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Seven simple steps to explaining the home buying process from hiring an agent to the closing process. Presented by Better Homes and Gardens Real Estate Gary Greene. Remember - "How You Live, Will Also Determine Where You Live." Using an agent that understands the importance of lifestyle, can make all of the difference in your home buying experience.

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  2. 2. The 7 Step Home Buying Process1. Consulting with a real estate agent2. Getting pre-approved3. Finding the home4. Making an offer5. Negotiating the offer6. Processing the loan7. Closing & funding
  3. 3. 1. Consulting With A Real Estate Agent
  4. 4. Understanding Your ExpectationsWhat questions do youhave about workingwith an agent to findyour new home?What are yourexpectations of me?
  5. 5. Why Use A Real Estate Agent?Helps you determinehow much house youcan afford
  6. 6. Why Use A Real Estate Agent?Provides detailedinformation onproperties from theMultiple ListingService and othersources
  7. 7. Why Use A Real Estate Agent?Provides you withinformation about themarket so you candevelop an offerincluding the offeringprice and other terms
  8. 8. Why Use A Real Estate Agent?Advises you about theimportance of ahome inspectionand other inspectionsrequired by law
  9. 9. Why Use A Real Estate Agent?Assists you inunderstandingdifferent financingoptions
  10. 10. What Is A REALTOR®?We adhere to a strict codeof ethics and are committedto treat all parties to atransaction honestlyREALTOR® business practicesare monitored at localboard levels
  11. 11. Buyer RepresentationBuyer representation exists toprotect you I will run comps so we can determine the fair market value of the home I will help you determine the appropriate price
  12. 12. 2. Getting Pre-ApprovedA mortgage pre-approval will determinehow much money youcan borrow for thepurchase of your newhome
  13. 13. Getting A Pre-approval LetterThe process involves: Calculating your income vs. debt ratios Running a credit reviewA pre-approval letter willstrengthen your positionwhen making an offer on ahome!
  14. 14. 3. Finding The Home
  15. 15. Assessing Your Needs - LifestyleHow you live will helpdetermine where you live What is the driving force behind this move? (Job, family, more space, schools, lifestyle, etc.) What type of activities do you enjoy?
  16. 16. Assessing Your Needs – Your Dream HomePutting together your wish list Who will be living in the house? How much space do you think you will need? Other considerations include: Age of home, lot size, kitchen, baths, layout, style, condition. What are three “must have” features for your new home?
  17. 17. Listing AlertsI will set you up to receive“Listing Alerts” so you canbe the first to know whennew homes matching yourcriteria come on the market!
  18. 18. 4. Making An Offer
  19. 19. How Much To OfferMaking an offer topurchase involves morethan picking a priceWe will reviewcomparable propertiesin the neighborhoodthat have sold recently
  20. 20. Negotiable Terms In The ContractOther negotiable items in thecontract we will discuss include: Inspections, repairs and home improvements Closing costs, points or home warranty Closing data and possession
  21. 21. 5. Negotiating The Offer Once the offer is submitted, I will work with you in the negotiations
  22. 22. Inspecting The PropertyHome inspections will serve as aneducation in the structure andsystems of the property you arepurchasingThe inspector(s) will give youinformation regarding condition,maintenance, lifespan and moreI will help guide you through theprocess so you can negotiaterepairs for the property based onthe review of the inspections
  23. 23. Executing The Deal
  24. 24. 6. Processing The LoanNow that you have the seller’sfinal approval, we need thelender’s final approval
  25. 25. Final Financing ApprovalFinal approval means all conditionson the loan have been removedFor example: There are no liens on the house The house appraised at a value equal to or greater than the agreed upon sales amount
  26. 26. 7. Closing & FundingJust before settlement, wewill make one lastinspection of theproperty to ensure thatthe home is in thecondition we expect
  27. 27. Making Arrangements For Closing Homeowners insurance Home warranty Certified funds for down payment & closing costs Utilities and movers
  28. 28. Welcome Home!