Treating you the way you want to be treated The American Dream of Homeownership: Find Your Lifestyle Home Presented by: Mel Wilson Phone: 818-534-2400 Ext. 2424 Mobile: 818-402-6708 E-mail: melwilson2424@gmail.com
What You Will Learn Today Steps for Buying a Home The Importance of Using a Realtor Elements of Choosing a Home The Escrow and Closing Process
The Seller(s) The Buyer(s) Realtor The Lenders Escrow Inspector(s) Who Are The Players?
Major Steps in the Home Buying Process Decide whether to rent or buy Choose a Realtor What is your lifestyle? Decide how much you can afford. Decide the price, type of home, size, location, and features you desire. Get pre-approved financing Decide who you want to work with. Once you find a home, you must carefully inspect it.
Rent vs. Buy Buying is not always the best solution Compare monthly rent cost with monthly buying cost In L.A. county today, you can save 32% to 40% by buying
Advantages of Owning a Home A home is generally a sound investment. In today s market, mortgage payments are generally less than rent. Home ownership offers great tax advantages. A first home often leads to a better second home. Better able to plan your housing costs. Gain the satisfaction and security of ownership.
Disadvantages of Owning a Home Buying a home ties up your cash. Owning a home makes moving more difficult and complicated. Maintenance and upkeep costs. There is no guarantee the home will increase in value.
Where Do I Want To Live? Decisions, decisions, decisions. What community amenities do I want? Public transportation Entertainment Parks What about the schools? How safe is the neighborhood? Are there any special incentives? Tax breaks: MCC, property tax portability, HERO tract Closeness to my job, family, and/or church? Government programs
Fair Housing is My Right Fair Housing Act Civil Rights Act 1968 Section 8 Unruh Civil Rights Act 1959 Fair Employment and Housing Act of 1963 California Fair Housing Act of 1992 Housing discrimination based on your race, color, national origin, religion, sex, family status, or disability is illegal by federal and state laws.
Why Work With A REALTOR? Helps you find your lifestyle home! Helps buyers and sellers understand the current market conditions. Provides up-to-date information on market, price, financing, and competing properties. Helps you determine your buying power. Helps you determine the value and condition of the property. Negotiates the terms of the transaction. Guides you through the closing process.
Finding the Right REALTOR Choosing a REALTOR is a very important decision. Who you choose depends on a number of things: What kind of property do I want to buy? Commercial Industrial Residential Apartment Building Land Distressed (REO, Short-Sale) International What type of buyer I am? Senior First-Time Homebuyer Repeat Buyer Military Special Needs There are many Realtor designations. Which one do you need?
Establishing an Agency Relationship with your Realtor Gives the Realtor a fiduciary duty to you. A fiduciary duty simply means the agent must act with the utmost care, integrity, honesty and loyalty in dealings with you. Agency also establishes a duty to disclose all facts known to the agent that materially affect the value or desirability of the property.
Elements of a Purchase Offer Earnest Money Deposit Escrow Period (30 45 day is typical) Down Payment Amount (3.5% to 100% All Cash) Disclosures to ask for as a condition of your purchase (termite inspection, septic inspection, structural inspection, etc.)
How to Get Your Offer Accepted! Using a Realtor is key! They know the in s and out s of the market and will advise you on best practices Financial Pre-Approval Properly Written Offer P rayer Successful Negotiation Offer Acceptance
Escrow & Closing Process Escrow Period 30-45 days (typical) Escrow s Company Duties Neutral Third Party Custodians of transaction documents Preliminary title report Termite report Loan documents Prepare escrow instructions Coordinate the transaction until title transfers Closing Escrow instructions executed Funds disbursed Documents recorded Title insurance policy issued Preparing final itemized settlement statement
Benefits of a Home Warranty Provides repair and replacement coverage for many of the home s most essential systems and appliances. With a home warranty, sellers and buyers can all be protected against costly breakdowns before, during, and after the sale of the home. Home buyers can move in with confidence knowing that their budget and new home is protected against some unexpected mechanical failures. Convenience of having live service representatives available 24 hours a day, 365 days a year.
Inspections For your protection..get a home inspection! Types of Inspections can include: Termite Physical Roof Chimney HVAC Reduces unexpected failures in the home systems (plumbing, electrical, etc.)
Reports and Findings Title Report Termite Report Natural Hazard Report Insurance Claims Report Environmental Report Geological Activity Report
Make A Decision My Next Steps Start Working With A Realtor Get Your Pre-Approval Loan Letter Complete The Wish List Search For Homes Make an offer to purchase your Lifestyle Home
Treating you the way you want to be treated Contact Information: Mel Wilson Mel Wilson & Associates Realtors 18860 Nordhoff St. #100 Northridge, CA 91324 Phone: 818-534-2400 Ext. 2424 Mobile: 818-402-6708 E-mail: melwilson2424@gmail.com