Home Buyers Guide-Walking Through the Home Buying Process

BUYER'S GUIDE Purchasing a Home with the Gregg Home Group

GREGG HOME GROUP Who We Are Our team of highly-seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients. We take great pride in the relationships we build and always work relentlessly on the client’s behalf to help them achieve their real estate goals.

Our teams’ dedication to our clients and hard work make all the difference. Whether our clients are interested in buying or selling a property, looking for an investment property, or simply looking for information; we make sure they are well informed and comfortable throughout the entire real estate process.

Throughout your real estate journey, our teams’ attention to detail and constant communication makes the experience enjoyable, educational, and stress-free.

Our Philosophy Our philosophy is simple: our clients come first! We have a simple belief; if you are not left with an amazing experience, we haven’t done our job.

Our goal at Gregg Home Group is to develop long-term client relationships by providing exceptional service that drives unparalleled customer satisfaction!"

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MEET YOUR TEAM ELISE GREGG REALTOR® | TEAM LEAD 253-576-1992

Elise's enthusiastic & positive demeanor make her a pleasure to work with! Being a Top-Producing Realtor in the greater Seattle & Tacoma areas, Elise brings a wealth of knowledge &expertise to both buying and selling real estate. She takes the time to learn the area demographics, local points of interest, school district rankings, as well as perks to the community to ensure that she has the highlights available to sell your home at the best price possible!

MARILYN GREGG REALTOR® | PARTNER AGENT 253-222-7784

Marilyn is our superstar for both business and client relations! Providing our buyer's and seller's with the best service possible is her #1 priority. Her natural ability to keep you laughing while remaining professional, is truly a key factor in our team's success. Marilyn is a mother of 3 girls, a grandmother and a wife. If she is not working, she’s making memories with her family. Marilyn has been very involved in the community of Buckley where she resides. Marilyn is the epitome of a seasoned real estate broker and is a huge asset to our team..

DANNY OROSCO REALTOR® | PARTNER AGENT 253-359-5849

Danny has always been a passionate leader, highly adept at helping others develop their potential, and through Real Estate, he can continue to serve. As a Realtor, his first priority is to help his clients successfully navigate the fast-paced market to achieve the best outcome in every transaction, and he strives to ensure that the buying or selling process is as smooth as possible. His clients can count on him to strategically advocate on their behalf and responsively listen to their concerns any time of day.

Danny enjoys spending time with family and friends and can often be found volunteering, coaching, and mentoring young athletes through youth sports.

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TRANSACTION TEAM Gregg Home Group is dedicated to cultivating relationships and providing excellent communication to our clients.

Our transaction team is committed to keeping our clients up to date, providing immediate answers and keeping you informed throughout the real estate transaction Having a transaction team reality available allows our clients quicker and more comprehensive answers to their questions; improving our customer satisfaction, referrals and repeat business.

TERESA GRACE LIM TRANSACTION COORDINATOR Teresa oversees all aspects of the buying & selling process. She offers assistance with scheduling and property questions; her main goal is to provide a pleasant and seamless transaction experience. Teresa's focus is on the "client experience" and ours being far to none! We are all about building long-term friendships with our clients.!

MAFFI JOY B. TERUEL DIRECTOR OF MARKETING | MARKETING SPECIALIST With her extensive background in customer service, marketing and adverstising. Maffi implements our unique and guaranteed marketing plan, so we’re always confident we'll get your home sold quickly and for the most money!

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WHAT SETS US APART At the Gregg Home Group it is important to us that your real estate journey is always enjoyable, educational, and stress-free. We always want to ensure that you know what to expect, and pride ourselves on providing exceptional service along the way!

#1 We are a top-producing real estate team.

We take the time to fully understand your wants & needs in a home.

Our client's always come first.

We provide constant communication in the method that's best for you.

We will give professional recommendations, followed with trusted referrals.

We were recognized in 2019 as a Best of Zillow Premier Agent.

