How I Help You Buy a Home
MARKET INSIGHTS
- Provide market overview
- Produce Comparative
Market Analysis - Show what comparable
homes are selling for - Provide relevant
neighborhood
information on:
❱ Schools
❱ Parks
❱ Dining
❱ Recreation
❱ Commute times
❱ Arts, culture &
entertainment
BUYER NEEDS
- Conduct pre-showing
interview to determine
needs - Help find the right home
to purchase - Connect buyer with
mortgage broker to
determine how much
home they can afford - Set up customized
property search - Promote needs within
office
PREVIEW HOMES
- Schedule showings
- Show homes
- Community tour
CONTRACTS
- Explain Contract
to Buy & Sell - Explain buyer agency
agreement - Explain required
disclosure documents - Explain deeds
- Explain title work
- Obtain & review
qualification letter
COMMUNICATION
- Explain the buying
process - Review & arrange
financing options - Guide through the
inspection process - Guide through the
appraisal process - Explain closing procedure
- Schedule & manage
vendors - Track due diligence
deadlines - Recommend providers
& coordinate with:
❱ Lenders
❱ Appraisers
❱ Inspectors
❱ Title company
NEGOTIATION
- Offer strategy
- Price
- Inspection resolution
- Appraisal resolution
- Title resolution
- Multiple offers
- Seller concessions
- Earnest money
- Inclusions & exclusions
- Conditional sale
contingency - Survey resolution
- Due diligence resolution
- Closing & possession
date - Payment for failed or
untimely possession
First Time Home Buyers
BUYING YOUR FIRST HOME
The prospect of buying your first home can
be both exhilarating and scary at the same
time. It’s likely the largest purchase you've
made in your lifetime—and also one of the
best long-term investments. But buying a
home is not a one-size-fits-all proposition.
Finding the right place in the perfect
neighborhood, and at a cost that’s within
your budget, is no small task. That’s where I
come in. My job is to help you navigate the
twists and turns of the buying process, so
that you end up with a house you’re proud
to call home.
HOW I HELP
- Explain the entire real estate process from start
to finish so there are no surprises - Recommend a lender that can help you
determine how much you can afford and
pre-approve you for a home loan - Help you determine the types of homes and
neighborhoods that best fit your needs - Arrange tours of homes that meet your
search criteria - Provide you with detailed information about
homes you’re interested in - Determine the market value of homes you’re
interested in - Assist you in writing and negotiating a mutually accepted
purchase and sale agreement - Accompany you to the inspection
- Coordinate necessary steps after inspection
- Work with the escrow company to ensure all
needed documents are in order and completed
in a timely manner - Provide ongoing support and services even
after you’ve moved into your new home
Frequently Asked Questions
How does my offer get presented to the seller?
In today's electronic world, offers are sent via email to the seller's agent. I will call the agent to let them know it's coming and tell them a little bit about you and the details of your offer. Then I will follow up with the agent again to confirm receipt of your offer.
Does it cost me money to make an offer?
When you write the offer on the home you’ve chosen, you will be expected to include an earnest money deposit. The deposit is a sign of your good faith that you are seriously interested in buying the home.
Where does my earnest money go?
Once the buyer and seller have a mutually accepted offer, the earnest money is deposited into a trust account. That deposit becomes a credit to the buyer and becomes part of the purchase expense.
Is that all the money that’s involved?
Some lenders require the cost of the appraisal and credit report at the time of the loan application.
Can I lose my earnest money?
Real estate contracts are complicated legal transactions. This is another area where having a knowledgeable and professional agent is a necessity. Rarely does the buyer lose the earnest money. Most often, if the transaction falls apart, there are circumstances beyond the buyer’s control that cause it to happen. If the buyer willfully decides, however, that they no longer want to buy the house and has no legal reason for rescinding their offer, then the seller has the right to retain the earnest money.
What happens if I offer less than the asking price?
If you offer less money, the seller has three options.They can accept the lower offer, counter your offer or reject it completely. Remember that there could be another buyer who is also interested in the home you’ve chosen. If they happen to write an offer at the same time you do, the seller will have two offers to compare. There are usually many aspects of each offer to consider, but ultimately the seller will want to accept the best and most complete offer. In active real estate markets, homes often sell for their listed price. In hot markets, there may be many buyers vying for the same house, which sometimes drives the final sale price above the original listing price. As a real estate professional, I can help you plan your strategy, based on the current real estate market in our area.
What if I need to sell my home before I buy a new one?
To put yourself in the best negotiating position before you find the new home you want, hire a qualified real estate agent to help you put your home on the market. Once you write an offer on a new home,your offer will be “contingent” upon the sale of your home. A buyer in this position may not have the same negotiating power as one whose home has already sold (or at least has an accepted offer). The seller may be hesitant to accept your offer because there are
too many things that must happen before the sale
can close.
Buyer’s Terms
LOAN AMOUNT
The amount of the mortgage based on the purchase
price, minus the down payment.
DOWN PAYMENT
Cash that the buyer provides the lender as their
portion of the purchase price. The down payment
is considered the buyer’s equity (or cash investment)
in their home.
POINTS
Fees charged by the lender to offset their interest
rate, if it’s below the prevailing market rate. One point
equals one percentage point—so one point on a
$100,000 loan would be $1,000.
APPRAISAL FEE
The amount paid for the lender’s appraisal
of the property.
CREDIT REPORT FEE
The fee charged by the lender to obtain a credit
report on the buyer.
TITLE INSURANCE FEE
A one-time premium that a buyer pays for protection
against loss or damage in the event of an incorrect
search of public records or misinterpretation of
title. The title insurance policy also shows what
the property is subject to in terms of liens, taxes,
encumbrances, deed restrictions and easements.
ESCROW FEE
The amount a buyer pays the escrow company
or closing agent for preparing papers, accounting
for all funds and coordinating the information
between all parties involved in the transaction.
CLOSING COSTS
A general term for all the estimated charges associated
with the transfer of ownership of the property.
PREPAID INTEREST
The amount of interest due on the loan during the
time period between closing of escrow and the first
mortgage payment, due at the time of closing.
PITI
The estimated house payment, including principal,
interest, taxes and insurance.
PRINCIPAL AND INTEREST
The loan payment, consisting of the amount to be
applied against the balance of the loan, and the interest
payment, which is charged for interest on the loan.
TOTAL CASH REQUIRED
The total amount of cash the buyer will need,
including down payment and closing costs.
PREMIUM MORTGAGE INSURANCE (PMI)
Insurance for the lender, to cover potential losses
if the borrower defaults on the loan.
