Buyers Guide - Katrina Carter Real Estate

Buyers

Guide

NAVIGATING YOUR REAL ESTATE JOURNEY

S t e p i n t o HOME OWNERSHIP

dear future homeowner,

Welcome to the beautiful Bay Area! Whether you're seeking a cozy abode in San Leandro, a vibrant oasis in Oakland or a serene retreat in surrounding East Bay cities, this guide is designed to empower you through your home buying journey. As a seasoned real estate and mortgage broker, I'm here to help you Sell Smarter, Live My team and I look forward to Healthier, and Buy Wiser. providing you an amazing Let's dive into the 10 experience as we guide you essential steps to make your through one of your most home buying experience a rewarding journeys. success Helping people achieve home ownership is my passion as a Community Market Leader.

Wishing you success and happiness,

Katrina KATRINA CARTER REAL ESTATE SERVICES

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MEET Katrina Katrina Carter is a licensed Realtor® and Loan Officer with over 30 years of sales and marketing experience. Licensed in 2001, Katrina has a keen understanding of property, particularly in a changing market.

In-depth knowledge of the Bay Area culture and strong negotiating skills are a sampling of the services Katrina provides to her clients.

Katrina specializes in the East Bay cities of San Leandro, Oakland, Castro Valley, Hayward, and San Lorenzo. Being a Bay Area native, she has vast knowledge of San Francisco and San Mateo Counties as well since she was born and raised in San Francisco and South San Francisco, respectively.

Katrina is a master networker with access to many real estate professionals throughout California and nationwide who can assist with in depth market knowledge.

Katrina prides herself in being a strategist and shares with her clients her own varied experience as a real estate investor who has bought and sold her own properties over the years. A veteran of many real estate transactions, Katrina knows first hand how stressful the process may be. Katrina is supported by assistants whose professional goal is to bring the highest level of service to each of their clients.

In addition to being of service to her clients, Katrina loves being a Mom to her son as well as using her former chef skills creating recipes to share with family and friends and traveling internationally whenever possible.

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KATRINA CARTER REAL ESTATE SERVICES

PREPARING To Buy

E m b r a c e YOUR HOMEOWNERSHIP JOURNEY Define As a seasoned real estate broker, I am thrilled to be your guide through

this thrilling journey. Yes, buying a house can be a roller coaster ride filled with ups and downs, and it's undeniably one of life's most significant financial and potentially stressful undertakings. But fear not, for I've honed my expertise through countless experiences, navigating through potential pitfalls and crafting a path that ensures a rewarding outcome for you.

My mission is to make this process as enjoyable as possible. With my proven systems and problem-solving skills, I'll handle the heavy lifting, so you can have the best experience with the least amount of hassle. Together, we'll embark on a wild and rewarding ride, securing the home you've been dreaming of. So, buckle up and let's make your homeownership dreams a reality!

Define YOUR GOAL AND OBJECTIVES The first crucial step in this exhilarating journey is to unearth your WHY. What motivates you to buy a home? Are you tired of pouring money into your landlord's pocket every month and yearn for financial independence? Maybe you envision owning your dream kitchen, a space where you can unleash your culinary creativity and entertain loved ones. Or it could be the aspiration of creating a healthy home environment, where you and your family can thrive. By identifying your true purpose, you'll find a source of inspiration that propels you towards your dream of homeownership.

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KATRINA CARTER REAL ESTATE SERVICES

Write it a n d S p e a k i t Clarify Your Homebuying Goals Picture Your Dream Home Set Your Homebuying Intentions Document Your Homebuying Plan Believe in Receiving Your Dream Home

I want to buy a house because...

Owning a home would make me feel...

KATRINA CARTER REAL ESTATE SERVICES

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THE TIMELINE W h a t y o u s h o u l d e x p e c t & w h e n ?

INITIAL CONSULTATION

MORTGAGE PREAPPROVAL

INSTANT HOME E-ALERTS

Discuss your goals and how we can help you achieve them.

This will give you an essential tool you need to make an offer once you find the right home.

We give you priority access to homes that match exactly what you're looking for as soon as they become available.

THE NEGOTIATION

DRAFTING AN OFFER

SHOWINGS

Advertisements, social media posts, open houses, yard signs, and others to ensure maximum exposure

Discuss the terms of your offer and compile them into a contract.