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★★★★★

CLIENT REVIEWS

Highly Likely to Recommend

Elise was recommended by a close friend of mine, and I could not have been more thankful. This was my first time buying a home and Elise was very helpful and knowledgeable about the area, comps, pricing vs. value, and always communicated fast with me. I put in an offer along with 4 other buyers, but she reassured me she would get the home for me, and she DID!! She did't allow any over-pricing, she negotiated closing costs and daily rate if moving day was after closing. I could not be any happier, I was very lucky to have her as a realtor as a first time home buyer!!

- Dixie Reynolds Meghan was amazing to work with while looking to purchase our first home. She was knowledgeable about the process and area and responded quickly to any questions or concerns we had. She showed us many houses that had what we were looking for and never had a problem walking us through them right as they came on the market. Meghan was a pleasure to work with and I would recommend her to anyone looking to purchase a home!

- Amanda Davis Elise was absolutely wonderful in helping us find our first home. We ended up having to pull out of a sale that was exceeding our budget and she helped us regain our focus to find our DREAM HOME! She was extremely attentive and quick to answer any questions. The icing on the cake was the sweet touches, like a new welcome mat, candle, and sign waiting for us once we got the keys.

- Donna Baker

This was my first home buying experience and it was absolutely wonderful! I will absolutely recommend this office!!! From start to finish it was an amazing experience! Meghan did everything she could to make this smooth and comfortable. She is incredibly knowledgeable and helpful when I had any questions at all, and was very flexible!

- Morgan Latimer

Additional reviews can be found about our team at: https://www.zillow.com/profile/EliseGregg

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YOUR HOME SEARCH We love helping our clients find their dream home, which is why our team works with each buyer individually, taking the time to understand their unique lifestyles, specific requirements, and their "must haves". This process is about so much more than the number of bedrooms or a particular zip code, this is about your life...and that's truly important to us!

We have the systems in place to streamline the home-buying process for you, and as part of our service, we will commit to helping you with your home search by: Previewing homes in advance.

Touring homes and neighborhoods with you.

Keeping you informed of new listings as soon as they hit the market.

Conducting property research.

Advising you about other homes that have sold so that we can keep your offer(s) competitive.

Working closely with your lender to ensure that you receive the best loan terms.

Assisting you until we find the perfect home.

SHOWING ASSISTANCE We want to ensure that you never miss out on viewing any homes, so we have team members and showing assistants available to ensure that we can always accommodate your schedule. These individuals may also attend property inspections, walk-through's, etc., as needed.

Please keep in mind that these agents/assistants will always be licensed real estate brokers.

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WARRANTY INCLUDED KEEP YOUR MIND AT EASE At the Gregg Home Group we want to ensure that our clients are always taken care of, especially after closing! As part of our services, we offer a standard 1-Year Home Warranty to all of our clients who are purchasing a home.

HEATING SYSTEMS

WATER HEATERS

ELECTRICAL SYSTEMS

OVEN/ RANGE

PLUMBING AIR SYSTEMS CONDITIONING

DISHWASHER

BUILT-IN MICROWAVE

Coverage details can be reviewed in the home warranty pamphlet provided.

GREGG HOME GROUP | BUYER'S GUIDE

MAKING AN OFFER Once you find your dream home, we will draft your purchase agreement and submit it to the listing agent for the sellers review. The seller will then accept the offer, reject the offer, or counter the offer with their preferred changes. If a counteroffer is presented, we will work together to review each specific area of the contract to ensure that we move forward with your most important goals in mind. We will always ensure that we negotiate the best possible price and terms on your behalf!

While much of the agreement contains standard verbiage, these are some of the items that can typically be negotiated: PURCHASE PRICE The purchase price depends on a number of factors; including the condition, length of time on the market, how the home compares to similarly sold homes in the neighborhood, buyer activity, and the urgency of the seller. We will conduct our research and assist you to place an offer that is both reasonable to the seller and in your best financial interests.

EARNEST MONEY Earnest money is a deposit made by the buyer at mutual acceptance to express good faith to the seller. The earnest money amount is negotiable, but for a "strong" offer, we prefer the amount to be at least 1% of the purchase price.

CLOSING & POSSESSION Closing and possession typically take place 30-45 days from mutual acceptance.

