Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

The Key To Buying Your Dream Home


Published on

Purchasing your dream home

Published in: Real Estate
  • Like to know how to take easy surveys and get huge checks - then you need to visit us now! Having so many paid surveys available to you all the time let you live the kind of life you want. learn more...
    Are you sure you want to  Yes  No
    Your message goes here
  • Just got my check for $500, Sometimes people don't believe me when I tell them about how much you can make taking paid surveys online... So I took a video of myself actually getting paid $500 for paid surveys to finally set the record straight. I'm not going to leave this video up for long, so check it out now before I take it down! ■■■
    Are you sure you want to  Yes  No
    Your message goes here

The Key To Buying Your Dream Home

  1. 1. Rita Cox Keller Williams Realty
  2. 2. 10 Steps in the Home Purchase10 Steps in the Home Purchase 1. Initial Buyer Consultation 2. Pre-Approval by Lender 3. Home Search 4. Make Offer / Negotiate Contract 5. Inspection of Property 6. Appraisal of Property 7. Final Approval of Loan 8. Final Walk Thru of Property 9. Closing on Loan & Home 10. Move In!
  3. 3. Step 1: Lender Pre-ApprovalStep 1: Lender Pre-Approval Have You Spoken to a Lender ◦ How Much House Can You Afford? ◦ What Type of Loan – FHA, VA, Conventional ◦ Information on Down Payment Assistance ◦ Interest Rate Information, Terms, Etc. ◦ Get Pre-Approved Upfront
  4. 4. Step 2: Meeting With The RealtorStep 2: Meeting With The Realtor Discussion of Your Needs & Wants Be Prepared to Discuss “Why” ??? Indicate Which Items Are “Deal Killers” Go Over The Buying Process Discuss Costs Cover Buyer Brokerage
  5. 5. House Hunting CriteriaHouse Hunting Criteria Needs: Wants: No. of Bedrooms No. of Baths Area of Town Ranch vs. 2 Story Size of Yard Subdivision Extra Bedroom Basement Hardwood Floors Granite Countertops Corner Lot Fenced Yard
  6. 6. Costs of Buying a HomeCosts of Buying a Home  Down Payment on Home 3.5% of Sales Price - FHA  Earnest Money $1,000 and up  Inspection $300 - $400  Appraisal $350 - $450  Turn on Utilities – Foreclosures Varies  Closing Costs Varies – Ask Lender for Good Faith Estimate Ranges from 3-5% - Seller will pay a portion.
  7. 7. Step 2: Buyer BrokerageStep 2: Buyer Brokerage BUYER BROKERAGE:  Agreement Between the Agent & Buyer  Must Be In Writing  Outlines Responsibilities of Both Parties  Can Be Terminated by Either Party  Creates Loyalty & Trust Between Parties
  8. 8. Step 3: Shopping For A HomeStep 3: Shopping For A Home Ways to Search:  On-Line Sites …, Trulia,  Automatic Updates from Your Realtor via E-Mail  Mobile Apps Send Listings to Your Phone  Realtor Selections Based on Initial Consultation Schedule Showings:  Show 5-7 Homes per Outing  Each Showing is Scheduled the Day Before
  9. 9. You Will Know The Right OneYou Will Know The Right One EVALUATING EACH HOME:  Area – Proximity to Work, Family, Other Interests  Neighborhood – Swim, Tennis, Number of Homes  Curb Appeal of Home  Condition of the Home  Does it “Feel” Like Home
  10. 10. Types of Home SalesTypes of Home Sales
  11. 11. Buying a Traditional ResaleBuying a Traditional Resale  Traditional Sales – Can be Personal Sales  Expect Faster Responses  Research on Recent Sales Before to Making An Offer  Be Prepared for Multiple Offer Situations
  12. 12. Buying a Bank ForeclosureBuying a Bank Foreclosure  Homes Are Sold “As Is”  Utilities May Not Be Turned On -  Homes Usually Need Cosmetic Repairs… Carpet, Paint  Each Lender Has Their Own Set Of Contracts  Must Inspect Within 7 Days Of Contract Acceptance  Banks are Aware of the Condition of the Home  Be Prepared for Multiple Offer Situations
  13. 13. Buying a ‘Short Sale’Buying a ‘Short Sale’  Short Sales Can Take Up to 3-4 Months to Close  Don’t Make Lowball Offers – Know the Area  Lender Can Still Decline/Counter Your Offer  Seller Can Decline Bank Offer  Homes are Sold “As Is”
  14. 14. New Home ConstructionNew Home Construction  Sales Price is Usually Not Negotiated  Buyer Upgrades May Be Available  Builders Usually Have Their Own Lenders  Can be a Penalty for Failure to Close On Time  The On-Site Agent Works for the Builder  There Are Scheduled Walk Thru Times for the Buyer
  15. 15. Step 4: Anatomy of An OfferStep 4: Anatomy of An Offer Making An Offer  Agent Pulls Area Comparables  Evaluate the Time the Listing has been on Market  Look at Time Needed to Close  Look at How Much You Need in Closing Costs  Are the Utilities On? Ask for Them to be Turned On
  16. 16. Step 4: Anatomy of An OfferStep 4: Anatomy of An Offer The Art of Negotiation  Multiple Offers – “Highest & Best”  Counter Offers  The Seller Does Not Have to Accept Your Offer  They May Counter – Price, Closing Cost, Closing Date  Time Is Of The Essence – Respond Quickly  This is not an Auction – Make a Reasonable Offer  Make it a “Win-Win”
  17. 17. Step 4: Accepting An OfferStep 4: Accepting An Offer Accepting An Offer  Binding Agreement Date – The date that the offer is officially accepted by all parties.  Due Diligence Period Begins– Once the contract is “binding” You have 7-10 days to look over the house completely  Watch The Dates
  18. 18. Steps 5-7: Accepting An OfferSteps 5-7: Accepting An Offer What’s Next? Home Inspection Termite Inspection Official Loan Application Good Faith Estimate Appraisal Loan Approval !!!!
  19. 19. Steps 5-7: Accepting An OfferSteps 5-7: Accepting An Offer Other Issues: Homeowner’s Insurance Is the Home in a Flood Zone? Get a Copy of Community Covenants Line Up Your Movers Get Utilities Turned On In Your Name
  20. 20. Step 8: Final Walk ThruStep 8: Final Walk Thru FINAL WALK THRU:  Make Sure Everything is Still There  No Vandalism or Theft  Everything is Like It Was When You Made Your Offer
  21. 21. Step 8: Final Walk ThruStep 8: Final Walk Thru FINAL WALK THRU: I found this on the morning of a closing:
  22. 22. Step 9: The Closing!Step 9: The Closing! CLOSING DAY: Bring Your Driver’s License Bring Certified Funds Closing Takes About An Hour Review the HUD-1/ Settlement Statement Sign Your Security / Loan Documents “You Pay – You Stay”/ “You Don’t – You Won’t” Get Your Keys!!
  23. 23. Step 10: Moving Day!!!Step 10: Moving Day!!! MOVING DAY:
  24. 24. My Contact InformationMy Contact Information Rita C. Cox Associate Broker Keller Williams Realty – Atlanta Partners 1957 Lakeside Parkway Tucker, GA 30084 (678) 252-1900 Office (678) 467-1229 Cell (404) 751-2798 E-Fax Atlanta Real Estate News on Facebook