Kairos Buyer Guide

Buyer Guide

KAIROS

kai ros

[kī räs] noun a time when conditions are right for the accomplishment of a crucial action : the opportune and decisive moment.

“We are committed to serving our community with excellence & integrity.

Every Client. Every Time.”

Kairos Cares Every transaction, we set aside proceeds for Kairos Cares, a fund dedicated to our community for housing initiatives.

These initiatives vary from benevolence, affordable lending, refugee housing, and more.

CONTENTS How your Team Works PAGE 1

The Rollercoaster PAGE 2

Home Buying Process PAGE 3

Buyer Timeline PAGE 4

Lending & Offers PAGE 5

Due Diligence & Earnest Money PAGE 6

Closing Process PAGE 7

Search & Showings PAGE 8

New Construction PAGE 9 & 10

Key Terms PAGE 11

Communication PAGE 12

We are your full service real estate team. We strive to serve our community with excellence and integrity. We want you to have confidence in each stage of the home buying process. I am also your "go-to" for preferred vendors. In order to provide this, clear communication from all parties is key. It is important to adjust our speed, communication style, and offerings to your preferences and needs.

We will be sending you the “Working With Real Estate Agents Disclosure” via email.

SERVICE

HOW YOUR TEAM WORKS

1

THE EMOTIONAL ROLLERCOASTER Buying a home is an emotional process. Our role is to alleviate as much tension as we can during the three peak emotional times: search, negotiations, and financial decision making. In order to do this, we will aim to: Simplify and guide you through the process Communicate clearly and quickly in emotionally heightened times Protect you from unnecessary stressors Advise you in making the smartest decision you can that fits your goals

2

THE HOME BUYING 01

process Pre-Approval

This is the first necessary step to purchasing a home.

02

Search & Showings This process is a collaborative effort with you!

We pride ourselves on being more than an algorithm, working efficiently and strategically. We will regularly adjust the search to meet your specific needs.

Download Homespotter

03

Offer and Negotiations We are here to advise you every step of the way.

We make recommendations but YOU make the final decisions so be open and honest with us.

We provide a comp analysis but YOU determine the value!

04

Under Contract Once both parties have signed & received the contract, CONGRATULATIONS! You are under contract!

05

Due Diligence/Inspections We schedule all of your inspections for you.

When inspections are complete we will recommend and negotiate repairs and financial concessions with the agent.

06

Closing CONGRATULATIONS! YOU MADE IT!

3

Buyer Timeline

Due Diligence 14-21 days

!

Fin al W Cl alk T os hro in ugh g

of Du eD ilig en ce Pe rio d En d

Ne go tia tio Co ns nt ra ct (D D & EM Du e)

Of fe r&

Sh ow in gs & Se ar ch

Pr eQu ali fy

O

rie

nt

at

io

n

Your timeline is our timeline!

Discuss Home Owner’s Insurance Loan Approval

Under Contract Estimated 30 Days

Welcome Home!

4

UNDERSTANDING LENDING Communicate regularly and thoroughly with your lender: In order to protect you, make sure to disclose all financial information to your lender so he/she can problem solve on your behalf and advise you accordingly.

Surprises to your lender can result in financial hardship for you.

Things that jeopardize your lending: Changes to your credit - do not purchase on credit cards, open new credit lines, get new personal or auto loans, or spend large amounts of your cash on hand. Run these decisions by your lender for advice!

Changing jobs or the way you get paid - W2 vs 1099 Neglecting to provide requested documentation in a timely manner.

COMPONENTS OF AN OFFER

Purchase Price Due Diligence (non-refundable unless seller breaches contract) Earnest Money (refundable during DD period, non-refundable after DD period) Due Diligence period - usually 14 days Closing Date - usually 30 days Type of Financing - Conventional, FHA, VA, USDA, CASH Pre-approval letter and sometimes proof of funds for DD Applicable Addendums

COMPETITIVE OFFERS

In a multiple offers situation we can leverage the following options: Increase Purchase Price (most important) Increase Due Diligence fee Increase Earnest Money Provide an appraisal gap addendum (not advisable) Due Diligence Request Agreement Shorten the Due Diligence period Offer seller requested terms like a certain closing date, seller possession after closing Write a personal letter to the seller telling them all that you love about the house

5

DUE DILIGENCE This non-refundable fee is delivered on the day of contract acceptance.

Due diligence is delivered to the seller or their agent within one day of going under contract. The amount given goes toward the purchase price of the home.

This fee is non-refundable, because it is intended to be your "skin in the game" to prove your commitment to closing on the home. A high due diligence is a leveraging tool used in competitive offer scenarios and can be useful in seller friendly markets.

During the Due Diligence period, agents will negotiate agreed upon repairs, as well as, talk you through inspections, appraisal, and survey.

EARNEST MONEY

This refundable fee goes towards the purchase price of the home at closing.

