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