Buyer Presentation Auto115[1]

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