BUYER
CYNTHIA RICH R E A L TOR
overview INTRODUCTION
HELLO,
Whether you're a first-time homebuyer, a seasoned investor, or a homeowner looking to sell, I am here to leverage my knowledge, negotiation skills, and market insights to ensure your real estate goals are not only met but exceeded. Let's embark on this exciting venture together, turning your real estate dreams into reality!
I have been in Real Estate for over 21 years. I truly enjoy helping people navigate the home selling and buying process. I work closely with investors, out-of-state transfers, and first-time home buyers. This is my passion and I look forward to working with you!
CONTACT ME
C: 404-402-1084 O: 770-502-6232 PHONE
E-MAIL CYNTHIASLADERICH@GMAIL.COM
DESIGNATIONS TOP ZILLOW AGENT CRS - (CERTIFIED RESIDENTIAL SPECIALIST) 5-STAR RATED NAR E-PRO NAMAR MILLION DOLLAR CLUB
BUY WITH CONFIDENCE!
the team Meet
TAMRA WADE BROKER & OWNER
Tamra has been a career real estate broker, successful entrepreneur, and inspiring leader in the new home and residential real estate industry for over 23 years. Tamra Wade launched her real estate career in 1999 and has grown from being a new home agent to leading a top-tier real estate brokerage and the #1 RE/MAX real estate team in Georgia.
ANNA KIRCHOFF
SHERI LYNN BOURRIE
Development & Production Director Anna brings a decade of real estate expertise to her role as Development & Production Director. Her extensive experience in the industry ensures she skillfully manages and oversees the development and production of high-quality real estate projects. Anna's dedication and leadership are pivotal in driving success and innovation within the company, as she mentors and coaches our agents day in and day out.
Director of Finance
Sheri serves as the Director of Finance for RE/MAX TRU. With her strong financial acumen and extensive experience in the real estate industry, Sheri ensures the financial health and stability of our brokerage. Her strategic insights and meticulous attention to detail drive financial success and support the growth initiatives of our real estate operations and our agents as well.
TRACEY CURTIN
TAYLOR FIDLER
Tracey is dedicated to ensuring smooth transactions and providing support to both staff and fellow agents. With a keen eye for detail and a passion for real estate, she excels in facilitating seamless processes and fostering a collaborative environment. Executive Lead Coordinator & Realtor Empowerment Specialist
Marketing & Social Media Lead
Real Estate Marketing extraordinaire! With a creative flair and a strategic mindset, Taylor crafts compelling marketing campaigns to showcase your properties in their best light. Leveraging years of experience in real estate marketing, Taylor utilizes innovative techniques to drive engagement and attract potential buyers.
RE/MAX TRU gives you an incredible advantage when buying or selling a home because of the 23+ years of experience you will receive from Tamra Wade and her entire team. Her ongoing commitment to be the best in the industry resonates with everyone associated with RE/MAX TRU and the result is more homes bought and sold in Atlanta's highly competitive landscape. The combination of the branding power of RE/MAX, along with the highly skilled RE/MAX TRU team, give you, the consumer, a global reach through one of the most recognized real estate companies in the world. About Us
$468M In Sales In 2023
22 New Agents In 2023
#1 RE/MAX Team in GA for 10+ Years
#1 in 2023 for RE/MAX Closed Transactions in Georgia – Teams #1 in 2023 for RE/MAX Top Commissions Earned in Georgia – Teams #4 Owner-Owned RE/MAX Brokerage in the U.S. 2023 #4 Top 100 Team Residential & Commercial 2023 #4 Top 50 Large Team Residential U.S 2023 #1 Contributing office for Children's Miracle Network in Georgia for 2022 #1 in 2023 for RE/MAX Closed Transactions in Georgia – Teams #1 in 2023 for RE/MAX Top Commissions Earned in Georgia – Teams Mega Team Top Producer with Northeast Atlanta Metro Association of Realtors 2023 RealTrends’ “The Thousand” Rankings – #53 & #64 2023 Real Trends + Tom Ferry “America’s Best Real Estate Professionals” list
THE HOME BUYING
I promise to guide you through every step of the home buying journey with unwavering dedication, ensuring that your experience is not just a transaction, but a seamless transition to the home where your dreams will thrive.
