This document summarizes a home buying seminar that covers various topics related to purchasing a home. It discusses determining affordability based on income, debt, and budget. It covers costs of closing, available grants and incentives, understanding different types of real estate agents and how your interests are protected. Additional topics include finding the right home, making offers, financing options including those that require low or no down payment, and factors to consider in purchase price strategy and offer terms. The goal is to educate home buyers on important factors to consider when purchasing a home to avoid potential costly mistakes.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
Everything you need to know before you buy your first home. Includes steps of the process, descriptions of financing options, lender red flags and credit score information.
Every year the NJ property assessments are appealed because to the disparity of the real value of property and the "assessed" value. As result of the housing crisis, this disparity has become greater. 2013 was our 3rd Annual seminar on this topic. A video of our first (2011) seminar can be found on our webpage http://www.njhomeseeker.com/central-nj-home-owner-resources.aspx
Home Marketing Proposal by O & A Home TeamAna Monroy
Home Marketing Proposal by The O & A Home Team. Buyers are looking at the homes they eventually purchase through their mobile devices. The marketing of homes for sale on mobile and internet platforms is crucial to a successful sale. We are broker-associates and real estate consultants with Berkshire Hathaway HomeServices Fox & Roach, REALTORS(r).
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
Everything you need to know before you buy your first home. Includes steps of the process, descriptions of financing options, lender red flags and credit score information.
Every year the NJ property assessments are appealed because to the disparity of the real value of property and the "assessed" value. As result of the housing crisis, this disparity has become greater. 2013 was our 3rd Annual seminar on this topic. A video of our first (2011) seminar can be found on our webpage http://www.njhomeseeker.com/central-nj-home-owner-resources.aspx
Home Marketing Proposal by O & A Home TeamAna Monroy
Home Marketing Proposal by The O & A Home Team. Buyers are looking at the homes they eventually purchase through their mobile devices. The marketing of homes for sale on mobile and internet platforms is crucial to a successful sale. We are broker-associates and real estate consultants with Berkshire Hathaway HomeServices Fox & Roach, REALTORS(r).
Learn strategies and tips for buying real estate from Lisa Gibbs from Money.com and personal finance bloggers who attended our weekly tweetchat on Twitter.
Success Path's Tarek & Christina: 8 Things You Never Knew About ThemReal Estate Elevated
Tarek & Christina El Moussa, stars of HGTV's Flip or Flop, are the ambassadors for Success Path's real estate education courses. See how much you know about the Success Path duo and then find out more about how a Success Path education can boost your success in real estate.
Success Path Education is the premier education investment group. Learn more about how Tarek and Christina are involved and what makes Success Path so great. You will also learn about other questions you've been wondering about real estate investing programs. We will answer your questions about Tarek & Christina's attendance and how many coaches are available to help the students of the program. We hope to see you there soon!
Home Buyer's Seminar
Speakers: Real Estate Agent, Mortgage Agent, Lenders, CMHC, Home Inspector, Lawyer
- Newcomer's to Canada
- First Time Home Buyer's
- Investors
- Existing Home Buyer's
Oltersdorf Realty Home Buying Presentation, Leelanau, Grand Traverse, Travers...Oltersdorf Realty, LLC
Please take a moment to browse our detailed guide for homebuyers geared especially towards first time home buyers in the Traverse City region (Leelanau and Grand Traverse County). The combination of decreased home values, low interest rates, and federal incentives make this a very attractive time to purchase your first home or to be a move up buyer. Topics covered include: The current Traverse City real estate market, the buying process, buy vs. rent, tax incentives, home buyer credit, finding an agent, securing a loan, and protecting your investment. Please visit http://www.oltersdorf.com for additional information!
• The $8,000 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. If you\'ve owned an investment property that was not your principle residence, you may still be eligible.
• All U.S. citizens who file taxes are eligible to participate in the program.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
1. Home Buying 101:
Ignorance can cost you!
Presenters:
The O&A Home Team, BHHS Fox & Roach, Realtors™
Rich Hoskins, Trident Mortgage
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2. Home Buying 101: Knowledge is Money
Real Affordability
It’s not about income & debt, but about living well.
The Real Cost of Closing
It’s more than you think!
Available Grants, Incentives and Benefits
Is there a best fit for you?
Understand Agency
Demand that your interests be protected!
The Right Home for the Best Price
A home YOU feel is worth the price.
