COLDWELL BANKER BAIN | Ho me Buy ers Gui de
FINDING THE RIGHT HOME. LISTEN, COMMUNICATE, PLAN Only you know your needs in a home. So it’s my job to listen carefully and to fully understand your needs as we begin our search. Keeping you informed on availability, market trends, status of homes in your search and many other things is critical to a successful home purchase. Outlining the steps we need to take to prepare for a successful transaction, from pre-qualifying to the closing table, I will assist you every step of the way with open communication.
LOCATION The only thing better than finding your ideal home is finding your ideal home in the ideal location. Schools, commute to work, proximity to restaurants and activities, views and distances to recreation are all things to consider when deciding on location. Share as much information with us as you can about your ideal location.
KNOWLEDGE is the best defensE against regrets
YOUR IDEAL HOME Do you dream of a Craftsman with hardwood floors or a modern condo with the latest smart home technology? Whatever your taste, your perfect home is out there and I will help you find it. Beyond the number of bedrooms and bathrooms, share your ideal home features. From garden space to off street parking, each detail is important to note in your search request. The more information you provide, the easier it will be to narrow your search and find homes that are viable options.
UNDERSTANDING THE MARKET One of the best ways to get a full understanding of your market is with a comparative market analysis. Comparing the sold price of comparable homes, as well as the number of days on market, the sold vs. list price and facts about properties that did not sell will give you insight to the value of the property you are considering.
H ow muc h can you affor d?
The o f f e r
FIND A LENDER & GET PRE-APPROVED
UNDERSTANDING THE SALE PRICE
Having a pre-approved loan amount is a fantastic place to start your road to home ownership. It provides a benchmark for what you can comfortably afford and will allow us to quickly narrow your home search. If you are uncertain about which lender to use, ask us. As brokers, we generally have a good relationship with one or more lenders and can help you find one who will address your needs and get you the best loan terms available.
LISTEN TO YOUR LENDER Your lender will give you specific instructions on getting your finances in order so your closing will go smoothly. Make sure you follow these instructions to avoid delays in closing or possibly losing out on a property.
There are several factors that affect the price sellers ask for their homes. Understanding these factors is important when trying to evaluate the asking price. Physical characteristics of the home such as location, age, size of home and lot, physical condition and architectural style are all factors to consider. Market condition and competition such as inventory, days on market, interest rates, qualified buyer demand, health of the economy and availability of financing can all affect the strength of the market and home prices. Other factors to consider are the time of the year, the sellers motivation and economic forecasts.
SUBMITTING THE OFFER
THE MORTGAGE Several factors affect your mortgage payment, which will often include the following: PRINCIPAL - The balance owed to the lender INTEREST - Based on your annual percentage rate (APR) TAXES - Property taxes INSURANCE - Property and liability PMI - Private mortgage insurance
Making the right offer the first time could mean the difference between having your offer accepted, getting a counter offer from the seller, or losing out to a competing offer. It is also very important to make sure you understand 100% of the terms of your offer. The legal terms in realestate contracts can sometimes be confusing. I will help you avoid common mistakes and guide you through the process to a successful offer.
NEGOTIATING
ASK QUESTIONS There are many special financing programs available to home buyers. Ask your lender and me if there are programs that you may qualify for. From special veteran programs to rehabilitation loans, your lender will be able to tell you what is available. Be sure to ask about any restrictions that may apply to special programs.
Rarely does an offer get accepted the first time around. In a competitive market it is very important to draw on the knowledge of an experienced broker. Sellers typically make a counter offer if they are unsatisfied with an initial offer. Knowing when to bend or when to stand firm on your offer is a skill that requires essential knowledge and experience.
mirian beltran REAL ESTATE BROKER, LICENSED IN OR
541.610.6351 mirianbeltran@cbbain.com MirianBeltran.CBBain.com
T itle & E S CROW period
THEY ACCEPTED YOUR OFFER! After a brief celebration, we will need to get to work to ensure a smooth closing. There are several potential items that will be required to close the transaction. Among these are: • Open escrow • Order title report • Provide additional documentation to lender
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Send the contract to your lender Home inspection Negotiate inspection items Set closing time
Provides evidence of pest inspections and any required repair work. Provides other required documents such as tax receipts etc.
CLOSING/ ESCROW AGENT
WHAT EACH PARTY DOES IN ESCROW Because large sums of money move around in a real estate transaction, a trusted closing agent is required to ensure the contractual obligations of all parties are fulfilled. The safe exchange of proceeds and title are also executed at this time.
SELLER Provides executed deed.
BUYER
Orders title insurance
Deposits required funds
Documents approvals on inspections Receives funds from buyer/lender
Arranges funds transfer from lender Approves inspections
Prorates taxes, rents etc.
Fulfills conditions of sale
Disburses funds Records deed and documents Issues final closing statement
WHY TITLE INSURANCE IS IMPORTANT Protecting your investment in your home is critical. Title insurance offers you protection from unforeseen claims against your property like liens, incorrect, false or forged deeds mortgages, satisfactions, or releases, erroneous or inadequate legal descriptions and more.
LENDER Prepares loan documents Deposits loan proceeds with settlement agent Provides conditions for loan funds use
TH E CLOS ING & AF T ER The final inspection and closing disclosure statement are complete. By now it should be down to a few simple tasks: • Executing the mortgage documents •
Settle closing expenses and escrow items
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Receive closing documents
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Recording of the deed and ownership transfer
As you can see, buying a home is no small feat. There are several steps to this process and it’s important that you have an educated, experienced and committed broker protecting your interest. Each buyer has a unique set of requirements. From the key features of the home to location or special financing needs, I have all the necessary resources to get you the best possible service. You will never be alone on this journey and I am committed to making sure your experience is exceptional.
mirian beltran REAL ESTATE BROKER LICENSED IN OREGON 541.610.6351 mirianbeltran@cbbain.com MirianBeltran.CBBain.com
LON G TERM RELAT IO NS HIP
Establishing a long-term relationship with you is important to me, both personally and professionally. My business is largely run by the referrals of past clients to their friends and family, and my goal is for you to feel confident enough in my services that you can’t wait to tell everyone you know! Once you have moved into your new home, I will be available to help you find answers to any questions that may come up. You might need a recommendation on a contractor or handyman or possibly just want to know more about the neighborhood, and I am happy to help. I want your new home to be everything you hoped for!