Begin by assessing your financial situation and determining how much you can afford to spend on a home. Consider factors like your income, existing debts, and credit score. This will help you establish a realistic budget for your home purchase. DETERMINE YOUR BUDGET 1 3
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Before you start house hunting, it's crucial to get pre-approved for a mortgage. This involves working with a lender to review your financial information and credit history. Pre-approval not only helps you understand your borrowing capacity but also makes your offer more attractive to sellers. MORTGAGE PRE-APPROVAL SEARCH FOR YOUR HOME Begin your search for the perfect home based on your preferences, such as location, size, and amenities. Attend open houses, explore neighborhoods, and consider factors like school districts and proximity to essential services. Your real estate agent will assist you in finding properties that align with your needs.
Partnering with a skilled real estate agent can simplify the home buying process. An agent can help you identify properties that meet your criteria, negotiate with sellers, and navigate the complexities of the real estate market. Choose an agent with local expertise and a track record of successful transactions. FIND A REAL ESTATE AGENT OFFER / NEGOTIATIONS Once you've found a home you love, work with your real estate agent to make a compelling offer. This involves determining a competitive price based on market conditions, as well as negotiating terms and conditions with the seller. Be prepared for a back-and-forth negotiation process until both parties reach an agreement.
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CLOSING PROCESS
The closing process involves finalizing the sale, and it includes several important steps. This includes a home inspection, securing homeowners insurance, and coordinating with a title company to ensure a clear title. Your real estate agent and a real estate attorney can guide you through the paperwork, ensuring a smooth closing.
WITH AN AGENT
While the prospect of navigating the real estate market independently may seem appealing, the complexities and nuances involved make partnering with a knowledgeable and experienced real estate agent a crucial step in ensuring a smooth and successful home buying experience.
MARKET EXPERTISE
Real estate agents are seasoned professionals with in-depth knowledge of local housing markets. They stay abreast of current trends, property values, and emerging neighborhoods, providing invaluable insights that empower buyers to make informed decisions. This expertise is especially beneficial for those unfamiliar with the intricacies of specific areas or seeking a property investment with strong potential for appreciation. The vast array of properties available can be overwhelming for homebuyers. Real estate agents act as diligent matchmakers, narrowing down the options based on individual preferences, budget constraints, and lifestyle requirements. This not only saves time but ensures that buyers are presented with choices that align closely with their unique needs. STREAMLINED PROPERTY SEARCH Negotiating the terms of a real estate transaction can be intricate and emotionally charged. Real estate agents bring a level of objectivity and negotiation skill to the table, advocating for their clients' best interests. Whether it's securing a favorable purchase price, negotiating repairs after an inspection, or navigating counteroffers, their expertise is invaluable in achieving an optimal outcome. NEGOTIATION PROWESS Real estate transactions involve a multitude of paperwork, legalities, and potential pitfalls. Agents have access to a network of professionals, including mortgage brokers, home inspectors, and real estate attorneys, streamlining the process and ensuring that each aspect is handled with the utmost care and expertise. ACCESS TO RESOURCES From the initial offer to the closing table, the home buying process is rife with complexities. Real estate agents act as trusted guides, explaining each step, clarifying any ambiguities, and ensuring that their clients are well-informed throughout. Their experience allows them to foresee potential issues and proactively address them, minimizing stress for the buyer. INVALUABLE GUIDANCE The relationship between a real estate agent and a homebuyer doesn't end at the closing table. Agents often provide valuable post-purchase support, offering recommendations for local services, providing insight into community resources, and serving as a long-term resource for any questions or concerns that may arise. POST-PURCHASE SUPPORT
