1st Time Home Buyer Seminars

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  • 1st Time Home Buyer Seminars

    1. 1. <ul><li>1 st TIME HOME BUYER </li></ul><ul><li>SEMINAR </li></ul><ul><li>Brought to you by </li></ul>www.rightabouthomes.com
    2. 2. WHY BUY A HOME? <ul><li>Advantages of buying a home: </li></ul><ul><li>Buying a home is a sound investment. </li></ul><ul><li>Secure your family’s financial future. </li></ul><ul><li>Create Fortunes. </li></ul><ul><li>Build Equity </li></ul><ul><li>A home’s value tends to increase. </li></ul><ul><li>Eventually, you’ll be free of payments. </li></ul><ul><li>Freedom to remodel and decorate to suit your taste and increase the value of the home. </li></ul><ul><li>Sense of Pride </li></ul><ul><li>Improve Credit Worthiness </li></ul><ul><li>Tax Benefits (deduct mortgage interest, property taxes, closing costs) </li></ul>
    3. 3. STEPS INVOLVED IN BUYING YOUR FIRST HOME <ul><li>Obtain mortgage approval </li></ul><ul><li>Finding a home </li></ul><ul><li>Offer, negotiation and acceptance </li></ul><ul><li>4. Condominium/ HOA requirements </li></ul><ul><li>5. Inspections </li></ul><ul><li>Appraisal </li></ul><ul><li>Title work </li></ul><ul><li>Keys to you home </li></ul>
    4. 4. OBTAIN MORTGAGE APPROVAL
    5. 5. MORTGAGE QUALIFICATION PROCESS <ul><li>How much money can you borrow from a bank? </li></ul><ul><li>What will your payments be? </li></ul><ul><li>“ Being pre-approved for a mortgage before making an offer on a home </li></ul><ul><li>will dramatically improve your negotiating position, since it lets the </li></ul><ul><li>seller know that he is dealing with a serious buyer who can close </li></ul><ul><li>quicker and with more certainty than one that has not been pre-approved.” </li></ul>
    6. 6. MORTGAGE QUALIFICATION PROCESS <ul><li>Banks look for: </li></ul><ul><li>Debt to income ratio </li></ul><ul><li>Credit score </li></ul><ul><li>Assets </li></ul><ul><li>To qualify, you will need to: </li></ul><ul><li>Fill out 1003 form (application) </li></ul><ul><li>Provide documentation supporting Income and Assets </li></ul>
    7. 7. MORTGAGE QUALIFICATION PROCESS <ul><li>It’s a good idea to start gathering </li></ul><ul><ul><li>Last two years of tax returns </li></ul></ul><ul><ul><li>Last two years of W-2 </li></ul></ul><ul><ul><li>Recent paycheck stubs showing your name, SS#, the name and address of your employer and your year-to-date earnings. </li></ul></ul><ul><ul><li>Documents to show other sources of income (second job, overtime, commissions and bonuses, social security payments, alimony, child support, interest and dividend income, retirement benefits. </li></ul></ul><ul><ul><li>A complete list of your creditors together with the balances and minimum monthly payments. </li></ul></ul><ul><ul><li>Recent statements of all bank accounts and other savings accounts. </li></ul></ul>
    8. 8. FINDING A HOME
    9. 9. FINDING A HOME <ul><li>Find a Realtor </li></ul><ul><li>Define your search criteria </li></ul>
    10. 10. FINDING A HOME <ul><li>A Realtor® is a member of the National Association of Realtors and someone who must abide by a strong set of ethical standards. </li></ul>
    11. 11. FINDING A HOME <ul><li>How to find a good Realtor? </li></ul><ul><li>A Realtor should be someone who… </li></ul><ul><li>You and your spouse would feel comfortable working with. </li></ul><ul><li>Is comfortable explaining to you the purchasing process </li></ul><ul><li>Can answer all of your questions honestly or help you find the answer if he/she doesn’t know it </li></ul>
    12. 12. FINDING A HOME <ul><li>Has experience in selling and buying the type of property you’ll be buying. </li></ul><ul><li>Specializes in your geographical area </li></ul><ul><li>Has connections in related fields </li></ul><ul><li>Has support from an office </li></ul><ul><li>Knows current market conditions </li></ul>
