Buy A HOME ON THE SAN FRANCISCO PENINSULA  2010<br />Aimee Snodgrass Klarich<br />Realtor ® <br />Alain Pinel Realtors<br ...
Home Buying Seminar<br />Presentation Topics<br /><ul><li> How the Stimulus Plan benefits first time home buyers
Tax Credits available for home ownership
Why buy a home in 2010?
Steps for a successful home or condo purchase
 Differences between owning a condo vs a single family home in San Mateo County
How to finance your home purchase?
State of the San Mateo County real estate market</li></ul>Aimee Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<b...
  WHY BUY A HOME IN 2010?<br /><ul><li> Stimulus Plan benefits local buyers by enabling them to qualify for specific loan ...
$8000 First Time Home Buyer tax credit on purchases through 6/30/10 for qualified buyers.
$6500 Tax Credit for current qualified homeowners
 Mortgage rates remain historically low but are projected to increase.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br...
WHY BUY A HOME?<br /><ul><li>You build wealth as value appreciates
It can be a tax write-off
House expenses usually increase slower than renting
You have much more flexibility in how you use, decorate and make physical changes to your home
Pride of homeownership</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan...
STIMULUS PLAN<br />The &quot;American Recovery and Reinvestment Act of 2009,&quot; was signed by President Obama on Februa...
STIMULUS PLAN<br />The bill also increases the first-time home buyer credit from $7,500 to $8,000 through June 30th, 2010....
Other Tax Credits<br />Homeowners who currently do not qualify for aid under the federal housing-rescue plan still may qua...
Renting vs Buying a home<br /><ul><li>$1000 per month in rent
5% annual rent increase
After 5 years you have spent $66,307 in rent.
Net equity gain: $ 0
You have nothing to show after spending all this money.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.A...
Renting vs Buying a home<br />The rent you pay could build equity in your own real estate.<br />Using this chart, find you...
HOMEOWNERS HAVE TAX DEDUCTIONS<br />The government rewards homeownership through write-offs and deductions on your taxes.<...
Property Taxes
Discount points (closing costs)
It is customary in San Mateo County that buyers pay closing costs.  This is negotiable.</li></ul>Aimee Snodgrass Klarich<b...
TAX DEDUCTION EXAMPLE: <br />3 Bedroom 1 Bath Single Family Home<br />East Side San Mateo<br /><ul><li>Home Price
20% Down Payment
Home Mortgage
Interest Rate
Annual Interest Paid
Annual Property Tax
Total Deductions
$500,000
$100,000
$400,000
5.50%
Upcoming SlideShare
Loading in …5
×

2010 Home Buying Seminar

2,475 views

Published on

* How the Stimulus Plan benefits first time home buyers and trade-up buyers * Why buy a home in 2010? * Steps for a successful home or condo purchase * Differences between owning a condo vs a single family home in San Mateo County * How to finance your home purchase? * State of the San Mateo County real estate market

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,475
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
57
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

2010 Home Buying Seminar

  1. 1. Buy A HOME ON THE SAN FRANCISCO PENINSULA 2010<br />Aimee Snodgrass Klarich<br />Realtor ® <br />Alain Pinel Realtors<br />Burlingame, Ca <br />Business 650-483-3795<br />aklarich@apr.com<br />www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />San Mateo, Ca<br />Business 650-645-1775<br />eileenhoran@mortgagecalifornia.com<br />
  2. 2. Home Buying Seminar<br />Presentation Topics<br /><ul><li> How the Stimulus Plan benefits first time home buyers
  3. 3. Tax Credits available for home ownership
  4. 4. Why buy a home in 2010?
  5. 5. Steps for a successful home or condo purchase
  6. 6. Differences between owning a condo vs a single family home in San Mateo County
  7. 7. How to finance your home purchase?
  8. 8. State of the San Mateo County real estate market</li></ul>Aimee Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  9. 9. WHY BUY A HOME IN 2010?<br /><ul><li> Stimulus Plan benefits local buyers by enabling them to qualify for specific loan programs with lower interest rates.
  10. 10. $8000 First Time Home Buyer tax credit on purchases through 6/30/10 for qualified buyers.