UNDERSTANDING
information packet
HOME BUYER QUESTIONNAIRE
Buyer Name:
Contact Phone:
Address:
E-mail Address:
Preferred Method of Communication:
Phone E-mail
Text
Home Buying Timeline:
$
Pre-Approved Mortgage Amount: $
Down Payment Budget:
Townhouse
Preferred Property Type:
Multi-Family Condo
Single-Family
MUST HAVES
DEAL-BREAKERS
Ideal Number of Bathrooms:
Ideal Number of Bedrooms:
TAMRA WADE | BROKER & OWNER 678-899-1623 | 770-502-6232 | REMAXTRU.COM
HOME BUYER QUESTIONNAIRE information packet
Preferred neighborhood:
Preferred school district:
Commute Requirements: ADDITIONAL comments
TAMRA WADE | BROKER & OWNER 678-899-1623 | 770-502-6232 | REMAXTRU.COM
PREPARING YOUR
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EVALUATE YOUR FINANCIAL HEALTH Review your income, expenses, and overall financial situation. Calculate your debt-to-income ratio (DTI) to assess your ability to handle mortgage payments. ESTABLISH A BUDGET Create a comprehensive budget that includes your monthly income, expenses, and savings goals. Identify areas where you can cut expenses to save more for the down payment and closing costs. Obtain a copy of your credit report and check your credit score. Address any errors on your credit report and take steps to improve your credit score if necessary. CHECK YOUR CREDIT SCORE SAVE FOR DOWN PAYMENT Determine the amount you need for a down payment based on the type of mortgage you're seeking. Start saving early and consider setting up a separate savings account for your home purchase. Research different types of mortgages and loan programs. Get pre-approved for a mortgage to understand how much you can afford and to strengthen your position when making an offer. plates you can use for this. EXPLORE MORTGAGE OPTIONS UNDERSTAND CLOSING COSTS Familiarize yourself with the closing costs associated with buying a home. Budget for additional expenses such as home inspections, appraisals, and legal fees. RESEARCH HOME PRICES & MARKETS Research the real estate market in the area where you want to buy. Understand the current home prices, market trends, and potential future developments.
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getting PRE-APPROVED The pre-approval process involves the buyer working closely with a mortgage lender to evaluate their financial standing. This step is crucial for two primary reasons: first, it provides a realistic understanding of their budget by determining the loan amount they qualify for, helping them focus their search on homes within their financial reach. Second, having a pre- approval letter strengthens their position in negotiations with sellers, demonstrating to them that the buyer is a serious and qualified candidate, potentially giving them an edge in a competitive real estate market. To initiate the pre-approval process, I would assist in selecting a reputable mortgage lender and guide you through the application process, stressing the importance of providing accurate and thorough financial information. Once the lender reviews the application, conducts a credit check, and assesses the buyer's financial health, they issue a pre-approval letter. This letter not only empowers the homebuyer in negotiations but also streamlines the closing process, making it more efficient and less stressful. income QUALIFICATIONS In the context of home buying and mortgage lending, qualifying income refers to the income that is considered by lenders when determining a borrower's eligibility for a mortgage loan. This income is used to calculate the borrower's debt-to-income ratio (DTI), which is a key factor in assessing their ability to repay the loan. Qualifying income typically includes stable and verifiable sources of income such as salary, wages, bonuses, overtime, and, in some cases, certain types of investment income. On the other hand, non-qualifying income includes sources of money that are not typically considered by lenders when evaluating a borrower's ability to repay a mortgage. Examples of non-qualifying income may include gifts, one-time bonuses, certain types of rental income, or income that is not likely to continue in the future. While these sources of income may contribute to an individual's overall financial picture, they might not be reliable or consistent enough to be factored into the mortgage qualification process.
