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Buyer's Guide

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YOUR SEARCH BEGINS

Buying a home is one of life's biggest investments and most exciting adventures. I am your trusted advisor in the process, guiding you along the way to make your experience smooth and successful.

This Home Buyer Guide includes helpful information to get you started:

  • Purchasing Process
  • The Power of Pre-Approval
  • Your Home Search
  • Full-Service Support
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INVALUABLE SUPPORT

As a Coldwell Banker affiliated buyer's agent, I offer five essentials throughout the home-buying transaction:

  1. EXPERT GUIDANCE
    • Expertise and insight throughout the complex real estate process, helping you make informed decisions
      every step of the way.
  2. LOCAL MARKET KNOWLEDGE
    • I have the tools and training to serve as your local market guide, with information about trends, pricing and availability to give you a competitive edge in finding the perfect home.
  3. NEGOTIATION SKILLS
    • You will have a fearless advocate who is armed with data and negotiation strategies that can lead to winning deals and seamless resolutions.
  4. TIME-SAVING CONVENIENCE
    • Offers, showings and more will be coordinated on your behalf, along with connections to necessary vendors like mortgage professionals.
  5. PEACE OF MIND
    • Feel confident knowing that a professional is there to help you navigate any unexpected challenges or delays.

PURCHASING PROCESS

STEP BY STEP

1
Obtain Mortgage Pre-Approval
2
Discuss Your New Home Wants and Needs With Me
3
Sign Buyer Agency Agreement
4
Select Properties to View
5
View Properties
6
Write Offer to Purchase
7
Negotiate Terms
8
Accept The Contract

Contingencies
Conduct Inspections
Obtain Mortgage Financing
Obtain Homeowner's Insurance
Resolve Any Issues
Order Appraisal
Obtain Title Insurance

After our initial consultation, I will:

  • Help you establish your budget and connect you with a reputable lender to get pre-approved for a mortgage
  • Discuss your needs and goals, and plan your property search criteria
  • Provide coaching on the best time to buy
  • Agree upon the parameters of our working relationship

Once the criteria and budget are established, I will:

  • Coordinate showings for properties that meet your needs and explain/negotiate features
  • Keep you informed of new properties that come on the market that would interest you
  • Help you understand the market data for any properties of interest
  • Work with you until you find the right home

When we've found your dream home, I will:

  • Assist in determining your offer, including developing a multiple-offer strategy
  • Review and discuss details of the seller's disclosure
  • Apply my expertise in negotiating the offer and contract terms in your best interests
  • Facilitate the home inspection and resolution process
  • Offer information on reliable contractors and service providers
  • Prepare you for closing and the associated costs
  • Provide clear and constant communication to keep you updated on the progress of your transaction

THE POWER OF PRE-APPROVAL

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WHY PRE-APPROVAL MATTERS

The first step in any home search is finding out exactly how much home you can afford and securing the financing to make the purchase. While you can get a rough estimate through pre-qualification, taking the extra step to obtain pre-approval will give you some added advantages.

 

Pre-approval helps you:

  • Understand your financial condition
  • Know exactly how much home you can afford before you begin your home search
  • Strengthen your purchasing power when making an offer

 

When you find a home you love and are ready to make an offer, your mortgage pre-approval lets the seller know that you're serious and fully prepared to buy their home, putting you in a stronger position than other potential buyers.

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THE PRE-APPROVAL PROCESS

Here are some of the documents that you may need to provide to your lender to get the pre-approval process started:

 

Income

  • Current pay stubs, usually for last two months
  • W-2s or 1099s, usually for last two years
  • Tax returns, usually for last two years

Assets

  • Bank statements
  • Investments/brokerage firm statements
  • Net worth of businesses owned (if applicable)

Debts (if applicable)

  • Credit card statements
  • Loan statements
  • Alimony/child support payments

YOUR HOME SEARCH

HOME PREFERENCES

The more I know about the type of home you want, the better. Take a minute to think about the features your new home must have, as well as what you would ideally like it to have, so we can talk it over.

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YOUR HOME SEARCH PORTAL

The next stop on your home search? My website.

