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Home Buying Happy Hour Marsh

Date post:22-Jan-2018
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  1. 1. HOME BUYING HAPPY HOUR PRESENTED FOR MARSH
  2. 2. MEET JIMMY
  3. 3. 1. Local Real Estate Trends 2. Home Buying Process 3. RecapAGENDA
  4. 4. 1 LOCAL REAL ESTATE TRENDS
  5. 5. LOOK UP YOUR LOCAL STATS! Search redfin.com for your city, neighborhood, or ZIP code to find the most current real estate statistics Updated every 1530 minutes
  6. 6. TRENDING: BIDDING WARS
  7. 7. 2 HOME BUYING PROCESS
  8. 8. RESEARCH Home wish list Location & neighborhoods Real estate agents & reviews Mortgage loans & pre-approval 1
  9. 9. FINANCE YOUR HOME Talk to a lender about types of loans and mortgage rates Get a pre-approval letter 2
  10. 10. TYPES OF LOANS Conventional: As low as 5% down Fixed or adjustable rates, conforming or non-conforming Federal Housing Administration Loan (FHA): Always have mortgage insurance Buyers need only a 3.5% down payment Jumbo Loan: Larger down payment required More restrictive debt-to-income ratios VA Guaranteed Loan: Veterans, active duty personnel, reservists/national guard, surviving spouses No down payment
  11. 11. LATEST MORTGAGE RATES
  12. 12. GETTING PRE-APPROVED Income Salary Past 30 days Hourly Consistency & History Self Employed Two-year average Assets Down Payment Closing Costs Cash Reserves Credit 640 for FHA 680 for Conventional 720 for Rate Improvement
  13. 13. SEARCH FOR HOMES Create a wish list for home features Check out open houses See homes in person on home tours Save searches on Redfin and get notifications via email and the Redfin app 3
  14. 14. 21 SEE HOMES IN PERSON
  15. 15. MAKE YOUR OFFER Pricing & comparables Common contingencies Negotiations Mutual acceptance 4
  16. 16. THE CLOSING PROCESS* *Steps in the closing process can vary by market ask your agent for more details about closing in your market. 5 6 7 8 Schedule a professional home inspection. Your agent will have recommendations. Select your lender and submit your loan within three days of mutual acceptance. Take your final walk- through to look for any more issues since the inspection. Sign all of the paperwork at your closing appointment. 9 Receive your keys, take possession, and get moving! Youve found the house you want and submitted an offer that was accepted by the seller. From this point forward, every step brings you closer to home ownership. Some deadlines can arrive quickly, so make sure to have your ducks in a row for what comes next. Success! The seller has agreed with your price & terms youve achieved mutual acceptance. Deposit your earnest money to prove youre serious about the offer. The seller will disclose any known problems with the property. Your title company will review the ownership history and title for liens, encroachments, and easements. 1 2 3 4
  17. 17. CONGRATULATIONS! YOU BOUGHT A HOME!
  18. 18. 4 RECAP
  19. 19. HOME BUYING TIMELINE* *Steps in the home buying or selling process can vary by market ask your agent for greater detail about the steps of buying or selling in your market. Search for homes on | app for iPad, iPhone, or Android. Find a real estate agent. Tour homes with your agent. Get pre-approved for a home loan. Find your dream home. Consult your agent to make an offer. Your agent negotiates the deal with the sellers agent. Youve reached mutual acceptance. Congratulations! 1 2 3 4 5 6 7 8 Deposit your earnest money to prove youre serious about the offer. The seller will disclose any known problems with the property. Your title company will review the ownership history and title for liens, encroachments, and easements. Schedule a professional home inspection. Your agent will have recommendations. Select your lender and submit your loan within three days of mutual acceptance. 11 10 9 12 13 Take your final walk- through to look for any issues since inspection. Sign all of the paperwork at your closing appointment. Receive your keys, take possession & get moving! 14 15 16 The road to buying a home usually starts with an online search and ends the moment your agent hands over the keys to your new house. It may seem daunting, but you can do it!
  20. 20. THANK YOU FOR COMING! JIMMY CARAWAY [email protected]

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