To get pre-qualified for a mortgage, you typically need to provide certain documents that allow the lender to assess your financial situation. Keep in mind that the specific requirements may vary slightly depending on the lender, but here are common documents that are often requested during the pre-qualification process: NEEDED DOCUMENTS documents NECESSARY
Proof of Identity Valid government-issued photo ID, such as a driver's license or passport.
Credit Information Authorization for the lender to pull your credit report. Explanation of any negative items on your credit report, if applicable.
Proof of Income Recent pay stubs showing year-to-date earnings. W-2 forms or tax returns for the past two years. If self-employed, profit and loss statements and tax returns for the past two years. Employment Verification Contact information for your employer, including name, address, and phone number. Verification of employment, which may be a recent pay stub or a verification letter from your employer. Proof of Assests Bank statements for the past two to three months for all accounts, including checking, savings, and investment accounts. Statements for retirement accounts, such as 401(k) or IRAs.
Debt Information Information on current debts, including credit cards, car loans, student loans, and any other outstanding loans.
Other Financial Information
Alimony or child support documentation, if applicable. Proof of additional income, such as rental income or bonuses. Property Information If you already have a property in mind, you may need to provide details about it.
loans TYPES OF MORTGAGE Insured by the FHA, these loans often have more lenient qualification criteria, making them suitable for first-time homebuyers. FHA (FEDERAL HOUSING ADMINISTRATION) Available to eligible veterans, active-duty service members, and some surviving spouses, offering favorable terms with no down payment. VA (DEPARTMENT OF VETERANS AFFAIRS) Backed by the U.S. Department of Agriculture, these loans are designed for homebuyers in eligible rural areas and offer low to no down payment options. USDA LOANS Loans with a constant interest rate and monthly payments throughout the entire term, typically 15 or 30 years. FIXED-RATE MORTGAGES Standard mortgages not insured or guaranteed by a government agency. CONVENTIAL LOANS Loans with an interest rate that may change periodically, often with an initial fixed-rate period followed by adjustable rates. ADJUSTABLE-RATE MORTGAGES Borrowers pay only the interest for a specified period, usually 5-10 years, before converting to principal and interest payments. INTEREST-ONLY MORTGAGES Loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, typically used for higher-priced homes. JUMBO LOANS Short-term loans with relatively low monthly payments for a fixed period, with a large "balloon" payment due at the end. BALLOON MORTGAGES Available to homeowners aged 62 and older, these loans allow seniors to convert home equity into cash, and repayment is typically deferred until the homeowner sells the home or passes away. REVERSE MORTGAGES Loans that allow homeowners to borrow against the equity in their homes, often used for major expenses or home improvements. HOME EQUITY LOANS Short-term loans to finance the construction of a new home, often converted to a traditional mortgage after construction is complete. CONSTRUCTION LOANS Combining a first and second mortgage to avoid private mortgage insurance (PMI) and reduce the down payment. COMBO/PIGGYBACK LOANS Similar to home equity loans, but with a revolving line of credit that can be drawn upon as needed. HOME EQUITY LINES OF CREDIT
CONNECTING
Connecting with a mortgage professional helps to facilitate the home financing process.
