Realty – Bethany Nolan

Upfront Costs in Purchasing a Home

Money, money, money! When you first start the home buying process, a big concern can be the money and cashflow that you’ll need to pay upfront once you have an accepted contract. Payments can start adding up, so I always try to make sure that my buyers are aware of what checks they’ll be cutting from the beginning once their contract is accepted.

While closing costs are a big concern to buyers, those don’t really come to fruition until closing day (end of the deal). When it comes to upfront costs, you’re top costs will include your Option Period Fee, Earnest Money and paying for your Inspection. I’ve pulled the ranges and explanations for each below.

UPFRONT COSTS IN PURCHASING A HOME

Termination Option Fee: Typically ~$100

Your Termination Option OR Option Period is typically a time frame of 7-10 days where you complete your inspections, come in and get quotes/estimates on any repairs you’re needing and ensure that you’re ready to move forward on purchasing the home. This period starts the next day after the contract is executed.

The Termination Option Fee protects your Earnest Money so that if you back out of the contract within your 7 to 10 day period due to the seller not agreeing to repair certain items or the home not being quite up to par, you would get your Earnest Money back. After the 7 to 10 day Termination Option Period, your property will go UNDER CONTRACT.

This fee is written out the seller of the home as they’re giving you this time frame to complete any inspections, etc. You do not have to complete an inspection or have a Termination Option Period, but it is always recommended. Your Termination Option Fee CAN BE credited to your closing and negotiated on price point and day period.

Earnest Money: 1% of home purchase price

Typically, your Earnest Money is 1% of the overall price of the home. For example, if you purchase a home for $200,000 then your Earnest Money check will be $2,000. That is 1% of the purchase price. Is the 1% fee negotiable? Yes! But the Earnest Money is seen as good faith that you’re ready to rock and roll as a buyer so most buyers and sellers stick to using the traditional 1% number. If you’re in a bidding war, you may put down more in Earnest Money. It all depends on the buyer and the seller.

This fee is written out to the title company that is handling this transaction. Your Earnest Money IS credited at closing to your costs and can be negotiated.

Inspection Fee: Truly varies on square footage of home/company – ~$360-$600

Is this a required fee? Not necessarily, but some lenders do require an inspection and I ALWAYS recommend my buyers order one so that they know the ins and outs of the home from a licensed professional. The fee ranges by the company you use and the square footage of the home. The bigger the home, the higher the cost. In my opinion, this cost is WORTH IT!

This fee is paid directly to the inspector or inspection company. This IS NOT credited to your closing and if you back out of the contract you will not receive a refund for the fee. Inspections are there to give you piece of mind and know what’s going on from plumbing to foundation to electricity. It’s beneficial on ALL fronts!

While there are some other upfront costs in purchasing a home, these are the main costs after you receive and accepted offer on a property. These are all fee to expect and later on pull money for your downpayment, lender (appraisal, etc.) and closing costs. This is used to help guide you at the very beginning stages after a contract is accepted.

It’s WAY DAY, y’all!

Online shopping, home decor and discounted STEALS… these are a few of my favorite things! For those of you that don’t know, today is WAY DAY with Wayfair – the company’s biggest sale of the year with Black Friday-like sales. WOOHOO!!

I’ve been slowly skimming this 36-hour sale all day and and LOVING what I’m finding. We’ve got outdoor furniture, rugs, kitchen items and MORE! I’ve really given this site a deep dive and am sharing some of my favorites. Take a peak and get a STEAL ON A DEAL!

|| RUGS||

UP TO 80% OFF

As of late, grays and neutrals are what’s catching my eye when it comes to rugs. I’ve done the colorful, fun and girly rugs and they’re cute but hard to decorate around. I am LIVING for these hide style rugs that look like Kyle Bunting designs for MUCH LESS! It pulls in my ranch roots with a chic look. This rug would look perfect in my mother’s room and I may just convince her of that tonight (are you reading this, Mom)!

|| OUTDOOR FURNITURE||

UP TO 70% OFF

It’s Outdoor Season, people! No doubt here that outdoor furniture is not the cheapest, but these discounts are some that you just can’t pass up. A couple of my favorite items include the wicker deck box and the plastic adirondack chair. We LOVE our deck box at the lake and throw our cushions in the box when it looks like there’s going to be a quick 10 minute rain and pull the cushions back out to enjoy in the hot summer heat. My family is actually looking to switch from wooden adirondack chair to plastic.

|| LIVING ROOM FURNITURE||

UP TO 70% OFF

Filling up your living space can be overwhelming!! From couches to sides tables to tv stands, there’s a lot you need to fill up a room with the right flow and vibes you’re looking for. What’s I’m living are some of the matching pieces like the gold brushed end table and coffee table that pair perfectly with any style and type of furniture. I personally have this Roberta Armchair in the corner of my room and LOVE it. So deep and comfy.

