Mitch Pollard - Buyer Playbook

B UY E R

SUCCESS

KEY Players

Mitch Pollard

Larissa Richards

Zac Duboff

301.908.4033 mitch.mogul@gmail.com

240.676.0916 larissa@larissarichards.com

570.332.4154 duboffrealty@gmail.com

Raquel Tennant

Kimiko Scott

240.495.9339 raquelt.mogul@gmail.com

315.395.1629 kimiko.scott@rlahre.com

We are servants first. Real Estate is a vehicle in which we use our talents to humbly serve others and let our lights shine through excellent care. Our #1 focus as a team is the client experience, from the moment we come in contact with a client, we are intentional about providing a world-class experience. We help clients achieve homeownership, build and create wealth. We strive to educate on the complexities of the real estate market and advise on the wealth-building aspect. Our team covers the entire DMV, primarily the D.C. Metro area, Montgomery County, PG County, up I-95 to Baltimore and up 270 to Frederick County.

Mortgage Lender The mortgage lender is the one who is providing you with the loan to buy your new home. Unless you are buying your home with cash, their role is essential in the home buying process. Selecting the right mortgage lender very important. Throughout our years in business, we’ve handpicked the best lenders to be our team’s preferred mortgage lenders and can share them with you.

Title Company The title/escrow company is a separate company who is responsible for coordinating the legal transfer of the home from the Seller to the Buyer. They are also responsible for the transferring of monies and holding the Earnest Money Deposit* in an escrow (trust) account during the transaction. They are a neutral party that doesn’t represent either party. We have a list of preferred title companies who meet our standards of service.

Other Key Roles Licensed Home Inspector – Will inspect every inch of the home and will provide a detailed inspection report detailing all major and minor concerns, as well as safety hazards.

Locations: Bedrooms: Bathrooms: Garage (Y/N, Detached/Attached): Home Type:Yard (Y/N): Basement (Full / Partial / Finished / Unfinished):

Describe Your Ideal Home

Are there any features/needs that you want to consider when looking for your home?

How much renovation are you willing to do?

Do you have to be close to public transportation?

Do you have any pets? Do they have any needs as you look for a home?

Do you have any physical needs that must be met, such as wheelchair access?

If we found your ideal home today, are you in a position to write an offer immediately?

If we could time this perfectly, when would you like to move into your new home?

Have you purchased a home in the past, and what was that experience like?

Meet with Agent

Choose a Lender

APPLY NOW

Conduct Home Search

EMD $ Conduct Inspections

Prepare Purchase

Contract for Home

$ Property Appraisal

Prepare for Settlement

Finalize Financing

Receive Keys & Move

Attend Settlement

House Warming Party!

Conduct Final Walk Through

The entire process typically takes anywhere from 21 to 60 days.

$ - An out of pocket expense not included in closing cost.

- Contingency clause that allows Buyer to walk out if specific conditions are not met.

FINANCES Cash I Need to Close Down Payment A lump sum of money paid upfront by a buyer to secure a property

=

purchase. Earnest Money Deposit (EMD) goes towards the down payment.

VA/USDA

FHA

0%

3.5%

Conventional

Investment

3 – 5%

10 – 25%

Closing Cost Additional expenses incurred during the process of finalizing the transaction, including prorated expenses, fees for services such as title search, loan origination, and legal documentation. These costs cover

=

3 – 5%

various administrative and legal tasks essential for completing the property sale and transferring ownership.

How Can I Save Money?

Seller Credit/Concession Negotiation arrangements where the seller agrees to contribute towards the buyer's closing costs. These concessions are aimed at making the transaction more attractive to the buyer and facilitating a smoother deal.

Down Payment Assistance Programs Initiatives offered by various organizations, such as government agencies or non-profit organizations, that provide financial support or grants to help eligible homebuyers cover a portion or the entire down payment required for purchasing a property. (MMP, HPAP, etc)

What Are Lenders Looking For? Credit Report A minimum credit score of 600. Negative remarks on your report can effect your eligibility for a mortgage.

Income Paystubs and tax documents proving your income. Business owners will need 1099s to show income over 1-2 years.

Debt Monthly debt will be weighed vs monthly income to determine preapproval amount.