RECOMMENDED MORTGAGE LENDER SILVERTON MORTGAGE 770-866-5305 joshua.davis@silvertonmortgage.com Josh Davis - Mortgage Loan Originator | NMLS ID# 2438926
SERVICES
Pre-Qualification Pre-Approval Loan Programs Interest Rate Lock Loan Application Processing Underwriting
Closing Mortgage Insurance Escrow Services Refinancing Customer Support Financial Counseling
search PROPERTY
property search
TIPS AND TRICKS
Research Neighborhoods: Investigate different neighborhoods to find the one that aligns with your lifestyle, preferences, and future plans. Consider factors like schools, amenities, safety, and commute. Stay Open-Minded: While it's essential to have criteria, be open-minded during the search. You might find a property that meets your needs but may not check every box on your wish list. Utilize Online Resources: Explore online real estate platforms, apps, and websites. These tools provide a wealth of information on available properties, market trends, and neighborhood data. Attend Open Houses: Attend open houses to get a feel for different properties and neighborhoods. It's an excellent opportunity to ask questions and gather information. Consider Future Resale Value: Think about the potential resale value of a property. Even if you plan to stay long-term, it's wise to consider how market trends could impact your investment. Inspect and Assess: When viewing properties, pay attention to the condition of the home and any necessary repairs. Consider the long-term maintenance and upkeep required. Ask Questions: Don't hesitate to ask your real estate agent questions about the properties you're interested in. They can provide valuable insights and information. Factor in Additional Costs: Beyond the purchase price, consider additional costs such as property taxes, homeowners association fees, maintenance, and potential renovation or improvement projects. Be Patient: Understand that finding the right property can take time. Be patient and trust the process, and don't rush into a decision.
property search
TIPS AND TRICKS
Negotiate Wisely: Work closely with your real estate agent to develop a negotiation strategy. Be prepared to negotiate on price, contingencies, and other terms. Review HOA Rules and Regulations: If the property is part of a homeowners association (HOA), carefully review the rules and regulations to ensure they align with your preferences and lifestyle. Visit the Neighborhood at Different Times: Visit the neighborhood during different times of the day and week to get a comprehensive understanding of the environment, noise levels, and traffic patterns. Document Your Impressions: Take notes and pictures during property visits. This will help you remember key details when comparing multiple options. Stay Informed About Market Trends: Stay updated on local market trends and conditions. Your real estate agent can provide valuable insights into whether it's a buyer's or seller's market.
Offers MAKING
process THE OFFER MAKING
Determine Your Offer Price Your real estate agent will help you analyze comparable sales and market conditions to determine a competitive and reasonable offer price.
Review Comparable Sales Examine recently sold properties in the same neighborhood with similar features to understand the market value of the home you're interested in.
Consider Market Conditions Understand whether you're in a buyer's market or a seller's market. In a seller's market, where demand exceeds supply, you may need to be more competitive with your offer.
Include Contingencies Contingencies are conditions that must be met for the sale to proceed. Common contingencies include a home inspection, financing approval, and appraisal.
Prepare the Offer Letter Your real estate agent will draft the offer letter, including details such as the offer price, requested contingencies, and any specific terms or conditions.
Submit the Offer Once you and your agent have reviewed and finalized the offer, it is submitted to the seller's agent. The seller will then have the option to accept, reject, or counter the offer.
Negotiate Terms Negotiations may occur between you and the seller, involving adjustments to the offer price, closing date, or other terms. Your real estate agent will play a crucial role in this process.
elements of a COMPETITIVE OFFER
COMPETITIVE & FAIR OFFER PRICE
EARNEST MONEY DEPOSIT
PRE-APPROVAL LETTER
FAST CLOSING TIMELINE
FLEXIBILITY ON CLOSING COSTS
ESCALATION CLAUSE
PERSONALIZED OFFER LETTER
FLEXIBLE CONTINGENCIES
WAIVING CERTAIN CONTINGENCIES
OFFER TERMS & CONDITIONS
RESPECTFUL COMMUNICATION
STRONG NEGOTIATION STRATEGY
UNDERSTANDING SELLER MOTIVES
NEGOTIATION
Market Analysis and Pricing Strategy: Conduct a thorough market analysis to determine the fair market value of the property. Develop a pricing strategy that positions the offer competitively while aligning with the buyer's budget. Understanding Seller Motivations: Gather information about the seller's motivations for selling, timeline, and any specific needs they may have. Tailor the negotiation strategy to align with the seller's goals. Strong Initial Offer: Presenting a strong initial offer can set a positive tone for negotiations. This may involve offering a competitive price, a significant earnest money deposit, or favorable terms. Effective Communication: Establish open and respectful communication with the listing agent. Clear and transparent communication can foster a cooperative atmosphere during negotiations. Building Rapport: Building a positive relationship with the listing agent and the seller can be advantageous. A good rapport can create a sense of trust and facilitate smoother negotiations. Negotiating Contingencies: Skillfully negotiate contingencies, such as the home inspection and financing contingencies. Balancing buyer protection with the seller's concerns is crucial for successful negotiations. Understanding Seller's Pain Points: Identify any specific concerns or pain points the seller may have. Addressing these concerns in the offer or negotiation process can increase the likelihood of acceptance. Flexibility and Creativity: Be flexible and creative in crafting the offer. This may involve proposing unique terms, accommodating the seller's preferences, or finding alternative solutions to potential obstacles. Highlighting Buyer Strengths: Emphasize the strengths of the buyer, such as their pre-approval status, financial stability, or flexibility with the closing timeline. This can make the offer more appealing to the seller.
