Buying with Pam Ratcliffe

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THE ROAD TO

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REALTOR® | DRE# 01152227 619.981.5606.

TeamRatcliffe@cox.net | TeamRatcliffe.com

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Pam Ratcliffe

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A HOME BUYER’S GUIDE

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CONTENTS ABOUT US

BIO MEET THE TEAM QUOTE WHY TEAM RATCLIFFE

THE HOME BUYING PROCESS BENEFITS OF HOMEOWNERSHIP LET’S GET STARTED INITIAL PROCESS

PREPARING FOR A HOME LOAN GET QUALIFIED DOCUMENTS NEEDED THINGS TO AVOID

TYPES OF MORTGAGE LOANS START SHOPPING

HOME SHOPPING QUESTIONS TO ASK BEFORE HOME SHOPPING

MAKE AN OFFER THE OFFER

ESCROW PERIOD

INSPECTIONS, NEGOTIATIONS, & APPRAISALS

VESTING: WAYS TO HOLD TITLE CLOSING TIME THE CLOSING

RECOMMENDED RESOURCES REVIEWS THINGS TO AVOID REAL ESTATE TERMS TEAM RATCLIFFE GUARANTEE

ABOUT US

IT’S NICE TO meet you MEET PAM RATCLIFFE.

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Throughout most of my 30 year career as a licensed Realtor in San Diego, I have been recognized as a top producer and am awarded the Top 1% of Realtors in San Diego County and the Top 5% worldwide in Coldwell Banker.

In addition, I have been a part of the 5 Star Achiever Club for over 13 years. I am a proud leader and founder of Team Ratcliffe, which is a prominent real estate team throughout San Diego and Riverside county. Team Ratcliffe is a top producing team that has sold well over 1,000 homes while still attaining 100% customer satisfaction reviews.

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I have been a resident of San Diego for the past 37 years, however, my country of origin is Australia—I am your Aussie Realtor! I came to the USA from Australia many years ago and helped my husband during his career as a Pastor. While assisting my husband’s ministries, I worked in real estate as a general contractor in the Midwest and built many custom homes. Furthermore, I was a loan officer for a few years before working as a full time realtor.

I am blessed with two children, my daughter Jennifer and son Michael. Michael has cerebral palsy, but despite his diagnosis, he works with Team Ratcliffe as the team’s chauffeur and gogetter. Michael has overcome plenty of obstacles but continues to keep a positive attitude in spite of his limitations. Michael loves real estate, his role as chauffeur, and he is our team’s biggest cheerleader.

My goal as your full service Realtor is to provide superior service at all times. I work hard to obtain 100% customer satisfaction, and this has led to a majority of my business to be primarily based on referrals. Furthermore, my local expertise and extensive experience in the San Diego real estate market and it’s surrounding cities will greatly benefit you.

I am steadfast in embracing the future of real estate by creating innovative solutions for tomorrow’s challenges. I will set the standard for business values based on integrity, hard work, and meeting the needs of clients through changing times. Therefore, I am the real estate agent of choice in our market, today and tomorrow.

LET’S CONNECT. 619-981-5606 TeamRatcliffe@cox.net TeamRatcliffe.com

MEET THE

team

Pamela Ratcliffe DRE# 01152227

Sara Ramirez DRE# 01984266

Marla Farrage DRE# 02148761

Matt Gover

Joe Gover

DRE# 01786955

Andrea Goyette DRE# 02113148

DRE# 01849800

Maria Esther Carson DRE# 01792523

Flor Padilla DRE# 01344893

WHY

Team Ratcliffe

As a top-producing real estate team in San Diego County. People have come to trust us for our kindness, our knowledge, and experience. We strive to deliver a high level of expertise and dedication to you, providing an unprecedented advantage in today’s marketplace, whether you’re a first-time buyer or a high-end seller.