Working around your schedule, we will make appointments at the homes you have chosen to see.

MANAGING THE DETAILS

CLOSING

AFTER CLOSING

We manage all the details necessary to get you to keys.

You will receive keys and become the owner of your new home, yay!

We pride ourselves on maintaining life-long relationships with our clients and continuing to add value.

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KATRINA CARTER REAL ESTATE SERVICES

Visualize it and

Manifest it

Embrace the Possibility of Achievement Keep a Home Manifestation Journal Maintain Faith and Trust Foster a Positive Mindset Practice Patience

The features of the home most important to me are...

It's important for my house to be...

KATRINA CARTER REAL ESTATE SERVICES

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10 STEPS TO

Buying a home

01 FIND A GREAT AGENT 02 GET PRE-APPROVED 03 TOUR HOMES 04 MAKE AN OFFER 05 NEGOTIATE OFFER 06 INSPECTIONS 07 APPRAISAL 08 FINAL LOAN APPROVAL 09 SCHEDULE YOUR MOVE 10 CLOSING PAGE 9

KATRINA CARTER REAL ESTATE SERVICES

1

Find a

GREAT AGENT

A real estate agent is a tremendous asset to you as you go through the home-buying process. This is one of the biggest purchases of your life and a skilled professional guiding you through the process is invaluable.

As your agent, I work with your best interests in mind and help guide you through all stages of buying a home.

Connect YOU WITH THE PERFECT HOME

Agents often have access to information about homes going on the market before the public.

They can also arrange open houses and tours of homes that match your criteria.

Knowledge OF NEIGHBORHOOD

Agents will be able to offer insightful details about the neighborhoods you are considering.

Attention TO DETAIL

The process of buying a home requires a good deal of paperwork. Your real estate agent will help you fill out all documents and get them submitted properly.

Professional NEGOTIATOR

Agents deal with any difficult conversations that need to happen. They will also help you submit a strong offer and negotiate with the seller on your behalf.

Expert GUIDE

Realtors are there to help you with any questions you have along the way. They offer an objective opinion when you're analyzing the features you're looking for.

KATRINA CARTER REAL ESTATE SERVICES

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2

GET P r e - a p p r o v e d

Before you start looking at homes for sale, get your financial house in order. If you don't know your credit score, now's a good time to check it.

If you think it doesn't look right, request your free credit annual report from www.myFICO.com and fix any errors you spot!

Finding A MORTGAGE BROKER

Not every lender is right for you. Using a mortgage broker as opposed to a direct lender, give you more options. We have compiled a list of questions to help in the decision making process. Here are a few: Google your prospective lender and check reviews and testimonials.

Ask what their current turn time is and does that work for you?

What types of loans programs do they offer and specialize in?

What are the fees associated with the loan they are offering?

As a mortgage broker, we can provide that list upon request.

Basic INFORMATION YOU WILL NEED TO APPLY

Depending on your situation you may need additional documentation, such as retirement and pensio n papers, divorce decree, or child support orders.

However, this short list will be a great start: Past 2 Pay Stubs Past 2 Bank Statements (All Pages) Past 2 Years Tax Returns Past 2 Years W2's and/or 1099's Driver's License Social Security Card

#Of course the purchase price of your new home is important, but at the end of the day you will be living with the monthly payment. Work with your lender to determine what you can comfortably afford.

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KATRINA CARTER REAL ESTATE SERVICES

CREDIT C h e c k It is important to have a credit check done as this will be a factor in determining your mortgage approval and interest rates.

While sometimes a score in the 500's can get you a loan, ideally you want to aim for 640 or above. The higher the score the lower the interest rate.

P r e - q u a l i f i e d / PRE-APPROVED In the past, these terms were used interchangeably. In today's market, you must be Pre-Approved before an agent will take you to view properties and a seller will consider your offer.

Being pre-approved shows the seller that you're serious and that you most likely have the funds to purchase the home should you choose to place an offer. Pre-approval can also help you budget as you will know exactly what you can afford.

This pre-approval does not guarantee a loan will be offered so you still want to be careful with your spending during this time. Don't make any large purchases, change jobs or apply for new credit cards during this time.

KATRINA CARTER REAL ESTATE SERVICES

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H o w m u c h SHOULD I EXPECT FOR? Lenders

recommend

that

you

spend no more than 30-40% of your gross monthly income on a

new

many

home.