NEGOTIATION
Negotiating Repairs: After a home inspection, negotiate repairs or credits based on the inspection report. Prioritize essential repairs and approach negotiations with solutions rather than demands. Leveraging Market Conditions: Leverage current market conditions to strengthen the negotiation position. In a buyer's market, there may be more room for negotiation on price and terms. Escalation Clause: Include an escalation clause in the offer, allowing the buyer's offer to automatically increase if competing offers are received, up to a specified maximum. Timing and Patience: Consider the timing of the offer and be patient during negotiations. Strategic timing can sometimes work in the buyer's favor. Walk-Away Power: Demonstrate a willingness to walk away from the deal if negotiations reach an impasse. This gives the buyer leverage and signals seriousness about the desired terms. Leveraging Professional Network: Utilize professional networks and relationships to gather information about the seller's motivations and potential flexibility in negotiations.
APPRAISAL &
A
The home appraisal comes in above the buyer's offered price, indicating that the property's appraised value is higher than what the buyer agreed to pay. In this case, the buyer may feel reassured about the equity in their purchase and can proceed with the transaction without major concerns. The lender is likely to be comfortable with the loan amount, and the sale can proceed smoothly. appraisal process A home appraisal is a professional assessment conducted by a licensed appraiser to determine the fair market value of a property. Scenario 1 Home Appraisal Above Offer Price: In this scenario, the home appraisal returns with a value below the buyer's offered price, signaling that the property is appraised at a lower market value. This situation can pose challenges, as the buyer's lender may be hesitant to approve a loan amount that exceeds the appraised value. The buyer and seller may need to renegotiate the purchase price, with the buyer potentially needing to bring additional funds to meet the lender's requirements, or the parties may explore other solutions such as reevaluating the terms of the sale. Scenario 2 Home Appraisal Below Offer Price:
understanding the
HOME INSPECTION
A home inspection is a thorough examination of a property's condition conducted by a qualified inspector. During this process, various aspects of the home, including its structural integrity, electrical systems, plumbing, HVAC, and overall safety features, are assessed to identify any potential issues or needed repairs. The inspection provides valuable information to the buyer about the property's condition, helping them make informed decisions and negotiate with the seller based on the findings.
