21
Home Buying -Sb

home buying

  • Upload
    mosa

  • View
    1.501

  • Download
    2

Embed Size (px)

Citation preview

Page 1: home buying

Home Buying-Sb

Page 2: home buying

Overview

To buy or not to buy? General Tips.Where and What to buy?Home buying Team.What is the worth of the house?Home Inspection.Legalities and Setting up Escrow

Account.

Page 3: home buying

To buy or not to buy? General Tips

Renting or Owning?Job securityPlan for next 5 yrsPanic/Instinctive buying.Not just buying a house. Buying the

whole packageMuch more….

Page 4: home buying

Where and What to buy?(Location/Housing Package)

Economic HealthAmenitiesQuality of SchoolingCrime RateStability – housing valuePride of Ownership

- Weighted avg. of the above.

Page 5: home buying

Where and What to buy?(Location/Housing Package)

Three Common PrinciplesPrinciple of ProgressionPrinciple of RegressionPrinciple of conformity

Page 6: home buying

Where and What to buy?(Location/Housing Package)

New Homes Build to standard

expectations Cheaper Operating

cost You can build it to

your spec. What you see may

not be what you get

Old Homes Prices negotiable Proven

neighborhood Less expensive Rough edges of a

new home would have smoothened

Page 7: home buying

Your Team

Real estate AgentReal Estate BrokerMoney Lender/Mortgage BrokerProperty InspectorEscrow OfficerFinancial and Tax AdvisorLawyer

Page 8: home buying

Your Team

Real Estate AgentBuyer’sSeller’sRepresenting Both

A good Real Estate Agent – Time, Contacts, Patients, Geographic spl., Should educate you.

Page 9: home buying

Your Team

Activity List (last 12 months) Property Address Property Type Sales price Dates of Sales Whom they represent (buyer, Seller) Total dollar value of sales Name and phone number of sellers/buyers

Page 10: home buying

Your Team

Agent Interview (At least 3 agents) Full time/Part Time? Whom do you represent? How long in business? Salesperson/Broker Licensing? Understand my needs (from previous

conversation What do you think of other 2? How many are you currently representing?

Page 11: home buying

Your Team

Real Estate Broker. These are the same as Agents, except that they have a different type of licensing to operate. They can operate independently of a Broker, when Agents/Sales persons cannot.

These are fall backs when the Agents did not perform well, in your team.

Page 12: home buying

What is the home worth?

Value is a moving TargetFair Market ValueMedian Home ValueComparable Market ValueAppraisals

Page 13: home buying

Negotiations

Negotiate with factsTime is an Important FactorLearn the Sellers MotiveWatch-out for any “higher authority”Do not be EMOTIONALAvoid Low-BallingAvoid Auction Situation

Page 14: home buying

Offers->Counter Offer -> …

Good PriceGood FinancingCause and ContingencyNo Phone OffersNO Verbal agreements

Page 15: home buying

Home Inspection

Patent - SelfLatent - Home Inspector

Page 16: home buying

Patent

CracksMoistureStickinessLoosenessInsectsSlides

Page 17: home buying

Latent

Pre-purchase Interior and ExteriorPest ControlArchitectural

Page 18: home buying

Pre-purchase Interior and Exterior

Full Time Carry Errors and Omission Insurance Company Info Licenses and Certification (ASHI) Scope Time of Inspection Type of reporting Check references Cost Be present for Inspection Do not be shy to ask questions

Page 19: home buying

Ownerships

Joint TenancyCommunity PropertyTenants-in-common or partnership

Page 20: home buying

Escrow

Seller – BuyerBuyer - Money Lender (RESPA)

Page 21: home buying

Insurance

Home Owner’sPMITitle InsuranceFlood Earthquake