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HOME BUYING 101

BUYER INTRODUCTION MEETING

  1. MEET AND GREET
    •  Office visit, FaceTime, coffee, juice bar
  2. MORTGAGE/LENDING REVIEW
    •  Credit score, debt-to-income ratio, down payment
  3. ESTABLISH GOALS AND SET EXPECTATIONS
    •  Time frame, budget, personal must-haves
  4. CREATE HOME SEARCH CRITERIA
    •  One has over 1,000 search fields to select from

HOME RESEARCH

  • EACH TOUR DAY REVIEWS ONE TO SIX PROPERTIES
  • AVERAGE TOUR DAY IS ONE TO THREE HOURS

SECOND SHOWINGS

  • RECEIVE ANSWERS TO ANY OUTSTANDING QUESTIONS FROM INITIAL TOUR
  • FULL BUIDLING TOUR (AMENITIES, GARAGE, STORAGE, ETC.)
  • DISCUSS YOUR FURNTIURE, LAYOUT, AND OTHER IMPORTANT ITEMS ONSITE

REVIEW COMPARABLE MARKET ANALYSIS (CMA)

  • CMA IS THE NEIGHBORHOOD MEAN SELLING PRICE
  • FINAL CONTRACT PRICE IS TYPICALLY CMA PLUS OR MINUS HOW MUCH THE HOME FITS YOUR SEARCH CRITERIA

MAKING AN OFFER

DETERMINE NEGOTIATION STRATEGY

  • BASED ON CURRENT MARKET CONDITIONS, NUMBER OF DAYS LISTED, HOW MUCH THE HOME FITS YOUR SEARCH CRITERIA, AND HOW MANY OFFERS HAVE BEEN RECEIVED
  • REVIEW ANY DEAL-SPECIFIC INTANGIBLES PERTAINING TO THE BUYER

NEGOTIATIONS

  • THE PROCESS CAN TAKE ANYWHERE FROM HOURS TO MONTHS. IT’S ALL RELATIVE TO MARKET CONDITIONS AND INDIVIDUAL CLIENT GOALS

CONTRACT ACCEPETED

  • INITIAL EARNEST MONEY DUE ($1,000-25,000)

CONTRACT CONTINGENCIES

HOME INSPECTION

  • TYPICAL COST RANGE IS $350-1,200
  • AVERAGE ONSITE HOME INSPECTION TAKES TWO TO FIVE HOURS

ATTORNEY REVIEW PERIOD

  • MAJORITY OF ATTORNEY REVIEWS ARE EXTENDED AT LEAST ONCE
  • REVIEW ADDITIONAL INFORMATION RECEIVED AFTER INITIAL EARNEST MONEY IS TURNED IN

MORTGAGE CONTINGENCY

  • TURN IN ALL REQUESTED FORMS TO YOUR MORTGAGE BROKER (FOR EXAMPLE, TAX RETURNS)
  • A HOME APPRAISAL WILL BE ORDERED
  • UNDERWRITING DEPARTMENT WILL REVIEW YOUR FILE

NEXT STEPS

BALANCE OF EARNEST MONEY DUE

  • TWO BUSINESS DAYS AFTER ATTORNEY REVIEW COMPLETION

CONTINUED WORK WITH YOUR LENDER

  • BE READY FOR SEVERAL ROUNDS OF DOCUMENT SUBMITTAL AS YOU WORK TOWARD YOUR CLEAR-TO-CLOSE

OTHER IMPORTANT INFORMATION

  • IF NECESSARY COMPLETE ANY CONDOMINIUM MOVE-IN PACKETS OR RESERVE ELEVATOR TIME
  • CHANGE OVER UTILITIES
  • UPDATE YOUR MAILING ADDRESS

DAY OF CLOSING

FINAL WALK-THROUGH

  • DAY OF CLOSING PRIOR TO HEADING TO TITLE COMPANY
  • THIS STEP TAKES APPROXIMATELY THIRTY MINUTES

PRE-CLOSING TEAM HUDDLE

  • DISCUSS ANY LAST-MINUTE CHANGES OR DEVELOPMENTS
  • STRATEGIES BEST APPROACH COLLECTIVELY IN PRIVATE SETTING

CLOSING AT TITLE COMPANY

  • SELLER'S ATTORNEY SELECTS TITLE COMPANY
  • CLOSING TIME RANGES FROM NINETY MINUTES TO FOUR HOURS
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