Purchasing your dream home

1. Rita Cox
Keller Williams Realty

2. 10 Steps in the Home Purchase10 Steps in the Home Purchase
1. Initial Buyer Consultation
2. Pre-Approval by Lender
3. Home Search
4. Make Offer / Negotiate Contract
5. Inspection of Property
6. Appraisal of Property
7. Final Approval of Loan
8. Final Walk Thru of Property
9. Closing on Loan & Home
10. Move In!

3. Step 1: Lender Pre-ApprovalStep 1: Lender Pre-Approval
Have You Spoken to a Lender
◦ How Much House Can You Afford?
◦ What Type of Loan – FHA, VA, Conventional
◦ Information on Down Payment Assistance
◦ Interest Rate Information, Terms, Etc.
◦ Get Pre-Approved Upfront

4. Step 2: Meeting With The RealtorStep 2: Meeting With The Realtor
Discussion of Your Needs & Wants
Be Prepared to Discuss “Why” ???
Indicate Which Items Are “Deal Killers”
Go Over The Buying Process
Discuss Costs
Cover Buyer Brokerage

5. House Hunting CriteriaHouse Hunting Criteria
Needs: Wants:
No. of Bedrooms
No. of Baths
Area of Town
Ranch vs. 2 Story
Size of Yard
Subdivision
Extra Bedroom
Basement
Hardwood Floors
Granite Countertops
Corner Lot
Fenced Yard

6. Costs of Buying a HomeCosts of Buying a Home
 Down Payment on Home 3.5% of Sales Price - FHA
 Earnest Money $1,000 and up
 Inspection $300 - $400
 Appraisal $350 - $450
 Turn on Utilities – Foreclosures Varies
 Closing Costs Varies – Ask Lender for
Good Faith Estimate
Ranges from 3-5% -
Seller will pay a portion.

7. Step 2: Buyer BrokerageStep 2: Buyer Brokerage
BUYER BROKERAGE:
 Agreement Between the Agent & Buyer
 Must Be In Writing
 Outlines Responsibilities of Both Parties
 Can Be Terminated by Either Party
 Creates Loyalty & Trust Between Parties

8. Step 3: Shopping For A HomeStep 3: Shopping For A Home
Ways to Search:
 On-Line Sites … Realtor.com, Trulia, GeorgiaMLS.com
 Automatic Updates from Your Realtor via E-Mail
 Mobile Apps Send Listings to Your Phone
 Realtor Selections Based on Initial Consultation
Schedule Showings:
 Show 5-7 Homes per Outing
 Each Showing is Scheduled the Day Before

9. You Will Know The Right OneYou Will Know The Right One
EVALUATING EACH HOME:
 Area – Proximity to Work, Family, Other Interests
 Neighborhood – Swim, Tennis, Number of Homes
 Curb Appeal of Home
 Condition of the Home
 Does it “Feel” Like Home

10. Types of Home SalesTypes of Home Sales

11. Buying a Traditional ResaleBuying a Traditional Resale
 Traditional Sales – Can be Personal Sales
 Expect Faster Responses
 Research on Recent Sales Before to Making An Offer
 Be Prepared for Multiple Offer Situations

12. Buying a Bank ForeclosureBuying a Bank Foreclosure
 Homes Are Sold “As Is”
 Utilities May Not Be Turned On -
 Homes Usually Need Cosmetic Repairs… Carpet, Paint
 Each Lender Has Their Own Set Of Contracts
 Must Inspect Within 7 Days Of Contract Acceptance
 Banks are Aware of the Condition of the Home
 Be Prepared for Multiple Offer Situations

13. Buying a ‘Short Sale’Buying a ‘Short Sale’
 Short Sales Can Take Up to 3-4 Months to Close
 Don’t Make Lowball Offers – Know the Area
 Lender Can Still Decline/Counter Your Offer
 Seller Can Decline Bank Offer
 Homes are Sold “As Is”

14. New Home ConstructionNew Home Construction
 Sales Price is Usually Not Negotiated
 Buyer Upgrades May Be Available
 Builders Usually Have Their Own Lenders
 Can be a Penalty for Failure to Close On Time
 The On-Site Agent Works for the Builder
 There Are Scheduled Walk Thru
Times for the Buyer

15. Step 4: Anatomy of An OfferStep 4: Anatomy of An Offer
Making An Offer
 Agent Pulls Area Comparables
 Evaluate the Time the Listing has been on Market
 Look at Time Needed to Close
 Look at How Much You Need in Closing Costs
 Are the Utilities On? Ask for Them to be Turned On

16. Step 4: Anatomy of An OfferStep 4: Anatomy of An Offer
The Art of Negotiation
 Multiple Offers – “Highest & Best”
 Counter Offers
 The Seller Does Not Have to Accept Your Offer
 They May Counter – Price, Closing Cost, Closing Date
 Time Is Of The Essence – Respond Quickly
 This is not an Auction – Make a Reasonable Offer
 Make it a “Win-Win”

17. Step 4: Accepting An OfferStep 4: Accepting An Offer
Accepting An Offer
 Binding Agreement Date – The date that the offer is
officially accepted by all parties.
 Due Diligence Period Begins– Once the contract is “binding”
You have 7-10 days to look over the house completely
 Watch The Dates

18. Steps 5-7: Accepting An OfferSteps 5-7: Accepting An Offer
What’s Next?
Home Inspection
Termite Inspection
Official Loan Application
Good Faith Estimate
Appraisal
Loan Approval !!!!

19. Steps 5-7: Accepting An OfferSteps 5-7: Accepting An Offer
Other Issues:
Homeowner’s Insurance
Is the Home in a Flood Zone?
Get a Copy of Community Covenants
Line Up Your Movers
Get Utilities Turned On In Your Name

20. Step 8: Final Walk ThruStep 8: Final Walk Thru
FINAL WALK THRU:
 Make Sure Everything is Still There
 No Vandalism or Theft
 Everything is Like It Was When You Made Your Offer

21. Step 8: Final Walk ThruStep 8: Final Walk Thru
FINAL WALK THRU:
I found this on
the morning of
a closing:

22. Step 9: The Closing!Step 9: The Closing!
CLOSING DAY:
Bring Your Driver’s License
Bring Certified Funds
Closing Takes About An Hour
Review the HUD-1/ Settlement Statement
Sign Your Security / Loan Documents
“You Pay – You Stay”/ “You Don’t – You Won’t”
Get Your Keys!!

23. Step 10: Moving Day!!!Step 10: Moving Day!!!
MOVING DAY:

24. My Contact InformationMy Contact Information
Rita C. Cox
Associate Broker
Keller Williams Realty – Atlanta Partners
1957 Lakeside Parkway
Tucker, GA 30084
(678) 252-1900 Office
(678) 467-1229 Cell
(404) 751-2798 E-Fax
www.RitaCoxRealtyGroup.com
www.TheHomebuyerBlog.com
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