M E R C Y L U G O - S T R U T H E R S D R E L I C . 0 1 7 8 6 4 2 8 703.861.6510 | www.casalsrealtors.com | mercy@casalsrealtors.com E v e r y t h i n g y o u n e e d t o k n o w a b o u t t h e h o m e b u y i n g p r o c e s s Survival Guide HOME BUYER "In my experience, a home isn't a dream home because of its room dimensions. It's about how you feel when you walk through the front door, and the way you can instantly envision your life unfolding there. This is about more than real estate - it‘s about your life and your dreams and its about our passion to serve and help you find it" - Mercy Lugo Struthers "We understand you are looking for a new home, and we want to be the real estate professionals to help you. We work with each of our clients individually, taking the time to understand their unique needs and lifestyle, and we want to do the same for you." e B o o k O v e r v i e w This eBook contains helpful information for homebuyers including: Overview of the entire purchase process Answers to frequently asked questions An opportunity for us to set an appointment to go through the Buyer's Consultation THE HOME BUYING PROCESS Obtain Financial Pre-Approval Work with us as your Realtor Credit Repair/Nurture Analyze Your Needs in a Buyer Consultation GETTING STARTED PHASE 1: Discuss your offer strategy View Properties Write and offer Select Properties Accept the Contract FINDING YOUR DREAM HOME PHASE 2: Resolve any Issues Conduct Inspections Obtain Mortgage Financing Remove Contingencies Credit, Underwriting, Appraisal, Title, Survey Insurance Check Obtain Title Insurance Conduct Title Search Receive Clear Title PHASE 3: ESCROW CLOSING AND POSSESSION Obtain Funds for Closing Take Possession of Home Close on Property House Warming Party PHASE 4: Application and interview Buyer provides pertinent documentatio n including verification of employment Credit report is requested Appraisal scheduled for current home owned, if any Loan package is submitted to underwriter for approval Parties are notified of approval Loan documents completed and sent to title Title exam, insurance and title survey conducted Borrowers come in for final signatures Lender reviews the loan package Funds are transferred by wire THE MORTGAGE PROCESS Financial Pre- Qualification or Pre-Approval Underwriting Loan Approval Title Company Funding THE 5 SIMPLE STEPS Step 1 Step 2 Step 3 Step 4 Step 5 Typically, you will not be present at the offer presentation - we will present it to the listing agent and/or seller. The seller will then do one of the following: • Accept the offer • Reject the offer • Counter the offer with changes If you can be flexible on the possession date, the seller will be more apt to choose your offer over others What you offer on a property depends on a number of factors: **While some buyers want to make a low offer just to see if the seller accepts, this often isn't a smart choice, because the seller may be insulted and decide not to negotiate at all. PRICE NEGOTIATING MOVE-IN DATE Condition Length of time on the market Buyer activity The urgency of the seller. MAKING AN OFFER Closing day marks the end of your home- buying process and the beginning of your new life! To make sure your closing goes smoothly, you should bring the following: A certified check for closing costs and down payment. Make the check payable to yourself; you will then endorse it to the title company at closing An insurance binder and paid receipt • Photo IDs • Social security numbers • Addresses for the past 10 years PREPARE FOR IT • • CLOSING 101 Delivery of the Buyer's Funds This is the check or wire funds provided by your lender in the amount of the loan. At the end of closing, the deed will be taken and recorded at the county clerk’s office. It will be sent to you after processing. Delivery of the Deed A deed is the document that transfers ownership of real estate. The deed names the seller and buyer, gives a legal description of the property, and contains the notarized signatures of the seller and witnesses. Transfer of title moves ownership of the property from the seller to you. The two events that make this happen are: OWN IT CLOSING 101 Knowledgeable and professional REALTORS® Committed allies to negotiate on your behalf The backing of a trusted company, Keller Williams Realty, powered by United Home Group We love helping buyers find their dream homes. That's why we work with each client. Individually, taking the time to understand their unique lifestyles, needs and wishes. "This is about more than a certain number of bedrooms or a particular zip code. This is about your life. And it's important to us." YOUR HOME SEARCH WHEN YOU WORK WITH US YOU GET DRE #01786428 Phone: (703) 861.6510 Email: mercy@casalsrealtors.com 2050 Old Bridge Rd, Suite 101, Woodbridge, VA 22192 M E R C Y L U G O - S T R U T H E R S Set up a time with me today! WHAT ARE MY NEXT STEPS?