The document provides information for home buyers on the home buying process, including determining needs and budget, finding a home, making an offer, removing contingencies, leading up to settlement, the settlement process, and moving into the new home. It emphasizes working with a buyer's agent to represent the buyer's interests and make the strongest possible offer. The settlement process involves conducting a title search, clearing liens, issuing title insurance, preparing final documents, and completing the closing.

1. Presented By
Walter Grewe, Realtor
Walter.Grewe@LNF.com
540 537 9281

2. National Housing SurveyNational Housing Survey
Fannie Mae 9/2010
Major Reason for Buying %
Non-financial Reasons
Having a good place to raise children and provide a good education 79
Having a physical structure where you and your family feel safe 78
It allows you to have more space for your family 72
It gives you control over what you do with your living space 70
Financial Reasons
Paying rent is not a good investment 62
Buying a home provides a good financial opportunity 52

3. Buyer AgencyBuyer Agency
Working for you in your best interests.
"Buyer Agency" (Buyer Brokerage) began in the early 1990s in an effort to
provide home buyers with a trained professional to represent their best
interests. As opposed to seller agency, a real estate Agent/Broker agrees
and contracts to represent the Buyer in her purchase of a home/property.
Buyer Agency Agreements were developed to set out the terms and
conditions of this representation.

4. Determine Needs & DesiresDetermine Needs & Desires
What is most important to you in a new home?
Do you prefer a specific area?
What style appeals to you the most?
How important is school district?
Do you want to be close to your friends or family?

5. Purchasing PowerPurchasing Power
What monthly investment amount meets your budget?
Do you have a down payment?
Have you set aside money in savings for your earnest money deposit appraisal
costs, home inspection fees, closing costs, moving expenses, etc.?
Have you been prequalified by a mortgage lender?

6. Finding the home for you!
Finding a home is not a process of selection, it is a process of elimination.
My program of sending you homes you like, in neighborhoods you desire,
with features that are important to you will help you and I to both maximize
the time and energy it takes to find your new home.

7. Presenting your offer to purchase
Presenting the strongest offer possible is always in your best interest.
By having a prequalification letter from your lender, a strong earnest
money deposit (1% of offer), requests of the seller,
clear cut contingencies, and a realistic closing date,
your offer will stand out to the sellers.

8. Removal Of Contingencies
Contingencies consist of the items that the contract hinges upon.
Home inspection & Radon testing are the two most common
contingencies that are written into an offer to purchase.
The home inspection will typically lead to a list of items the buyer
requests the seller to fix, repair or compensate them for.
One other standard contingency is the ability to secure financing
and this is typically satisfied 7-10 prior to closing.

9. Leading up to Settlement
In the last few days leading up to settlement the buyer should contact the
appropriate utility companies to arrange for service to be connected in their
name.
Typically with a 24 hour window prior to actually signing the documents for
settlement the buyer will do a walk through of the home, checking to make sure
all of the home inspection repairs have been completed, the home is in broom
swept condition and everything that should be there is the and everything that
shouldn’t be there is gone.

10. Settlement Day
Upon receipt of the contract the settlement agent will begin conducting a title search
and coordinating settlement. This usually takes between 30 and 45 days. During
that period the settlement agent will schedule a date with the lender and all of the
other parties to perform closing. In the meantime the agent will clear the title to the
home, making sure no liens or judgments are in place and if they are that there will
be enough funds from closing to be able to clear those issues. Title Insurance is
issued to the respective parties and the lender provides the agent with final loan
instructions. The final settlement statement, known as the HUD-1, is prepared and
reviewed for accuracy prior to closing. Generally the actual closing involves an
explanation of the documents and having all appropriate signing and initialing done
by the buyer and seller, typically takes about one hour to complete.

11. Which leads to …

12. Moving Day!

13. As part of my customer appreciation program I
provide for you change of address cards
printed, addressed and mailed out to everyone
that you want to have your new address!
My Customer Appreciation Program