Attorney
This is not a DIY’er! Oops can be costly.
Home Inspection
Never buy without knowing you’re safe and sound.
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3. Home Buying 101: Affordability
Mortgage Pre-qualification is based on:
Gross Income & Total Debt
Funds Available for Down payment & Closing Costs
Monthly Payment Affordability is based on
Your Net Income
Your Budget
Usually the amount “pre-qualified” for is greater
than the “monthly payment” most want to afford.
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4. Home Buying 101: Pre-Qualification
• Credit Score!!!
•
The major
factors
effecting
your
ability to
get the
best
interest
rates
Best rates to high scores
• Front Ratio 28 to 31%
(PITI ÷ gross income)*100
•
• Back Ratio 36 to 42%
((PITI + monthly debt) ÷ gross income)*100
•
• Sticker Shock
• Can you handle a large monthly payment?
PITI = Principle, Interest, Taxes, Insurance
Monthly debt = installment loans (car, student, personal) payments, credit card payments
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5. Home Buying 101: Real Affordability
Use Mortgage “Payment” Calculator to determine
true cost to YOUR budget
http://richhoskins.tridentmortgage.com/
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6. Home Buying 101: Real Affordability
How much you can comfortably afford monthly.
Use a calculator that determines PITI (Principle, Interest, Taxes, Insurance)
components, otherwise you may not be getting the whole picture.
NJ Home Purchase Input:
•$300,000 with 10% down payment
•$8000/year property taxes
•$900/year homeowners insurance
Annual PMI (Private Mortgage Insurance) applies
for purchases with <20% down
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7. Home Buying 101: Real Affordability
Does your total monthly payment “FIT” your budget?
Sometimes taxes & insurance payments can be almost as much as
principle and interest payments
Monthly Payment Components:
•Principle & Interest $1289.02
•Property taxes $666.67
•Homeowners Insurance $75.00
•PMI $146.25 (LTV Ratio >80%)
Total Monthly Payment $2176.94
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8. Home Buying 101: Down Payment
Down Payments (or equity stake)*
Minimums 3.5% FHA / 5.0% Conventional**
5 to 20% recommended
<20 % triggers Private Mortgage Insurance (PMI)
Upfront PMI premium payment (percentage of loan)
Monthly PMI installment payments, or both
>20% no PMI requirements unless
Bad credit history or other indication of risk
*down payment minimums are set by the financing institution or program
guarantying the mortgage.
**<5.0% Conventional Loans Products are no longer offered
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9. Home Buying 101: Incentives
Lower Mortgage Interest Rates
Provides cheaper money for purchase (e.g. cost of
loan over term period)
Increases buying power (for every 1% increase in rate,
9% decrease in buying power)
Government Programs promoting homeowner
Allow relaxed qualifications (with guarantees to
lenders) in return for better interest rates
Rates usually slightly higher than conventional.
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10. Home Buying 101: Benefits
Tax Benefits
Claim Itemized Deductions
Mortgage Interest Deduction
Property Tax Deduction
Consult your tax professional
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11. Home Buying 101: Closing Costs
Closing costs run 4%-8%* of Purchase Price
Financing Costs
(loan- application, origination, appraisal, processing
fees, etc)
Pre-paid Items
(escrow- 3 months of taxes & insurance)
Settlement Charges
(home inspection, attorney/title services, property
survey, document recording, money wires…)
*depends on loan terms, property type, size of escrow and prorated charges.
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12. Home Buying 101: Funds at Closing
Minimum of 8% or more of Purchase Price*
Down Payment (minimum of 3.5%)
Closing Costs (minimum of 4%)
Contingency (minimum of 0.5%)
*based on the example $300,000 NJ purchase, you need minimally
$24,000
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13. Home Buyers 101: Cash Strapped?
Options with Low Money Down
FHA Financing
VA Financing
USDA Financing
State Financing Programs
American Dream Program
County administered Down Payment Assistance
Sellers Concessions
Negotiated cash back for closing & down payment
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14. Home Buyers 101: Cash Strapped?
FHA Financing
Available through approved lenders
US government insured loans
Minimum 3.5% down payment
Allows gifted money for closing
Allows lower qualifying FICO
203k loans for repairs & energy efficiency
http://www.hud.gov/buying/loans.cfm
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15. Home Buyers 101: Cash Strapped?
