a home inspection is due at the time of the inspection and on average range from $400-$500.
- When your lender orders the appraisal, the cost of the appraisal is also due.
If the seller has agreed to pay closing costs, you may still be reimbursed for these items at closing.
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.