Become a Diva Dweller

Transcription

1 Become a Diva Dweller

2 Our Mission Statement Team Diva provides industry leading real estate services to support increased home ownership and to work toward building sustainable and equitable communities in the Puget Sound region.

3 What the Fans Say

4 The Differentiating Diva Experience Divas are passionate about real estate and our Diva Dwellers. Our primary focus is finding the RIGHT home in the RIGHT community for folks. Work as a Team So You Are Always Number One! Worlds Best Inspectors and Contractors Aficionados of Seattle s Walkable Urban Neighborhoods Our Buyers Make Smart Choices New Old School Tech Tools to Do Old School Real Estate Fun no seriously we have a lot of fun!

5 Diva Dweller Process

6 Diva Dweller Home Buying Process Search Make the Offer Transaction Closing TEAM DIVA Setup Search Monitors New Listings Reviews Market trends Analyzes Market Value Recommends Offer Range Negotiates to Mutual Agreement Home Inspection: Negotiate with Sellers on any repairs required. Manage Transaction through escrow and coordinate with lenders. Monitors closing process Communicates closing requirements Coordinates the Final Walkthrough of the home Hands you your new keys YOU, THE BUYER Work with Team Diva on the Search Criteria Pre-approved for Lending Reviews Listings Search on Diva site Tour with Team Diva Select Closing Date Review Loan Options Earnest $$ Ready Sign Purchase & Sale Agreement Be Ready to Negotiate Mutual Agreement Achieved Select home inspector and conduct a Home Inspection Review & Approve Title Report Review Resale Certificate (Condo) Finalize Financing Prepare for closing Walkthrough conducted with Team Diva to ensure all inspection items are resolved Signs Closing Documents Prepares to move THE SELLER & LISTING AGENT Lists House on MLS Markets House Agrees to or Negotiates on the Offer Resolves agreed upon home inspection items Prepares for closing Sign Closing Documents Cleans & vacates house

7 Getting Pre-Approved

8 Pre-Approval Before Closing YOU, THE BUYER THE LENDER What can you afford? Question for you? Down Payment Need Real Money! Loan Application Items Prepare Two Years of W2s/Tax Returns Most Recent Pay Stubs or Profit & Loss Statement Copies of Bank Statements Copies of Any Investment Statements (stocks, 401K, investment portfolio, CDs, etc) Reviews Application: What you can afford, down payment amount and source, and discusses best options. Application approved: Sends you a Good Faith Estimate to the Buyer. Moved to start Search Process With the Divas! Prepare Funds for Closing (Down Payment and/or Closing Costs) No New Sudden Purchases: Need a new car, wedding ring, airline ticket, etc. You need to wait until closing! Provide Lender + Underwriters with Info: Things come up. You will be asked to provide all kinds of last minute items. Be flexi! Sign Final Loan + Closing Documents = Signing happens within hours after the lender releases documents to escrow. Manages Process as soon as Inspection is Finalized: Orders appraisal, submits loan to underwriting, produces lending docs for escrow, etc. HUD Statement Reviewed: Escrow produces the what everyone owes/receives document. Lender is under federal requirements to make sure there is no more than a smidge of a change from the Good Faith Estimate. Releases Funding: As soon as lender receives documents back from your signing they fund the loan and you are now a Diva Dweller.

9 The Search Process

10 Favorites Use Sparingly Avoid MLS Direct Folks MLSOnline, CBBain, Redfin, etc. Non MLS Direct Folks Zillow + Trulia Realtor.com Direct feeds if someone is a Realtor. Great App! Craigslist Scam Central

11 Found a House Let s Make an Offer

12 Strategy Time Ok you found an awesome house. Let s see what we need to do to make the situation work. We will analyze not the house and market conditions but what type of buying situation do we find ourselves in. Regular Old House: Analyze the house, market conditions and come up with an offer range. Estate Sale: Typically buying the home in as-is condition. The bulk of the negotiation is going to happen during the inspection. New Construction: Review the builder, their paperwork, any modifications we can make to the build-out and more! Multiple Offer: We will prep you prior to going into the multiple offer with blog resources and the best team to make sure you are on the winning side. Short Sale/Foreclosure: Seeing fewer of these but we know what needs to happen to make sure you get a good deal!

