TLHG Buyers Guide

BUYER GUIDE WHAT TO EXPECT

MAIN: 443.676.6030

OFFICE: 410.312.0000

theloganhomegroup.com

We would like to take this opportunity to thank you for selecting us to handle the purchase of your home. We understand this can be a stressful time for you, especially when unprepared, however, you can be sure we will be there through every step of the way. Our team will be working alongside you to show you homes, navigate you through the process of writing a strong offer, and ultimately getting you to the closing table. Please feel free to give us a call to discuss any aspect of your home purchase at any time.

COUNTING DOWN TO

THE KEYS

5. Buyer Consultation First, we will meet to discuss what it is that you are looking for in a new home. We will discuss the recent market updates and how they may affect your purchase. We will also discuss your options for financing and secure a preapproval letter.

5. Setup on MLS Search You will have direct access to the MLS. Once we have determined what you are looking for in your home and the areas you are interested in, we will set you up on a search that will immediately alert you once something matching your criteria has hit the market.

4. Preview Properties and Adjusting Criteria There is no limit when it comes to showings! You may fall in love with the first home you see, or the 20th. Keep in mind, as you are previewing properties we may need to adjust your MLS search criteria to find you the perfect home.

3. Writing an Offer Once you have found that perfect home, we will complete a market analysis for you to determine the value in todays market. If you agree with the value, we will write and negotiate an offer and other terms.

2. Offer Accepted!

Your offer was accepted! Our Transaction Coordinators will work with the listing side to make this a seamless transaction for you.

We will schedule your home inspections and the appraisal, work closely with the title company and lender, and navigate you to settlement.

1. Closing Time We have the Clear to Close! Our team will ensure we have everything organized to make this an easy move for you. We will complete a presettlement walkthru, provide you with the utilities needed for your home, and the KEYS! Congratulations!

Home Preview Process When you're ready to start previewing homes, your Realtor or our Showing Agent will work with you to schedule tours. Before viewing the home, we recommend the following: Check out the photos and descriptions online. Browsing the interior and exterior of the home is crucial when deciding if the home appeals to your taste and if you can see it becoming your own.

Drive through the neighborhood. Getting a first impression of the neighborhood and surrounding homes could be a big deciding factor when it comes to buying a home. Also, if you don't have time to visit before the viewing, use tools like Google Street View!

Do your research. When you are searching for your home, it's important to know where you'll be living. Look into the area surrounding you and make sure it fits your needs (examples: schools, commutes, shops, etc.)

HOME LOANS Which loan is best for me?

30 Year Conventional Fixed This is the most common loan product. The interest rate set at closing remains constant so your principle and interest payments will always stay the same.

15 Year Conventional Fixed If you are comfortable with a monthly mortgage payment that is typically higher than a longer term, this is a great option for you! Your home will be paid off sooner with substantially lower interest costs.

5/1 Adjustable The interest rate will be fixed over the initial five year period, but then adjusts on an annual basis- either increasing or decreasing. Your benefit here is a lower initial monthly payment, which allows you to qualify for larger loans, lower payments, and short term savings FHA 30 Year Fixed Insured by the Federal Housing Administration, this mortgage offers more flexible qualifying credit. It's beneficial for those with less-than-optimal credit and limited cash for down payments.

VA 30 Year Fixed Designed specifically for veterans and active duty military, this loan requires zero . payment on purchases. It features lower, fixed interest rates and favorable down terms.

LENDER QUESTIONS What questions should I ask my lender?

- Do you offer a pre-approval or loan commitment program before I start house hunting?

- What is the average number of days it takes for you to issue a firm loan approval?

- At what point can I lock my rate, what will it cost, and can I get it in writing showing the expiration date?

- If we are locked in and rates go down, what options do you offer?

- If we are locked in and rates go up, what is your policy if the rate lock expires?

- What are my down payment and closing cost options?

- What is the index and margin on the adjustable rate you are quoting?

- When you run my credit, how can I obtain a copy of my credit report?

- How do I know this is the best loan option with regards to how long I plan to stay in this home?

Considering a New Construction home?

MYTH: you don’t need to work with a realtor when purchasing a home with a builder.

FACT: the building representative represents the builder and their best interests, not you as the buyer!

Brand new houses have the gleam and sparkle. Builders also give incentives, so what’s not to love?!

Due diligence is important, and builders make it very easy to bypass the Realtor route. Here are a few more facts they building representatives won’t tell you: everything is negotiable, home inspections (by a third party) can be done, and you don’t have to use their lender.

If you’re considering a new build at any point during your home search, make sure you inform your realtor so they can set an appointment and be there to guide you.

A few important questions to ask: What incentives are you offering for closing costs and upgrades?

When do you anticipate the community will be completed?

