HOME BUYER
GUIDEBOOK
Compliments of:
Dana Schatzl, CBR
Century 21 Network/
Richmond Associates
968 Hancock Street
Quincy, MA 02170
617-750-8016 Direct
E-Mail: Dana@SouthShoreDreamHomes.com
Web Site: www.SouthShoreBuyerAgent.com
I will help you buy the home you want, for the best price and
financing rate, with the least amount of hassle and inconvenience!Congratulations! Buying your own home is one of the smartest financial decisions you will ever make. For most Americans, the equity that they build in their home is their biggest source of wealth.
I realize that buying a home can be a stressful undertaking. Whether this is your first home purchase or your twentieth, you want things to go as smoothly as possible with no last minute surprises.
This guidebook is designed to familiarize you with how the whole system works, and make you as comfortable as possible about the home buying process.
As your real estate agent, I will provide you with the information you need to make an informed decision throughout the entire process.
The first step is to meet with the Mortgage Company to be pre-approved for your loan (unless you are paying all cash). The first step is very important for several reasons.
Once you are pre-approved, you can shop for your new home in confidence, knowing that you won´t have any problems getting the loan.
Many buyers who skip this step and just go out house hunting are unsure and nervous when they find a home that they like, because they don´t really know for sure if they will be approved for a loan.
Loan underwriters have specific rules and guidelines they must follow. Many would-be homebuyers have been dismayed and disappointed to find out 2-3 weeks after they enter a contract that the lender has turned them down.
Please realize that one of the biggest fears a home seller has is that they will enter into a contract with a buyer, prepare to move, and then find out that the buyer didn´t qualify.
When you get pre-approved first, we will obtain a letter from the Loan Company stating the amount that you are approved for. When shown to a seller, the letter makes the seller feel more comfortable, and will add more power for us in negotiations. Many of the best homes can have offers on them at the same time from different buyers. Often the buyer that can show that they are already approved for their loan will get the house.
The bottom line is that getting pre-approved for your loan first means stress-free home shopping AND more leverage with the seller!
You can use any lender you wish, but I strongly recommend that you call a couple of lenders to make sure you are getting the most attractive rate available. You also want a mortgage company who provides excellent service and can tell you the status of your loan without passing you around to some mysterious unknown person.
The home buying process is quite complicated, and nothing will throw a wrench into things faster than a mortgage company that drops the ball.
You may have already met with a loan officer. If not, here is a list of items you should bring to your loan application:
1) W-2 (2 years) & current paystubs
2) Past 2 years pay history for Landlord/mortgage Company
3) Employment information (2 year history)
4) All bank account numbers and balances
5) Last 3 month´s bank statements
6) Open loans - names, addresses, account #, balances, monthly payments
7) All information on any other real estate loans
8) Driver´s license or other photo ID
9) Check for credit report
10) Certificate of eligibility or DD214 (VA loan only)
11) Self employed: Last 2 years complete tax returns, year to date profit & Loss and Balance Sheet
The next step is for you to come into the office for your initial consultation. I will sit down and evaluate your situation, and determine if it is in your best interest to proceed with buying a home at this time.
If you decide to move forward, the next step is to view all the forms involved in a real estate transaction, including: Offer to Purchase, Purchase and Sale Agreement, Mortgage & Home Inspection Contingency Agreements, Seller property Disclosure forms, Lead Paint Disclosure forms, Agency Disclosure forms, etc.
I can then assist you every step of the way. This includes advising you about the community and specific areas, value trends, and helping you pick the home. I also will assist with the financing, structure the contract, and handle all the negotiations.
I also coordinate all of the details with the Mortgage Company, appraiser, home inspector, other real estate agents, closing attorney, etc. throughout the entire process.
You can rest assured that everything will be handled properly. Our team has over 15 years of real estate experience and hundreds of successful transactions.
The most common way for us to be paid is a commission from the seller´s proceeds at closing. Unless unusual arrangements are made, we generally do not get paid until you close on the house.
There will be no additional fee due from you.
The next step is to determine the features and benefits that you are looking for in a home. We will review items such as:
PRICE RANGE
AREA
STYLE
SIZE
1 OR 2 STORY
NUMBER OF BEDROOMS
NUMBER OF BATHROOMS
FAMILY/BONUS ROOM
AGE OF HOME
LOT SIZE
POOL/SPA
FIREPLACE
GARAGE
SPECIAL REQUIREMENTS, ETC.I will do a computer search on the Multiple Listing Service (MLS) system and try to get about 15-20 homes. I will then give you the printouts with the descriptions and directions to each home. I will also make you a detailed map with the location of each home clearly indicated.
You can then drive by these homes at your convenience and at your own pace to determine neighborhoods you like best and which homes you want to see the inside of. I will also set you up in my e-mail Notification Program which will e-mail new listings to you as soon as they are entered into the MLS system.
Simply make a list of the homes that interest you the most, and I will then make the necessary arrangements and take you to see them.
Many agents will just throw you in their car and drag you through a bunch of houses - many of which you won´t be interested in. I respect the value of your time, and only want you to view the houses that YOU want to see!
Once we find the home that best meets your needs, I will write up the purchase agreement and other necessary paperwork. My goal is to get you the home that you want for the best possible price and terms, and I will discuss strategy for accomplishing this goal.
A day or so prior to closing we will conduct a "walk-through" inspection to make certain that all items specified to stay with the house are still there, and to verify that all heating/cooling, plumbing, electrical, mechanical, and other systems are in proper working order.
There are many different forms and papers involved in the home buying process, and we know that can be a little scary to some people. I will review all of them at our first meeting to make sure you are familiar and comfortable with them. It is all really pretty straight forward.
The average time for getting the contract accepted to closing is about 60 days, although shorter or longer closings can be negotiated. Every transaction is unique, so I will monitor all of the details very closely; keeping you informed every step of the way.
Remember that I am here to serve you. If you are concerned or confused at any time, let me know immediately. There is no such thing as a stupid question when you are dealing with a large investment like this!
To review, the steps in the home buying process are:
Step 1 - Determine if buying a new home is smart for you.
Step 2 - Get pre-approved for your loan.
Step 3 - Study the real estate market.
Step 4 - Identify neighborhoods you like.
Step 5 - View specific homes.
Step 6 - Pick a home that meets your needs.
Step 7 - Analyze the value.
Step 8 - Negotiate the contract.
Step 9 - Close and move.
Don´t hesitate to call me at any time if you have a question or concern.
I look forward to working with you, and seeing you settled into your new home!
Dana Schatzl, CBR
"Making Dreams Come True"
617-750-8016