Return to flip book view

www.RockSpringsRealty.comBUYERS GUIDEOur Commitment, Your Success

Our MissionWelcome to Rock Springs Realty. As one of Central Florida's leading RealEstate Brokerages, we specialize in working with Buyers of Residential,Commercial, Vacant Land, and Investment Properties. Our Agents haveextensive experience and go above & beyond to surpass our client’sexpectations. Our goal is to always provide a smooth real estate process,while delivering results and the best customer experience possible. Servicingall of Orange, Lake, Seminole, Brevard, Volusia, and Osceola counties, orwherever needed by our Customers. Whether you're early in the buying process, or ready to start seeingproperties immediately, we will empower and guide you through every stepof the way. You can expect frequent & open communication, expertresearch, detailed analysis, fierce negotiators, and honest & directprofessional opinions. We look forward to the opportunity to assist you withall your buying and selling needs. ext The knowledge you gainthroughout the buying process will be with you a lifetime. You have our commitment, to your successNow let's get started!

1Let's Find Your Dream Home23456The Buying ProcessDETERMINE YOUR READINESSWe will sit down and discuss your real estateneeds and criteria: including the type ofproperty, price range, location, time frame andanything else important to you.LOAN PRE-APPROVALThis important step tohomeownership verifies yourqualifications & purchase priceamount. This protects youfinancially, while the pre-approval letter is also necessarywhen making an offer.HOME SEARCH Searching home listings has neverbeen easier. Our website uses thelatest IDX technology, empoweringyou with daily listings, updates,and real-time propertynotifications to match your searchcriteria. All delivered directly toyour email as they becomeavailable.PREVIEWING HOMESIt's time to get serious and find out if thosegorgeous pictures truly match up with the"real home". While fun and exciting,validating "the one" should not be takenlightly and requires patience & perseverance. NEGOTIATIONS/CONTRACTNegotiating your contract entailsmore than just an offer. Theinspections, appraisal, contingencies& title commitment are just a fewof the steps I'll help you navigate.WELCOME HOMEWe are with you throughout the last steps of getting your clear to close, signing,and finally getting your keys. Congratulations!

DETERMINE YOUR READINESS1 Schedule a face-to-face meeting with your Realtor todetermine your home needs, criteria, and expectations. Thesooner the better, discuss any potential personal or financialchallenges that could delay your timeline in purchasing. Check your credit. Pull all (3) Credit Bureau Reports andreview for errors, unreported credit item, and determine ifany items will need to be disputed. Get Pre-Approval for a Home Loan Determine Your Home Purchase Budget Save for your Down Payment and Closing Costs It's said that failing to prepare is preparing to fail. But in real estate, being prepared with yourloan preapproval, credit, budget, timelineand closing funds... SET'S YOU UP FOR SUCCESS!

LOAN PRE-APPROVAL2Once you find the perfect home and decide to make an offer, NOseller is going to seriously consider accepting that offer, or startnegotiations until they know you've been Pre-Approved and qualifiedfor the loan. AND THEY WANT IT IN WRITING!In today's competitive real estate market, getting a pre-approved, orbetter yet, being pre-underwritten gives you a competitive advantageover most buyers interested in the same property. It also levels theplaying field with the seller. Now, it isn't a question whether you canbuy the home, it's now a question of whether WE can agree on aprice & terms, to convince ME to move forward with a contract.WHAT'S THE DIFFERENCE BETWEEN PRE-APPROVAL vs. PRE-UNDERWRITTEN? To be pre-approved, the mortgage lender will pull your FICO credit report& scores. They'll also ask you to provide written documentation to verify yourfinances. Lastly, the lender will take all this information and put it into anautomated underwriting system to see if you qualify under the requiredguidelines for loan approval. The pre-underwriting process takes pre-approval to the next step. Thelender will ask you to submit a formal loan application, along with all thedocuments & credit report noted above. This info is then submitted to theunderwriting department for an UP-FRONT conditional loan approval. With loan approval in-hand, you're only left with clearing the contract contingencies& final loan conditions. Sellers now know you're a Serious Buyer!

2LOAN OPTIONS TO CONSIDER CONVENTIONAL LOAN - One of the most common types of homeloans and offered through private mortgage lenders and banks.Down Payment: 3-20% | Terms: 15-30 years | Minimum Credit: 620Mortgage Insurance: Yes, if putting less than 20% down PaymentFHA LOAN - A government back loan designed for borrowerswith less down payment and lower credit scores, commonly usedby first-time homebuyers. Backed by the FHA (Federal HousingAdministration) and offered through FHA approved lenders.Down Payment: 3.5-20% | Terms: 15-30 years | Minimum Credit: 580Mortgage Insurance: Yes, for the life of the loan.VA LOAN - A loan program designed exclusively for veterans,spouses and reservists. These loans are guaranteed through theDepartment of Veterans Affairs and offered by provide lenders.Down Payment: 0% | Terms: 15-30 years | Minimum Credit: 580Mortgage Insurance: None | Upfront Funding Fee RequiredUSDA-RD LOAN - A loan program designed for individuals living inprimarily rural areas. These loans are guaranteed through the U.S.Department of Agriculture.Down Payment: 0% | Terms: 15-30 years | Minimum Credit: 580Mortgage Insurance: None | Upfront Funding Fee RequiredSUBJECT TO CHANGE