Can we perform home inspections with our preferred inspection company?

Do you need more sales/contracts in order to begin building?

What warranties do you offer?

What will the cost of HOA be and how will it be ran? (if applicable, also ask about a deferred water and sewer fee)

Ready to start your home search?

By using our website and app, you'll have the power to look anywhere!

Buyers have the ability to mark properties as "favorites" and request showings right from their phone!

Start your home search on the go!

BUYING POWER CHECKLIST Don't want to lost out to other buyers on your dream home?

Here's how to guarantee yourself a better chance!

When looking at the below list, you need to think about how strong of a buyer you really are. Unfortunately when inventory levels are low, buyers will sometimes go to extreme measures to make sure their offer gets accepted. Most sellers are not just interested in price, they are also looking at who will meet their "terms" and are most likely going to make it to the closing table quick and smooth. The more items you check off, the greater the buyer power you have and the greater the buyer power you have, the higher chance the seller will accept your offer.

Offer over asking price Provide a larger, non-refundable earnest money deposit Provide proof of funds (down payment and EMD) Offer a free, extended occupancy post closing Waive appraisal As-Is Home Inspection, with the right to terminate Pay over appraised value (5-10%) Assume HOA/Community compliance letters Financing addendum - zero costs to seller No contingencies Provide a full lender approval, versus pre-approval Provide more money than required down for your laon Conduct a walk-and-talk with inspector during prior to submitting offer Remove seller concessions Shorten any timelines Pay seller's transfer and recordation fees Use the sellers preferred title company

SHOWING AGENT ADVANTAGE If you request a showing by 12pm, our showing agent team will guarantee a same-day showing of that property (schedule and seller permitting)

We hear too often of buyers losing an opportunity to preview a home due to their agent's schedule. With The Logan Home Group, we want to ensure that you are always the first buyer to walk through a new listing, which is why we created the Showing Agent Advantage!

Our talented Showing Agents are trained specifically on showing homes.

This means they are going to have availability to do same-day or next-day showings, point out things the naked eye typically wouldn't recognize, and provide their suggestions to ensure you find the best home for you.

When working with a Showing Agent, they will be your main point of contact for setting up showings and previewing homes, in person or virtually. Once you find a property you a re interested in, your Realtor will provide their market opinion of the home and begin to work with you to formulate a strong offer to present to the sellers.

WHAT UPFRONT COSTS TO EXPECT WHEN SUBMITTING OFFERS Congratulations! You're ready to submit an offer! Unsure of what money comes out of pocket? Here's a list of what you can expect to pay for before settlement CLOSING COSTS - We like to estimate closing costs somewhere between 3.54% in Maryland. Closing costs are standard fees and charges associated with the purchase transaction to secure the loan. Common closing costs can include lender fees, title fees, state recording fees, as well as homeowners insurance and taxes to be placed in an escrow account. Seller Contribution can usually be negotiated with the offer you submit to help cover these costs.

EARNEST MONEY DEPOSIT - This deposit shows the seller that you are a serious buyer; in fact, most offers will not be accepted without an EMD. This money will be securely held by the brokerage in an escrow account, or with the title company. This money will be applied to the overall closing costs at the end of the transaction. Getting your EMD back will be dependent on contingency dates should you not move forward with the purchase. This CANNOT be paid in the form of cash, the lender will need to verify the payment with a paper trail. Acceptable forms of payment include wire, cashiers check, or money order.

HOME INSPECTION - This is not required for a loan, but borrowers often chose to have a home inspection completed as home inspections evaluate different aspects of the home than the required appraisal. The buyer is responsible for the cost, including a required WDI (Wood Destroying Insects) inspection per VA requirements.

APPRAISAL - All purchases funded by a loan will require the home to be evaluated by an appraiser paid for by the buyer. Some lenders can put this fee into the closing costs if upfront payment isn't an option.

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Trusted Affiliates

We take care of the stress of finding a reliable company.

We work with multiple hard working businesses on a daily basis that we know and trust. Expect the best service when working with our affiliates.

Meet Our Team

John Logan, Team Leader, Realtor cell: 443-676-6030 john@theloganhomegroup.com Rebecca Logan, Realtor cell: 410-660-1404 rebecca@theloganhomegroup.com

Erin Greenberg, Realtor cell: 410-949-6183 erin@theloganhomegroup.com

The heartbeat of Maryland Real Estate.

The Logan Home Group provides second to none service by advocating, educating and empowering every client. With extensive industry knowledge and experience we will meet your needs through our tireless work ethic. Our approach is executed flawlessly to leave you informed, confident and enlightened. We focus on completing each transaction to result in a lifelong relationship based on our principal values of integrity, selflessness, and trust. Your experience is guaranteed to last a lifetime.

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