Imagine Team Ratcliffe as your personal real estate consultants. We invest our time consulting with you, negotiating aggressively on your behalf, and organizing the transaction details so that you’ll have a superb experience.

We know that we must consistently provide value to have a successful transaction. Our goal is to make you so incredibly happy that you’ll feel comfortable introducing us to the people you care about now.

THE why

Top 1%.

A powerful footprint in San Diego’s real estate market.

A reputation for being among one of the top-producing teams in your area.

Exclusive access to an in-house Transaction Coordinator.

A personal Executive Assistant to support the entire selling process.

Luxury marketing to set your home apart from the rest on the market.

“

Committed to bringing you the most professional, informative, trustworthy & dedicated service.

My responsibility is protecting the interests of my clients in every transaction.

”

THE HOME BUYING PROCESS

homeownership

BENEFITS OF

Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan.

This builds your equity and acts as a savings account.

People who own rather than rent stay in their homes 4 times longer.

This provides an opportunity to get to know your neighbors and connect with your local community.

Home values have a well documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell.

The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.

Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.

The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plan a tree if you want. Doesn’t that sound exciting?!

LET’S GET started A QUICK GUIDE TO THE BUYING PROCESS

CONSULTATION

INSPECTION PERIOD

• Meet with your real estate agent! Discuss what you are looking for

• Conduct inspections • Resolve/negotiate any inspection

FINANCES

issues

from

• Obtain a financial pre-approval (proof of funds for cash purchase) • Prepare for additional costs

FINANCING PERIOD

START HOME SHOPPING

PREPARING TO CLOSE

• Preview potential properties online • Schedule showings and view the properties you are most interested in

• Title company will conduct title search • Receive closing statement/clear to close • Wire funds to closing company • Conduct a final walk-through of property and close

OFFER & NEGOTIATIONS • Write an offer to purchase on your favorite property • Negotiate the terms of the offer • Accept the contract • Deposit escrow (deliver, mail or wire) within 3 days • Complete loan application • Obtain homeowners insurance quotes

• Your lender will order the appraisal • Obtain homeowners insurance

CLOSING • Sign papers and pop the bubbly!

Congratulations, you are a home owner

LET’S GET

started

A QUICK GUIDE TO THE BUYING PROCESS

01

02

03

CONSULTATION

Meet with your real estate agent! Discuss what you are looking for

PRE-QUALIFIED

If you need financing get pre-approved by a lender or bank

START SHOPPING

04

05

06

MAKE AN OFFER

HOME INSPECTION

APPRAISAL & TITLE SEARCH

Negotiate the offer and get it accepted!

Contingent on inspection

Discuss results, decide if any repairs are needed

07 CLOSING

Sign papers and pop the bubbly! Congratulations, you are a home owner

Your agent will narrow down options for your review

The banks order the appraisal, title search and final financing is set

FINAL FOR SELLERS PROCESS Initial CONSULTATION Buying a home is one of the most significant purchases in a lifetime. It is essential to have an experienced agent in your corner, always looking out for your best interest.

A buyer agent’s fiduciary responsibility is to represent the buyer and to ensure that they are protected.

After all, a seller has someone in their corner. A listing agent has an allegiance to the seller. Their goal is to get the seller top dollar for their home. There is incredible value in having someone working for YOUR best interests when buying a home.

GET PRE-APPROVED Being pre-approved, unlike being pre-qualified, means you’ve actually been approved by a lender for a specific loan amount. You will need to provide documented financial information (income, statements, assets, debt & credit reports, etc.) to be reviewed & verified by the lender.

PREPARING FOR A HOME LOAN

TYPES OF MORTGAGE

loans

WHO QUALIFIES

DOWN PAYMENT

UPFRONT MORTGAGE INSURANCE

MONTHLY MORTGAGE INSURANCE

MINIMUM CREDIT SCORE

VA Department of Veteran Affairs

Veterans Personnel with honorable discharge Reservists & National Guard Surviving Spouses

NONE

NONE

NONE

580

USDA Department of Agriculture

Someone who is buying a home in a USDA - designated rural area

NONE

2% of the loan amount.

