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  • 1. Home Buying - Sb

2. Overview

  • To buy or not to buy? General Tips.
  • Where and What to buy?
  • Home buying Team.
  • What is the worth of the house?
  • Home Inspection.
  • Legalities and Setting up Escrow Account.

3. To buy or not to buy? General Tips

  • Renting or Owning?
  • Job security
  • Plan for next 5 yrs
  • Panic/Instinctive buying.
  • Not just buying a house. Buying the whole package
  • Much more.

4. Where and What to buy? (Location/Housing Package)

  • Economic Health
  • Amenities
  • Quality of Schooling
  • Crime Rate
  • Stability housing value
  • Pride of Ownership
  • - Weighted avg. of the above.

5. Where and What to buy? (Location/Housing Package)

  • Three Common Principles
  • Principle of Progression
  • Principle of Regression
  • Principle of conformity

6. Where and What to buy? (Location/Housing Package)

  • New Homes
  • Build to standard expectations
  • Cheaper Operating cost
  • You can build it to your spec.
  • What you see may not be what you get
  • Old Homes
  • Prices negotiable
  • Proven neighborhood
  • Less expensive
  • Rough edges of a new home would have smoothened

7. Your Team

  • Real estate Agent
  • Real Estate Broker
  • Money Lender/Mortgage Broker
  • Property Inspector
  • Escrow Officer
  • Financial and Tax Advisor
  • Lawyer

8. Your Team

  • Real Estate Agent
  • Buyers
  • Sellers
  • Representing Both
  • A good Real Estate Agent Time, Contacts, Patients, Geographic spl., Should educate you.

9. Your Team

  • Activity List (last 12 months)
  • Property Address
  • Property Type
  • Sales price
  • Dates of Sales
  • Whom they represent (buyer, Seller)
  • Total dollar value of sales
  • Name and phone number of sellers/buyers

10. Your Team

  • Agent Interview (At least 3 agents)
  • Full time/Part Time?
  • Whom do you represent?
  • How long in business?
  • Salesperson/Broker Licensing?
  • Understand my needs (from previous conversation
  • What do you think of other 2?
  • How many are you currently representing?

11. Your Team

  • Real Estate Broker. These are the same as Agents, except that they have a different type of licensing to operate. They can operate independently of a Broker, when Agents/Sales persons cannot.
  • These are fall backs when the Agents did not perform well, in your team.

12. What is the home worth?

  • Value is a moving Target
  • Fair Market Value
  • Median Home Value
  • Comparable Market Value
  • Appraisals

13. Negotiations

  • Negotiate with facts
  • Time is an Important Factor
  • Learn the Sellers Motive
  • Watch-out for any higher authority
  • Do not be EMOTIONAL
  • Avoid Low-Balling
  • Avoid Auction Situation

14. Offers->Counter Offer ->

  • Good Price
  • Good Financing
  • Cause and Contingency
  • No Phone Offers
  • NO Verbal agreements

15. Home Inspection

  • Patent -Self
  • Latent -Home Inspector

16. Patent

  • Cracks
  • Moisture
  • Stickiness
  • Looseness
  • Insects
  • Slides

17. Latent

  • Pre-purchase Interior and Exterior
  • Pest Control
  • Architectural

18. Pre-purchase Interior and Exterior

  • Full Time
  • Carry Errors and Omission Insurance
  • Company Info
  • Licenses and Certification (ASHI)
  • Scope
  • Time of Inspection
  • Type of reporting
  • Check references
  • Cost
  • Be present for Inspection
  • Do not be shy to ask questions

19. Ownerships

  • Joint Tenancy
  • Community Property
  • Tenants-in-common or partnership

20. Escrow

  • Seller Buyer
  • Buyer - Money Lender (RESPA)

21. Insurance

  • Home Owners
  • PMI
  • Title Insurance
  • Flood
  • Earthquake