buyers

BUYER’S GUIDE

NewHopeRealtyGroup.com l 512.817.4093

WHAT WE OFFER IN A CONCIERGE BROKERAGE When representing you as a seller, we are legally and ethically obligated to work for your best interests. From assisting you in organizing your thoughts and defining your goals - and helping to formulate a plan to meet them - to preparing your home for sale and positioning and representing it in the market, we work to maximize the sale of your home and meet your goals.

ABOUT NEW HOPE REALTY GROUP

• Full team support

• Multiple MLS exposure

• Fiduciary representation

• High end professional

• Dedicated agent relationship • Weekly updates and

• Open Houses and Events

• Expert negotiators

• Coordinated REALTOR®

streamlined communication

At New Hope Realty Group we are a highly productive, agile team of Professional REALTORS®, talented in technology, marketing, staging, negotiations, but above all we faithfully strive to serve. In 2021 our team served 248 buyers and sellers in their real estate journey. Our ambitious goals for 2022 double those numbers but also include community building, philanthropy and community service, and education goals. We genuinely enjoy each other, have an incredibly cohesive team, and absolutely love our chosen careers in real estate.

Our New Hope Realty Group agents come from diverse backgrounds including, native Texans, and Texans who got here as fast as they could, medical professionals, backgrounds in building, design, technology, and the military. Every member of the team exceeds the continuing education requirements, working toward advanced real estate education, enjoying a team culture of learning and growth.

With our unique and interesting backgrounds, years of experience, and education all of our agents are talented and tech-savvy, but also offer several areas of expertise. Our agents are experts in working with seniors, first time home buyers, relocation from outside of Texas, lake properties, new construction, flips/design/remodeling, investors and 1031 exchange clients, veterans, and Spanish speaking clients.

marketing materials

• High production volume • Professional market analysis and pricing

• Staging consultation and services

• Professional photography • Drone and Matter-port as needed

as needed

tours as needed

• Mailers and post cards as needed

• Reverse prospecting • Seller home warranty coverage

• Title management • Notary service

• Custom marketing campaign

Beyond our real estate endeavors, we actively contribute to our community. We proudly sponsor Rodeo Austin BBQ, organize blood drives with We Are Blood, engage with Lions Club International, participate in local school drives, and collaborate with local Chambers of Commerce. Additionally, we co-host a quarterly breakfast for First Responders and offer wellness classes at our office. We genuinely love our community and strive to foster meaningful relationships within and beyond our city.

NewHopeRealtyGroup.com l 512.817.4093

NewHopeRealtyGroup.com l 512.817.4093

REAL ESTATE PROCESS IN DETAIL Even the most seasoned buyers can feel lost during a real estate transaction at times.

We are here to help guide you through the process.

1 Budget Exploration: Before looking at properties it is best to

be approved by a reputable lender to determine your budget. After reviewing your loan application and finances, your lender will help you set budget parameters and provide you with a pre-approval letter. The Austin market is very strong; submitting a pre-approval letter with an offer is comforting to sellers and suggests that the financing will progress smoothly.

2 The Search: The home search has the most variable timeline in the process. You may fall madly in love with the first house you see, or it may take a little while to find just the right fit 3 The Offer & Acceptance: Once you’ve found a home you like; your agent will help you write up the offer and submit it to the sellers. The seller will usually counter and negotiations can go back as forth as necessary for both parties to come to an agreement.

Once both parties have agreed to the terms of the offer, by initialing and signing it, the contract is now considered “executed”. The buyer’s agent then delivers the earnest money (generally one percent of the sales price) and contract to the title company where it is held in an escrow account and the closing process begins. The option money must be delivered to the sellers within 48 hours of executed contract for the option period to be valid.

4 Title Company: Once the contract is receipted, the title

company will send the executed contract to all parties involved.

From this point on, the title company will serve as a liaison between the involved parties— collecting information, ordering the survey, maintaining the escrow account, etc. The title company also ensures that the title to a property has no claims against it and can be freely transferred.

5 The Option Period is a time for you to do your due diligence,

have the property inspected and negotiate any potential repairs.

During this time, buyers reserve the unrestricted right to cancel the contract. Typically, option periods are between 7 and 10 days. The fee can range from $150 and up depending on the asking price and current market conditions. In most cases the option fee is credited to the buyer at closing. If for any reason the buyer chooses to terminate the contract within the option period, the option fee is forfeited, however, the earnest money will be refunded.

NewHopeRealtyGroup.com l 512.817.4093

REAL ESTATE PROCESS IN DETAIL CONT. 6 The Inspection should be scheduled upon acceptance of an

offer. Inspections typically take two to four hours to complete depending on the square footage of the property and reports are typically furnished within 24 hours. The cost of an inspection varies but is usually between $350-800; it is paid for by the buyer and is not refundable if the contract is terminated. You and your agent will review the inspection and determine what, if any, items need repair.

A good agent will help you determine what is significant and what is merely cosmetic. Please note that repairs are negotiable and need to be agreed upon by both buyer and seller. Additional documentation will be signed and executed if any agreements are made.

7 Appraisal: After the option period, the lender required appraisal will be ordered on your behalf. The buyer is responsible for the cost – $500+ which should be included in the loan estimate.

8 Loan Processing: During this time, you will be in frequent

contact with the lender. Providing all of the required documents as quickly as possible will keep the process moving forward smoothly.

Files may flow back and forth several times – requiring additional information or detail – before the loan is considered to meet underwriting approval

9 Clear to Close: When the underwriter is satisfied with your

information, the lender issues a “clear to close”, sends the documents to the title company, and delivers the Closing Disclosure to all parties at least three days prior to closing.