VA financing
0% down,
Allows gifted money for closing
For eligible US veterans only
http://www.benefits.va.gov/homeloans/elig2.asp
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16. Home Buyers 101: Cash Strapped?
USDA Financing
Zero % Down
Applicants for loans may have an income of up to 115%
of the median income for the area
State & County Income Limits per size of household
Find eligible Communities by state and/or address +
zip code
http://www.rurdev.usda.gov/RD_Loans.html
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17. Home Buyers 101: Cash Strapped?
State & County Programs
NJ Smart Start (many programs offered)
First Time Homebuyer: 3.o% down payment
minimum
Live Where You Work: lower interest rates
Transit Smart: more relaxed back ratio requirement
American Dream Assistance $5,000 to 7,500*
Assistance amounts and income requirements vary by
County
Mortgage amounts limited to 3x annual income
*Mandatory Federal Budget Cuts have limited funding for this assistance
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18. Home Buying 101: Agency
Agency: to act (or work) with one party on
behalf of another.
Agents can work for:
Buyers (or Renters), as Buyers Agent
Sellers (or Landlords), as Sellers Agent
or Both, as Disclosed Dual Agent
or None, as Transaction Agents
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19. Home Buying 101: Agency
Consumer Information Statement
Compliance Document that an agent must
present and explain to a consumer before any
substantive conversation is had.
Before you discuss motivation and money with
any agent KNOW who they work for
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20. Home Buying 101: Agency
How are your interests will protected
As a client you are owed fiduciary
responsibilities (confidentiality, care, obedience,
accounting and loyalty)
As a customer, you are owed honesty (including
disclosures material to the transaction)
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21. Home Buying 101: Finding the Right Home
A home’s value is subjective
Location (street, development, community)
Physical (size, attributes, improvements)
Condition (fair, good, excellent)
Amenities
Workplace (proximity and opportunity)
Schools (proximity and quality)
Transportation (mass transit and major roads)
Shops, Parks and Places of Worship
Community Services
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22. Home Buying 101: Finding the Right Home
A home’s worth is the balance of risk/benefit to YOU
Benefit/Gain to you
Subjective Value you assign based on the home meeting
some, many or all your needs
Risk/Loss to you
How much you’re willing to give up for it
Cash/Assets/Payments
Commute/Family Time
Extra Maintenance…
How much work is involved in finishing it to your needs
Updating, upgrading, rehab?
Remember there are many great houses for “somebody” there are few great houses for you!
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23. Home Buying 101: Making the Offer
Purchase Price Strategy
Always get an Adjusted Comparative Market Analysis
(CMA) before considering an offer
CMA = Opinion of Value based on recent sales and current market activity
Adjusted values for differences between properties to proximate an apples to
apples comparison
Start Offer Price below CMA value*
Try not to exceed CMA value by more than 2%
Bidding war that drives price upwards, risks the property
not qualifying (appraising) for mortgage.
Should you find yourself bidding on a property where only
highest and best offers are being considered, always include
a Purchase Price Contingency (house must appraise for
purchase price). This can release you from the contract
should the home not appraise.**
*on competitively priced homes, this number will be very close to asking price.
**this is more important in a stable or declining market than in an improving market.
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24. Home Buying 101: Making the Offer
Setting the other terms of the Offer**
Earnest Monies (Initial & Second Deposit)
This is the “skin in the game” term; the higher the better.
Need not exceed down payment or 3% which ever is less.
Initial Deposit with Offer is customarily $1000 (median
priced home)
Financing
None or all Cash, Conventional or Guaranteed
(FHA, VA, USDA)
% down payment (the higher, the better)
Closing Date and Personal Property
The more flexibility, the better to synchronize with sellers
move.
**These can be as equally or more important than the purchase price.
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25. Home Buying 101: Negotiating the Offer
Strive for a Win – Win Situation
It’s about striking a balance between the buyer
not over-paying and seller not feeling under
compensated.
Usually when both sides feel a little pain, the
deal is fair, the parties feel less remorse or desire
to back-out at the slight hitch.
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26. Home Buying 101: Offer and Acceptance
Offer or final counter-offer is accepted
Expect changes to documentation to reflect price
and terms agreed upon by buyer and seller
Obtaining appropriate signatures, initials and
disclosures to complete documentation
Delivery of documents (contract for purchase)
signed by (executed) both parties to both parties
The contract becomes binding to both parties
Within 3 days if neither party seeks attorney review
At the end of attorney review if both or either party seeks
attorney review.