Can be rolled into loan amount

REQUIRED

640

FHA Federal Housing Administration

Anyone who meets the minumum credit and income levels

At least 3.5% of purchase price

1.75% of loan amount

REQUIRED

580-640

203k Federal Housing Administration

Anyone who plans to purchase a fixer-upper or needs to renovate their home and meets credit & income requirements

At least 3.5% of purchase price

1.75% of loan amount

REQUIRED

580-640

Conventional 97

Depending on the program available, first time home buyers (a buyer who hasn’t owned in the last three years) can put 3% down with a Conventional 97 program

Varies from 3%-20% of purchase price

NONE

REQUIRED

620

SELECT SMART PLUS

Anyone who meets lenders credit, income & debt level requirements

Varies from 3%-20% but typically ranges fromm 5-20%

NONE

REQUIRED

620

THINGS TO avoid FINAL FORAFTER SELLERS APPLYING FOR A MORTGAGE DON’T CHANGE BANK ACCOUNTS

DON’T APPLY FOR NEW CREDIT OR CLOSE ANY CREDIT ACCOUNTS DON’T MAKE ANY LARGE PURCHASES DON’T DEPOSIT CASH INTO YOUR BANK ACCOUNTS BEFORE SPEAKING WITH YOUR BANK OR LENDER DON’T CO-SIGN OTHER LOANS FOR ANYONE The best plan is to fully disclose and discuss your intentions with your lender before you do anything financial in nature.

START SHOPPING

START HOME SHOPPING

START TOURING HOMES IN YOUR PRICE RANGE

Time to start shopping! We will take notes on all the homes we visit. It can be hard to remember all the details of each home, so take pictures or videos to help you remember each home, and review the notes you have written.

Once we have found THE house for you, we will present an appropriate offer based off of recent sales and current buyer activity in the area, as well as the value of the property in its current condition. Negotiations may take place after the offer is presented.

QUESTIONS TO ASK BEFORE SEARCHING FOR A HOME Where do you want to buy?

Are you interested in new construction or a resale home?

What style home would you prefer?

Are stairs acceptable?

Do you want a garage?

What size lot would you prefer?

Pool or no pool?

Would you like a patio or deck?

Is a guarded gate important to you?

What 3 features of a home are most important to you?

MAKE AN OFFER

MAKE AN offer WHEN TO MAKE AN OFFER

So you have found THE house! Congrats! In today ’s market when the demand is higher than the amount of homes available it is important to act fast!

HOW MUCH TO OFFER

We will sit down and look at recent sales and current buyer activity in the area, as well as the value of the property in its present condition. Putting all this information together, we will determine the price that you would like to offer.

SUBMITTING AN OFFER

There are some components to an offer that makes it more appealing to the sellers.

• PUT YOUR BEST FOOT FORWARD AND BE A FLEXIBLE NEGOTIATOR

We will work together to discuss your options and create your very best offer. Depending on the circumstances, you may have only one chance to make a good impression.

• PUT DOWN A HEALTHY EARNEST DEPOSIT

A large earnest money deposit shows the seller you are serious.

• CASH TALKS

A transaction that is not dependent on receiving loan approval is more attractive to a seller.

• SHORTER INSPECTION PERIODS

Try shortening the inspection period to 10 days.

• OFFER TO CLOSE QUICKLY

Many sellers prefer to close within 30 days.

MAKE AN offer CONT.

THE PROCESS AFTER YOU SUBMIT AN OFFER, THE SELLER COULD: • Accept the offer • Decline the offer This happens if the seller thinks your offer isn’t close enough to their expectations to further negotiate.

• Counter-offer A counter-offer is when the seller offers you different terms. If this happens, you can: • Accept the seller’s counter-offer

• Decline the seller’s counter-offer

• Counter the seller’s counter-offer You can negotiate back and forth as many times as needed until you reach an agreement or someone chooses to walk away.