|| BEDROOM FURNITURE||

FROM $79.99 AND UP

Way Day is SO convenient for me right now because I am currently on the hunt for new bedroom furniture! I am really love both the tufted headboard and the canopy bed that are on sale right now. I’m also a BIG FAN of mirrored furniture and am loving the deals on the dressers and jewelry organizers, as well.

|| KITCHEN & DINING FURNITURE||

FROM $35.00 AND UP

Time to outfit those kitchen and dining areas! I’ve found the bar cart that your Pinterest DREAMS are made of and the cutest kitchen table for an eating nook. You’ll be all set up by the end of the sale!

Happy shopping, my friends!

Closing Costs: Here’s Your Breakdown

Home buying… it can be fun, it can be stressful and it can be overwhelming! There are so many steps and processes and costs involved in the process, and as a Realtor it is my job to have answers to all of my client’s questions and concerns. While I always get asked about negotiations, inspections and more, one of the main questions I receive from my buyers is…

“What will my closing costs look like…?”

Honestly, it’s important to have a nice breakdown to show where all of your money is going and possible costs that seem hidden to the first time home buyer. This is likely BIGGEST purchase a person will make during their life, so people need to know what it’s going to cost and where their money is going. It can get complicated on whether the buyer or seller is paying for certain portions of closing costs, but that’s where your handy-dandy Realtor swoops in to guide you in the negotiating process!

So first of all… what are closing costs? Closing costs are fees associated with the purchase of your property/home that are paid at the closing of your real estate transaction. A closing is when the title of the property purchased is transferred from the seller to the buyer. Closing costs are incurred by either the seller or the buyer, these CAN be negotiated.

Now that we understand the high level description of closings costs, let’s break it down. While there is a rather large list of items that can go into closings costs, what I’m going to do is break down the biggest costs first and dwindle it down to other associated costs.

CLOSING COSTS

Title Company Fees (Cost Ranges Follow the Descriptions)

Appraisal: Paid to appraisal company to ensure fair market value of purchased home. Cost: Ranges are ~$500.
Flood Certification: Pulled by third-party, determines if property is located in a flood zone. Cost: Ranges close to $10-$15.
Postage or Courier Fees: Cost for transfer of documents. Cost: Ranges close to $40.
Recording Fee: Recording of public land records. Cost: Typically around $130-$150.
Settlement Fees: The title company is paid for handling the closing. Cost: Ranges from $200-$300.
Survey: Goes to a survey company to verify property lines. This is not always necessary as some sellers already have a survey on file. Cost: Ranges around $650 for a normal lot.
Tax Services: This includes transfer taxes, property taxes that will either be prorated or handled at the closing table. Cost: Ranges close to $100.
Title Search: The title company is paid for their search of the property’s records. They check on the deed of the home and ensure there are no liens, etc.

Lender Fees (These fees vary, so depend on lender for guidance with your situation)

Credit Report: Pulled by lender, grabs credit history for loan approval.
Homeowner’s Insurance: You’re typically paying your first year of insurance at closing. Simple as it sounds, it’s insurance and covers any potential damages to the home.
Origination Fee: Covers lender’s research and administrative costs. Typically 1 percent of loan.
Owner’s Title Insurance Fees: Can be optional, but protects you in the event that there are challenges to the ownership of your home.
Underwriting and Processing Fee: Goes to lender and pulls history/researches buyer for loan approval.

A great estimate that I like to give my buyers on their potential closing costs would be to vary it from 2 to 4 percent of the overall purchase price of the property. So if you’re purchase a $200,000 home, you can think ~$8,000 on the very high end and ~$4,000 on the low end. I find it better to give my clients an estimate that near a number than nothing at all. It gives my buyers and sellers a little piece of mind.

Love is in the air, but so is the flu… let’s get your home clean!

The flu is HERE and it has hit the East Texas area with a vengeance. I am currently writing this blog while I’m quarantined in my bedroom with the flu. I think I actually laughed at the doctor when he told me I had the flu because of course I do… it’s everywhere!

In case you haven’t paid attention to your calendar, Valentine’s Day is right around the corner as well. With love in the air and flu germs following around to sour your plans, I’ve pulled together some ways to keep your home as germ-free as possible! Since I already have the flu, I’m sharing tips that I’m using to help my family and friends avoid the flu and keeping the home as clean as can be.

Quarantine the sickling.

Rude… I know. I’m currently listening to a podcast and chilling alone, but it reduces the spread of germs. This prevents me from touching other surfaces, remotes, etc.

Wash your hands. DUH!