  11. 11. $6500 Tax Credit for current qualified homeowners
  12. 12. Mortgage rates remain historically low but are projected to increase.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  13. 13. WHY BUY A HOME?<br /><ul><li>You build wealth as value appreciates
  14. 14. It can be a tax write-off
  15. 15. House expenses usually increase slower than renting
  16. 16. You have much more flexibility in how you use, decorate and make physical changes to your home
  17. 17. Pride of homeownership</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  18. 18. STIMULUS PLAN<br />The &quot;American Recovery and Reinvestment Act of 2009,&quot; was signed by President Obama on February 17th, 2009.<br />On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. This means lower interest rates for those getting a loan between the $729,750 and $625,500 in San Mateo and San Francisco Counties. <br />On Nov 13th, 2009, congress extended this thru Dec. 31st, 2010. .<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  19. 19. STIMULUS PLAN<br />The bill also increases the first-time home buyer credit from $7,500 to $8,000 through June 30th, 2010. <br />See Appendix for more details<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  20. 20. Other Tax Credits<br />Homeowners who currently do not qualify for aid under the federal housing-rescue plan still may qualify for tax credits on energy-efficient upgrades. <br />Homeowners may qualify for up to $1,500 in tax credits for adding qualifying windows, doors, insulation, roofs, heating and cooling equipment, water heaters, and wood and<br />pellet stoves. <br />The installations must take place in 2010 to qualify for the tax credit.<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  21. 21. Renting vs Buying a home<br /><ul><li>$1000 per month in rent
  22. 22. 5% annual rent increase
  23. 23. After 5 years you have spent $66,307 in rent.
  24. 24. Net equity gain: $ 0
  25. 25. You have nothing to show after spending all this money.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California <br />
  26. 26. Renting vs Buying a home<br />The rent you pay could build equity in your own real estate.<br />Using this chart, find your month rental payment and you can determine how much money you are “giving away” in rent and interest (5%) over 10, 20, 30 years.<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  27. 27. HOMEOWNERS HAVE TAX DEDUCTIONS<br />The government rewards homeownership through write-offs and deductions on your taxes.<br />Homeowner Deductions<br /><ul><li>Mortgage Interest Payments
  28. 28. Property Taxes
  29. 29. Discount points (closing costs)
  30. 30. It is customary in San Mateo County that buyers pay closing costs. This is negotiable.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  31. 31. TAX DEDUCTION EXAMPLE: <br />3 Bedroom 1 Bath Single Family Home<br />East Side San Mateo<br /><ul><li>Home Price
  32. 32. 20% Down Payment
  33. 33. Home Mortgage
  34. 34. Interest Rate
  35. 35. Annual Interest Paid
  36. 36. Annual Property Tax
  37. 37. Total Deductions
  38. 38. $500,000
  39. 39. $100,000
  40. 40. $400,000
  41. 41. 5.50%
  42. 42. 22,000
  43. 43. 6,250
  44. 44. $28,250</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  45. 45. TAX DEDUCTIONS = TAX SAVINGS<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  46. 46. Tax Deduction Example<br />2 Bedroom 1 Bath Condominium<br />West Side San Mateo<br />Purchase Price $340,000<br />Buyers Combined Annual Salary $65,000 (28% Tax Bracket)<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California <br />
  47. 47. OUR MARKET?<br />Months of Inventory is used as an analytical tool in determining who holds the power in negotiations.<br />Months of Inventory = # homes of sale/#homes sold<br />Supply and Demand…<br />Months of Inventory &lt;4 = Seller Market <br />Months of Inventory =4 = Flat Market<br />Months of Inventory &gt;4 = Buyer Market<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  48. 48. FLAT MARKET: <br />SAN MATEO COUNTY SINGLE FAMILY HOMEs<br />San Mateo County Single Family Homes<br />All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.<br />* Cities within the county vary from the total.<br />
  49. 49. STATE OF THE MARKET (Dec 2009): <br />SAN MATEO COUNTY SINGLE FAMILY HOMES<br />At an aggregate level, San Mateo County continues to be a flat market. <br />All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  50. 50. STATE OF THE MARKET (Dec 2010):<br />SAN MATEO COUNTY SINGLE FAMILY HOMES<br /><ul><li>Inventory was down 37% to last year
  51. 51. Unit Sales were up 23% to last year
  52. 52. Most note worthy was the significant increase in pending sales: up 47% to last year.