closing process ESCROW &
escrow process OVERVIEW OF THE Opening Escrow: Once the buyer and seller have a mutually accepted purchase agreement, the escrow process is initiated. The buyer's initial deposit, often referred to as earnest money, is submitted to an independent third party known as the escrow agent. Escrow Instructions: The escrow agent receives instructions from both the buyer and seller, outlining the conditions that must be met for the transaction to proceed. These instructions include contingencies, timelines, and specific details regarding the sale. Title Search and Preliminary Report: The escrow agent works with a title company to conduct a title search on the property. A preliminary title report is provided to the parties, outlining any existing liens, encumbrances, or other issues that may affect the property's title. Inspections and Contingencies: The buyer typically has a specified period to conduct inspections and address any contingencies outlined in the purchase agreement. This may include a home inspection, pest inspection, or other assessments. Loan Approval: If the buyer is obtaining financing, the lender works through the loan approval process during escrow. The lender may require additional documentation from the buyer and conduct an appraisal of the property. Addressing Contingencies: Based on inspection results, the buyer may request repairs or negotiate changes to the terms of the sale. The seller has the option to agree to these requests, deny them, or propose alternatives. The resolution of contingencies is a key aspect of the escrow period. Finalizing Financing: The buyer's lender finalizes the loan details, ensuring that all conditions for loan approval are met. The lender coordinates with the escrow agent to prepare the necessary loan documents. Signing Documents: Both the buyer and seller sign the required documents, including the closing documents and the deed. The escrow agent ensures that all parties have fulfilled their obligations before proceeding.
escrow process OVERVIEW OF THE Closing Funds: The buyer provides the remaining funds needed to complete the purchase. This may include the down payment, closing costs, and any other agreed-upon expenses. Distribution of Funds: The escrow agent ensures that all funds are in place before officially closing the escrow. Once confirmed, the agent distributes the funds to the appropriate parties, including the seller, real estate agents, and any third parties involved. Recording the Deed: After all documents are signed and funds are distributed, the deed is recorded with the county recorder's office. This legalizes the transfer of ownership from the seller to the buyer. Closing Escrow: The escrow process concludes when all conditions are met, and the transaction is officially closed. The parties receive confirmation, and the buyer takes possession of the property.
Understanding CLOSING COSTS Loan Origination Fee: This fee is charged by the lender for processing and underwriting the mortgage. It's typically a percentage of the loan amount. Appraisal Fee: Lenders often require an appraisal to assess the property's value. The buyer is typically responsible for covering this cost. Credit Report Fee: Lenders pull a credit report to evaluate the buyer's creditworthiness. The cost of obtaining this report is usually passed on to the buyer. Home Inspection Fee: While the home inspection itself is optional, many buyers choose to have one done. The inspection fee is paid to a professional inspector to assess the property's condition. Attorney Fees: In some states, it's customary to have an attorney involved in the closing process. Buyers may need to cover attorney fees for legal services related to the transaction. Title Search and Title Insurance: The title search ensures that the property has a clear title, and title insurance protects the buyer and lender against potential defects in the title. Both the search and insurance come with associated costs. Escrow and Prepaid Items: Buyers often need to prepay certain items, such as property taxes, homeowners insurance, and mortgage interest. These funds are placed in an escrow account to cover future payments. Recording Fees: These fees are charged by the local government for recording the property sale and updating public records. Transfer Taxes: Some areas impose transfer taxes, which are fees for transferring ownership of the property from the seller to the buyer. Survey Fee: A survey may be required to determine the property boundaries and ensure there are no encroachments. The buyer typically covers the survey fee. Courier or Wire Fees: These fees cover the cost of sending documents, particularly if funds are being wired for the transaction. Mortgage Insurance Premiums: If the down payment is less than 20%, the buyer may need to pay private mortgage insurance (PMI), and this cost is often due at closing. Reserve Funds: Some lenders may require buyers to establish reserve funds in the form of prepaid interest or additional escrow funds.
closing CHECKLIST REVIEW CLOSING DISCLOSURE
SCHEDULE A FINAL WALK-THROUGH
SECURE HOMEOWNERS INSURANCE
FINALIZE MORTGAGE FINANCING
BRING NECESSARY DOCUMENTATION
UNDERSTAND CLOSING COSTS
ATTEND THE CLOSING MEETING
REVIEW DOCUMENTS
SIGN DOCUMENTS
BRING CERTIFIED FUNDS
RECEIVE KEYS AND ACCESS
RECORDATION OF DOCUMENTS
KEEP CLOSING DOCUMENTS SECURE
UPDATE CONTACT INFORMATION CELEBRATE YOUR NEW HOME you did it!