OFFER IS ACCEPTED - CONGRATS! You will sign the purchase agreement and you are now officially under contract! This period of time is called the contingency period. Now inspections, appraisals, or anything else built into your purchase agreement will take place.

ESCROW PERIOD

ORDER AN INSPECTION During the inspection period, we will schedule an inspection with a reputable home inspector to do a thorough investigation of the home. Once this is complete, the inspector will provide us with a list of their findings. You can take the issues asis or request the seller to address some or all of the findings. We will be mindful and reasonable on smaller items, while being very cautious and vigilant of potentially significant issues.

NEGOTIATE FINAL OFFER Issues typically arise after the home inspection, and those issues tend to result in another round of negotiations for credits or fixes.

1. Ask for a credit for the work that needs to be done. Likely, the last thing the seller wants to do is repair work.

2. Think “big picture” and don’t sweat the small stuff. Tile that needs some caulking, or a leaky faucet can easily be fixed. Repairs are still up for negotiation and perhaps a small credit would help with closing costs.

APPRAISAL ORDERED Your lender will arrange for a third party appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets all parties involved know that it is an estimate of the property value.

If approved you will receive your final commitment letter that includes the final loan terms & percentage rates.

PROPERTY TITLE SEARCH This ensures that the seller truly owns the property, and that all existing liens, loans or judgments are disclosed.

HOMEOWNER’S INSURANCE You’ll need insurance for the new home prior to closing.

VESTING: WAYS TO HOLD TITLE TENANCY IN COMMON

JOINT TENANCY

COMMUNITY PROPERTY

COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP

Parties

Two or more persons

Two or more natural persons

Spouses or domestic partners

Spouses or domestic partners

Division

Ownership can be divided into any number of interests equal or unequal

Ownership interests must be equal

Ownership interests must be equal

Ownership interests must be equal

Creation

One or more conveyances (law presumes interests are equal if not otherwise)

Single conveyances (creating identical interests; vesting must specify joint tenancy)

Presumption from marriage or domestic partnership or can be designated in deed

Single conveyance and spouses or domestic partners must indicate consent which can be on deed

Equal

Equal

Equal

Equal

Transferability

Each co-owner may transfer or mortgage their interest separately

Each co-owner may transfer his/her interest separately but tenancy in common results

Both spouses or domestic partners must consent to transfer or mortgage

Both spouses or domestic partners must consent to transfer or mortgage

Liens against one owner

Unless married or domestic partners, co-owner’s interest not subject to liens of other debtor/ owner but forced sale can occur

Co-owner’s interest not subject to liens of other debtor/ owner but forced sale can occur prior to co-owner’s/ debtor’s death

Entire property may be subject to forced sale to satisfy debt of either spouse or domestic partner

Entire property subject to forced sale to satisfy debt of either spouse or domestic partner

Death of co-owner

Decedent’s interest passes to his/her devisees or heirs by will or intestacy

Decedent’s interest automatically passes to surviving joint tenant

Decedent’s 1/2 interest passes to surviving spouse or domestic partner unless otherwise devised by will

Decedent’s 1/2 interest automatically passes to surviving spouse or domestic partner due to right of survivorship

Possible Advantages/ Disadvantages

Co-owners interests may be separately transferable

Right of survivorship (avoids probate); may have tax disadvantages for spouses

Qualified survivorship rights; mutual consent required

Right of survivorship; mutual consent required for transfer; surviving spouse or domestic partner may have tax advantage

Possession & Control

CLOSING TIME

CLOSING

time

CLEAR TO CLOSE “Clear to Close” is excellent news. It means the mortgage underwriter has officially approved all documentation required to fund the loan. All that remains is the actual closing process.

THE CLOSING The closing process finalizes the purchase of your home.

