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Buyers Presentation
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Cindy Greenya and Danielle Dojcak www.Loudoun2Winchester.com
Home Buying 101Home Buying 101
Brought to you by Paul DeMarce and Leslie Woods-Hulse, Brought to you by Paul DeMarce and Leslie Woods-Hulse, REALTORSREALTORS® ®
What you need to know to buy a home in today’s market
Your name * Your phone number * Your email address
Process OverviewProcess Overview
• Make an Offer• Get an Appraisal
• Pre-approval• Find an agent
Self Assessment
Closing / Settlement Home Inspection
Loan Qualification
Start
Your name * Your phone number * Your email address
Self AssessmentSelf Assessment
What Can You Afford?
How’s Your
Credit?Got
Cash?
How Much Debt?
Where do you stand?
Be honest!
Debt To EarningRatio?
Your name * Your phone number * Your email address
What kind of house?What kind of house?
How many rooms? How many rooms?
A particular style? A particular style?
Make a list of most important to least important.
What features? What features?
New or used? New or used?
Your name * Your phone number * Your email address
Where will you live?Where will you live?
School Systems School Systems
Demographics Demographics
Market Conditions Market Conditions
Make a list of most important to least important criteria.
Zoning & Taxes Zoning & Taxes
Your name * Your phone number * Your email address
Why get pre-approved?Why get pre-approved?
Reveals how much you can afford Reveals how much you can afford
Uncovers credit problems early Uncovers credit problems early
Eliminates surprises Eliminates surprises
Shows sellers that you’re serious Shows sellers that you’re serious
Your name * Your phone number * Your email address
Find an agent who...Find an agent who...
Is professional, courteous and honest Is professional, courteous and honest
Respects your needs and limitations Respects your needs and limitations
Knows the market conditions Knows the market conditions
Your name * Your phone number * Your email address
The initial walk-throughThe initial walk-through
Look beyond the decorations Look beyond the decorations
How does the house feel to you? How does the house feel to you?
Does it offer items from your wish list? Does it offer items from your wish list?
Make note of structural traits Make note of structural traits
Your name * Your phone number * Your email address
Making an offerMaking an offer
Work closely with your agent Work closely with your agent
Have a negotiation plan in place Have a negotiation plan in place
When in doubt, trust your agent’s advice! When in doubt, trust your agent’s advice!
Is the price realistic, given the market? Is the price realistic, given the market?
Your name * Your phone number * Your email address
What kind of mortgage?What kind of mortgage?
Fixed RateFixed Rate AdjustableAdjustable
• 30, 20, 15 year
• Rate never changes
• Offers predictability
• Fixed at first
• Changes with market
• Less predictability
• Balloon
• FHA
• VA
OtherOther
Your name * Your phone number * Your email address
The appraisal processThe appraisal process
The appraisal protects the lender The appraisal protects the lender
Options if the home doesn’t appraise... Options if the home doesn’t appraise...
Buyer pays difference, or seller lowers price Buyer pays difference, or seller lowers price
It also prevents you from overpaying It also prevents you from overpaying
Your name * Your phone number * Your email address
The home inspectionThe home inspection
An inspection is not an appraisal An inspection is not an appraisal
Focuses on structural, mechanical items Focuses on structural, mechanical items
A small price to pay for peace of mind! A small price to pay for peace of mind!
The inspection protects you, the buyer The inspection protects you, the buyer
Your name * Your phone number * Your email address
The home inspection The home inspection (cont.)(cont.)
The inspector will make a list of issues The inspector will make a list of issues
Focus on major issues – who will fix? Focus on major issues – who will fix?
Review this list closely with your agent Review this list closely with your agent
Your name * Your phone number * Your email address
The final walk-throughThe final walk-through
A day or two before closing A day or two before closing
Make sure that no new issues have arisen Make sure that no new issues have arisen
Verify completion of agreed-upon repairs Verify completion of agreed-upon repairs
Your name * Your phone number * Your email address
Closing / SettlementClosing / Settlement
Review settlement statement beforehand Review settlement statement beforehand
Don’t let your questions go unasked Don’t let your questions go unasked
A lot of paperwork; review it carefully A lot of paperwork; review it carefully
Congratulations, you’re now a homeowner Congratulations, you’re now a homeowner
Your name * Your phone number * Your email address
Other ResourcesOther Resources
www.NVEXIT.comwww.NVEXIT.com
www.HUD.gov www.HUD.gov
www.HomeLoanLearningCenter.com www.HomeLoanLearningCenter.com
www.FannieMae.com/homebuyers/resources www.FannieMae.com/homebuyers/resources
www.NVEXIT.infowww.NVEXIT.info
Your name * Your phone number * Your email address
Have Any Questions?Have Any Questions?
Q&A
Call Paul DeMarce - 540-454-2435 or
Leslie Woods-Hulse - 703-728-7370
www.NVEXIT.com or www.NVEXIT.info