EPR Buyer Guide 2023

Buyer Guide

TABLE OF CONTENTS

I. EAST PARK REALTY Welcome

3

Who We Are

4

Meet The Team

6

Stay Connected

7

II. SELLER INFORMATION Tips for Buying

8

Success Stories

9

Before You Buy

10

Timeline

12

Buyer Checklist

14

Loan Steps

16

What Not To Do

17

IV. RESULTS Our Promise

18

To the Buyer..

19

Key Terms

20

Home Maintenance

22

Welcome to

BUYER GUIDE

As Realtors® it's our pleasure to guide you through the process of finding your home. Whether you're a first-time homebuyer, relocating, or looking for an investment property, we are here to help. With access to the latest listings, market trends, and industry insights, we have the expertise and resources to provide you with the highest level of service and support.

Based in St. Cloud, Florida, our goal is to make real estate simple.

Whether you are looking for residential, commercial or investment properties, let our team of experts guide you through the process.

www.EastParkRealty.com

600+ Buyers Represented

10 Years of Experience

500+ Properties Sold

6 Realtors

MEET THE TEAM &

Racquel Schroeder

Chris Baker

OWNER& BROKER

REALTOR®

(321) 624-5780

(321) 437-4981

(407) 414-7807

Racquel@EastParkRealty.com

Chris@EastParkRealty.com

Trey@EastParkRealty.com

Trey Schroeder REALTOR®

Robert Bass

Niguel Altong

Kristen Smith

REALTOR®

REALTOR®

PROJECT COORDINATOR

(407) 460-6684 Robert@EastParkRealty.com

(786) 351-8081 Niguel@EastParkRealty.com

(321) 624-5780 Kristen@EastParkRealty.com

www.EastParkRealty.com

STAY CONNECTED

NOTIFICATION

FOLLOW US

Click the icons above!

tips to find the right home

A FEW EAST PARK REALTY

Success

4927 Emilee Grace Ln St. Cloud, FL 34771 4

4/1

2

1809 Charles Ct St. Cloud, FL 34771

4

3

3

4451 Kissimmee Park Rd St. Cloud, FL 34772

4

2

2

STORIES

5290 Mill Stream Dr St. Cloud, FL 34771 4

3/1

2

6831 Bass Hwy St. Cloud, FL 34771

3

2

2

3125 Burberry Pl St. Cloud, FL 34772 3

3/1

3

CLICK HERE TO VIEW MORE PROPERTIES!

Before You Buy HOW'S YOUR FINANCIAL HEALTH? An important first step on your journey to success is to be fully aware of your personal financial situation. Understanding your personal financial situation will guarantee your long term success in this process. It will ultimately confirm your financial eligibility & readiness for the purchase and long term maintenance costs that come with purchasing a home.

LOOK AT YOUR SAVINGS It is always recommended that you come prepared when purchasing a home. It is highly important to have available sufficient emergency cash to cover critical expenses. A great rule of thumb is to have a minimum of three to six months set aside for expenses. And let's not forget the major upfront expenses such as cash down, closing and moving costs.

REVIEW YOUR SPENDING You need to know where your money is presently going every month to better understand and plan for this future purchase. How much money is going to bills or necessities vs how much is going towards extras. Knowing your spending limits helps towards an ultimate successful purchase.

CHECK YOUR CREDIT Lowering your debt to credit ratio and credit reliability are among some of the main criteria for approval lenders are tasked to evaluate and interpret.

WHAT DO YOU WANT IN A HOME Knowing what you are happy with when you are heading towards purchasing a property is key to long term happiness. With so many types of homes available to the consumer, it is advantageous to become familiar with ALL of your options.

Make an Offer MAKE AN OFFER Once you are at the point where you feel like it is time to present an offer, we will guide you as to how much to offer at first, along with specifying any conditions you would like to negotiate for. We then will proceed with the official offer submission to the sellers agent. If all goes in your favour, they will accept. Fingers crossed! In the event that they refuse the initial offer, they will most likely come back with a counteroffer.

AGREEMENT Once a middle ground is reached that pleases both parties, the next step is a deposit to lock in the deal while the property goes into Escrow.

Escrows are usually 30 days unless otherwise pre specified and negotiated by the real estate agents.

HOME BUYING STEP 1:

STEP 3:

STEP 5:

PREAPPROVAL Determine your buying power

SHOWINGS We will set up and view homes you are interested in

ESCROW Deposit escrow and complete loan application within time frame of the contract

STEP 2:

STEP 4:

PROPERTY SEARCH What are you looking for in a home

OFFER After finding the right home, we will put in a strong offer and negotiate the terms of the contract

TIMELINE STEP 7:

STEP 9:

FINANCING Order appraisal and obtain homeowners insurance

LAST STEPS Final walkthrough and closing scheduled

STEP 6:

STEP 8:

STEP 10:

INSPECTIONS Schedule inspections and negotiate any repair requests and issues from inspection

CLEAR TO CLOSE RECEIVE FINAL APPROVAL FROM LENDER

CLOSING Get your key and celebrate buying your home!

