Inspection:
According to the U.S. Department of Housing and Urban Development, home inspector fees typically range from $300 to $500.
Your cost will vary depending on location and the size of your property, and
whether you order any special evaluations in addition to the standard
inspection. Your real estate agent can advise on the fee range for your area.
Additional inspection costs may include one (or all) of
the following depending on the property and your personal preference.
Septic Inspection range from
$225 to $275 – The septic system should be inspected once a year, including as
soon as the house is put on the market for sale. This will enhance the home’s
value and avoid any liability issues that might result from a malfunctioning
system. If the seller has not has the septic inspected, it is in the interest
of a prospective buyer to have the septic system be inspected before they
purchase the home.
Radon Air and Water tests range
from $150 to $200 - Radon is an odorless, tasteless, radioactive, cancer
causing gas that leaks into your home from the soil surrounding it. Pressure
differences in your house can cause your home to act like a vacuum, drawing in
the radon gas from the soil. Radon can also be present in your water supply.
Typically it is only an issue if your water supply comes from a well or ground
water, as opposed to surface water like in a reservoir or other open air
sources. The U.S. Environmental Protection Agency (EPA) has set guidelines for
the State of Maine. I recommend talking with your real estate professional for
more information.
Water Quality test range from
$120 to $140 - If you have a private source of water (drilled or dug well or
spring), it is up to you, as the homeowner, to test the water. Dug wells and
springs are more likely to be contaminated than drilled wells. The main reason
is that they may not be well built. Dug wells may collect water that has not
moved through enough soil to naturally filter out the bacteria. However,
drilled wells can be contaminated, too. A drilled well may not be sealed into
the bedrock, or have water flowing down the side of the well casing. Well water
should be tested for bacteria and nitrates every year, while it should be
tested for arsenic, radon, and uranium every three to five years.
Oil Proration: This exchange is
handled outside of the closings in Maine. When the buyer performs their final
walk-through prior to closing, they get a reading of the oil that is remaining
in the tank. The buyer then pays for the remaining amount
of oil in the tank as of the day of closing by personal check.
Down payment, including the Earnest Money Deposit
(EMD):
An earnest money deposit, submitted with the offer, is
normally 1 to 3 percent of the offer price. When the offer is accepted, this
deposit becomes part of your down payment.
Down payment requirements are calculated as a percentage
of the purchase price and vary by loan program and lender. Expect your mortgage
lender to ask for anywhere from 3.5 to 20 percent down. Higher down payments
often result in preferable loan terms and more options for the borrower, which
is why so many people aim for the 20 percent mark. There are loan programs that
offer 100 percent financing at competitive rates. I recommend talking to a
mortgage professional to understand what rate and terms are best for your own
situation. Everyone is different!
As I have said before, please call a local REALTOR for
all your real estate needs no matter how big or
small. We are trained professionals here to make your life easier. It's best to
surround yourself with the right team of professionals that can continuously
give you the right advice for all your circumstances.
LISA DIBIASE
LANDING REAL ESTATE
LANDING REAL ESTATE
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