  • It's an easy way to check out available properties in your preferred area
  • It provides another way for me to get to know the types of properties that you like
  • After you register on the site, I will receive updates about your activity
  • You can save searches for future access, and save and share specific homes that you like
  • If you sign up to receive email alerts, you'll be notified when new homes that match your criteria come on the market

Thanks to the site's responsive design, you can do all of this from your mobile device, tablet or desktop.

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COLDWELLBANKERHOMES.COM

Make your online home search easy: Our website gives you access to everything home buyers need.

With ColdwellBankerHomes.com, you can:

  • Search all available MLS listings in your preferred location, based on preferences you specify
  • See the results of your search in map or list view Look at multiple images and read full details about properties that interest you
  • Save your search so you can easily return to it each time you come back to the site
  • Sign up for email alerts on new properties or open houses that meet your search criteria
  • Share your favorite properties with your friends via email or social media
  • Discover information about the community and area schools
  • Learn more about the home-buying process
  • Easily conduct your search from your mobile device, tablet or desktop through the site's responsive design
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MAKING AN OFFER

There are many factors that influence the market value of a home. The following can help give you insights and empower you to make a competitive offer you're comfortable with. I will work with you on a strategy to obtain the most advantageous terms and acceptable pricing for you and your budget.

 

Issues to consider:

  • How long has the home been on the market?
  • Has the property had any price changes?
  • Has the property been under agreement previously?
  • Are there multiple offers on the property?
  • What is being included in the sale or what may be negotiated as part of the sale?
  • What are the market conditions in the area or neighborhood, like "list to sale price ratio?"
  • Is the seller offering an assumable loan or seller financing that may be more favorable for you?

 

I will help you set purchase price parameters by providing you with a comparable market analysis (CMA) comparing the home, its price and its features to other similar homes in the area that are on the market or have recently sold.

Then I will present the offer to the seller through the listing agent and help you navigate the seller's response, whether it be to accept, reject or counter your offer, which starts the negotiations process.

CLOSING ON YOUR HОME - AND BEYOND

Once your offer has been accepted, the closing process begins. Here are some of the typical steps involved.

FULL-SERVICE SUPPORT

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TRANSACTION MANAGER

Your transaction forms for the purchase of your new home will be entered into Transaction Manager, a convenient, secure website where you can track the progress of your sale and access your documents throughout the process, and long after the closing.

  • Important information and documents are uploaded and stored online in your personal account
  • Forms and services related to your purchase can be viewed anytime during your transaction
  • Automated email alerts and messaging keep you informed
  • Upon closing, your transaction is archived so you can retrieve documents as needed, such as for financial planning or tax season

FULL-SERVICE SUPPORT

Coldwell Banker Realty helps you through all aspects of the home-buying process. Our affiliations with our preferred partners ensure that you receive complete assistance from beginning to end, giving you one-stop-shop convenience.

Guaranteed Rate Affinity* provides mortgages across the country and features extremely competitive rates, fantastic customer service and a fast, simple process.

Our local title partner can research and resolve any issues before the closing to help ensure the transaction closes smoothly and on time.

American Home Shield® provides that extra measure of security that makes you feel more comfortable and confident in the purchase of your home.

Anywhere Insurance Agency offers competitive rates on homeowners,
condominium, renters, automobile, second home, vacant home and umbrella coverage.

Highly skilled Coldwell Banker Commercial® affiliated agents offer a full spectrum of office, industrial, retail, multi-family and hospitality services.

BUYER'S AGENT COMPENSATION

Please note that my commission is not set by law and is fully negotiable. Listed here are examples of how a buyer's agent can be paid.

LET'S GET STARTED

Your home-buying needs are one of a kind. Using the unmatched resources of Coldwell Banker Realty, I will develop a custom plan to:

Provide you with powerful, personal service

Assist you in finding the right home and help you negotiate the best possible price and terms for it

Close the sale in a smooth, timely manner

GLOSSARY

Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes over time in line with movements in a financial index. ARMs can also be referred to as AMLs (adjustable mortgage loans) or VRMs (variable rate mortgages).

