Why Hire Gina Garcia?
With years of experience and a proven track record in the San Antonio market, I specialize in turning home buying challenges into triumphs. From preparation to promotions to negotiations to paperwork, searching for and buying your home can be a full time job. Just like with any job, experience makes all the difference. When you hire me, you get...
• HONEST & CLEAR COMMUNICATION
No sugar coatings here! I offer straightforward and realistic advice with the goal of maximizing your home’s sale potential. Authentic conversations about the market, your home, and your goals will set you up for success.
• EXPERT MARKET KNOWLEDGE
With years of boots-on-the-ground experience, I know what’s going on in the market, what buyers are looking, and how to connect your current and future home.
•
PERSONALIZED MARKET STRATEGIES
• STRONG NEGOTIATOR
Whether there are multiple offers on the table or just yours, I work to ensure the final deal is the best for you and your needs.
I assess each client’s needs and desires. Then I select the strategies that will benefit your home goals and tailor them to your needs. WHEN
Over24yearsinthebusinessmeansIhavetheexperienceandknowledgetogetthejobdone.
DESIGNATIONS & CERTIFICATIONS:
My Buyers’ Success Stories
3215 Monarch, San Antonio
4 Beds | 3 Baths | 2,794 Sq.Ft. SOLD FOR $495,000
“Always a pleasure working with Gina in our real estate adventures. She is knowledgeable, experienced, and always willing to help us understand the process. Gina and her team are always ready to provide the best possible service.”
~Claudia Forlong
12586 Carrick Dr, San Antonio
4 Beds | 2.5 Baths | 2,786 Sq.Ft. SOLD FOR $455,000
30245 Setterfeld Cir, San Antonio
4 Beds | 3 Baths | 2,880 Sq.Ft. SOLD FOR $670,000
“...Gina swooped in and saved the day. She has helped us sell 4 properties and purchase 4 properties. Most of the sales were on the market for a few days before we received an offer. She provided us with lots of guidance on each one of our purchases making sure we were getting the best deal. Best part of it all is that she has been available for us when we had questions (I ask a lot) and is in constant communication with us on both sales and purchases of each property. We would not go with anyone else and we will continue to recommend her to our friends and family!
~Veronica Velazquez
“Gina has always been great helping with any real state needs for myself and my family! I highly recommended her.”
~Claudia Rodriguez
WHY USE A BUYER’S AGENT?
WITHOUT A BUYER’S AGENT:
• Don’t get the real story about the home
• No one to explain market and contracts.
• Negotiating alone.
• Handling the paperwork alone.
• Problem solving alone.
WITH A BUYERS AGENT:
• An agent by your side all the way.
• Educate you on the buyer process.
• Keeping in touch to help you stay on track.
• Handling all the paperwork
• Proactive problem solving.
• You’re never alone. I’m just a call away!
Preparing to Buy a Home
My goal is to help you find a home that best suits your needs, fits your budget, and has great future resale value. My clients deserve service at the highest level and that is what I will deliver. I look forward to working with you on the purchase of your next home.
GETTING PRE-APPROVED
By getting pre-approved, you know exactly how much home you can afford. There is nothing worse than finding your dream home, only to find out that you cannot qualify for a loan to buy it. A pre-approval also strengthens your bargaining power when negotiating with a seller.
YOUR INITIAL INVESTMENT
There’s a common misconception that you need to come up with 20% of the total purchase price of a house for your down payment. If you’re thinking of buying a home, it’s important to know you don’t always have to put 20% down.
The truth is: unless specified by your loan type or lender, it’s typically not required to put that much down.
According to the Profile of Home Buyers and Sellers from NAR, today’s typical down payment is only 13% on average, while it drops to only 7% for first-time homebuyers. While saving for any down payment amount may feel like a challenge, keep in mind there are programs for qualified buyers that allow a down payment as low as 3.5%. There are also options like VA loans and USDA loans with no down payment requirements for qualified applicants.
THE BENEFITS OF 20% DOWN
If you can, the benefits may include:
• Your interest rate may be lower.
• You’ll pay less over the life of your loan.
• Your offer will stand out.
• You won’t need Private Mortgage Insurance.
To understand your options, you need to do your homework and talk to your lender. As your real estate advisor, I can help you understand what you may qualify for from the start. Don’t let down payment myths keep you from hitting your homeownership goals!
YOUR WANTS & NEEDS
We will determine the must-haves, the really-wants, and the deal breakers from home features to neighborhood amenities. With the guidance of your pre-approval, we can also determine a price point to target. This will give us a target to search for among the thousands of available listings currently on the market. I will help you refine these criteria as fits the market and your price point.
Together we will tour the homes I feel best fit your criteria. Often times after our first day of looking at homes, you will gain a clearer insight on what it is you want and need in your new home and we may refine the list. We will continue to view home listings that match your needs until you find “the one.”