Earnest Money is paid into an escrow account with your closing attorney. This fee is refundable until the end of the due diligence period. Once DD is over, this fee is nonrefundable. The typical reason to default on the contract after the DD period is issues with lending. Stay in close communication with your lender.

6

CLOSING PROCESS FINAL WALK-THROUGH A final walk through of the property takes place just before closing or late afternoon the day before. It takes about 15 minutes and serves the purpose of ensuring the home is in the expected condition - empty of personal items and "broom clean" with no damages from the seller's moving out of the house. While at the home, we will get a testimonial and your photo. Don't forget to tag us if you share on social media. @kairos_properties

CLOSING Closing or "settlement" is a 30-60 minute meeting with your attorney. The attorney will walk you through your closing package and give you the opportunity to ask questions.

Mail-away closing options are available in some scenarios.

DEED RECORDS After signing, the attorney will confirm with lender and submit the deed for recording.

All funds will be distributed at this time. This usually takes 1-3 hours.

KEYS After settlement, you will receive your keys and can move into your new home!

Make every effort to take off work for the entire day and the following. Most closings run on time but be prepared for potential delays.

7

SEARCH & SHOWINGS "More than an algorithm"

Showing Service Your agent will aim to be at your showings but when that is not possible we utilize our network of Showami agents who are trained and vetted for safety, excellence and integrity.

Fill Your Tank Showing days are long, and sometimes move fast, so fill your gas tank and be ready to GO! Bring: notebook phone for pictures and video snacks and drinks We do not show you homes above your budget unless the days on market justify a below-asking offer. If at any time, you know you are not interested in a home on your list, tell us so we are strategic with our schedule.

How to Dress Wear comfortable clothes, and be aware that shoes may get dirty.

Who should attend showings It is ideal to tour homes with only the primary decision maker(s) to ensure the least amount of distractions & opinions as possible. Once you have chosen a home, we are happy to take anyone back to evaluate the home. As always, we serve first, so we will accommodate your needs and preferences.

8

NEW CONSTRUCTION

9

THE PROCESS SELECTING A BUILDER Your agent will create a search on multiple builder platforms.

Agent will set appointments & register the buyer with the builder.

Prepare for appointments to take 1-2 hours Agent reviews contract Once builder is selected, buyer will sign & deliver builder deposit.

THE BUILDING PROCESS The builder pours the foundation, frames the home, puts up drywall, and adds in cabinets, doors, etc. Every builder has different processes for design. Depending on the stage and builder, you may be able to pick out the finishes and features on your home. Your agent will guide you through each step, monitor progress, and negotiate throughout the entire process.

THE INSPECTION PROCESS You, as the the buyer, have the right to complete inspections during each stage of the building process. Depending on where your home is in the process, your agent will guide and advise you upon the next opportunity for an inspection. The final home inspection will be completed roughly 1-2 weeks prior to closing.

FINAL WALK-THROUGH / CLOSING In preparation for closing, the buyer will do an orientation with the builder, also known as a “blue tape walk-through”. The builder will complete, or have a plan to complete, any last minute touch-ups prior to closing. At your final walk-through, you and your agent will ensure all items have been addressed to your satisfaction. At closing, you will receive your keys and can move right in!

When visiting new construction sites without your real estate agent, please disclose your relationship and representation at first visit to the builder.

Some builders may require your agent to be present at the first visit.

10

MLS - Multiple Listing Service where homes are listed by Realtors. Your collaboration or "collab" center is hosted through this service.

Home Spotter - A useful app that pulls from MLS real time and provides a navigation feature to look up nearby home.

Coming Soon - The home is for sale but not open to showings yet.

Active - The home is for sale and open for showings Days on Market (DOM) - How many days the home has been marketed on MLS which drives our assessment of how an offer is crafted.

Offer - The start of a contract that includes your offer terms and your commitment to buying the home.

Contract - When an offer is accepted, signed, and communicated to the other party, you are "under contract" and bound to the terms of the offer.

Appraisal - The valuation of your home that is ordered by the lender.

Survey - A drawing of your property that details the location of the lot, property lines, home, and any other structures within its bounds. The purpose of a survey is to confirm land boundaries in the event of a legal dispute.

KEY TERMS

11

WHAT'S NEXT? Team Communication Today, we will start a group text to house all communications regarding your home search. This will include members of our team that will assist in your home buying process.

Our Promise to You We strive to serve our community with excellence and integrity. In your Kairos moment, we promise to serve first, always be transparent, and advise you well as you embark on the exciting journey of finding your dream home.

Working by Referral My business is built by referral. This pushes me to always give excellent service so you feel confident in recommending me to your friends and family.

Congratulations! You've completed the first stage of the home buying process. Your real estate team is here to serve, so you can feel confident at every stage of the process.

525 S. White Street, Wake Forest, NC 27587 www.kairos-properties.com 919-647-7954