CLOSING COSTS The seller may be willing to pay for some of the costs associated with your home loan. We will work with your lender to ensure that we request the amount necessary to ensure that you can close on your home purchase.

PROPERTY INSPECTIONS After your home inspection is conducted you will be provided with an inspection report that outlines concerns. We will have the opportunity to request that the seller make repairs and/or ask for a reduction in purchase price. Pre-inspections can also be conducted to strengthen your offer.

INCLUDED ITEMS It's common for the seller to include all major appliances in the sale of their home, but if for some reason they have not, these items are always up for negotiation.

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POTENTIAL EXPENSES Below you will find a list of some of common expenses you will have as a Buyer. Some of these expenses will be out-of-pocket, and some will be expenses that are either deducted from your earnest money deposit, or paid at closing.

EARNEST MONEY Out of Pocket. Typically 1% of the purchase price. Must be paid within 2 days of mutual acceptance.

INSPECTION Out of Pocket or Paid at Closing. The cost is dependent on the size of the home and will cost approximately $350-550.

WELL INSPECTION Out of Pocket. Only if Applicable. Bacteria testing is approximately $180 and a full inspection of the well system is approximately $500.

SIDE SEWER SCOPE Out of Pocket. Only if Applicable. The standard cost for the sewer scope is approximately $200.

APPRAISAL Out of Pocket or Paid at Closing. Appraisal fees can vary by the size of the home, but on average they run between $400 to $900.

HOA FEES Paid at Closing. Only if Applicable. Annual homeowner's association dues are prorated and are paid out of escrow at closing. You may also responsible for any associated transfer fees.

PROPERTY TAXES Paid at Closing. Property taxes are prorated and are paid out of escrow at closing.

CLOSING COSTS Funds Needed on the Day of Closing. Closing costs are typically 2-5% of the purchase price and include everything from loan origination expenses, to title and escrow fees. Your lender will provide you with the exact amount needed prior to the scheduled closing date.

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BUYING TIMELINE Select Houses to View

Get Pre-Approved

Select Homes to View from your Daily Listing Alerts

Work with a Lender to Obtain a Loan Pre-Approval

Discuss Your Wants & Needs Create a Wants & Needs List with your Broker

Select a Real Estate Broker Mutual Acceptance

Tour the Homes

Terms will be Negotiated to come to a Mutual Agreement

Schedule Time with your Broker to View the Homes you Selected

Write an Offer Work with your Broker to Write an Offer on a Home

Deposit Earnest Money

Property Inspections

Earnest Money MUST be Deposited Within 2 Days of Mutual Acceptance

Inspections will be Conducted and any Necessary Repairs will be Requested

Complete Loan Application Work with your Loan Officer to Ensure that all Required Documents are Submitted

Final Loan Approval

Title Review

Any Outstanding Items will be Requested from your Lender for Final Approval

The Title Report will be Reviewed and all Encumbrances Removed

Property Appraisal The Appraisal will be Ordered by your Lender

Obtain Funds to Close Escrow will Inform you about the Amount Required at Closing

Schedule Signing & Close Documents will be Signed with Escrow and we will be on the way to Closing!

Home Sweet Home!

GREGG HOME GROUP | BUYER'S GUIDE

TRANSACTION DATES THE TRANSACTION TIMELINE During your transaction you will be provided with access to a shared online timeline, which will keep you updated on all of the important milestones for purchasing your home.

COMPUTATION OF TIME" AND CONTRACT DEADLINES Any contractual time period begins on the day following the date the event occurred.

Time periods of 5 days or less DO NOT include weekends or legal holidays.

Time periods of more than 5 days DO include weekends and legal holidays.

Time periods end at 9:00 pm on the last day of the specified period.

If the last day of the time period is on a weekend or a legal holiday, it moves to the next day that is not a weekend or legal holiday (this does not apply to the Possession Date).

EXAMPLES A 3-day response period, initiated by a form delivered on Monday, May 5th 1. The time period is more than 5 days, therefore weekends and legal holidays are counted.

2. Day 1 is Tuesday, May 6th.

3. The end of the time period (Day 10) is Thursday, May 15th at 9:00 pm.

A 3-day response period, initiated by a form delivered on Friday, May 9th 1. The time period is "5 days or less", therefore weekends and legal holidays are not counted.

