What's the Buyers Estimated Costs?

I have been trying to go over a new document or contract every month so that when you are ready to buy or sell, you know exactly what is expected of you and what you can expect from your agent and the other side of the settlement table. This month we are reviewing a very simple form called the Buyers Estimated Costs. Though it is a simple form it is very important. 

The best part of this form is that you don't have to fill any of it out. You simply review it and say whether you agree or disagree and what needs to change and once it looks good to you, then you sign off on it.

The form will not always look like this. In fact I like to use the one I download from the MLS which uploads all the property information onto it and I just input your offer payment info.

When you are getting ready to submit an offer on a property it's easy to want to get carried away and say to offer whatever makes your offer the best or what the seller is looking for, but it's important to understand what your offer will cost you in closing costs, and monthly payments. 

Before you submit an offer your REALTOR needs to show you your estimated costs so that you are fully aware of what you are signing up for before you agree to an offer. 

Your REALTOR should also show an updated version of this every time you update the financial portion of your offer.