The Search
I will scour the market in search of listings that fit your criteria. I can show you some homes you might not have originally considered. I will stay on top of all new listings and provide you with regular updates. Let me know your preferred method of communication, whether that is email, texting, calling, or meeting you in person to go over the options.
NEW HOMES ON THE MARKET
In addition to checking the market daily, I input your information into the MLS database, which notifies me via e-mail when new properties are added that match your search criteria. Occasionally, I can preview or pre-tour the property on your behalf and make recommendations about how well it suits your needs.
OLD HOMES ON THE MARKET
Generally speaking, sellers who have spent longer on the market are more motivated to accept an offer, even if it’s below list price. There could be good reasons a home has spent a long time on the market, like a bad roof, a complicated legal past, or cash-only selling terms. Other times, the reasons are fixable, like cosmetic damage or outdated style choices. We might be able to find a hidden beauty and cut a deal!
HOMES NOT ON THE MARKET...YET
If your search criteria are narrow enough, I will send letters to homeowners who have properties that match your wants and needs, letting them know that I have a qualified buyer interested in homes like theirs. This is a strategy to find someone on the brink of listing their home that decides to work with a committed buyer instead of risking the open market. This has proven to be very effective for buyers with limited options.
IN THE BUSINESS OF SOLUTIONS
I have the experience and in-depth industry knowledge to help you find what you need. We may need to get creative and stay flexible. Above all I will be honest with you about current market conditions.
Sometimes we fall in love with a house in spite of (or even because of) its flaws. As your representative, it’s my job to ask the tough questions: Is the condition worth the price? Are you likely to get approval for this financing? Are there hidden dangers, like flooding? Are there legal, tax, or zoning issues you need to be aware of? All these questions should be answered early on.
Making an Offer
When you have found the right house, I will investigate the property and prepare a Comparative Market Analysis (CMA). This will help inform us as we write the offer. The offer will spell out how much you are willing to pay for the home and a myriad of other important details. Terms of the offer can include inspections, assessments, financing, buyer agent compensation, additional property that conveys with the purchase, price, earnest money, and more! Our goal is to get this home on terms as favorable to you as possible. I will explain your contractual rights and responsibilities, as well as what we can look forward to in the next steps.
NEGOTIATIONS
When we submit your offer, the Sellers will do one of three things: Accept, reject or counter the offer. If your offer is rejected, we will start the search again. If it is countered or accepted, I will negotiate on your behalf. This is an important step because it gives me an opportunity to explain the terms, overcome objections, build rapport and answer any questions the sellers may have. Our goal is to get your offer accepted.
25 TERMS I NEGOTIATE ON YOUR BEHALF:
1. Purchase price & escalation
2. Earnest money
3. Prorations
4. Property taxes
5. Title insurance
6. Length of inspection period
7. Home inspection report
8. Pet inspection report
9. Sewer/septic inspections
ACCEPTANCE
10. Possession time
11. Assessments
12. Seller rent back
13. Property survey
14. Home warranty
15. Inspection contingency
16. Appraisal contingency
17. Home repairs
18. Pest clearance
19. Loan contingency
20. Days until close of escrow
21. Appliances & other private property that conveys.
22. Government requirements
23. Liquidated damages
24. Arbitration of disputes
25. Other need contingencies and protections (As Needed)
After the offer is accepted, the contract is sent to the Title Company and we have a whole new list of important tasks to finish before you get the key. The closing process can be a stressful time in a real estate transaction, but it doesn’t have to be! I will put my industry expertise and negotiation skills to work for you in order to achieve your desired outcome.
The Path to Closing
When you have found the right house, I will investigate the property and prepare a Comparative Market Analysis (CMA). This will help inform us as we write the offer.
The offer will spell out how much you are willing to pay for the home and a myriad of other important details. Terms of the offer can include inspections, assessments, financing, buyer agent compensation, additional property that conveys with the purchase, price, earnest money, and more! Our goal is to get this home on terms as favorable to you as possible. I will explain your contractual rights and responsibilities, as well as what we can look forward to in the next steps.
HANDLING CONTINGENCIES
According to the selling agreement, there may be some contingencies we need to resolve before we are cleared to close. A few of these contingencies could be:
TITLE COMMITMENT
The sellers of the property will provide you with a Title Insurance Policy. This policy protects you, the buyer, against loss arising from disputes over ownership of a property. We will have an opportunity to review the policy and determine if there are any exceptions to the policy that you find objectionable.
HOME OWNERS ASSOCIATION:
If the property is a part of a Home Owners Association, we will have an opportunity to read and accept the Documents pertaining to the association. These documents describe the rules, regulations and finances pertaining to the association.
