T H E J E N N I F E R Y L E A H Y T E A M . E L L I M A N . C O M
T H E J E N N I F E R L E A H Y T E A M . E L L I M A N . C O M
BUYER'S GUIDE
HOME BUYER'S ROADMAP 1
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FIND AGENT
FINANCIALS
SEARCH
Match with an agent
Get your finances in
you feel comfortable
order, get a credit check,
Look online and
with and who is an
and get pre-approved for
see as many homes
expert in the area
a mortgage
as possible with
where you want to
Begin your search!
your agent
move
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ESCROW PERIOD
INSPECTION
OFFER
Arrange for a
Strategize with your
attorney, sign your contract, pay
professional home
agent, make your offer
your deposit, work with your
inspector to vist the
for the home you love
lender, and take out a
home within 7 days of
and prepare to negotiate
homeowners insurance policy
your accepted offer
Communicate with your
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SCHEDULE MOVE
CLOSING
Schedule your
Plan a final walk
move date and
through with your
arrange for
agent and inspector,
movers
sign the papers, get your keys, and celebrate your new home!
Note: This is only a high level overview of a buy-side process. For more detailed steps, please call or email me anytime .
REAL ESTATE TERMS PRE-APPROVAL A pre-approval is the first step to obtaining a mortgage to purchase your home. The banker will perform an analysis on your income, debt, and credit. You will need a pre-approval letter in order to put an offer on a house.
OFFER An offer is a preliminary agreement to purchase a home, and is set between a buyer and a seller.
CONTINGENCY A contingency is when the preliminary offer is accepted pending certain conditions set out by the seller or buyer (for example, obtaining a mortgage or inspection are the most common contingencies).
CLOSING COST The closing cost is the amount that is paid, in addition to the sale price. This can include: taxes, insurance and lender expenses.
EARNEST MONEY/ DEPOSIT Earnest Money, typically 1% of purchase price, is set aside in an escrow account to show the buyer is serious about the purchase. Your deposit is typically the other 9% of your downpayment.
TITLE SEARCH A title search will confirm that the property that is being sold in fact belongs to the seller.
APPRAISAL An appraisal is the value that is assigned to the real estate asset based on an assessment of the asset, neighborhood, market condition, and more.
HOME INSPECTION A home inspection is an official review of the real estate asset's current condition. The inspector will help to determine if there is any work needed to be done to the property to bring it to normal working order or if there are any health or safety concerns.
DISCLOSURES The disclosures related to a property will include everything that the sellers know about the property, including any areas that need repairs.
CLOSING The closing part of the real estate sale is when the final payment is made and keys are exchanged. Your closing will happen at your attorney's office after a walk through of the property with your agent and inspector.
HOME BUYER CONSULTATION QUESTIONNAIRE 01
WHAT MOTIVATED YOU TO START SHOPPING FOR A HOME?
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HOW LONG HAVE YOU BEEN LOOKING?
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HOW MANY HOMES HAVE YOU SEEN SO FAR?
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WHEN ARE YOU LOOKING TO MOVE?
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WHAT ARE YOU MOST LOOKING TO ACCOMPLISH BY MOVING?
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WHAT CONCERNS DO YOU HAVE ABOUT FINDING & PURCHASING A HOME?
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IF YOU FOUND THE PERFECT HOME, WHAT IS THE MOST YOU WOULD PAY FOR IT?
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DO YOU OR YOUR FAMILY HAVE ANY SPECIAL NEEDS IN A HOME?
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IS THERE ANYONE ELSE WHO WILL BE INVOLVED IN THE HOME SELECTION PROCESS WITH YOU?
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WHAT AREAS ARE YOU INTERESTED IN?
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WHAT IS YOUR NUMBER 1 CHOICE & WHY?
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WHAT ARE THE MOST IMPORTANT FEATURES YOU NEED IN A HOME? BEDS, BATHS, POOL, LOT SIZE, SCHOOLS, ETC?
HOME BUYER CONSULTATION QUESTIONNAIRE CONTINUED 13
WHAT INFORMATION (THAT I CAN PROVIDE) DO YOU NEED TO MAKE A DECISION?
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WHAT IS THE BEST WAY TO STAY IN TOUCH WITH YOU AND REACH YOU QUICKLY IF NEEDED - CALL, TEXT, OR EMAIL?
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WHAT ARE THE BEST DAYS FOR YOU TO LOOK AT PROPERTY?
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WHAT ELSE DO I NEED TO KNOW TO BETTER ASSIST YOU?
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DO YOU UNDERSTAND WHAT IS GOING ON IN THE MARKET RIGHT NOW?
LOOKING FORWARD TO WORKING WITH YOU AND ASSISTING WITH YOUR HOME PURCHASE PROCESS!