13 The Paperwork The offer paperwork can be overwhelming and confusing. Regardless if you are a first time home buyer or someone who has bought and sold homes all over the country we will sit down with you and go into detail over the offer paperwork. Below are a few key points we need to talk about before we sit down to write the offer. Offer Amount Earnest Money Closing Date Financing Closing Costs Paid By Seller

14 You Got The House Now What?

15 The Main Contingencies You are officially in contract. Now it is all about reviewing the home, the title, turning the paperwork to the lender if the inspection comes out fine and moving towards escrow for final closing. Below are the main contingencies in a normal transaction: Inspection: 5-7 Days From Mutual Acceptance Title Review: 5 Days from Receipt HOA/Resale Certificate: 5 Days From Receipt Financing: About 30 Days From Mutual Acceptance Other: Depending on the type of transaction you may have other contingencies like a Short Sale timeline, Earnest Money, etc.

16 Get The Home Inspected

17 Inspection Process Initial Inspections Other Inspections BUYER BUYER S RESPONSE SELLER House Inspection Detailed inspection with a certified home inspector. You receive a detailed report. Sewer Inspection Camera inspection of the sewer line to ensure that the line connects to the city s system, does not have any damage, cracks, etc Structural Engineer Review the structural issues found in initial inspection. Pest Inspection Review pest infestation and develop criteria for curing the issue based on initial inspection. Sewer Roto-Rooting/Re-scoping Contract Bids: What is it going to cost to fix the issues. 1. Take it As Is Love it and nothing is wrong. 2. Get Out Piece O Junk House. 3. More Time You need to get bids or do more detailed inspection to understand the issue. 4. Ask for Repairs or Money Back Something came up and we need the seller to correct the issue or ask for money back towards the buyer s closing costs. Inspection Response = Reviews request, agrees to work requested, money back towards closing costs OR negotiates on the inspection items.

18 HOA/Resale Certificate Buying a condo well you better want that condo to be in tip top shape baby! Below are the critical items to review. But we insist that you go to the following link for more detail <Reviewing a Condo HOA/Resale Certificate> Unpaid Dues Amount In Reserves Pending Work/ Assessments Owner/Renter Ratio Reserve Study Lawsuits Fee Schedule Minutes Budget CC&Rs Pet Policy

19 Title Review Buyers typically have five days from receipt to review the title report. 90% of the time it will not be a big deal. But that 10% is critical. The following items are things to review: CCRs Condos/Co-Ops Joint Maintenance Agreements (Townhouses) Sewer Capacity Charges Judgments Liens on the Property Easements Encroachments Land Use/Zoning

20 Escrow Process

21 Escrow Items The Neutral Third Party Who Divides Up the Funds Between the Buyer, Seller, Lender, Real Estate Companies, and Other Lien Holders and records the deed with the county. Basically final peeps in the process. Key Things to Keep in Mind for Escrow TEAM DIVA Provide Escrow with a copy of all contract documents and contact information for the pertinent parties. Review the HUD Statement to make sure the money is in the right place. BUYER Complete the Disclosure Statement and return to Escrow as soon as you can. Work with Escrow on your signing date. Typically it will occur in their offices during business hours two days before closing. Prepare funds for down payment and closing costs in the form of an electronic wire or cashiers check. Make sure those funds are available 10 days before closing.. SELLER Complete the Disclosure Statement and returns to Escrow. Seller can sign at any time about a week before closing. Prepare funds (if any) for any outstanding liens and closing costs in the form of an electronic wire or cashiers check. Make sure those funds are available 10 days before closing. (Note: It is not typical for sellers to have to bring any $$ to closing.) Give Escrow your wire/bank information. Escrow will wire you your process from the sale of the home at the time of closing.

22 Other Critical Pamphlets Real estate can be a complicated beast but we do our best to keep you informed on the critical items that impact you. Below are a couple of items that are important to review: Law of Real Estate Agency Lead Paint Hazards Pamphlet Mold, Moisture & Your Home Pamphlet

23 Time For the Keys

24 Thank You for Choosing Team Diva Yeah Time to meet up at your new home. How exci6ng! Well the Diva rela6onship does not end here. The first couple of months you are going to have a ton of ques6ons and may need a few referrals for professionals or just want to know where to enjoy the best meal in your fabulous neighborhood. Send us a note and we will get on it! Kim, Chavi + Rocky Team Diva Partners, LLC