INSPECTION & REPAIRS
You have the right to have an inspection of the property prior to closing. I recommend you hire a professional inspector to help you with this task. If you find any problems with the property, you may be able to ask the seller to repair them or compensate you for future repairs.
APPRAISAL
I will work with the appraiser to make sure he or she has all the information about the property to make an informed and fair appraisal. I will also be on hand to advise on how to handle the results.
There may be other contingencies to handle, and I will be by your side to help you make the best decisions and negotiate with the sellers on your behalf.
FEES & CLOSING COSTS
In the planning stage, we will make sure to cover what you can expect financially. (I’ll help make sure you have good questions to ask your lender.) A good rule of thumb is to budget around 2.5% of your loan amount as a total. Some fees are determined by sale price and/or loan amount. Buyers typically pay:
• Lender’s title insurance policy
• Lender Fees (Ask your lender about these.)
• 1/2 escrow fee
• Property inspection
• Broker compensation (according to buyer agreement)
• Private mortgage insurance (low down payment)
The Pending Timeline:
While every transaction is unique, here is a general overview of how the pending to closing process will flow:
Purchase and Sale Agreement sent to Escrow and Lender
BINDING CONTRACT:
RECEIPTED CONTRACT EARNEST AND OPTION MONEY
If a financing addendum is included, the loan application is due usually within five days of mutual acceptance.
Buyer will order an inspection.
OPTION PERIOD - UNRESTRICTED RIGHT TO TERMINATE THE CONTRACT
BEWARE OF WIRE FRAUD!
Never respond to a request for information or money unless you can verify the source. When transferring funds, confirm wiring instructions with escrow by calling your escrow officer via the contact information used previously before wiring any money, no matter how urgent it seems. Can’t reach them? Call me!
We may work with the buyer to come to terms on inspection fixes requested. If the buyer is financing, the appraisal will be ordered by the lender.
Buyers receive loan approval.
APPRAISAL, RE-INSPECTIONS, AND BUYER WALK THROUGH
DISCLOSURE AND CLOSING DOCUMENTS
Signing appointments with title/escrow.
CLOSING AND FUNDING
Seller to notify utilities of upcoming transfer of ownership. (due 2-3 days before closing)
There is no satisfaction, no greater gratification, than that you receive when you close on the purchase of your own home.
Closing and recording with the county. Possession date and key transfer as according to contract.
Buyer takes possession. Seller gets paid.
Your Homebuying Team
When you are getting ready to buy a home, it is important to make sure you have the right people who can get the job done ready, willing, and able to work seamlessly on your behalf. It isn’t enough to just have me by your side and I look forward to helping you create your dream team!
LENDER
Getting pre-approved with a lender is one of the most important steps you can take to make yourself buyer-ready. The lender you choose should have a reputation for being a problem-solver and for getting the transaction to close.
APPRAISER
Although the appraiser will be assigned by the lender, doing a great job of choosing your lender is a good indicator of the strength of the appraiser in terms of getting the job done in a timely manner and utilizing great local data to make sure your investment is a sound one.
INSPECTOR
You are able to choose the inspector who will be conducting the inspection on your home. You want to find someone who is thorough, provides you with a written report and photos, charges market rate, and who can be scheduled within a few days of your offer.
ESCROW
Escrow makes sure that all the documentation is correct, timelines are met, and all the details are adhered to in the transaction. They will also make sure all parties sign the correct forms and that all monies are distributed correctly.
TITLE
Title will review the property history, verify legal description matches what is being sold, make sure the seller has the right to sell the property, identify other possible lienholders, identify easements, codes, covenants and restrictions, and more. You want to make sure the title company has a reputation for identifying all potential problems.
While you can’t choose all of these team members, I will help you with referrals for the ones you can. The more team members you can secure up front, the better. Let me know if you would like to start building your team now and I will send you some referrals!
BUYER AGENCY AGREEMENT
Whether you are buying or selling, the agreement you sign with your broker will outline how much they will be compensated for their services.
A “buyer agency agreement” is a contract between a buyer and a real estate agent. Contracts can vary in length, and can include or exclude certain geographical areas. The buyer agency agreement lays out the commitments of the buyer to the agent, and of the agent to the buyer.
Buyers may request in their offer that compensation for their broker be included in the sale price, which can help them afford a home. Compensations are negotiable, and I am happy to discuss my fees and what they cover.
Vocabulary & Terms
APPRAISAL
A report highlighting the estimated value of the property completed by a qualified third party. Lenders rely on appraisals to validate a homes value and ensure they’re not lending more than the home is worth.
AFFORDABILITY
A measure of whether someone earns enough to qualify for a loan on a typical home based on the most recent price, income and mortgage rate data. As prices and mortgage rates continue to rise, that will impact how much home you can afford.
CLOSING COSTS
The general term for all the estimated fees associated with the transfer of ownership of the property. Ask your lender for a complete list of closing cost items including points, taxes, title insurance, and more.