MY ROLE AS YOUR AGENT Now that we will be working together, here are some tips so we can make this process as efficient and stress-free as possible for you:
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PLEASE DON'T CALL OTHER AGENTS DIRECTLY - I WILL GET THE REAL SCOOP FOR YOU AND HANDLE COMMUNICATION! IF YOU VISIT OPEN HOUSES WITHOUT ME, PLEASE TAKE A FEW OF MY BUSINESS CARDS TO SHARE WITH THE AGENT THERE. LET THEM KNOW WE HAVE A CONTRACT TO WORK TOGETHER. THIS WILL ALLOW YOU TO LOOK WITHOUT PRESSURE. YOU DON'T NEED TO SPEND A LOT OF TIME SEARCHING FOR PROPERTIES ON YOUR OWN, I WILL HANDLE THAT FOR YOU. BUT IF YOU FIND SOMETHING YOU LIKE, PLEASE SHARE IT SO I CAN CHECK IT OUT AND SET IT UP FOR YOU. PLEASE ALLOW TIME AFTER OUR APPOINTMENTS TO DISCUSS WHAT WE'VE SEEN SO I CAN BETTER ASSIST/ADJUST YOUR SEARCH CRITERIA OR CRAFT A PURCHASE CONTRACT.
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WE WILL NEED A WRITTEN PRE-APPROVAL LETTER FROM YOUR LENDER BEFORE WE CAN MAKE ANY OFFERS.
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IF ANYTHING CHANGES WITH YOUR TIME FRAME, MOTIVATION, NEEDS, ETC. PLEASE NOTIFY ME.
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IF YOU HAVE ANY QUESTIONS OR CONCERNS, NEVER HESITATE TO CALL ME. I AM HERE FOR YOU AND EASY TO REACH!
FINANCIAL DETERMINE YOUR BUDGET
When determining your mortgage and budget, don't forget other factors like: downpayment, legal fees, taxes, home inspection costs, appraiser costs, and renovation costs.
HOW MUCH SHOULD YOUR DOWNPAYMENT BE? A 20% downpayment is the most common, however, it is not your only option! Have a discussion with your banker to determine what works best for your scenario.
FINANCIAL CREDIT SCORE CHECK Your banker will likely perform a credit check prior to approving a mortgage and determining your interest rate. The better your score, the lower the interest rate you will be charged on your mortgage.
PRE-APPROVAL Obtaining a pre-approval on your mortgage will help you in many ways. It will help you determine your budget, and help you stay within your means. It also shows the seller that you are serious about purchasing a home, and that you have the funds necessary to complete the purchase. Although you are pre-approved for a loan, it does not mean that you will be guaranteed this amount in your final mortgage. You will still have to clear your loan conditions and go through the underwriting process after you have submitted an offer. Some lenders will actually vet you through underwriting prior to finding the house, and receiving a committment to lend ahead of time will allow you an earlier close date! It is important not to make any significant purchases or alter your credit score in any way during this time.
TOURING HOMES HOME SEARCHING TIPS
Once you find a house you love, you can make an official offer to the seller.
Be sure to make a list of your must haves, wants, and don't cares. As you go through the viewings, make sure you check off all your must haves.
Take photos and videos as you go through the houses so you remember the layout and the feel of each house you visit. Pay attention to features of the property that are fixed such as the neighborhood, the lot size, and the orientation of the home. Don't pay too much attention to the colors of the walls or the furniture. Be sure to check out the small details like the light switches, water features, and appliances to make sure everything works.
MAKING AN OFFER Once we find a house you love, you can make an official offer to the seller. We'll strategize together on the best price to offer based on current market conditions and we'll decide ahead what is the maximum you are willing to pay for the home.
NEGOTIATING AN OFFER Remember that an offer is just that - an offer - until it has been accepted and agreed upon by both you and the seller. At any time during the negotiating process another offer could come in and cause you to be in a multiple offer situtation, or worse, lose the house completely. *A wise buyer will try to come to an agreement with the seller in a relatively short amount of time.
INSPECTION Your inspector will provide a detailed report of everything they find in the house. I highly recommend being present for the inspection so you have a clear understanding of the report to follow. Inspectors are specifically there to check for any serious damage or problems that require repair with the:
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Appliances Plumbing Electrical AC/Heating Ventilation Roof/Attic Foundation General Structure
Inspections must be completed within 7 days of an accepted offer (ideally sooner!). I have relationships with multiple local inspectors and can help you with scheduling as soon as we receive our accepted offer. It is important to know as much about your home as possible and rule out any health or safety concerns. If anything serious comes out of the inspection, we will discuss the best route for remediation or how to move forward.
APPRAISAL
Other checks that will happen prior to finalizing the purchase of your new home: 1. Appraisal (this will be ordered by your lender to verify the value of the property) 2. Property title search (this will be handled by your attorney)
Be sure to purchase homeowners insurance for your new property and share the information with your lender.
& LOAN APPROVAL The lender will review any and all financial related forms and information prior to granting the loan. Please remember that failure to produce requested documents will jeopardize your ability to get the mortgage on time.
SCHEDULE YOUR MOVE Some things you will want to keep in mind closer to your move date: Movers Renovators/ contractors Utilities Cleaners Move out details
CLOSING Closing is the final step for you to become the legal owner of your home. You will take a final walk-through just before closing to assure that negotiated work has been completed and everything is in working order. The closing process itself requires a lot of paperwork and patience. Be prepared with your government issued photo ID, cashier's check (or you may choose to wire the money ahead of time) and any other documents required by the title company or loan officer. Don't forget to re-key all the locks and change the garage door opener code when the property is officially yours.
Congratulations on your new home!