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703.623.8759Tamara Inzunza, Realtor MovingToNova.com

Buyers Presentation

Exclusively for the Buyer Clients of

Tamara Inzunza, Associate Broker

RE/MAX Executives


Professional Services Provided

• Explanation of agency relationships

• Explanation of transaction costs

• Explanation of my role as your Realtor

• Explanation of commissions• Assistance with mortgage

pre-approval• Effective Listening to your

search criteria

• Email daily listings of homes• Contract negotiations• Attendance at your home

inspection• Contingency removals• Scheduling settlement• Attendance at pre-settlement

walk-thru inspection• Attendance at closing


Why Get Approved First?

1. It lets me know that you’re serious about purchasing a home2. It lets you know exactly what your price range is3. It gives you the equivalent of being a cash buyer4. It is proof to me that any financial issues determined by your

lender have been resolved, which means that I am in a better negotiating position for you

5. It eliminates doubt in YOUR mind about the solidity of your financial ability to purchase

6. It gives your lender the ability to confirm with the seller’s agent that you are approved (You can expect the seller’s agent to verify your mortgage approval status prior to contract acceptance.)

Sellers hire professional Realtors to market, show, and sell their home to buyers who can afford to buy it. Homes for sale are private residences, and all sellers have the right to know that every buyer who enters has the financial ability to buy it. And all Buyer Agents have the

right to know that you can buy a home before showing you any property.


Understanding Transaction Costs

Writing Your Purchase Offer• Earnest money deposit –

1% of sales price OR any amount, will go toward your closing costs

Home Inspections ($250-$400+)• Payable to the home

inspector at the time of the inspection. Costs vary but will be established at the time of scheduling the appointment.

Credit Report ($35-$70)• Payable to your lender• Disclosed on your Good

Faith Estimate of Closing Costs (GFE)

• Cost of obtaining your credit report from the three credit bureaus

Appraisal ($350-$450)• Payable to your lender• Disclosed on your Good

Faith Estimate of Closing Costs (GFE)

• Cost of independent determination of the home’s value

Hazard (Homeowners) Insurance • Payable to your

insurance provider• Estimate provided on

your Good Faith Estimate of Closing Costs (GFE)

• Check with your current provider for bundle discounts

• One year policy paid upfront, prior to closing


Your Written Offer

• Should have a fair asking price– We will review the sales history, or comparables to see

what has sold within the past 3-6 months

• Should contain an Earnest Money Deposit that is comparable to the Sales Price

• Will include your contingencies– Home inspection– Financing– Appraisal

• Will be accompanied by your lender’s Mortgage Approval or Commitment Letter

• Will be signed and initialed by you


What Happens After I Make An Offer?

• The seller may: Accept your offer Counter your offer Reject your offer

• If your offer is countered, you will have the opportunity to accept, reject, or make another counteroffer.

• In the event of multiple offers, the seller will accept the most attractive offer, and you may not be given a chance to make a counter offer. The seller is under no obligation to counter or accept your offer.


Your Home Inspection

You should definitely have a home inspection. The purpose is to make you aware of any defects that may exist before you settle on your new home. If your contract is contingent on a home inspection and you find defects, the following options are available to you:

• the seller will remedy all of the items noted

• the seller will extend you a monetary closing cost credit in lieu of the repairs

• the seller will choose not to remedy any defect, in which case you can void your contract, or you can proceed having full knowledge of the home’s condition

Note: The home inspector can only inspect what is visible at the time of the inspection.


Association DisclosuresIf you are purchasing a condo or a home within a homeowners association, you will receive a resale disclosure packet after contract acceptance. What’s included?

1.The rules and regulations of the community2.The financial status of the association (budgets, reserves)3.Current monthly/quarterly/yearly fees and what they include4.Information on pet restrictions5.Contact information for the management company

The documents will contain points of contact should you have additional questions. It is your responsibility to review these documents to help you obtain information about your new community and how it is governed.


Home Warranties

You can purchase a home warranty at the time of settlement. A warranty provides

you with additional coverage for the HVAC system, plumbing, and electrical systems,

and appliances. The costs for the deductible, and total warranty cost vary

with each company. Review the different warranty companies to see the different

coverage options.


What About Foreclosures & Short Sales

• A foreclosure is a property that is owned by the bank. The owner has defaulted on the mortgage, and the bank now owns the home (REO property or Bank Owned).

• A short sale is where the seller still owns the property but may be behind in mortgage payments. The bank has given the owner permission to sell the home for less than what is owed on the total mortgage balance. Short sales are riskier because there is no guarantee of the property condition at the time of closing, the bank may ‘change their mind’ in the middle of the transaction, or at closing. Short sales can take 3-6 months or longer to close.

• All distressed sales are sold in as-is condition. You will be responsible for all repairs, and the property condition after closing. You may conduct a home inspection, but the seller/bank will not make any repairs (a deal-breaker for many cash strapped buyers).


Walk-thru Inspection

This is conducted prior to closing. The purpose is to make sure that the home is in substantially the same condition as when

the contract was written, and to make sure that any home inspection items have been

corrected.


Closing/Settlement

At closing, ownership is transferred, monies are collected, and keys are delivered. The

settlement attorney will ensure that all of the terms of the contract have been met. Also,

the attorney will review your loan documents with you. Any walk-thru issues will be remedied by the seller, or negotiated.


Contract for Services

• The Exclusive Right to Represent Buyer Agreement (required by Virginia law as of July 1, 2012 prior to showing any property)

• Employs me as your Exclusive Realtor

• Outlines minimum services provided

• Outlines fees charged


Your Duties & Responsibilities

• Contact me about any property listed.

• Contact me if you see a ‘For Sale By Owner’ that you’re interested in.

• Allow me to accompany you to all model homes.

• Tell me if you think I’m not doing my job.

Questions and Answer Period


What’s Next???• Questions and Answers, what are your concerns about buying a

home• How I search the MLS for you

– Important things you should look for when reviewing the listing information (bedroom counts, basements, square footage)

• Helpful website to check mortgage rates daily– www.BankRate.com, also has mortgage calculators

• Monthly payment estimates of homes that you have chosen• Finalize your mortgage approval

– Submit required documents to your chosen local lender– Obtain your Approval Letter– Obtain a Good Faith Estimate (GFE) of your closing costs– Decide on the right loan for you

• Review the Exclusive Right To Represent Buyer Agreement– Sign and bring a copy of your Mortgage Approval Letter to our next

appointment

Documents

E buyers presentation printer friendly