CREDIT SCORE
A number ranging from 300-850 that’s based on an analysis of your credit history. The helps the lender determine the likelihood you’ll repay future debts.
DOWN PAYMENT
Cash that the buyer provides the lender as their portion of the purchase price. The down payment is considered the buyer’s equity (or cash investment) in their home.
ESCROW FEE
The amount a buyer pays the escrow company or closing agent for preparing papers, accounting for all funds and coordinating the information between all parties involved in the transaction.
EQUITY
The value in your home above the total amount of liens against your home. With today’s price appreciation, many homeowners are realized they have more equity than they thought and are using it to move.
INSPECTION CONTINGENCY
A provision in a contract requiring an inspection be completed. While it can be tempting to waive in a competitive market, an inspection is essential as it gives you important information on the condition of the home and an awareness of potential repairs.
LOAN AMOUNT
The amount of the mortgage based on the purchase price, minus the down payment.
MORTGAGE RATE
The interest rate you pay to borrow money when financing the purchase of a home.
PITI
The estimated house payment; includes Principal, Interest, Taxes, and Insurance.
PMI
Premium Mortgage Insurance, or PMI, is insurance for the lender, in the event the borrower defaults on the loan.
POINTS
Fees charged by the lender to offset their interest rate, if it’s below the prevailing market rate. One point equals one percentage point (e.g. $1,000 on a $100,000 loan).
PRE-APPROVAL LETTER
A letter form your lender indicating you qualify for a mortgage of a specified amount. This is a critical first step in the home buying process.
PREPAID INTEREST
The amount of interest due on the loan during the time period between the closing of escrow and the first mortgage payment, due at the time of closing.
PRINCIPAL & INTEREST
The loan payment, consisting of the amount to be applied against the balance of the loan, and the interest payment, which is charged for interest on the loan.
TITLE INSURANCE FEE
A one-time premium that a buyer pays for protection against loss or damage in the event of an incorrect search of public records or misinterpretation of title. The insurance policy also shows what the property is subject to in terms of liens, taxes, encumbrances, deed restrictions and easements.
TOTAL CASH REQUIRED
The total amount of cash the buyer will need, including down payment and closing costs.
Frequently Asked Questions
How can I find out about new properties?
I will work with you to determine how often you want to receive updates on available homes, and by what method (telephone, email, snail mail). Clients using email can receive automatic updates from most mls systems as soon as new listings are entered.
What if I find a property on my own?
Contact me with the address or the mls number of the property in question. I will contact the agent of the property. It is never appropriate for you to contact the seller of the home directly if it is a listed property; you also should not contact the listing agent directly.
Can I go to open houses on my own?
Yes. However, when meeting the agent hosting the open house it’s best if you immediately identify yourself as working with me. If you don’t, i might not be able to help you write an offer on that property in the future.
What if I need to sell my home before I buy a new one?
To put yourself in the best negotiating position before you find the new home you want, hire a qualified real estate agent to help you put your home on the market. Once you write an offer on a new home, your offer will be “contingent” upon the sale of your home. A buyer in this position may not have the same negotiating power as one whose home has already sold (or at least has accepted an offer). The seller may be hesitant to accept your offer because there are too many things that must happen before the sale can close.
How does my offer get presented to the seller?
I will call the listing agent for the home you have chosen. We will make arrangements with the seller to present your offer. I will be there to explain the details of your offer and negotiate on your behalf.
What if I offer less than the listed price?
If you offer less money, the seller has three options. They can accept the lower offer, counter your offer, or reject it completely. Remember that there could be another buyer who is also interested in the home you’ve chosen. In active real estate markets, home often sell for their listed price. In hot markets, there may be many buyers vying for the same house, which sometimes drives the final sale price above the original listing price. As a real estate professional, I can help you plan your strategy, based on the current real estate market in your area.
Does it cost me money to make an offer?
When you write the offer on the home you’ve chosen, you will be expected to include an earnest money deposit. The deposit is a sign of your good faith that you are seriously interested in buying the home.
Where does my earnest money go?
Once the buyer and seller have a mutually accepted offer, the earnest money is deposited into a trust account. That deposit becomes a credit to the buyer and part of the purchase expense.
Can I lose my earnest money?
Real estate contracts are complicated legal transactions. This is another area where having a knowledgeable and professional real estate agent is a necessity. Rarely does a buyer lose the earnest money. Most often, if the transaction falls apart, there are circumstances beyond the buyer’s control that cause it to happen. If the buyer willfully decides, however, that they no longer want to buy the house and has no legal reason for rescinding their offer, then the seller has the right to retain the earnest money.
Do you have more questions? Send them my way!
210-274-7816
Gina.Garcia@gmgrealestateteam.com
