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Home Buyers Road Map to Success

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by

Matt Danley

on 26 January 2015

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Transcript of Home Buyers Road Map to Success


Rewards of home ownership
-
Tax Deductions
(interest, property taxes, mortgage insurance, discount points, energy efficient appliances

-
Inflation protection
(fixed rate mortgage payments stay the same throughout the duration of the loan)

-
Equity
(borrow against your home for things like education, home improvements & emergencies

-
Freedom
(paint, remodel, own pets or WHATEVER!)

RENT VS BUY
1. Tax Savings

2) Appreciation potential

3) Stability

4) Cost Savings



Reasons to buy NOW!
Market Conditions
Congratulations!!
You are a homeowner!!!
Home Buyers Road Map to Success
Presented by Celia Burlingame & Tiffanie Danley
Historically low mortgage rates
Affordability
Low Average Sales Price
House Hunting: Who's who?
1) Buyer (you!)
2) Seller
3) Buyer's agent (me!)
4) Listing agent
i. Listen to what you want/need in a home
ii. Research homes
iii. Match your needs with available properties
iv. Arrange viewing of properties
v. Provide comps
vi. Write offer
vii. Explain paperwork and deadlines
viii. Negotiate on your behalf

My Role as Your Real Estate Agent
Process of finding your home
a. Set up on a search using criteria provided in home buyers consult
b. Buyer and agent both review new listings
c. Buyer does drive bys to get to know neighborhood
d. 24 hour notice to view property
e. View property together and discuss pros/cons
f. Visit open houses. Let other agent know that you are already represented

GoLoanStar.com

A little about me!

A little about LoanStar!

All local mortgage banker
All decision making is right here!
All our Loan Officers are licensed!
We are one of the fastest growing mortgage companies!
We are a responsible lender
We will create a clear path for successful homeownership!
We give our borrowers 5 hours of complimentary MOVE TIME!
Our clients can complete their loan application ONLINE, over the phone or in person!
We do EVERYTHING within our power to make the loan process as smooth, straightforward, and painless as possible!

My Role as a Loan Officer
i. Help you determine what you qualify for
ii. Help you choose a program that is best for you
iii. Explain the process so that it makes sense

Taking Loan Application
i. Online
ii. Over the Phone
iii. In-Person


i. Your credit Score – Middle of 3 scores – TUC XPN EFX
ii. What score do you need to qualify for loan? Low as 580
iii. Credit Repair

Credit
Types of Programs
i. Conventional – 5% down
ii. FHA - 3.5% down
iii. VA - 0% down
iv. USDA - 0% down

Documents needed
i. 30 days worth of paystubs
ii. 2 years W2’s
iii. 2 years tax returns
iv. 2 months assets – Checking/Savings statements, stock statements or retirement account statements (funds must be seasoned for 60 days) *Cannot use mattress $
v. Gift Funds – can get gift from family
vi. Divorce Decree and/or child support/alimony documentation


Pre-Approval
i. Send in items to the bank to get a complete pre-approval
ii. Ready to start looking for homes
iii. Send pre-approval letter to agent

Neighborhood/ Location
a. General safety & desirability
b. Condition of homes (age, style, layout)
c. Quality of schools (www.greatschools.com)
d. Distance from work
e. Public transport
f. Parks & recreation
g. Shopping areas
h. Valuation history
Type of homes
Wants & Needs
* bedrooms
* bathroom
* square feet
*lot size
*garage
*yard
*layout
*finishes
*kitchen layout
Time to make an offer!
a. Price

b. Amount of earnest money

e. Down payment amount

f. Type of loan and other financing info (FHA, Conv, Cash, VA)

h. Closing and possession dates

i. List of personal property if any

j. Any contingencies or conditions (ex. Buyer needs to sell house first, seller paid closing costs)
What if there's.....
Multiple Offer Situations
Letter
Price
Contingencies
Closing date
Rent Back or free week
Higher down payment or earnest money
Ways you are protected
a. Financing & terms
b. Appraisal
c. Clear title
d. Home inspections
e. Lead based paint
f. Buyer final walk thru

Response to Offer
Accepted!
Rejected
Counter Offer
Silence
What is a home inspection?
A limited, objective professional visual assessment of the physical condition of a property.
Why should I have a home inspection?
A home is a significant investment
An objective evaluation of the home
Provides education on the house
Identifies current potential issues
Should be a contingency in your offer
Can be used as a home maintenance plan
Items Checked At Home Inspection
STRUCTURAL
Foundation
Roof
Doors
Windows
Ceilings
Walls
Floors
Crawl space
MECHANICAL
Plumbing
Electrical System
Heating
Air Conditioning
Insulation
Ventilation
Moisture Intrusion
Safety Issues & Hazards
Lead based paint
Leaking oil tanks
Asbestos
Chemicals
Radon
Pests/Dry Rot
Missing Railings
Potential Additional Inspection
Oil tank/ soil samples
Sewer Scope
Furnace service
Septic system
Radon
Fireplace & chimney
Permit check
What to do with your inspection report??
Review with your Realtor
Use as a negotiating tool
Use as a home maintenance manual
Prioritize repairs
Safety
Structural
Cosmetic
Order the Appraisal!!
-Why do you need an appraisal?
-Who pays for it
-What if it come in low
-What is the time line
Final Closing Documents
Truth in Lending Disclosure
HUD-1 Settlement Statement
Mortgage note
Deed of Trust
Remaining loan & Escrow Documents
Review Closing Costs
Charges associated with loan (loan fees)
Pre-paid items/reserves required by lender (property taxes, hazard insurance)
Escrow & title charges
Government recording & transfer fees
CLOSING
Step 1: Signing
a. Estimated HUD statement
b. Bring in a cashiers’ check to closing
c. Loan Officer and agent present to answer questions
d. Documents go back to lender for final review

Step 2: Funding
a. Lender final approval
b. transfer of buyer's money
Step 3: Recording
a. Deed gets recorded with the City records dept
b. Escrow is notified that recording is complete
Step 4: CLOSED!!!
a. All documents have been sign and approved. Money has been successfully transfer
b. Meet with Realtor to obtain keys
c. Move in and throw a huge house party!!
Tiffanie Danley
Keller Williams Realty Professionals
Phone: 503-453-6580
Fax: 503-336-7822
Email:
Tiffanie@tdrealtygroup.com
Web:
www.tdrealtygroup.com
About me
I am a native Oregonian who grew up and went to school in Tigard. I've lived in the Portland metro area for the majority of my adult life. I've been a full time Realtor for KWRP for just over a year and I have helped 15 families buy or sell a home. I previously worked as a project coordinator for a construction company and an assistant property manager. Being a Realtor has been a dream come true for me as I can take my knowledge of home construction and maintenance and help my clients achieve one of biggest goals and purchases of their lives. I enjoy being the person that my clients can trust to help make important decisions and provide solid advice.


On a personal note, I've been married for almost 2 years now. My husband and I bought our first home together right down the street in Feb 2013. We have a 1 1/2 year old dutch Shepard named Sasha, who is as high energy as the come and we are now expecting our first baby. She is scheduled to be here in just (2) short weeks! Besides family, I have a passion for volleyball which I played collegiality and also coached at a high school level. I also love exploring Portland and taking advantage of everything it has to offer from parks, to beer festivals, music, plays, rivers, hiking and much much more!!
Detached
Townhome
Duplex
Condo
Buildable Land
Mobile Home
Parts of an Offer
Full transcript