  53. 53. Average Days On Market was 64 days vs 79 last year
  54. 54. Avg Sales Price vs. Original List Price: 93%</li></ul>Median Sales Price: $755,000 (+28% to last year)<br />Each city, neighborhood and area shows a different picture. Schools, commute, weather are all key factors in the variances between cities and areas.<br />All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  55. 55. FLAT MARKET: <br />SAN MATEO COUNTY CONDOs &TOWNHOMEs<br />San Mateo County Condos and Townhomes<br />All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.<br />* Cities within the county vary from the total county picture.<br />
  56. 56. STATE OF THE MARKET (DEC 2009): <br />SAN MATEO COUNTY CONDOS & TOWNHOMES<br />At an aggregate level, San Mateo County continues to be a flat market. Months of Inventory based on closed sales was 3 last month vs 5.6 a year ago.<br />All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  57. 57. STATE OF THE MARKET (May 09): <br />SAN MATEO COUNTY CONDOS & TOWNHOMES<br /><ul><li>Inventory was down 26% to last year
  58. 58. Unit Sales were down 3% to last year.
  59. 59. Average Days on Market was 77 days vs 83 last year
  60. 60. Avg Sales Price vs. Original List Price: 98%</li></ul>Median Sales Price: $465,000 (+23% to last year)<br />Each city, neighborhood and area shows a different picture. Schools, commute, weather are all key factors in the variances between cities and areas.<br />All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  61. 61. MORTGAGE RATES ARE HISTORICALLY LOW<br />Aimee Snodgrass Klarich<br />Realtor®<br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  62. 62. WHY BUY A HOME ON THE <br />San FRANCISCO PENINSULA?<br />LOCATION, LOCATION, LOCATION<br /><ul><li>Bridgeless commutes to San Francisco and Silicon Valley
  63. 63. Employment opportunities
  64. 64. No more land to build upon since we are flanked by the bay and the ocean
  65. 65. Moderate weather
  66. 66. Good schools</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California <br />
  67. 67. WHY BUY A HOME ON THE <br />San FRANCISCO PENINSULA?<br />San Mateo County sub-prime loans are only 1.5% of total housing units.<br />SOURCE: FirstAmerican CoreLogic, LoanPerformance Data, U.S. Census Bureau, and Federal Reserve Bank of New York<br />Dec 07<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  68. 68. Advice FROM First-Time Home Buyers: <br />Top 10 Answers from a Survey of 1000 Buyers by California Association of Realtors on advice they would give other home buyers.<br />
  69. 69. Who’s Who In Real Estate ?<br /><ul><li>Lender: Qualifies buyer and provides the home financing.
  70. 70. Buyers Agent (Realtor ® ): Fiduciary responsibility to buyer(s)
  71. 71. Selling Agent (Realtor ® ): Fiduciary responsibility to seller(s)
  72. 72. Escrow Officer: Neutral 3rd party manager of the transaction
  73. 73. Appraiser: Hired by lender to confirm property values
  74. 74. Inspectors: Provide insight into the condition of a home </li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  75. 75. Timeline of Buying a Home<br /><ul><li>Initial Consultation and Planning: Lender or Realtor
  76. 76. Get Pre-Approved for a loan
  77. 77. Search for a Home
  78. 78. Find a Home
  79. 79. Submit an Offer and Negotiate
  80. 80. Final Agreement on Terms and Price
  81. 81. Open Escrow with a Title Company.
  82. 82. Deposit your earnest money deposit into Escrow Account
  83. 83. Appraisal and other further needed inspections and reports
  84. 84. Secure Home Insurance as a requirement of the lender
  85. 85. Removal of remaining contingencies
  86. 86. Final Inspection and Walk Through of Home
  87. 87. Secure loan funds. Deposit your remaining funds into escrow.