10 Final Walk-through: Within 24-48 hours of closing your agent will

schedule a final walk-through of the property to ensure that any negotiated repairs have been made and the home is in satisfactory condition.

11 Closing: Once the title company receives the necessary

documentation from the lender, they will set appointments with the seller and buyer to sign documents. After everything is signed, the lender must still approve funding before the buyer gets the keys.

This usually occurs the same day. The title company will send all the documents to the lender for final approval. Once the lender has issued final approval the transaction is considered “funded.”

Keys are then released to the buyer and proceeds are disbursed to the seller.

Celebrate!

NewHopeRealtyGroup.com l 512.817.4093

ESTIMATED EXPENSES

HOME BUYING PROCESS

Understanding the Costs Involved in Your Real Estate Purchase

1

2

3

SEARCH

OFFER

INSPECTION

• Choose a REALTOR® • Obtain preapproval from lender • View homes • Find a home you love and make an offer

• Offer is accepted or rejected • Option and earnest money is delivered to the title company

• Schedule inspections • Negotiate repairs if needed

OPTION FEE • Typically, $250-$500 + money paid by you to a seller to purchase the option to terminate a real estate contract within your Option Period (normally 5-7 days) EARNEST MONEY • Typically, 1% of your offer price + deposit made by you into an escrow account used to show the seller that you have entered into the transaction in good faith OPTION FEE HOME INSPECTION •Typically, $400-$600+ quickly scheduled after offer is accepted WOOD DESTROYING INSECT/TERMITE INSPECTION • Typically, $99-$200 + mandatory for Texas Vet, VA and FHA financing, but recommended on Conventional and Cash purchases as well

5

4

CLOSING

ACCEPTANCE

• Closing disclosure (72 hours before closing) • Wire funds to title • Sign closing documents • Lender funds transaction • New owner takes possesion • Celebrate!

• Loan approval • Order survey if necessary • Order Appraisal • Obtain home insurance • Clear to close from lender and title company

SEPTIC INSPECTION • Typically, $100-$750 + only recommended if the property you are buying is on a septic sewage system FOUNDATION INSPECTION • Typically, $350-$1,000 + not required, but recommended if signs of foundation deficiency are present SURVEY • If there is no existing survey from the seller or it is deemed unusable by title you may be responsible for this fee. Typically, $550-800 APPRAISAL • Typically, $600+ – which should be included in the lender’s good-faith estimate.

Lending fee - Mortgage lenders do charge fees for lending. The amount varies for each lender.

NewHopeRealtyGroup.com l 512.817.4093

NewHopeRealtyGroup.com l 512.817.4093

CLOSING COSTS… WHO IS RESPONSIBLE?

BUYER'S COSTS Property Inspections Termite Inspection Survey (per contract) HOA Transfer Fee (per contract) Prorated Taxes Half of Escrow Fee Courier Fee Hazard Insurance --------------------------------------------------Loan Origination Fee Loan Title Policy and Endorsements (per contract) Appraisal Credit Report Prepaid Interest Documents Preparation Recording Fee(s) Initial Deposit for Escrow Account (if applicable) Mortgage Insurance Premium (if applicable) VA Funding Fee (if applicable)

SELLER'S COSTS Payoff of Exisiting Loan(s) REALTOR® Commissions Owner's Title Poilicy and Endorsements (per contract) Prorated Taxes Half of Escrow Fee Courier Fee Tax certificate Document Preparation Recording Fee(s) Survey (per contract) HOA Resale Certificate (per contract) Home Warranty (per contract) Termite Inspection (VA Loan Only)

*These fees are associated with a loan. Plerase check with lender for any other fees associated with your transaction.

NewHopeRealtyGroup.com l 512.817.4093

IMPORTANT INFORMATION TO NOTE BROKER OPINION OF VALUE A BROKER/AGENT PRICE OPINION OR COMPARATIVE MARKET ANALYSIS SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.

The source of data used in our CMA’s are derived from several sources including the MLS® information and other 3rd parties. Market changes can dramatically affect the comparable's used in this analysis.

TREC requires agents to notify you of this information and that the price you have been given is just an opinion. You are encouraged to have a certified appraisal conducted to validate the purchase price of any property you are purchasing or listing price for any property you are listing for sale.

MULTIPLE OFFER PROCESS In order to facilitate a transaction involving multiple offers, a seller receiving multiple offers for their consideration before entering into an executed contract with another buyer, broker recommends as follows: 1. All prospective buyers will only be told there are multiple offers.

2. Tell all prospective buyers the same thing – tell one, and tell all.

3. Seller can instruct the listing agent as to a timeframe for considering those offers, but the deadline is totally at the seller's discretion and will be provided in an email or writing to the listing agent.

4. If seller rejects all offers, TAR 1926 - Sellers Invitation to Buyer to Submit New Offer will be used allowing you to be free to accept another offer if one is presented that meets with your approval.

5. Only one offer can be countered at one time, so in the event the seller agrees to counter, all other offers will be rejected until such time this offer is fully agreed upon or withdrawn for consideration.

6. If the seller wants the listing agent to facilitate communication in email form, text or verbal, seller understands that the agent may be communicating the following: This communication from the seller is not a counter offer. Seller may consider another offer and accept another offer. The Listing Agent is only a facilitator and cannot bind the seller through verbal, text or email communications. Only a written offer fully initialed and signed by all parties binds the parties to the real estate contract.

NewHopeRealtyGroup.com l 512.817.4093

Thank you for choosing New Hope Realty Group to help guide you through the homebuying process.

512.817.4093 www.NewHopeRealtyGroup.com

NewHopeRealtyGroup.com l 512.817.4093