Adjustment Period: The length of time between interest rate changes on an ARM. For example, a loan with an adjustment period of one year is called a one-year ARM, meaning that the interest rate can change once a year.

Amortization: Repayment of a loan in installments of principal and interest, rather than interestonly payments.

Appraisal: An estimate of the property's value.

Assessed Value: The value placed on a property for purposes of taxation.

Assumption of Mortgage: A buyer's agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (typically the seller) from liability.

Balloon Payment: A lump sum principal payment due at the end of some mortgages or other long-term loans.

Buy-Down: A permanent buy-down is prepaid interest that brings the note rate on the loan down to a lower permanent rate. A temporary buy-down is prepaid interest that lowers the note rate temporarily on the loan, allowing the buyer to more readily qualify and increase payments as income grows.

Cap: The limit on how much an interest rate or monthly payment can change, either at each adjustment or over the life of a mortgage.

Cash Reserves: The amount of the buyer's liquid cash remaining after making the down payment and paying all closing costs.

CC&Rs or Covenants, Conditions and Restrictions: A recorded document that controls the use, requirements and restrictions of a property.

Commitment Period: The period of time during which a loan approval is valid.

Condominium: A form of real estate ownership in which the owner receives exclusive title to a particular unit and shares ownership in certain common areas with other unit owners. The unit itself is generally a separately owned space whose interior surface (walls, floors and ceiling) serve as its boundaries.

Contingency: A condition that must be satisfied before a contract is binding. For example, a sales agreement or offer may be contingent upon the buyer obtaining financing.

Conversion Clause: A provision in some ARMs that enables home buyers to change an ARM to a fixed rate mortgage, usually after the first adjustment period. The new fixed rate is generally set at the prevailing interest rate for fixed rate mortgages. This conversion feature may involve an extra charge.

Cooperative: A form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements.

CRB or Certified Residential Broker: To be certified, a broker must be a member of the National Association of REALTORS®, have five years of experience as a licensed broker and have completed required Residential Division courses.

Debt Ratios: The comparison of a buyer's housing costs to his or her gross or net effective income and the comparison of a buyer's total long-term debt to his or her gross or net effective income. The first ratio is the housing ratio and the second is the total debt ratio.

Deed: A document which, when properly executed and delivered, conveys title of real property.

Disclosure: To make known or public. By law, a seller of real property must disclose facts which affect the value or desirability of the property.

Discount Points: A negotiable fee paid to the lender to secure financing to the buyer. Discount points are interest charges paid up-front to reduce the interest rate on the loan over the life or a portion of the term.

Due-on-Sale Clause: A clause that requires a full payment of a mortgage or deed of trust when the secured property changes ownership.

Earnest Money: The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.

Easement: A right to use all or part of the land owned by another for a specific purpose. For example, an easement may entitle the holder to install and maintain sewer or utility lines.

Encumbrance: Anything that affects or limits the ownership of real property, such as mortgages, liens, easements or restrictions of any kind.

Equity: The difference between what is owed and the amount for which the property could be sold.

Escrow: A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties' instructions and assuming responsibility for handling all of the paperwork and distribution of funds. An escrow fee, typically paid by the buyer, is charged by the title company to service the transaction and to escrow money and documents.

Federal Home Loan Mortgage Corporation (FHLMC): Often referred to as "Freddie Mac," it purchases loans from savings and loan lenders within the Federal Home Loan Bank Board.

Federal National Mortgage Association (FNMA): Popularly known as "Fannie Mae," it purchases and sells residential mortgages insured by the FHA or guaranteed by the VA, as well as conventional home mortgages.

Fee Simple: An estate in which the owner has unrestricted power to dispose of the property as he or she wishes, including leaving by will or inheritance.

FHA Loan: A loan insured by the Federal Housing Administration (of the Department of Housing and Urban Development).

Fixed Rate Mortgage: A conventional loan with the same interest rate for the life of the loan.

Fixtures: Personal property that is attached to real property and is legally treated as real property while it is attached - such as light fixtures, window treatments and medicine cabinets.

Foreclosure: The legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

Fully Indexed Rate: The maximum interest rate on an ARM that can be reached at the first adjustment.