You

mortgage

can

find

calculators

online, which provide a great starting point.

When calculating, don't forget to include extra expenses like title

and

escrow

inspection

and

costs,

as

well

fees,

home

appraisal

as

money

for

any home improvements.

While

it's

ideal

if

you

can

put a 20% down-payment on your new home, it certainly isn't

necessary.

There

are

many ways to put down much less and with certain types of

loans

you

may

need

as

little as 3.5%.

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KATRINA CARTER REAL ESTATE SERVICES

U p f r o n t COSTS earnest money deposit due 1-3 days after contract acceptance Typically the EMD amount is determined based on the purchase price in our market.

It's common for 1-2% of the purchase price. It can be delivered by wire (usually there's a $20-40 fee included), cashier's check or personal check. This will become part of your downpayment and is not an additional fee.

down payment The amount you will need for a downpayment is determined by the type of loan you qualify for. FHA is a minimum of 3.5% whereas conventional loans can range anywhere from 3 - 20%. Ask your preferred lender for options available.

appraisal Like home inspections, appraisals also range on the appraisers and size of the home. They are hired by the lender to ensure that the property is worth what they are lending to the borrower, they range from $600 - $1000.

inspection While not required, having a property professionally inspected before a deal goes through is highly recommended.

reserves To ensure you can handle their mortgage payments, lenders may ask for your proof of extra cash on hand, usually around two months' worth of payments.

moving When budgeting for your move, remember that whether you DIY or hire pros, you'll have moving expenses ranging from $913 to $2,531, with long-distance moves costing more, as per HomeAdvisor. *Please note that You will pay for a home inspection report and an appraisal report (if financing) which is nonrefundable (approximately $1,500), even if you do not end up buying the home.

KATRINA CARTER REAL ESTATE SERVICES

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Closing

COSTS

Closing costs are the lender third-party fees paid at the close of a real estate transaction due at the close of escrow (hint the name). The buyer closing costs usually total 2% - 5% of the final sale price which may include but not limited to:

escrow fees paid to the escrow firm for their services

lender fees this can include everything from underwriting to loan discount points, which can be purchased to lower your interest rate.

homeowners insurance required by most lenders, you will typically pay your premium for one year.

private mortgage insurance typically required if your down payment is less than 20%

title insurance a one-time fee, required to protect you in case the seller doesn't have full deed to the property

property taxes you will typically pay six months of county property taxes

recording fees paid to the city or county to record your deed in public records

home warranty only paid at closing if not paid for in advance. It may be covered by the seller or subject to negotiation in some cases.

homeowners association HOA dues if your home has a homeowner's association, you will pay one month's dues upfront at closing

*Please check with your lender for the full scope of what your actual closing costs will be.

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KATRINA CARTER REAL ESTATE SERVICES

Ongoing

COSTS

mortgage payments Your largest recurring house expense is likely your monthly mortgage payment. Begin your budgeting with this figure and plan accordingly.

property taxes Part of your monthly mortgage covers property taxes, which are separate from the interest and principal. For example, if your home is valued at $100,000 with a 2 percent tax rate, you'd pay $2,000 annually, spread as $167 added to each of your 12 monthly mortgage payments.

HOA fees When purchasing a condo or a home in an HOA-managed community, expect to pay a monthly fee determined by the association.

insurance When buying a home, consider two types of insurance: homeowners insurance for protection against unexpected damage and private mortgage insurance (PMI) required for conventional loans with less than a 20 percent down payment.

Homeowners insurance costs vary, especially in high-risk areas, so compare offers to save money. PMI, while increasing your mortgage payment, can be removed as you build equity in your home.

maintenance No matter where you live, budgeting for home maintenance and utilities is crucial. Allocate 1% of your home's value annually for maintenance, and maintain an emergency fund. Utilities costs increase with property size.

*please check with your lender for the full scope of what your actual closing costs will be.

KATRINA CARTER REAL ESTATE SERVICES

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FIND A

Home

3

TOUR T o u r HOMES

Make a list of all the things you need and want in a new home.

Think about how many bedrooms and bathrooms you need.

Do you want a big kitchen or is a fencedin yard more important to you?

We will start touring homes and weigh all the positive and negative aspects of each one.

When you find THE house, your next step will be to make an offer and begin negotiations.

H o m e s e a r c h i n g TIPS......