A FEW THINGS TO BRING • A valid government issued photo ID • Funds to close for the total amount due • Any oustanding documents for the title company or loan officer

• • • • • • •

SMOOTH CLOSING CHECKLIST Make sure you’ve obtained homeowner’s insurance and provide the lender with the information Review the closing settlement statement a few days before closing to ensure you have the funds for closing costs Switch utilities to your name prior to sellers shutting off theirs Final walk-through Provide funds to escrow company Bring your drvier’s license or passport to closing table Get recording confirmation — get your keys and MOVE IN!

RECOMMENDED

resources

GENERAL CONTRACTOR ABRAHAM TILE MASTER 619-632-2886 PAINTING AMBRAHAM TILE MASTER: 619-634-2886 JOSE ADRIAN: 619-508-3870 SCOTT TRAN: 858-405-9953 HOUSE CLEANING CARMEN CARRANZA 619-765-6587 FLOORING SAMIR WOOD FLOORING 619-929-5320 ELECTRICIAN LEO ELECTRICIAN: 619-608-5203 MIKE NEYOY: 619-666-1747 WEBSITE.COM PLUMBING FABIAN: 619-279-6403 MANNY (PREMIER PLUMBING): 619-300-0730 LANDSCAPING HENRY’S LANDSCAPING 619-804-9550 HANDYMAN JEFF NORTON 619-948-4962 CARPET CLEANING VEGA CARPET CLEANING 619-540-8708 POOL GUY ALBERTO VARGAS: 619-559-4351 JOHN L. GROH (SYNERGY POOL & SPA): 760-415-2113 DAMAGE REPAIR RESTORATION INC: FIRE AND WATER DAMAGE RESTORATION 619-607-3857

REVIEWS They’re my family! Team Ratcliffe does not only take care of your real estate needs but they will go above and beyond to get the job done. Our house got sold even before it went officially on the market. The purchase of our new home was the best move we’ve done towards getting what we want for our family and our future. The whole process wouldn’t be possible without team Ratcliffe.

Absolutely 5 stars!

- Ramos Family

Pam and her team are amazing! Pam helped us to purchase our first California home in 2008. Pam puts her heart and soul into every transaction she facilitates! As life will be taking our family to the east coast, of course we enlisted Pam to sell the very same house she helped us buy 12 years ago! Within 24 hours we had two offers, within 36 hours we were in Escrow! Pam is extremely knowledgeable of the market and the process. She has incredible negotiating skills, and if she misses your call, she always calls you back within 5 minutes. She makes purchasing and/or selling a home as stress free as possible. There is a reason that Pam and her team continue to win real estate awards year after year. Not only is Pam one of the best REALTORS® in all of San Diego County, if you hire her, you will gain a family member. We love you Pam, Michael, and Team Ratcliffe - forever!

- Laportester

I recently sold my house, and it turned to a rocky road with my first agent. Then I spoke with Pam Ratcliffe on the phone and it was turning a nightmare to a sweet dream full of hope. In one word Pam Ratcliffe is an EXCELLENT agent.

She is knowledgeable, dedicated and honest, organized, caring, and ALWAYS POSITIVE. She constantly reassured me through difficulty and was very caring about my situation. When Pam became my agent, I had multiple buyers every day who were visiting my house and Pam was updated me by minutes about the result and what to expect next. She kept the process very organized which helped me to be able to schedule my day ahead and get through a very busy day at work at the same time.

- Aarshadi2014

Pam and her team are amazing! My fiance and I were first time homebuyers and she took the time to carefully walk us through the process. We discussed with her what we were looking for in a home, and at every house Pam would discuss pluses and minuses and be completely honest about what we were buying. Furthermore, Pam was incredible of getting us the perfect house at the perfect price! She advocated for our needs when making offers and was able to settle aspects that my fiance and I didn’t know we could get! She looked out for us throughout the entire process and has became a true friend to the family that we sincerely hope to stay in touch with!