Gift Letter: A letter from a relative stating that an amount will be gifted to the buyer and that said amount is not to be repaid.

Government National Mortgage Association (GNMA): Known as "Ginnie Mae," a governmental part of the secondary market that deals primarily with recycling VA and FHA mortgages, particularly those that are highly leveraged.

Graduated Payment Mortgage: A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.

Home Warranty Plan: Protection against failure of mechanical systems within the property and usually includes plumbing, electrical, heating and cooling systems and installed appliances.

Index: A measure of interest rate changes used to determine changes in an ARM's interest rate over the term of the loan.

Initial Interest Rate: The introductory interest rate on a loan, which signals that there may be rate adjustments later in the loan.

Joint Tenancy: An equal, undivided ownership of property by two or more persons. Upon the death of any owner, the survivors take the decedent's interest in the property.

Jumbo Loans: Mortgage loans that exceed the loan amounts acceptable for sale in the secondary market. Jumbos are packaged and sold differently to investors and have separate underwriting guidelines.

Lien: A legal hold or claim on a property as security for a debt or charge.

List-to-Sale Ratio: The ratio between the price at which a property is listed and the amount for which it is actually sold.

Loan Commitment: A written promise to make a loan for a specified amount on specified terms.

Loan-to-Value Ratio: The relationship between the amount of the mortgage and the appraised value of the property, typically expressed as a percentage of the appraised value.

Lock-In: The fixing of an interest rate or points at a certain level, usually during the loan application process. It is typically fixed for a specified amount of time, such as 20 to 30 days or some other period of time determined by the lender.

Margin: The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

Mortgage (Deed of Trust): A legal document that provides security for repayment of a promissory note.

Mortgage Insurance Premium (MIP): The mortgage insurance required on FHA loans for the life of said loan. The MIP is either paid in cash at the time of closing or financed over the course of the loan.

Multiple Listing Service (MLS): The pooling in a central bureau of all properties for sale.

Negative Amortization: Occurs when monthly payments fail to cover the cost of the interest on a loan. The interest that is not covered is added to the unpaid principal balance, meaning that even after making several payments the borrower could owe more than at the beginning of the loan. Negative amortization may occur when an ARM has a payment cap that results in monthly payments that are not high enough to cover the interest.

Origination Fee: A fee or charge for work involved in evaluating, preparing and submitting a proposed mortgage loan. The fee is limited to 1% for FHA and VA loans.

PITI: The term for a mortgage payment that includes principal (P), interest (I), taxes (T) and insurance (1).

Planned Unit Development (PUD): A zoning designation for property developed at the same or slightly greater overall density than conventional development, often with improvements clustered between open or common areas. Use may be residential, commercial or industrial.

Point: An amount equal to 1% of the principal amount of the investment or note.

Pre-Approval: When a borrower has completed a loan application and provided debt, income and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and makes assumptions about what the interest rate will actually be at the time the loan is made, as well as estimates for the amount that will be paid for property taxes, insurance, etc.

Prepayment Penalty or Clause: A fee charged to a borrower who pays a loan in full before the stated due date.

Private Mortgage Insurance (PMI): Insurance written by private companies to protect the lender against loss if the borrower defaults on the mortgage. PMI is often required on mortgage loans in which less than 20% has been put forth for the down payment. Depending on the conditions of the mortgage, the borrower may request cancellation of PMI when equity in the property reaches 20%.

Purchase Agreement: A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract or agreement for sale.

Rate Gap: The difference between the current rate and the rate to which it could adjust on an ARM.

REALTOR®: A real estate broker or sales associate active in a local real estate board affiliated with the National Association of REALTORS®.

Recording Fee: Charged by the County Clerk to record documents in the public records.

Refinance: A new loan with new terms, interest rates and monthly payments that completely replaces your current mortgage.

Regulation Z: The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.

Short Sale: The sale of a home for less than the balance remaining on the homeowner's mortgage.

Tenancy in Common: A type of joint ownership of property by two or more persons with no right of survivorship.

Title: The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer and dispose of real estate.

Work With Dedra

Get assistance in determining the current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.

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