Take photos with your phone while visiting each house. Organize the photos at home with the address of the property so you can remember details later.

Focus on the things you can't change like the neighborhood, lot or size of bedrooms.

Test things as you walk through the home. Open and close windows, turn faucets on and flush toilets to make sure everything is in working order.

KATRINA CARTER REAL ESTATE SERVICES

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Make an

4

OFFER

Once you've found the home you want, the next step is to make an offer. We will look at comparable properties in the area and decide on a strong first offer.

Many owners price a little high expecting to negotiate so we will take that into consideration as well.

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KATRINA CARTER REAL ESTATE SERVICES

5

NEGOTIATE

NEGOTIATE O f f e r

Many times after the initial offer is presented the owner will come back with a counter-offer.

As a buyer, don't be afraid to bargain for what you want.

Whether that be cost, a new roof or the whole house painted.

You don't know what they're willing to do unless you ask.

KATRINA CARTER REAL ESTATE SERVICES

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OFFER

Accepted

All about

ESCROW

Escrow is actually a person, place, and thing in real estate. It's the neutral 3rd party that takes paperwork from all sides, handles the process of delivering funds to the appropriate parties, and works with a title company to ensure the deed is recorded in the buyer's name. Escrow is also a process in which all that is handled, and can take anywhere from 20-45 days, depending on how quickly everyone can work together. Below you will find an example timeline of a 30 day escrow. Please know, nothing is ever set in stone in escrow - it's a fluid timeline.

01 Open escrow

Pop some champagne! You're buying a home!

03 Earnest money due

EMD is due within 1-3 days of opening escrow, as stated on the purchase agreement. This is your 'good faith' deposit.

07 Seller disclosures due

The seller is required by law to disclose all material facts (for ex, any leaks, insurance claims, deaths, etc) and the paperwork is due 7 days after opening escrow.

17 Physical inspection period ends 21

You have 17 days (by default unless otherwise negotiated) to conduct inspections and decide if you negotiate repairs and move forward or not.

During this time you can back out and still have rights to your deposit.

Loan contingency period ends Your lender has 21 days to collect documentation and decide if you are fully approved or not. If they claim you are not, you can still backout as long as it's with your 21 days and you'll still have rights to your deposit.

25 Final walkthrough

Just a few days before escrow closes, you'll walk through the property to ensure all requested repairs are done, and to make sure the property is in the same condition as it was when you submitted the offer.

30 Closing

You will recieve keys and become the owner of your new home.

KATRINA CARTER REAL ESTATE SERVICES

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6

Inspection

It's always a good idea to add a contingency clause into your offer stating that you have a certain amount of time to have the property inspected. This gives you the right to back out of the agreement if you and the seller can't agree on repairs.

Plan to attend the inspection and be prepared to ask any questions you have.

You will receive a report of findings, but it's sometimes easier to see the issue and hear the information directly from the inspector.

After the inspection is complete, decide if there are any pressing issues you want to negotiate with the seller.

Be careful to not be too picky, but also not let major concerns go unaddressed.

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KATRINA CARTER REAL ESTATE SERVICES

7

Appraisal Your lender will require an appraisal of the home before finalizing the loan.

The home appraiser will take into account the neighborhood, housing market, age and condition of the home, etc.

A property title search will ensure that the sellers are truly the owners of the property and any leins or judgments are disclosed.

8

L o a n APPROVAL

The loan is only fully complete after the lender approves the loan. You will receive a final approval letter after they review your income, credit report and employment status once more.

Home owners insurance is also required before the mortage company will finalize the loan.

KATRINA CARTER REAL ESTATE SERVICES

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CLOSING & Moving

9

SCHEDULE y o u r M o v e You will want to get movers scheduled as soon as possible.

Make sure to avoid scheduling the move and closing on the same day if possible. If you will be doing renovations, start getting quotes from contractors.

Make sure you set up the transfer of utilities for closing day.

10

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 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!

KATRINA CARTER REAL ESTATE SERVICES

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After Escrow

CHECKLIST

So you got the keys to your amazing new home... Congratulations! Time to move allll the boxes, and start the amazing experience of homeownership.

You've got a lot on your plate, so we want to highlight some important tasks that are necessary for a smooth, comfortable transition.

change over utilities Although this is on the 'After escrow checklist', we best recommend that you switch over utilities either day of/day before. Keep in mind internet often takes over a week to get scheduled/on the books.