    13. 13. FINDING A HOME <ul><li>Hire a buyer’s representative </li></ul><ul><ul><li>A buyer’s representative is some who will be looking out for YOU. </li></ul></ul>
    14. 14. HOUSE HUNTING <ul><li>Define your search criteria </li></ul><ul><li>Not only is it impossible to look at every available home, but it is also a complete waste of your time, so make a wish list ahead of time. </li></ul>
    15. 15. FINDING A HOME <ul><li>Define your search criteria </li></ul><ul><li>Location, location, location </li></ul>
    16. 16. FINDING A HOME <ul><li>Define your search criteria </li></ul><ul><li>Type of property </li></ul>
    17. 17. FINDING A HOME <ul><li>Define your search criteria </li></ul><ul><li>Type of property </li></ul><ul><ul><li>Condominium </li></ul></ul><ul><ul><li>Town home </li></ul></ul><ul><ul><li>Single family home </li></ul></ul><ul><li>Physical features </li></ul><ul><ul><li>Number of bedrooms and bathrooms </li></ul></ul><ul><ul><li>Square footage </li></ul></ul><ul><ul><li>Garage / carport </li></ul></ul><ul><ul><li>Yard </li></ul></ul><ul><ul><li>Upgrades </li></ul></ul><ul><ul><li>Type of floors </li></ul></ul><ul><ul><li>Pool / no pool </li></ul></ul>
    18. 18. OFFER, NEGOTIATION AND ACCEPTANCE
    19. 19. MAKE AN OFFER <ul><li>The terms of an offer include: </li></ul><ul><ul><li>Price </li></ul></ul><ul><ul><ul><li>Who will pay for what (the bottom purchase price can be a combination of the purchase price, the payment of closing costs, warranties and repairs) </li></ul></ul></ul><ul><ul><li>Deposits </li></ul></ul><ul><ul><li>Down payment </li></ul></ul><ul><ul><li>Closing date </li></ul></ul>
    20. 20. NEGOTIATE <ul><li>Basics of negotiation </li></ul><ul><ul><li>Start with a fair offer based on the sale of comparable homes </li></ul></ul><ul><ul><li>Often times, when an offer is presented some terms are counter offered </li></ul></ul><ul><ul><li>Be prepared to compromise (win some and give some) </li></ul></ul><ul><ul><li>Be discreet </li></ul></ul>
    21. 21. ACCEPTANCE <ul><li>Once all terms are agreed upon, both parties sign and acknowledge the changes. </li></ul><ul><li>Your Realtor will help you fill out the necessary forms. </li></ul><ul><li>Seller will reserve the home for you </li></ul>
    22. 22. CONDO/HOA REQUIREMENTS
    23. 23. CONDO/HOA REQUIREMENTS <ul><li>Obtain condominium/HOA documents, rules and regulations and financial statements. </li></ul><ul><li>Obtain approval from condominium association </li></ul><ul><ul><li>Fill out application </li></ul></ul><ul><ul><li>Pay non-refundable application fee </li></ul></ul><ul><ul><li>Run background and credit check </li></ul></ul><ul><ul><li>Hold interview </li></ul></ul><ul><ul><li>Obtain letter of approval to bring to closing </li></ul></ul>
    24. 24. INSPECTION
    25. 25. INSPECTION <ul><li>Even if you have specified buying the property in its “as-is” condition, it is a good idea to find out what repairs may be needed and have the right to cancel the contract or negotiate with seller to have them repaired in the event that damages are too great. </li></ul>
    26. 26. APPRAISAL
    27. 27. APPRAISAL <ul><li>The bank wants to make sure that your property is worth what you are paying for it. </li></ul>
    28. 28. TITLE WORK
    29. 29. TITLE WORK <ul><li>Title companies check for liens, confirm ownership and prepare the closing statement </li></ul>
    30. 30. CLOSING
    31. 31. CLOSING <ul><li>Bring cashier’s check or money order to cover down payment and closing costs, sign documents and get the keys to your new home. </li></ul>
    32. 32. Congratulations! You are now a homeowner

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