What to Expect Once we secure the Pre-Approval from your Lender, it is time to get out and start shopping for your new home.

We will work together by sending homes that fit your wish list and deciding which are worth checking out.

We’ll also connect you with access to the MLS “Multiple Listing Service” which only licensed Real Estate Agents have access to, to give us an edge on finding the right home.

“When you find a home right for you, it’s time to make an offer!”

The Purchase Offer Offers are most well received when they are clean, organized, and complete. It’s our business to make sure that the offer meets all three of these criteria.

Offers Should Include The Following: If using financing, always include a Lender Pre-Approval Letter If paying cash, always provide proof of ability to pay (i.e., a bank statement) A copy of the earnest money deposit (EMD) check A summary of your offer terms Remember: Whether we are operating in a Seller’s Market or Buyer’s market, real estate deals are always influcenced by the specific circumstances of both parties.

Under Contract Ratified Contract You have a ratified, enforceable contract when...

All parties have agreed, in writing to all the terms without addition or amendment; and...

A copy of the fully executed contract is delivered to the other party.

Contract Checklists Disburse a copy of the completely ratified contract to all parties: lender, settlement company, and RLAH @properties.

Schedule a time for home inspection, appraisal.

Lender will order and schedule appraisal.

Discuss locking interest rate with lender, and finalizing loan documents.

Buyer will need to set up homeowner’s insurance on property.

I’m happy to recommend a home inspector, pest inspector and other contractors that might be needed.

Preparing for Settlement will involve you working with the Lender on submitting some final documents, transferring funds and packing to move. You will also be scheduling the time of settlement with the Title Company.

When you walk into your home for the first time after settlement, it’s likely that your “to-do” list will start to grow. Merging your life with this new home is an exciting and sometimes daunting task. Don’t forget that I am a valuble resource and can be helpful in many ways. Let’s stay connected!

House Warming Party: We will co-host your house warming party with you! We want your loved one’s first experience in your new home to be a celebration to remember. Our team makes it super easy to coordinate this special occasion. We offer a menu of refreshments options from local caterers, we show up with light decorations and even managing RSVP’s.

Even though Settlement will be the end of the Home Buying process, don’t forget that we are valuble resources and can be helpful in many ways. As a continued service to our clients we offer: Recommended Vendors: It’s likely that when you need a vendor for your house, I’ll know who to call. Benefit from my experiences with the good, bad, and ugly of home ownership.

Home Trends & Market Data: It’s easy to remain invested in the ups and downs of home values after a purchase. However, your top priorities should be maximizing your experience in your new home. We will keep you educated on what is happening in your neighborhood, and current home values.

Files & Document Storage: Need paperwork from your transaction to share with your accountant? We are required to keep a record of your transaction, including important documents, for years following settlement.

Future Communications: In addition to checking in with you from time to time, I periodically send out informa tion that I find interesting to my clients.

CLIENT Testimonials

Client Review As a first time home buyer, I was very anxious about the process. [Mogul Realtors®] did an excellent job of walking with me through the journey.

Mitch was thorough, compassionate and negotiated to get me an incredible deal on my home. All of my questions were answered in a timely manner, and Mitch did an awesome job affirming my feelings and thoughts about the tours, and dealbreakers. He secured me the house that exceeded my needs within my financial parameters. Mitch has since checked in on me to see how my transition into the house is going, which is extremely kind. I plan to refer any of my friends, family and colleagues in the DMV area to Mogul Realtors T.K.

Client Review Quick! Professional! Amazing!

Diligent ! Hard-working!

Knowledgeable ! Problem- solving.

An absolute pleasure to work with!!!

J.Y.

Client Review

Mitch helped us close on a dream investment property. Just when we thought the deal was about to fall through, Mitch kept grinding and worked diligently to get the deal done.

His friendly demeanor and positive attitude are infectious.

My first time home buying experience was such a breeze working with Mitch! Mitch was very organized and professional throughout the whole home buying process while showing compassion and respect. I had a lot of questions and concerns and Mitch was able to provide me the answers that I needed day or night. His dedication and drive was there throughout the whole process. I definitely will be reaching out for my next home buying process. Go Mogul Realtors

M.C.

A.B.

Client Review

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