  88. 88. Record Deed of Title
  89. 89. You take possession of property</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  90. 90. Financing a Home Purchase<br />Meet with a Lender to see how much you qualify for.<br />Your qualifications are based on the following:<br /><ul><li>Credit
  91. 91. Income
  92. 92. Assets</li></ul>The most important part of this is for you to decide how much you WANT to pay on a monthly basis.<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  93. 93. Is my credit good enough?<br /><ul><li>It’s a fact: qualifying criteria has gotten tighter than in previous years.
  94. 94. Homebuyers need to pay more attention to their credit scores than they did before.
  95. 95. Credit history
  96. 96. Your credit score may impact your interest rate.
  97. 97. Your credit score may impact your down payment requirements.
  98. 98. But you don’t need perfect credit to buy a home.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  99. 99. How much money do I need?<br /><ul><li>For a down payment?</li></ul> Source of Down Payment:<br /> Checking/Savings<br /> Money Market/Stocks<br /> Gift Funds<br /> Borrow from a 401k, 403b, etc.<br /> Your money must be seasoned<br /><ul><li>For closing costs?</li></ul> Appraisal<br /> Processing and Underwriting<br /> Title & Escrow<br />What are Pre-Paids?<br /> Interim interest<br /> Insurance<br /> Impounds<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  100. 100. How much money do I need?<br />Monthly Payment Expenses:<br /><ul><li>Your monthly payments include:
  101. 101. Principal & Interest.
  102. 102. Property Taxes
  103. 103. Insurance
  104. 104. Mortgage insurance - if your down payment is less than 20%.
  105. 105. Association fees - if applicable.
  106. 106. Your maximum monthly payment is calculated using:
  107. 107. Your housing monthly debt.
  108. 108. Your other debt
  109. 109. Again, the most important part is to be comfortable with the calculated monthly payment:
  110. 110. Repairs and maintenance costs are part of homeownership.</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California <br />
  111. 111. What type of mortgage should I get?<br /><ul><li>What type of documentation will be required?
  112. 112. 2 pay stubs
  113. 113. 2 years W2s and Federal Tax Returns
  114. 114. 2 months bank statements
  115. 115. What type of product?
  116. 116. What kind of rate?
  117. 117. How long a term?</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  118. 118. What type of mortgage should I get?<br /><ul><li>We’ll help you select the product type that meets your needs:
  119. 119. Conforming loans up to $417,000* for a single-family.
  120. 120. Jumbo Conforming loans $417,001 up to $729,750*
  121. 121. Jumbo loans greater than $729,750*.
  122. 122. Combination loans: conforming first + a second mortgage.
  123. 123. Government loans: FHA & VA.</li></ul>*The conforming ceiling of $417,000 has been raised in high-cost housing markets starting 01/01/2009. The loan limit on these “conforming jumbo” loans varies by location but doesn’t exceed $729,750 in the continental U.S.<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  124. 124. What type of mortgage should I get?<br />What kind of rate?<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  125. 125. What type of mortgage should I get?<br />How long a term?<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  126. 126. Timeline of Buying a Home<br /><ul><li>Initial Consultation and Planning: Lender or Realtor®
  127. 127. Get Pre-Approved for a loan
  128. 128. Select Your Team of Professionals
  129. 129. Search for a Home
  130. 130. Find a Home
  131. 131. Submit an Offer and Negotiate
  132. 132. Final Agreement on Terms and Price
  133. 133. Open Escrow with a Title Company.
  134. 134. Deposit your earnest money deposit into Escrow Account
  135. 135. Appraisal and other further needed inspections and reports
  136. 136. Secure Home Insurance as a requirement of the lender
  137. 137. Removal of remaining contingencies
  138. 138. Final Inspection and Walk Through of Home
  139. 139. Secure loan funds. Deposit your remaining funds into escrow.
  140. 140. Record Deed of Title
  141. 141. You take possession of property</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  142. 142. Choosing the Right REALTOR<br />Things to consider…<br /><ul><li>How well does the agent know the market you are considering? How will the agent help focus your search?
  143. 143. How well does he or she listen to you?
  144. 144. Do you feel that the agent will be respectful of your desires, enabling (not forcing) you to make your own decisions?
  145. 145. Do you feel they will negotiate hard for you?
