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1 GUIDE TO BUYING BY MICHAEL KORMAN

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1 GUIDE TO BUYING BY MICHAEL KORMAN

  1. 1. Your 24/7 South FL Realtor GUIDE TO BUYING YOUR HOME By Michael Korman PRE-APPROVAL PROCESS My preferred lender will get you pre-approved for an amount that you can either be approved FOR or for an amount you would like to finance. She will have competitive rates and 24/7 service like myself, together as a team we will make this as smooth as possible for you. Focusing on your targeted monthly payment will allow us to find out the other costs we need to stay under. The HOA, taxes, insurance, etc are what drive that monthly payment. Your financing options are typically FHA & CONVENTIONAL loans. FHA will finance up to $345,000 and you can put as low as 3.5% down. Conventional loans start at 3% depending on your credit score and then go to 5%+ .. I can adequately answer financing questions but please gear those to the financing professional – the lender. PROVIDING PARAMETERS FOR YOUR SEARCH | MLS Upon becoming approved for an amount that we can work with, we can go over your options more at length with MLS. Multiple Listing Service is the database for all realtors that allows us to see all of the properties that are active on the market, as well as under contract, closed sales, expired listings, etc. This is an amazing tool for us and you. It allows me to do all of the searching for you so once we go over your options and we have a great idea of your location, price point, beds/baths, home type, etc.. I can send you listings that match what you’re looking for. Going online will be very deceiving as the information is fairly inaccurate on Zillow, Trulia, and realtor.com - as we discussed in person I will send you everything you need from the database. SCHEDULE SHOWINGS | PRICING Once we find you the properties that are most appealing to your taste, I will then properly coordinate your showings. (Depending on home size) it typically takes between 10-20 minutes per home. While we are walking around I am taking plenty of notes as to what I am seeing… could be upgrades, damages, smells, anything.. Everything and anything I can gather will be a benefit to you once it comes time to me pricing the home. While we are walking around I will of course point out positive things I see, but I always look for the negatives.. the LAST thing I let happen is a client or friend move into a home with problems.. When it comes to pricing, there is no one better in your corner. I study the market trends from the past, present & make future projections. I study EVERY appraisal report I get from my buyers’ files so I can see EXACTLY how to price a home. When you’re buying.. you are either paying market value or less.. I won’t ever let you overpay. Once we know the price of a home to a tee, we win & I am fierce negotiator, so please put your trust in me to get that task done correctly for you. EXECUTED CONTRACT | ESCROW FUNDS Once we have found the perfect home and have worked out a deal with the seller, I will draw up a contract for you to ESIGN. Upon all parties completing the appropriate signing designations, we have an executed contract. Typically within 3 days of signing, we need to submit your initial deposit called Escrow Money Deposit, EMD.. This will get held in either my title company (Assure America Title Co.) or theirs.. that is always negotiable, like anything in the deal. If it is at ours, I know the funds are protected and you will be getting a continued best-in-class 360 degree real estate experience.
  2. 2. Your 24/7 South FL Realtor INSPECTION I always recommend to have a property inspected. You can find hidden deficiencies in the property – Again, I will always be on the lookout but having a licensed professional go thoroughly through the home will allow you to get a great idea of the properties overall condition. I can recommend that you find your own, but I use the same one for ALL of my deals – James Kutteroff. He has performed over 6500 inspections and there is no one more thorough OR knowledgeable to have on your side when it comes down to the nitty gritty. If you attend the inspection, he will go over at length the entire report with you and answer any questions you may have! – Never met any other inspector to do so. This is important to understand.. EVERY HOME HAS SOMETHING, there are always little things that pop up in inspections.. it’s a house, there is a lot to maintain. There are two ways to look at it.. if the inspection comes up clean, that is great, you are moving into a well-maintained home. If there are larger issues that prevail, this is when we can stand ground and negotiate further. It is important to recognize that these contracts are all “AS-IS” contracts.. so you are purchasing the home “AS-IT SITS” The seller is not obligated to rectify any of these deficiencies & you may feel that the condition isn’t what you wanted it to be and we can submit a release and cancellation and exit the transaction. – Typically in today’s deals there is a 10 day inspection period.. this is the first 10 days of the contract in which you can cancel for whatever reason you choose (even without an inspection) and get your deposit back in full. You will always be protected with me, I constantly have my eyes on the time frames of the contract. HOME OWNER’S ASSOCIATION (HOA) If there is an HOA, I will get the application(s) for approval, the rules and regulations for the community & pass this along to you, immediately. It is important to get all apps and monies in ASAP.. The last thing we want is to be completely done with a file and wait on an HOA approval to close to get you into your home! Every HOA management company is different, their contact information will be there for you to reach out in any specific questions as well. APPRAISAL If all goes well with the inspection and we are proceeding, next comes the appraisal. This is performed by a licensed property appraiser who out to the property and determines a value of the home based upon his/her OPINION. That is crucial.. it is simply a matter of opinion. If 5 appraisers come out to a property, there will be 5 different values. THIS is exactly why I will always make sure you know how much the home is worth before entering the deal so we aren’t incurring these costs and putting ourselves in a poor position. When I do my comparative market analysis’ – they are completed in the same format, exhibiting all of the same adjustments and necessary factors an appraiser would consider when valuing the property. – I know what all of the bedrooms, bathrooms, garages, pools, lake views, lots, roof types, sq. footage calculations, you name it.. I know what it is worth in each area for each property. – If , for example.. you are under contract for a $500,000 property and the appraisal comes with a value of $490,000.. either you as the buyer have to come with an additional $10,000 in cash to close or you and the seller make it work by meeting half way & so on. If buyer and seller can’t come to an agreement.. you may back out of the deal and receive your deposit back in full. This is why – having a title company of choice is critical.. we don’t want you to have to wait 3 weeks to get your money back, or even longer by using someone else’s title. If, using the same example of a $500,000 purchase price we find the appraiser valued the property at $510,000.. you just moved into the home with $10,000 of buyers’ equity. It is not the sellers business to know the value if it is supported in the report, so you win! The only time an appraisal is not required is a cash transaction.
  3. 3. Your 24/7 South FL Realtor LOAN COMMITMENT Typically in a contract we are granted 21-45 days to have a full loan commitment.. this is basically your approval for your loan in writing and any conditions that still need to be cleared are exhibited to the seller to show if we are CLEAR TO CLOSE or if we need an extension. If we ever need to back out of the deal and we are before our loan commitment date.. we can be denied financing by the bank and get your deposit back in full. Another reason to use my preferred lender.. this will allow us all to always be on the same page, further protecting you as the buyer. 24/7 SERVICE |YOUR TRUSTING & EXPERIENCED TEAM Myself and anyone I use for all of my transactions including my preferred lender, title company & inspector are all here for you 24/7. I have built a team of individuals to surround myself with - with the same mentality day in and out.. and that is to create the ABSOLUTE BEST experience for you from first conversation to keys in hand. We all work so diligently and hold all of the stress so you can enjoy the pleasure of your future home. I have a hospitable state of mind in which service is ‘round the clock and you are my number one priority. If you have questions at ANY HOUR, please contact me. I would rather you call me 10 times a day, then zero. If we are always on the same page, it will help me-help you achieve our common goal of finding you the home that best suites you. Please join me in this impeccable experience & know there is no one better to not just service, but satisfy all of your real estate needs! 24/7 for my clients and friends, Michael Korman The Corcoran Group 901 George Bush Blvd. Delray Beach FL, 33483 m: 954.598.3277 Michael.korman@corcoran.com
  4. 4. Your 24/7 South FL Realtor

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