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27. Home Buying 101: Acceptance of Offer
Enter Attorney Review (3 day period)
Officially begins upon delivery of signed contract to both
parties not their attorneys. Both or either party have 3
days to enter into attorney review.
3 days of Attorney Review Period does not count
weekends and holidays and does not begin until hours of
business. For example, contracts signed and delivered on Friday at
6pm, does not begin review until Monday 9 am.
Either attorney can extend Attorney Review by
“Disapproval of Contract” as written.
Both parties can end attorney review by “Approval of
Contract” as written.
Any changes proposed by the attorneys during review
must be acceptable to both sides.
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28. Home Buying 101: Under Contract
Attorney Review ends when buyers & Sellers
sign-off on acceptance letter agreeing to any/all
attorney review changes
Both parties have a Binding Contract
2nd deposit is due (remainder of earnest monies)
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29. Home Buying 101: The Home Inspections
Home Inspections (complete list next slide)
Schedule, Attend Inspections and Review Reports
Itemize findings of concern
Decide which are to be addressed by seller
Resolve home Inspection Issues with seller
If seller refuses to address MAJOR issues and buyer
is unwilling to accept – parties are released from contract,
earnest monies are returned.
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30. Home Buying 101:
The Home Inspections
Structure/Systems/Safety Wood Destroying Insects
Structural Soundness
Mechanical Systems
Furnace/Air Conditioning
Appliances
Electrical Systems
Plumbing Systems
Exterior, Interior and
Insulation
Safety Issues
Other findings (usually
cosmetic in nature)
Evidence of past or
current activity and/or
damage
Environmental testing
Radon, Mold, Lead
based paint
Other testing
Well Water
Septic System
Oil Tank Soundness
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31. Home Buying 101: Mortgage Application
Buyer applies for mortgage
Buyer provide documents required by lender
Documentation reviewed by Loan Processor
Buyer is pre-approval with conditions, or
Lender not satisfied with soundness of buyer
and denies mortgage – parties are released from
contract and earnest monies are returned
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32. Home Buying 101: Property Appraisal
Results of Property Appraisal
Property does not appraise for purchase price
and mortgage is denied
Mortgage Contingency releases parties from
contract, or
Seller & Buyer can re-negotiate price in good faith
and resume approval process
Property appraises for purchase price
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33. Home Buying 101: Mortgage Underwriting
Underwriting Review of Loan Package and
Appraisal Report -- Results:
Underwriter approve documentation
Underwriter conditionally approves
documentation and requests more
documentation to satisfy question(s).
Underwriter denies Mortgage – parties are
released from contract and monies are
returned to buyer.
Underwriter approves Mortgage
Home Buying Seminar - The O & A Home Team
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34. Home Buying 101: Mortgage Commitment
Mortgage Commitment Issued with minimal
conditions
Mortgage Contingency is conditionally
satisfied.
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35. Home Buying 101: Settlement Services
Title Search is ordered and reviewed
Property (Parcel) Survey ordered and
reviewed
Buyer purchase homeowners’ insurance
HUD statement and closing documents are
prepared
Lender prepares mortgage documents for
execution
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36. Home Buying 101: Settlement Activities
Lender issues ready to close statement
Seller vacates property; turns over keys
Sellers’ Attorney provides Affidavit of Deed
Lender releases funds to settlement
agent/attorney
Buyer performs a final walk through of property
accepts “as is” or with conditions (e.g. replace the
missing refrigerator).
Buyer brings to settlement agent
State/Federally issued ID,
Certified funds (to complete closing costs),
Proof of homeowners insurance
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37. Home Buying 101: At Closing Table
Documents are review and signed by parties
Property is exchanged for consideration
(money)
Monies are held in escrow to remediate walkthrough findings (e.g. the missing refrigerator)
Deed is transferred
Buyer get keys and homeownership
documents
Congratulations!!!
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38. Home Buying 101:
Your Team of Professionals
Loan Officer
Affordability
•
Real Estate Attorney
– Advocate – looks out for you
– Legal Representation
– Settlement Services
Pre-qualification
Down Payment Programs &
Closing Cost Assistance
Loan Process Coordinator
Real Estate Agent
Agency – works for you
Finding the Right Home
Preparing Offer
•
Home Inspector
– Assesses Property
– Protects assets
– Protects occupants
Negotiating the Offer
Managing the Transaction
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