Welcome to another episode of Real Estate Pros of Houston! Today we're going to be talking about real estate essentials, focusing on seller-paid closing costs and the role of real estate attorneys in property transactions. Here's a brief description of what you can expect from this episode.

Understanding Seller Contributions: We'll explore when and why sellers might cover closing costs for buyers, including the specific rules for different loan types like FHA, VA, and conventional loans. This will cover how much sellers can contribute, with limits up to 3-9% for conventional loans, up to 6% for FHA loans, and potentially all closing costs plus an additional 4% in concessions for VA loans

Negotiating Concessions: Learn about seller concessions, also known as seller contributions or seller credits, and why they are a common negotiation strategy, especially in a buyer's market. We'll discuss what closing costs a seller can legally cover, such as attorney fees, title insurance, transfer taxes, real estate commissions, and municipal fees

Seller's Perspective on Costs: We'll touch on common closing costs for sellers, which can range from 6% to 10% of the sale price, including real estate agent commissions and transfer taxes and fees. We'll also cover other potential costs like paying off existing mortgages, prepayment penalties, and liens

The Importance of Legal Counsel: Discover why consulting a real estate attorney is crucial throughout the process, particularly when structuring requests for seller concessions or navigating complex transactions. We'll also discuss the typical costs associated with hiring a real estate attorney, which can range from $500 to over $3,000 depending on the complexity and location

Real Estate Market Insights: We'll discuss how these topics relate to overall market conditions and how the week's news may affect housing and mortgage rates.

Remember, today’s podcast is being presented and sponsored by Next Step Home Loans out of the Houston area. Next Step Home Loans is a mortgage broker licensed to originate and close loans throughout the state of Texas. They can be reached at 832-504-9014 or you can visit their website at www.NextstepHomeLoans.com. Ask for Mark or anyone on his team and they'll take great care of you. Or, you can drop Mark or his team an email at TeamMark@NextStepHomeLoans.com.

Today’s podcast is being presented and sponsored by Next Step Home Loans out of the Houston area. Next Step Home Loans is a mortgage broker licensed to originate and close loans throughout the state of Texas. They can be reached at 832-504-9014 or you can visit their website at www.NextstepHomeLoans.com.

Ask for Mark or anyone on his team and they'll take great care of you. Or, you can drop Mark or his team an email at TeamMark@NextStepHomeLoans.com.

Hope you enjoy the episode and find it educational!