FINAL
A final walkthrough is a crucial step before closing on a home, allowing the buyer to ensure that the property is in the agreed-upon condition and any negotiated repairs have been completed. Here's a comprehensive final walkthrough checklist for a home buyer: E X T E R I OR
Landscaping Check that the landscaping is in good condition and that any agreed-upon changes or repairs have been made. Exterior Structure Inspect the exterior walls, roof, and foundation for any visible issues or damage. Driveway and Walkways Ensure that driveways and walkways are in good repair, without cracks or hazards.
Doors and Windows Test all exterior doors and windows to ensure they open, close, and lock properly. Exterior Lighting Check that outdoor lights, including porch lights, are functional. Fencing If applicable, inspect fencing for any needed repairs or replacements.
I N T E R I OR
Ceiling Fans Check the functionality of ceiling fans, if present. Windows and Doors Open and close all windows and doors to ensure they operate smoothly. Flooring Inspect flooring for any damage or issues, especially in areas where repairs were made. Walls & Ceilings Look for any new cracks, holes, or damage to walls and ceilings. Closet Doors Test closet doors to ensure they open and close properly.
Overall Cleanliness Verify that the interior is clean and in the condition agreed upon in the purchase contract. Appliances Test all appliances to ensure they are in working order, including the stove, oven, dishwasher, refrigerator, and any others. Plumbing Fixtures Run water in sinks, showers, and bathtubs to check for leaks and ensure proper drainage. Electrical Outlets & Switches Test outlets and light switches in each room to ensure they are working. HVAC System Test the HVAC system by running both heating and cooling modes.
FINAL
U T I L I T I E S
Utilities Verify that all utilities (water, gas, electricity) are functioning, and transfer utilities into your name if necessary.
Water Heater Check the water heater for any signs of leaks and ensure it is producing hot water.
SAFETY & MISCELLANEOUS
Documentation
Smoke & CO2 Detectors Test smoke and carbon monoxide detectors to ensure they are working, and replace batteries if needed. Garage If applicable, check the garage door opener and ensure it operates correctly. Security System If a security system is installed, check its functionality.
Keys & Remotes Ensure you have all keys, garage door openers, and any other necessary remotes. Final Agreement Confirm that any repairs or changes agreed upon after the initial inspection have been completed to your satisfaction. Bring a copy of the inspection report and any repair agreements to compare against the property's current condition.
additional resources FAQ &
WHAT CAN I AFFORD? Home buyers often seek guidance on their budget and want to understand what they can afford. Real estate agents can help buyers assess their financial situation, get pre-approved for a mortgage, and determine a realistic price range for their home search. asked questions FREQUENTLY
WHAT NEIGHBORHOODS ARE SUITABLE FOR ME?
Buyers often inquire about different neighborhoods, seeking information on safety, schools, amenities, and overall lifestyle. Real estate agents provide insights into local communities, helping buyers find areas that align with their preferences and priorities.
HOW DOES THE HOME BUYING PROCESS WORK?
Many buyers are unfamiliar with the intricacies of the home buying process. They often ask about the steps involved, from house hunting and making an offer to inspections, financing, and the closing process. Real estate agents guide buyers through each stage, explaining the details and timeline.
WHAT SHOULD I LOOK FOR IN A HOME?
Home buyers often seek advice on what features and aspects to prioritize when evaluating properties. Real estate agents help buyers define their must-haves and preferences, offering guidance on factors such as layout, condition, location, and potential for future resale value.
HOW CAN I NEGOTIATE THE BEST DEAL?
Negotiation is a crucial aspect of the home buying process. Buyers frequently ask real estate agents for strategies to secure the best deal, whether it's negotiating the purchase price, contingencies, or other terms. Agents provide insights into current market conditions and help buyers craft competitive offers.
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