- Christina

REAL ESTATE TERMS ADJUSTABLE RATE MORTGAGE (ARM) The interest rate is tied to a financial index making the monthly mortgage payment go up or down over time.

ANNUAL PERCENTAGE RATE (APR) The percent of interest that will be charged on a home loan.

APPRAISAL A report highlighting the estimated value of the property completed by a qualified 3rd party.

This is typically done for the benefit of the buyer or the buyer’s lender to ensure the property is worth the purchase price.

ASSOCIATION FEE/HOA FEE In addition to a mortgage, certain housing communities such as townhomes have a monthly fee associated with maintaining the common areas and amenities.

BALLOON MORTGAGE A long-term mortgage loan that starts small but has a large payment due at maturity.

CLOSING When the new title to the property is officially recorded by the County Recorder’s Office and ownership of the property transfer to the new buyer.

CLOSING COSTS The buyer and seller have expenses associated with the transaction other than that of the actual cost of the home. For example, the buyer has a variety of fees due for obtaining a new loan and the seller must pay commission to both agents.

CLOSING DISCLOSURE A form that provides the final details about the mortgage loan. It includes loan terms, projected monthly payments, and how much the extra fees will be.

COLLATERAL Something of value (in this case your home) that is held to ensure repayment of a mortgage or loan.

COMMISSION A percent of the sale price of the home that is paid to agents. The seller pays commission to both the buyer and listing agent.

REAL ESTATE TERMS COMPARABLES Homes in the area of interest that have recently sold that similar features.

CONTINGENCIES Conditions which must be met in order to close. Contingencies are typically tied to a date, referred to as a deadline. If the contingency is not satisfied the contract may be canceled.

PRINCIPAL The underlying amount of the loan which is actually borrowed.

PROPERTY TAXES These are the taxes that are enforced by the city, town, county, and state government entities. Sometimes they are included in the total monthly mortgage payment paid to the lender and sometimes they are paid directly by the home owner.

REO Real estate owned properties or foreclosed properties currently owned by a financial institution such as the bank that made the loan to the previous owner.

REVERSE MORTGAGE This is specifically for seniors and it allows them to convert the equity in their home to cash.

SHORT SALE A situation when the seller’s lender is willing to accept an offer and allows the sale to be completed for an amount less than the mortgage owned by the seller.

TITLE A legal document providing current and proper ownership of the property. Also referred to as a Title Deed, this document highlights the history of property ownership and transfers.

UNDERWRITING The process in which the potential home buyer is evaluated for their financial ability to obtain and repay a loan. This normally includes a credit check and an appraisal of the property.

VA LOAN Special no down payment loans that are available to Americans who have served in the Armed Forces. These loans are issued by private lenders and are guaranteed by the Department of Veterans Affairs.

TEAM RATCLIFFE

guarantee WE PLEDGE TO GIVE YOU THE BEST AND MOST PERSONALIZED MARKETING TO GET YOUR PROPERTY SOLD! We also give you our full concierge service and our guarantee to take care of all the details for you!

WE KNOW THE IMPORTANCE OF THE INTERNET! Buyers will use the Internet first and foremost in some way to aid in their home search. Your property will be automatically be featured on over 200+ of the most popular social media and home sites!

WE SPREAD THE WORD Of course, you can expect from us all of the usual advertising: Open House: Increases traffic to your home; creates a buzz around your home; information delivered to all your neighbors.

Property Brochures and Collateral: Placed in brochure box on your yard sign; featured at our office in a high visibility area Inventory Strategy: Pitched to 1,000+ Coldwell Banker West associates across the nation and online.

AND THERE’S MORE! WE’LL DISCUSS ALL OF OUR STRATEGIES ONCE WE GET

together!

Home

ra tc

REALTOR® | DRE# 01152227 619.981.5606.

TeamRatcliffe@cox.net | Team Ratcliffe.com

m

Pam Ratcliffe

liffe

THE ROAD TO

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