Egan Home Buyer Guide .pdf

HOMEBUYER GUIDE

COLDWELL BANKER SCHNEIDMILLER REALTY

The Inland Northwest is one of the most beautiful places in the country, with a great quality of life. Whether you are searching for your dream home, first home, or something in between, we can guide you through the process to ensure a great real estate experience.

BUYER'S GUIDE

Contents

MeetOurTeam

MustHavesChecklist

TheHomeBuyingProcess

But1st,GetPre-Approved!

QuestionstoAskLenders

LenderRecommendations

HouseHuntingTips

MakinganOffer

OfferAccepted!

WhatNottoDo

FinalStepsBeforeClosing

ClosingDay

SuccessStories

LocalFavorites

ABOUT KELLY& RYAN

208-997-7466

208-999-8862

1924NorthwestBlvd Coeurd'Alene,ID83814

livingincoeurdalene@gmail.com

www.livingincoeurdalene.org

Our family moved to Coeur d’Alene in 2018. Coeur d’Alene checked every box we’d been wanting for over 10 years! Kelly served as an elementary school teacher for 18 years. Ryan was an independent contractor for many years and was also in the banking industry. We have excitedly made this transition into real estate for so many reasons. Kelly is a two-time, stage 2 and stage 4 cancer survivor. That experience is what led our family to finally make our dream of moving a reality. And we haven’t looked back one day.

We have been married since 2000. Together with our two boys, we try to take full advantage of all that North Idaho has to offer. In summer, you’ll catch us on our boat every chance we get. Our boys love all things outdoors! We love checking out all the fun places to eat and grab coffee.

We feel truly humbled and honored every time we get to be a part of the home-buying experience with people. Clients become a piece of us. As a part of your home-buying experience, it is our goal to make sure the process is not only streamlined and clear, but also one that is memorable and exciting. Buying a home is one of the largest financial decisions people ever make and it’s our job to simplify it AND make it smooth and enjoyable.

BUT 1ST, GET PRE-APPROVED!

BeReadytoMakeanOffer

Houseshoppingisanexcitingtime!Getpreapprovedforaloanfirstsoyoucanbeready tomakeanofferwhenyoufindthehomeyou love.

In order to be pre-qualified, a lender may or may not check your credit score and won't require documentation, only going off what you tell them. This will give you an idea of what you could qualify for, but when you're serious about buying, you'll need to get pre-approved.

To be pre-approved, the lender will pull your credit and ask you for documentation to verify your finances. Before making an offer on a house, it is best to get pre-approved to show sellers your offer is serious and that a lender has already approved you for enough money to purchase the home.

QUESTIONS TO ASK

WhenChoosingaLender

Notalllendersarethesame.Thetypeof loansavailable,interestrates,andfees canvary.Interviewinglendersisan importantstepindeterminingwhattype ofhomeloanisbestforyou.

QUESTIONS TO ASK LENDERS

Which types of home loans do you offer?

What will my interest and annual percentage rates be?

Do I qualify for any special programs or discounts?

What estimated closing costs can I expect to pay?

What is your average loan processing time?

Willamette Valley Bank Loan Officer

105 N 4th St, Coeur d'Alene, ID 83814

Cell: 208-771-3674

www.willamettevalleybank.com

steve.novotny@wvbk.com

Mountain West Bank Real Estate Sales Manager

101 Ironwood Dr. Suite 148, Coeur d'Alene, ID 83814

Cell: 208-755-6606

www mountainwestbank com

JMcAndrew@mountainwestbank.com

cell: 803-847-6186

www approvedbykatie com

kmcmanus@envoymortgage.com

Vault Financial Mortgage Services President

2491 Las Brisas #119, Murrieta, CA 92562

cell: 951-757-4852

https://vfmortgage.com/ rinfo@weshankins.com

HOUSE HUNTING TIPS

TipsforFindingYourIdealHome

InvestigatetheArea

Drive around neighborhoods that interest you to get a feel of the area, how the homes are cared for, what traffic is like, etc

AskAround

Talk to family, friends and co-workers to see if anyone might know of a house for sale in an area you're interested in. One of them may even know of someone that's thinking about selling but hasn't put the house on the market yet.

KeepanOpenMind

Finding your dream home isn't always an easy task! Have a priorities list but keep an open mind when viewing houses.

TakePictures&Notes

When you visit multiple houses it gets difficult to remember specific details about each one Take photos and notes while touring houses so that you can reference them later when comparing the properties that you've seen.

BeReadytoMakeanOffer

When you find a home you want to buy, keep in mind there may be others interested in it as well Be ready to make a solid offer quickly in order to have the best chance at getting that home

MAKING AN OFFER

FactorsthatcanMakeanOfferMoreEnticing

Whenwehavefoundahomethat you 'reinterestedinbuying,wewill quicklyandstrategicallyplaceanoffer.

