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Who doesn't love to grill in the great outdoors in the summer?

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Summer is the season for grilling. However, and average of 8900 home fires involving grills, hibachis, or barbecues occur each year in the United States. In 2014, 16,600 patients went to emergency rooms due to injuries involving grills, and 1,600 children under age five suffered thermal burns, caused by touching a hot surface. Safety aside, grilling-related fires cause about $118 million in property damage each year.

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Many buyers believe the term Short Sale means the approval process for purchasing a home is fast tracked and the sale takes place in a short or at least shorter period of time than normal. While we in the industry wish this were actually the case, alas, it is not.

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With interest rates at an all-time low (under 4%) the question of should I pay cash, or finance my new home seems to be a prevalent question with many home buyers. Let’s take a look at a small purchase and see how it shakes out, cashing it, or financing it. For the sake of ease, we’ll keep this at $100,000.

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Do you have the money for a down payment and closing costs? The down payment is a percentage of the value of the property. Freddie Mac says the percentage will be determined by the type of mortgage you select. Down payments usually range from 3.5% to 20% of the property value. Also, you may be required to have Private Mortgage Insurance (PMI or MIP) if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, attorney fees, financing costs, and items that must be prepaid or escrowed and other settlement costs such as surveys and home inspections. You can expect to pay between from 2% (if paying cash) to 6% of the property value in settlement costs. Buyers will receive an estimate of these costs from your lender shortly after you apply for a mortgage and you will have 10 days to accept the loan or reject it. And, you can always ask the seller to help defray some of your costs (not the down payment, but customary settlement costs.)

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We at The Thomas Team, understand buying or selling a home is more than just a transaction; it’s a life-changing experience. That’s why our team of highly seasoned real estate professionals is dedicated to providing exceptional and personalized service for all of our clients. I and my team take great pride in the relationships we build with our clients and always maintain focus on our client’s needs to help them achieve their goals. Our team of experts represent the best and brightest in the industry, and we’re always striving to lead the field in research, innovation, and consumer education. Today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate. Wi...

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