  146. 146. Do you feel a rapport?
  147. 147. Are they clear on their services and expectations?
  148. 148. Per the survey of Home Buyers from CAR:
  149. 149. Check references
  150. 150. What online services does the Realtor provide?</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  151. 151. Choosing the Right Home<br />Meet with a Realtor®<br /><ul><li>Discuss present and future housing needs and wishes
  152. 152. Single Family Home, Condo or Townhome
  153. 153. Number of bedrooms and bathrooms
  154. 154. Home square footage and lot size
  155. 155. One story vs two story
  156. 156. Desired neighborhoods
  157. 157. Location vs. commute to work/school
  158. 158. Desired amenities (garage, laundry, pool, etc)
  159. 159. Your family size- current and projected
  160. 160. Hobbies or special needs to accommodate
  161. 161. Preferred condition of the property (fixer upper?)
  162. 162. Any non-negotiable points for you
  163. 163. Current housing and terms of current contracts
  164. 164. Learn and discuss types of sales</li></ul>Aimee’s Buyer Services Packet in Appendix<br />Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  165. 165. Timeline of Buying a Home<br /><ul><li>Initial Consultation and Planning: Lender or Realtor®
  166. 166. Get Pre-Approved for a loan
  167. 167. Select Your Team of Professionals
  168. 168. Search for a Home
  169. 169. Find a Home
  170. 170. Submit an Offer and Negotiate
  171. 171. Final Agreement on Terms and Price
  172. 172. Open Escrow with a Title Company.
  173. 173. Deposit your earnest money deposit into Escrow Account
  174. 174. Appraisal and other further needed inspections and reports
  175. 175. Secure Home Insurance as a requirement of the lender
  176. 176. Removal of remaining contingencies
  177. 177. Final Inspection and Walk Through of Home
  178. 178. Secure loan funds. Deposit your remaining funds into escrow.
  179. 179. Record Deed of Title
  180. 180. You take possession of property</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  181. 181. NEGOTIATION HOMEWORK: How much should I offer?<br /><ul><li>Know the sales history of similar sold properties within the area over the past 3-4 months.
  182. 182. Compare sale and list price
  183. 183. Months of Inventory
  184. 184. Days on market
  185. 185. Know the current property offer and disclosure packet activity, if any
  186. 186. Know the property condition and short-term repair expenses (including HOA Assessments)
  187. 187. Know the seller's situation and motivation for selling.
  188. 188. Examples of other things to negotiate on other than price:
  189. 189. Closing Costs
  190. 190. Repairs
  191. 191. 30 day rent backs
  192. 192. Know your financing options and have your pre-approval letter from your lender for the exact offer price</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  193. 193. Making an offer on a property<br /><ul><li>Your offer will be written on a Purchase Contract by your Realtor.
  194. 194. Traditionally, the accepted deposit (earnest money) is 3% of the offer price.
  195. 195. The down payment and amount financed will be determined.
  196. 196. Understand what is included with the purchase of the home as in fixtures & appliances and negotiate accordingly.
  197. 197. Decide on needed inspections and contingencies to be negotiated into the contract
  198. 198. Examples of Contingencies
  199. 199. Financing
  200. 200. Appraisal
  201. 201. Property Condition
  202. 202. The close of escrow date will need to also be negotiated
  203. 203. The lender will most often influence the closing date so your lending partner must be involved during the negotiation process</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />
  204. 204. You’re In Contract… Now what?<br /><ul><li>Open Escrow with a Title Company.
  205. 205. Traditionally done by your Realtor.
  206. 206. Deposit your earnest money deposit into the Escrow Account
  207. 207. Complete appraisal and inspections
  208. 208. Secure home insurance as a requirement of the lender
  209. 209. Remove contingencies (if all is satisfactory)
  210. 210. Final Inspection and Walk Through of Home
  211. 211. Secure loan funds. Deposit your remaining funds into escrow.
  212. 212. Record Deed of Title
  213. 213. You take possession of the property</li></ul>Aimee Snodgrass Klarich<br />Realtor ® <br />http://www.AimeeKlarich.com<br />Eileen Horan<br />Mortgage Broker<br />Mortgage California<br />

×