PUT IN A COMPETITIVE OFFER

We will decide on a reasonable offer price based on:

Currentmarketconditions

Comparable properties recently sold in the area

Thepropertyvalueofthehouse

Thecurrentconditionofthehouse

PAY IN CASH VS. LOAN

Paying in cash versus taking out a loan offers a faster closing timeline and less chances of issues arising, making it more appealing to sellers.

PUT DOWN A LARGER DEPOSIT

An offer that includes a larger earnest money deposit presents a more serious and competitive offer.

OFFER A SHORTER CLOSING TIMELINE

An offer with a shorter timeframe for closing is generally more attractive to sellers over one with an extended time period with a house sale contingency. A typical closing timeframe is 30-45 days.

OFFER ACCEPTED!

What'sNext

Oncethesellerhasacceptedyouroffer, bothpartiessignasalesagreementand you 'reofficiallyundercontract.

COMPLETE YOUR MORTGAGE APPLICATION PUT YOUR DEPOSIT INTO AN ESCROW ACCOUNT

Your earnest money deposit will be put into an escrow account that is managed by a neutral third party (typically a title & escrow company) who holds the money for the duration of the escrow period. They will manage all the funds and documents required for closing, and your deposit will go towards your down payment which is paid at closing.

ORDER AN APPRAISAL RENEGOTIATE IF NECESSARY SCHEDULE A HOME INSPECTION

Completed between 3-10 business days after going under contract. Inspections are more than what some people think They may include, but are not limited to a radon test, sewer or septic, water productivity and quality, road maintenance agreements, CCR's, HOA's, insurance requirements, flood zones, school/city/county boundaries, etc

The home inspection will tell you if there are any dangerous or costly defects in the home that need to be addressed. You can then choose to either back out of the deal completely, ask for the seller to make repairs, or negotiate a lower price and handle the repairs yourself.

Once you've come to an agreement on the final offer, it's time to finalize your loan application and lock in your interest rate if you haven't done so already. You may need to provide additional documentation to your lender upon request.

An appraisal will be required by your lender to confirm that the home is indeed worth the loan amount. The appraisal takes into account factors such as similar property values, the home's age, location, size and condition to determine the current value of the property.

WHAT NOT TO DO

DuringtheHomeBuyingProcess

It'sextremelyimportantnotdoanyof thefollowinguntilafterthehome buyingprocessiscomplete:

BUY OR LEASE A CAR

CHANGE JOBS

MISS A BILL PAYMENT

OPEN A LINE OF CREDIT

MOVE MONEY AROUND

MAKE A MAJOR PURCHASE

Any of these types of changes could jeopardize your loan approval. It's standard procedure for lenders to also do a final credit check before closing.

FINAL STEPS BEFORE CLOSING

You'reAlmostthere!

InsuranceRequirements

Most lenders require both homeowner's insurance and title insurance. Homeowners insurance protects your home and possessions against damage and theft, while title insurance protects the lender and/or homeowner from financial loss against claims regarding the legal ownership of a home. Policies vary so it's recommended to get quotes from multiple companies to compare price, coverage and limits.

FinalWalkthrough ClosingDisclosure

At least 3 days before closing, lenders are required to provide you with a Closing Disclosure with your final loan terms and closing costs for you to review Closing costs for the buyer typically range from 2-3% of the purchase price, which can include lender fees, lender's title insurance, and HOA dues if applicable

Within 3calendar days of closing we will do a final walk through of the home before signing the final paperwork. This last step is to verify that no damage has been done to the property since the inspection, that any agreed upon repairs have been completed, and that nothing from the purchase agreement has been removed from the home.

NextStep: Closing!

CLOSING DAY

Congratulations,YouMadeittoClosing!

Closingisthefinalstepofthebuying process.

On the day of closing you'll be going over and signing the final paperwork, and submitting a cashier's check (or previously arranged wire transfer) to pay the remaining down payment and closing costs. Enjoyyour

Propertyownershipisthenofficially transferredfromthesellertothe buyer.

ITEMS TO BRING TO CLOSING:

Government Issued Photo ID

Homeowner's Insurance Certificate

Certified Funds or Cashier's Check Final Purchase Agreement

LOCAL FAVORITES

ALL THINGS COFFEE

LOCAL FAVORITES

SOME GREAT BREAKFAST SPOTS

Forsomethingquick...

LOCAL FAVORITES SOME GREAT LUNCH SPOTS

LOCAL FAVORITES

FAVORITE DINNER SPOTS

LOCAL FAVORITES

FAVORITE WATERING HOLES

DRINKS WITH A VIEW

LOCAL FAVORITES

TOP 10 THINGS TO SEE & DO:

Walk Tubbs Hill

Hike Mineral Ridge

Bike Hiawatha Trail

Float Coeur d'Alene River

Boating

Paddleboarding/Kayaking

Fishing

WINTER:

Ski or Snowboard:

Schweitzer, Lookout, Silver Mountain

Snowmobiling

Snowshoeing

Buy with Confidence