2. Day 1 of the time period is Tuesday, May 6th.

3. The end of the time period (Day 3) is Thursday, May 8th at 9:00 pm.

A 10-day inspection period, with mutual acceptance on Monday, May 5th 1. The time period is more than 5 days, therefore weekends and legal holidays are counted.

2. Day 1 is Tuesday, May 6th.

3. The end of the time period (Day 10) is Thursday, May 15th at 9:00 pm.

A 10-day inspection period, with mutual acceptance on Wednesday, May 7th 1. The time period is more than 5 days, therefore weekends and legal holidays are counted 2. Day 1 is Thursday May 8th 3. The last day in the time period falls on the weekend (Saturday, May 17th). Therefore, the end of the time period is Monday, May 19th at 9:00 pm.

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DO'S AND DON'TS IMPORTANT CONSIDERATIONS DO Keep records of all bank transactions.

Provide an earnest money deposit from your personal bank account or acceptable gifted funds.

Maintain Continued Employment.

Make timely payments on your rent, credit cards, and lines of credit.

Keep an open-line of communication with your loan officer.

Advise your lender if any information you have provided changes.

Speak to your loan officer to ensure that you are knowledgeable of all costs associated with closing on your mortgage.

DO NOT Do not change jobs.

Do not let any accounts fall behind.

Do not make any significant purchases during the mortgage process.

Do not pay cash for anything related to your home purchase.

Do not pay off collections or charge-offs.

Do not consolidate credit cards or get any new lines of credit.

Do not make large cash deposits; deposit your regular paychecks only.

Do not omit any debt from your loan originator.

Do not co-sign on ANYTHING for ANYONE.

GREGG HOME GROUP | BUYER'S GUIDE

FAQ'S HOW WILL YOU TELL ME ABOUT THE NEWEST HOMES AVAILABLE? The Northwest Multiple Listing Service (NWMLS) provides up-to-date information for every home on the market in the northwest. We will setup a search for you based on your specific criteria, and you will receive daily emails that contain all of the newest homes available.

WILL YOU INFORM ME OF HOMES FROM ALL REAL ESTATE COMPANIES OR ONLY KELLER WILLIAMS REALTY? We want to ensure that you never miss out on a home you may love, so we will provide you with ALL available listings that meet your criteria, regardless of which company they are listed with.

HOW DOES FOR SALE BY OWNER (FSBO) WORK? Homeowners trying to sell their home without agent representation are usually doing so in the hopes of saving on commission. Just let us know if you see a FSBO you are interested in and we will contact the owner directly. Most often than not, the seller will accept an offer from an interested buyer who is being represented by an agent.

HOW ABOUT SHORT SALES? A short sale takes place when the net proceeds from selling the property are insufficient to cover the debts secured by liens. In essence, we are negotiating with the lien holder in an effort to get them to accept less than the amount owed on the debt. These transactions can be timely, and there is no guarantee that closing will take place.

ONCE MY OFFER IS ACCEPTED, WHAT SHOULD I DO? Celebrate!! You will also want to begin packing, schedule movers, and submit any required notices if you are currently renting. We will keep track of your transaction dates and ensure that you are always informed of any upcoming deadlines.

CAN WE GO BACK THROUGH A PROPERTY AGAIN, BEFORE WE TAKE POSSESSION? We will always schedule a "final walk-through" a week or two before closing. This will allow us the ability to confirm that all necessary repairs have been completed, and ensure that the property is being transferred in "move-in-ready" condition.

GREGG HOME GROUP | BUYER'S GUIDE

LETTER TO THE SELLER You’ve found the house of your dreams and you’re ready to make an offer, but how do you compete with a handful of other prospective buyers who’ve also deemed this home “the one”?

You write a personal letter to the Seller, of course!

FAMILY PHOTO Always include a photo that shows your loving family with happy smiles on their faces. This will add to the portrait you are trying to paint.

THE WHY Don’t just tell the sellers that you want their house, tell them WHY you want it. Whether it was a big backyard, a chef’s kitchen, or a walk-in closet that grabbed your attention, the owners will be flattered to hear what you liked most about their home.