GAS ELECTRIC INTERNET WATER TRASH

update change of address at post office This can either be done at the local post office, or by visiting the link: INSERT LINK HERE. Please note there is a $1.85 processing fee.

update change of address at your bank This can be done at local bank, or by making a quick phone call.

send introduction letter to your neighbors We can even provide a template. It's always good to know and befriend your neighbors, as good ones always look out for each other!

register your home warranty Among the piles of paperwork, you'll receive your home warranty which you can register online. If you cannot find it, simply call us and we will send you in the right direction.

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KATRINA CARTER REAL ESTATE SERVICES

1 0 C o m m a n d m e n t s o f BUYING A HOME

01

THOU SHALT NOT CHANGE JOBS, BECOME SELF EMPLOYED OR QUIT YOUR JOB.

02

THOU SHALT NOT BUY A NEW CAR, VAN OR TRUCK (YOU MAY END UP LIVING IN IT).

03

THOU SHALT NOT USE CREDIT CARDS EXCESSIVELY OR LET YOUR ACCOUNTS FALL BEHIND.

04

THOU SHALT NOT SPEND MONEY YOU HAVE SET ASIDE FOR CLOSING.

05

THOU SHALT NOT OMIT DEBTS OR LIABILITIES FROM YOUR LOAN APPLICATION.

06

THOU SHALT NOT BUY FURNITURE EVEN IF THE PAYMENT IS DEFERRED UNTIL AFTER CLOSING.

07

THOU SHALT NOT ALLOW ANY ADDITIONAL INQUIRIES ON YOUR CREDIT EXCEPT FOR INSURANCE PURPOSES.

08

THOU SHALT NOT MAKE LARGE DEPOSITS WITHOUT FIRST CHECKING WITH KATRINA.

09

THOU SHALT NOT CHANGE BANK ACCOUNTS.

10

THOU SHALT NOT CO-SIGN ON A LOAN FOR ANYONE. IF YOU HAVE ANY QUESTIONS, OR RECENTLY BROKE A "COMMANDMENT", CONTACT KATRINA IMMEDIATELY!

KATRINA CARTER REAL ESTATE SERVICES

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T e s t i m o n i a l s

CUSTOMER

As a single female home buyer, Katrina took the worry out of the purchase and everything was seemless and painless. I didn't feel like I was alone in my decision-making. She offered better rates then my original lender, she has been there for follow-up questions, has helped understand credit reporting and how to improve a credit score. She has assisted in refinancing as well as with potential investment properties.

In my opinion, Katrina is a one stop shop.

Cheryl Ringo

Katrina was our Realtor almost 20 years ago when we purchased our first home. She listened to our needs and responded accordingly. Katrina also presented us with opportunities to travel outside of our preconceived geography boundaries and get a bigger home. She was excellent 20 years ago, I can only imagine, she must be better than excellent. You’ll be amazed at her professionalism, she’ll make you feel like you’re her only client.

Rocky & Melanie McCants

I heard Katrina speak at a Conference early 2019 about purchasing multi units in Oakland and other Bay Area markets. By the end of the year, I purchased a duplex in Oakland. Katrina was patient with me as we looked at dozens of places. She explained the process and even stuck by me through the Rehab process. She was a God send. I highly recommend her.

She will be my Realtor for life. This was not my last purchase.

Lazandra Dial PAGE 29

KATRINA CARTER REAL ESTATE SERVICES

find us on

SOCIAL MEDIA @KATRINACARTER

@THINKKATRINA

DRE 01878277 DRE 01324500 / NMLS 1737872

SELLING REAL ESTATE SMARTER

Experience. Innovation.Passion. Service.

Discover the trusted expertise of Katrina Carter, your dedicated Real Estate Broker and digital marketing expert in San Leandro, Oakland and the Bay Area. With a proven record of negotiating and closing hundreds of transactions, I prioritize your personal and financial interests. Expect a seamless home selling experience, aided by innovative digital marketing strategies that ensure maximum exposure for your property. Experience stress-free real estate with my commitment to exceptional results and personalized care. Contact my team today for intelligent and expert-driven assistance.

Katrina

Click here to schedule an appointment for a home selling strategy session.

WWW.KATRINACARTER.COM

510.288.6002