BUYER

t s i l k c e Ch

PREPARE YOUR FINANCES Learn about your credit history Calculate how much debt you have and how much of a monthly mortgage payment you can afford Find a mortgage lender Gather your tax, financial, & employment documents Complete your loan pre-approval

FIND HOME Look into your favorite neighborhoods and what you require in a home On the internet, look for houses Personal visits to homes Make a proposal

PREPARE YOUR FINANCES As soon as possible, make a deposit of your earnest money Perform Inspections As Soon As Possible & Determine Any Repairs Before Contract Deadline Notify the lender that you are under contract and provide all requested documents as quickly as possible As Soon As Inspections Are Completed and Issues Are Resolved, The Lender Will Order An Appraisal Assess the situation.

Homeowners Insurance is a good option

Closing timetable Walkthrough to the end

COMMON MORTGAGE LOAN STEPS PRE-QUALIFICATION LOAN APPLICATION LOAN ESTIMATE PRICING & LOCKING LOAN PROCESSING UNDERWRITING FINAL LOAN APPROVAL CLOSING DISCLOSURE LOAN CLOSING

Between your accepted offer and loan closing, DON'T: BUY BIG TICKET ITEMS - CAR, BOAT, ETC

QUIT OR SWITCH JOBS

OPEN OR CLOSE ANY LINES OF CREDIT

PAY BILLS LATE

IGNORE QUESTIONS FROM YOUR LENDER

LET SOMEONE RUN A CREDIT CHECK ON YOU

MAKE LARGE DEPOSITS OR WITHDRAWS

COSIGN A LOAN WITH ANYONE

CHANGE BANK ACCOUNTS

Our Promise to You

01 02 03 04 05

We promise to tell you the truth about your property.

We promise to respect your confidences.

We promise to give you good advice.

We promise that you will understand what you’re signing.

We promise to follow through and follow up.

to the buyer...

We understand the decision to buy a home is not made lightly. The relationship between home buyers and Realtors must be based on trust, mutual goals and understanding – this is why we will always keep your interests first and foremost. The real estate process requires negotiation of complex issues. We are committed to working in your best interests and will help you secure the best possible price, with the most favorable terms, in the shortest period of time.

The Central Florida market is large and complex and moves very quickly; trying to navigate it on your own is a formidable challenge. Brokers live and breathe the market – the experience and knowledge they bring is invaluable and impossible to get elsewhere.

Working with a real estate broker whom you trust and with whom you are comfortable, you will give yourself a competitive advantage over those who are not using a broker. Once you have a good idea of what you want, your first goal in finding the perfect home needs to be finding the right broker. Understanding this, one of the key services of East Park Realty.

KEY TERMS Appraisal A professional analysis used to assign the market value of a home. A necessary step in validating a home's worth to you and your lender as you secure financing.

Closing Cost The fees required to complete the real estate transaction. Paid at closing, they include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed

Contingencies

Down Payment

A clause in a real estate

Cash requirement of 3-20% of

contract that states there are

the purchase price of the home.

certain conditions that must be

Some 0% down programs are

met by either the buyer or seller

also available.

in order to continue to the next step in the contract. Commonly for financing, inspections, and

Earnest Money

appraisal.

A deposit made to a seller that represents a buyer's good faith

Debt-to-Income Your monthly debt payments divided by your gross monthly income.

to buy a home. This money is applied to your down-payment at closing.

KEY TERMS Loan Commitment

Underwriting

A lender's promise to offer a

The process by which real

loan or credit of a specified

estate borrowers are evaluated

amount to a borrower that also

to determine their viability and

includes all of the terms and

potential to repay a mortgage.

conditions of the loan.

Walkthrough Mortgage Rate The interest rate you pay to borrow money to buy a home.

The lower the rate, the better.

The last milestone prior to closing where the buyer inspects the property to ensure they are buying is in the same condition as when they made their offer.

Pre-Approval Letter A letter from a lender indicating you qualify for a mortgage of a specific amount.

Survey The process of locating and measuring a property's boundary lines to determine the exact area of land that a homeowner owns.

Title/Title Insurance Document that shows legal ownership to a property. A lender required insurance policy that guarantees that the seller has the right to sell you the property, and you alone own it after closing.

Office: 407-374-4271 1401 Budinger Ave. Ste. B, St. Cloud, FL