Shopping For A Home

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The home buying proccess, simplified

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Shopping For A Home

  1. 1. Realizing the American Dream <ul><li>Shopping </li></ul><ul><li>for a </li></ul><ul><li>Home </li></ul>
  2. 2. <ul><li>Real Estate Agent </li></ul><ul><li>Lender </li></ul><ul><li>Attorney </li></ul><ul><li>Escrow Officer </li></ul><ul><li>Title Insurance Officer </li></ul><ul><li>Housing Inspector </li></ul><ul><li>Appraiser </li></ul><ul><li>Surveyor </li></ul><ul><li>Insurance Agent </li></ul>
  3. 3. <ul><li>Listing Agent </li></ul><ul><li>has a contract with a seller to advertise property and represent seller when offer is made </li></ul><ul><li>Buyer’s Agent </li></ul><ul><li>enters contract with the buyer and usually gets paid through split commission </li></ul>
  4. 4. <ul><li>Listens to what you want and need </li></ul><ul><li>Helps you get prequalified </li></ul><ul><li>Researches homes available in your price range </li></ul><ul><li>Helps determine how much homes are worth </li></ul><ul><li>Helps write and negotiate a contract for the sale </li></ul><ul><li>Explains all legal paperwork </li></ul><ul><li>Coordinates home inspection, final walk through and other important deadlines </li></ul><ul><li>Refers you to other professionals </li></ul><ul><li>Supports you at the Closing </li></ul>
  5. 5. <ul><li>Ask friends and relatives for recommendation </li></ul><ul><li>Drive through neighborhood and look on ‘for sale’ signs </li></ul><ul><li>Check with a national referral service </li></ul><ul><li>Call your local Association of Realtors ® </li></ul>
  6. 6. <ul><li>Read newspaper real estate sections </li></ul><ul><li>Check real estate shopping guides </li></ul><ul><li>Visit open houses </li></ul><ul><li>Visit new home subdivisions </li></ul><ul><li>Look for foreclosed homes </li></ul><ul><li>Attend auctions </li></ul><ul><li>Contact nonprofit organizations </li></ul><ul><li>Look at homes for sale by owner </li></ul>
  7. 7. <ul><li>Single-Family </li></ul><ul><li>Duplex, Triplex, Fourplex </li></ul><ul><li>Planned Unit Development (PUD) </li></ul><ul><li>Condominium </li></ul><ul><li>Cooperative </li></ul><ul><li>Land Lease </li></ul>
  8. 8. <ul><li>Sole and Separate </li></ul><ul><li>Joint Tenancy </li></ul><ul><li>Tenancy in Common </li></ul>
  9. 9. <ul><li>Price of comparable or similar homes </li></ul><ul><li>Features your home has that others do not </li></ul><ul><li>Relative price per square foot of your home </li></ul>
  10. 10. The Offer <ul><li>List of property seller is to leave with house </li></ul><ul><li>All contingencies </li></ul><ul><li>Breakdown of fees and who pays </li></ul><ul><li>Time limit for seller acceptance </li></ul>
  11. 11. <ul><li>Price </li></ul><ul><li>Amount of earnest money </li></ul><ul><li>Legal names of buyers and sellers </li></ul><ul><li>Address and legal description of house </li></ul><ul><li>Closing date and all other important dates </li></ul><ul><li>Financing </li></ul>
  12. 12. <ul><li>Selling present home </li></ul><ul><li>Seller buying another home </li></ul><ul><li>Seller living in property after closing date </li></ul><ul><li>Satisfactory home inspection </li></ul><ul><li>Clean termite report </li></ul>
  13. 13. <ul><li>Accept </li></ul><ul><li>Reject </li></ul><ul><li>Counteroffer </li></ul>
  14. 14. The Lender <ul><li>Pre-approval </li></ul><ul><ul><li>Apply for loan before you find a house </li></ul></ul><ul><ul><li>Acts as a guarantee that lender will loan you a fixed amount within a certain period of time </li></ul></ul><ul><ul><li>No fee </li></ul></ul>
  15. 15. <ul><li>Prequalification= </li></ul><ul><li>calculations using housing affordability ratios: </li></ul><ul><ul><li>how much money the lender will loan you </li></ul></ul><ul><ul><li>what price home you can afford </li></ul></ul><ul><ul><li>how much down payment you need </li></ul></ul><ul><ul><li>how much your monthly payments will be </li></ul></ul>This is not a guarantee
  16. 16. <ul><li>Loans where house is security </li></ul><ul><li>Easements or unusable land areas </li></ul><ul><li>Amount of taxes and if paid </li></ul><ul><li>Any deed or zoning restrictions </li></ul><ul><li>If property is part of homeowners association </li></ul>
  17. 17. <ul><li>Foundation </li></ul><ul><li>Roof </li></ul><ul><li>Doors </li></ul><ul><li>Windows </li></ul><ul><li>Ceilings </li></ul><ul><li>Walls </li></ul><ul><li>Floors </li></ul><ul><li>Plumbing </li></ul><ul><li>Electrical Systems </li></ul><ul><li>Heating </li></ul><ul><li>Air Conditioning </li></ul><ul><li>Insulation </li></ul><ul><li>Ventilation </li></ul><ul><li>Septic Systems </li></ul>
  18. 18. <ul><li>Loan application </li></ul><ul><li>Appraisal </li></ul><ul><li>Survey </li></ul><ul><li>Inspections </li></ul><ul><li>Insurance </li></ul>
  19. 19. <ul><li>is a an independent person who works for buyer and seller </li></ul><ul><li>keeps original purchase contract and other documents </li></ul><ul><li>holds earnest money </li></ul><ul><li>is paid a fee usually split between buyer and seller </li></ul>
  20. 20. <ul><li>Homeowner’s insurance </li></ul><ul><li>Title insurance </li></ul><ul><li>Mortgage insurance </li></ul><ul><li>Mortgage life insurance </li></ul><ul><li>Home warranty policy </li></ul>
  21. 21. <ul><li>Do a final walk-through inspection </li></ul><ul><li>Get a copy of settlement statement </li></ul><ul><li>Get a cashier’s check </li></ul><ul><li>Meet with lender to sign mortgage papers </li></ul><ul><li>Transfer utilities into your name </li></ul><ul><li>Receive deed to property </li></ul>

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