THE FEELING Let the seller know how blown away with the beauty of their home you were from the moment you walked in. Mention the "warm homey feel of the house", or how you could "feel the love in the Home".

GIVE COMPLIMENTS No matter who you are; everyone likes compliments. Compliment the Seller on their design choices on things such as paint color, cabinet styles, tile choices, or other unique features about the house.

MAKE A PERSONAL CONNECTION Though it may sound silly, bonds can easily be built over a mutual love for cats, your favorite sports team, etc. If you share a common value or hobby with the sellers (maybe that you noticed while viewing the home), mention it in your offer letter! This is an easy way to make yourself more relatable, and will also show that you’re not sending the same generic letter with every offer you submit.

VISUALIZE Let the seller know how you see yourself using the different spaces in the home. You can say things like "we love the porch overlooking the backyard and we see ourselves barbecuing all summer out there," or "we love how the nursery is right across from the master suite, as it will be easy to care for our newborn baby at night." This will paint a picture for the seller for how you will use the home.

GREGG HOME GROUP | BUYER'S GUIDE

REAL ESTATE TERMS APPRAISAL REPORT An appraisal is an inspection conducted for lending purposes, and the report provides the current fair market value of the property.

CLOSING COSTS The expenses and fees associated with the purchase and sale of a home, such as taxes, title insurance, appraisal fees and lender fees.

CLOSING DISCLOSURE A final statement of loan terms and closing costs. The buyer must receive this three business days before closing.

COMMISSION A fee charged by a real estate agent for his services. In many cases, the seller pays the commission to his agent as well as the buyer’s agent.

CONTINGENCY A condition that must be met before a sale can close. Common contingencies include home inspection, financing and home appraisal.

DEED A legal document filed with the county that records homeownership.

DOWN PAYMENT The amount of money a buyer pays at closing toward a home purchase.

EARNEST MONEY DEPOSIT An agreed upon amount that is deposited by the buyer and held in an escrow account to demonstrate the buyer’s commitment to the deal.

EASEMENT RIGHTS A right-of-way granted to a person or company authorizing access to or over the owner's land.

ENCROACHMENT An obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line.

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REAL ESTATE TERMS EQUITY The difference between the fair market value of the property and the amount of money you owe on the mortgage.

ESCALATION CLAUSE A tool used by buyers to outbid competitors for a property. In the offer submitted by the buyer to the seller, the buyer states that they will increase their offer by a certain amount, if the seller receives offers higher than theirs.

ESCROW A neutral party who handles the exchange of money and documents on behalf of the other parties, before the closing of a sale.

FORECLOSURE The action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

LIEN A claim on the property of another, as security for money owed. Such claims may include loans, judgments, unpaid taxes, or labor.

MARKETABLE TITLE A title that is free and clear of objectionable liens, clouds, or other title defects.

PITI Principal, Interest, Taxes and Insurance. The major homeownership costs included in many monthly mortgage payments.

PRIVATE MORTGAGE INSURANCE (PMI) Insurance that protects a lender against loss if a borrower defaults on a loan. PMI is required for conventional loans that have less than a 20 percent down payment.

RATE LOCK An agreement between a borrower and a lender that allows the borrower to lock in an interest rate on a mortgage for a specified period of time.

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REAL ESTATE TERMS RESTRICTIVE COVENANTS Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer.

SETBACK A setback is the minimum required distance between any structure and a property line. This may be established by a subdivision, plat, restrictive covenants, by building codes, or by zoning ordinances.

SPECIAL ASSESSMENT A special tax imposed on individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.

SURVEY A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land.

TITLE INSURANCE protects the buyer and/or lender if title defects, liens or competing claims of ownership on a property arise after closing.

TITLE SEARCH OR EXAMINATION A review of the title records, generally completed by the title company. this review is to ensure that the buyer is purchasing a house from the legal owner and to confirm that there are no liens, overdue special assessments, outstanding restrictive covenants, or other claims filed against the property.

ZONING ORDINANCES The acts of an authorized local government establishing building codes and setting forth regulations for property land usage.

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