Keeps those hands washed and clean. As soon as you get home, touch an items you know someone else may have used… clean those hands because germs are everywhere!

Clean all communal surface areas at least once a day.

LYSOL IS YOUR FRIEND! Clean those kitchen countertops, bathroom areas and everywhere in-between.

Door knobs are just as germy.

Get those disinfectant wipes and wipe down all door handles, light switches, alarm code pads… anything that is used on the daily.

Tissues with some issues.

The sickling needs to handle their own tissues. I will be disposing of my own tissues and so should you. Prevent spreading your sick self’s germs by disposing of your own items!

Disposable is the only way.

Use disposable cups, paper towels/plates and separate those toothbrushes. You don’t want everyone else in the home touching the same towel you dried your hands with. It’s easier to use throwaway items. Avoid using a sponge and only use cleaning products/items that can be thrown away!

Laundry may get dicey.

The sickling’s towels, bedding and clothes are GERMY! When you’re transporting those items to the laundry room, keep them in a hamper that you can disinfect and don’t carry/hug them because it could spread the germs over to YOU!

Stay safe out there, my friends. This flu is no joke and it pities no one… I mean it’s found it’s way to me!

Sneak Peak: Best of Black Friday Sales for Homeowners

Here’s my confession: Black Friday shopping SCARES me!! I have never been into Black Friday shopping. It’s overwhelms me with all of the people hustling and bustling everywhere I’m more of a Cyber Monday gal. But, I can’t blame people for loving Black Friday! With all of the deals you can get on clothes, household items and more, I see the appealing side of the ‘holiday’.

This year, I am excited to be participating in Black Friday to help find the perfect gift for homeowners. From vacuums to TVs, air fryers and more, you really can’t pass up the deals. Whether you’re shopping for yourself, a family member or a friend, here are some great finds for the homeowner in mind!

|| TARGET ||

Target, or as I like to call it Tarjay, has some deals rolling through for Black Friday. I’ve found the perfect finds for your extended stay guests, technology gadgets to help you save on your monthly energy bill, and other home life-saving applicances! You can save $60 on a Serta Air Mattress for those last minute visitors and a 50% off THIS blow dryer for the guest bath. Show off your GREEN side by being energy efficient with the NEST Thermostat that’s $70 off the original price. Now the best find, in my opinion, is the KitchenAid mixer. I LOVE MINE. This is the bigger mixer – meaning more cookies and sweets can be made! Can’t beat getting a 5 Quart KitchenAid for a whopping $230 off sticker! Also a big fan of the $20 savings on the AirFryer.

Last, but certainly not least, is the kitchen appliance on my wish list: The Ninja Professional 1200W Kitchen System. It’s basically a four-in-one machine. All of the attachments can be used for making my yummy oreo balls, to a quick protein shake, or even margaritas. Done and DONE!

Target’s Black Friday shopping begins on Thanksgiving Day at 5PM and doors close at 1AM. They reopen at 7AM on Friday.

|| SAM’S CLUB ||

Savings in BULK! Sam’s Club already has some of the lowest prices around, but Black Friday is where it’s at. At our house we LIVE FOR their towels and pillows. They’re basically luxe hotel quality and they’re CHEAP! Their 2018 Black Friday savings catalog has basically everything needed for any home gift.

Some of the savings I’m most excited about are the iRobot Roomba ($100 off), Arlo Pro Home Security System ($249.00), Jumbo-Sized Bamboo Pillows ($10.98) and Samsung 75″ TV with Xbox One X ($1,279.00). Walmart also has an Arlo 3-Pack for less, but it’s not the Arlo Pro, so it’s all about personal preference! Back to the pillows… I have these and one of my dearest friends has them and they’re like sleeping on a cloud! GET THEM!!

Sam’s Club Black Friday shopping begins online on Thanksgiving Day and their doors will open at 7 a.m. on Friday, Nov. 23.

|| WALMART ||

I look at Walmart as the HEAD HONCHO of Black Friday. That place is cray cray when Thanksgiving Day hits! To keep the search simple, here’s what I have my eye on for the Walmart Black Friday sale:

Instant Pot: BEST FIND! Here’s to making cooking easy! We love our Instant Pot and the quickness and ease it brings to our lives when making quick dinner. Walmart is selling the Instant Pot 8 Quart for $59 which is ~$40 less than what it would normally cost. PSSSST… $10 cheaper than Target!
SAMSUNG Smart TVS: I have one and LOVE IT! It’s so nice to use ONE remote for all of my Netflix, Hulu or Cable TV needs. Walmart is running deals on the 55″ and 60″ Smart TVs that will be hard to beat.
Roku: Don’t have a Smart TV? Don’t worry! There are two Roku deals – Roku Ultra for all you heavy, high definition, streamers (saving $51) and the Roku SE, still a high definition stream, ($20). These can easily be hooked up to your TV through the HDMI port and you can watch shows, movies or videos from all your favorite apps. My family loves theirs! Again, better deals than Target!
Arlo Security Cameras: This is my best find! A couple of different stores (Sam’s Club, etc.) are running deals on the Arlo Camera Systems, but Walmart has the BEST deal with a 3 camera bundle system; other stores are only including 2 cameras. My parents have these and LOVE THEM! They’re wireless and you can check the cameras from your phone on an app wherever you are; you can even set up alerts when there’s movement near the camera. Sam’s Club is selling the Arlo Pro which is different from just the Arlo.
Vacuums: We all could use a nice, new vacuum! From what I’ve seen, Walmart has some of the best and lowest Black Friday prices around. They have the Dyson vacuum at $159 for Black Friday. What a deal!

The Walmart Light Up Black Friday event begins on Thursday, Nov. 22 at 6PM in stores and Wednesday, Nov. 21 at 9PM CT online.

|| AMAZON||

Loud and proud Amazon Prime Member over here! Love that I can get quick shipping on just about anything and can find everything. Amazon is a little heavier on the Cyber Monday train, but they’re still throwing in some great deals on Black Friday.

So what does Amazon have to add to your home, you may ask? Well, the Ring Video Doorbell (saving $60) is a great start. Safety at it’s finest. I’m a scaredy cat when people are ringing on my door (even if it’s just the mailman), so it’s nice to see who is at your doorstep whether you’re home or away. They will also have all of their Echo products at a discount and their new Echo Plus reduced by $40. Other savings included are up to 35% off on mattresses, furniture and area rugs and up to 40% on select coffee makers.

|| BEST BUY||

Here’s where I look for all of the tech goodies and there are lots in the Best Buy Black Friday sale. What are you going to find? LOTS! Similar to Amazon, Best Buy has the Ring Video Doorbell 2 priced the same BUT they’re including an Echo with purchase…. so WIN WIN! This is also the hot spot for TVs on Black Friday. All brands, all sizes and big discounts! Samsung has great Smart TV options with savings of $200-300.

Let us not forget about the bigger appliances, too! From refrigerators to washer/dryer combos, this is the time to make the big splurge on those big items. There are savings of up to $700 on the refrigerator and ~$250 on the washers and dryers along with a FREE Samsung POWERbot Vacuum (valued at $499.99) with the purchase!

Doors open on Thursday at 5PM for the Best Buy Black Friday Sale.

**Please note that the links will not show the discounted pricing until Thanksgiving Day!

Happy shopping! Would love to know what you’re shopping for or have your eye on this Black Friday! Share your finds!

Meet Bethany: Realtor®, Consultant and East Texas Native

Hello! Howdy! Hi there! I am Bethany Nolan, a Realtor® and Consultant, with a lot on my mind! Starting a blog has always been an aspiration for me, but finding the time and narrowing down content that I am passionate about has been my struggle. Before we get into all of that fun, here’s a little bit about me:

I’m a ninth generation Texan with seven generations in Upshur County. Growing up in rural Gilmer, Texas was always a treat and I’m a proud Gilmer Buckeye and alumna. After high school, I obtained a Bachelor of Science in Agricultural Communications and Journalism at Texas A&M University and a minor in Horticulture with an Event Planning Certification. Upon completion at Texas A&M I moved to Lubbock, Texas to receive a Master of Science in Agricultural Communications. Once all of my fun schooling was over, I moved to Houston and began working for a public relations firm specializing in their food, agriculture and beverage department focusing on media relations and social media. Working in public relations gave me a great background to transition into opening up Bethany Nolan Consulting, LLC, to assist clients with their social media, media relations and more. Unknowingly at the time, but my background serves as an advantage for marketing and selling real estate. Summed up in a nutshell… that’s a little bit about ME!

Now that you have a little bit of a backgrounder on ya girl, here are some fun little tid bits to get to know me a little better:

Hobby: I love to bake and test out new recipes; it’s a great escape for me!
Favorite Movie: Son-In-Law, Troop Beverly Hills and Heavyweights
Favorite TV Series: Hart of Dixie, Gilmore Girls and Gossip Girl
Biggest Pet Peeve: Smacking… GETS. UNDER. MY. SKIN!
Biggest Fear: Needles, just can’t shake the fear

I’m excited to take a deep dive into real estate, consulting and the life of Bethany! My hope and plan is to help guide you in the home buying process, preparation tips for preparing your home for the market or the holidays and even give some insight on social media marketing that I use to guide my consulting clients. Follow along, subscribe and enjoy the ride.