1. How much should I offer for a house?
When you are making an offer for a home, consider the following:

  • The price advertised.
  • Your budget. How much you feel comfortable paying for a home.
  • The prices of similar homes.
  • Why the seller has the house on the market (does he need to close quickly).
  • How much personal value the house holds for you.

2. What does a house “closing” mean?
The closing is the final transfer of the ownership of the house from the seller to the buyer. It occurs after the seller and buyer have met all terms agreed to by the contract and the deed has been recorded. The closing can also refer to the exact date and time that the ownership will transfer.

bossier title services

3. Do I need an attorney to write up the contract?
That all depends on the state in which you are buying the home. In some states a title company will handle the entire process and in other states an attorney will be actively involved in the transfer process as well as creating the contract.

4. What is seller financing?
Seller financing is when the seller of the home agrees to loan you a portion of the money (or sometimes all of the money) to buy his home. This can happen when you are unable to get an adequate amount from your bank. The seller can either take back the mortgage on the house or keep title of the property until you pay back the loan. When the seller takes back the mortgage, you will then sign a promissory note saying you will repay the loan. In the situation where the seller keeps the title until you pay back the loan, you are not able to sell or refinance the house until the entire loan is paid off.