2QUESTIONS & REQUESTS FOR LENDERInterviewing and feeling comfortable with your lender is an importantstep in the homebuying process. Not all lenders are the same, or offerthe same types of loan options, interest rates, and fees. Most of mycustomers prefer to utilize a direct lender who is local and under-writes the loan in-house. Unlike a mortgage broker, who is just themiddleman and utilizes a 3rd party wholesale company to underwritethe loan.Interviewing Questions: Which type of home loans do you offer? Do I qualify for any special programs or discounts? Do you offer any downpayment assistance, bond, or grant programs? What estimated closing costs can I expect to pay? How long does it take to process the loan? Can I submit my loan application online? Do you have a portal to easily upload my home loan documents? Are there any other benefits of using you for my home loan? Requests From Lender when getting PreApproved: Request a written "loan worksheet" which details all of the loan expenses including: down payment, escrow, loan costs, closing costs, etc. If you qualify for multiple loan types, request a side-by-side comparison to see which loan option works best for you.

HOME LOAN APPLICATON DOCUMENT CHECKLIST2INCOME: >> Federal tax returns, most recent two years>> W-2's, most recent two years>> Pay stubs, last two months>> Other: Annuity, retirement, pension, social security, disability income, child support, or 1099 incomeASSETS: >> Bank statements, last two months of checking & savings>> 401(k), IRA or other retirement account statements>> Other assets: Investment & brokerage accounts, stocks, bonds, mutual funds, etc.OTHER: >> Copy of Driver's License & Social Security card>> Addresses for the past 3-5 years & landlord's contact information, if renting.>> Student loan & other private loan statements>> Credit card statements>> Documents relating to divorce, bankruptcy, collections, judgements or pending lawsuits

3HOME CRITERIA & SEARCHWhether buying as an individual, or with someone else, it's critical to establish a detailed list of the criteria for your home search. This will include: must haves, wants, needs, flexible features, and items youdefinitely don't want. If buying with others, it's important to discussand agree UPFRONT, so there is no conflict or disagreements once westart seeing homes in person. No list will be perfect, but defining themust haves & don't wants NOW will make this process smoother.SEARCH CRITERIA OPTIONS:Here is a list of the primary search criteria options you will need todefine:> #1: Purchase price or price range.> Location: City or town, zip code, subdivision, neighborhood> Style: Contemporary, Ranch, Craftsman, Colonial, Cape Cod, etc.> Minimum: #bedrooms and #bathrooms> Minimum: heated square footage (gross living area)> Stories: One or more> Garage: Attached or detached, minimum #parking spaces> Type: New construction or resale Home> Other: Pool, lakefront, size of yard, gated, HOA, etc.Where to search: www.RockSpringsRealty.comSearching home listings was never easier. Our website uses the latestIDX technology, empowering you with daily listings, updates, and real-time property notifications to match your search criteria. All delivereddirectly to your email as they become available. Select your criteria, name,and then save your search. Home listings will be emailed & sent daily!

4PREVIEWING HOMESYou've done the groundwork, gotten your pre-approval, narrowed downyour criteria, and started to identify potential homes of interest. It's now time to get serious & find out if those gorgeous pictures you've seen on-line, truly match up with the real home. While fun and exciting,previewing and validating "THE ONE", should not be taken lightly andrequires patience & perseverance.How's your memory? Seeing 10+ homes in a day and remembering allfeatures and details will make your head spin. To bring this blur intofocus, use the following tips to assist in narrowing down your choices in the decision-making process: 1. On your journey to see each home, make notes regarding driving & traffic challenges, local amenities, proximity to work, school, place of worship, etc. 2. Drive around the neighborhood and get a feel for how homes and yards are cared for. 3. Bring a legal pad & make notes for each home of the inside, outside, neighborhood, and surrounding area. 4. Document features, damage, pros vs. cons, and rate each one using a scale between 1-5. For each home at a 3 or more, take a walk around video, or pictures to refresh your memory later. 5. Keep an open mind. Finding your dream home isn't always easy and it's rare to find one home that checks each & every box. 6. BE READY TO MAKE AN OFFER! When you find the right home, keep in mind there may be other interested buyers. Be ready to make a solid offer to have the best chance of getting a contract.

5MAKING AN OFFERAfter finding a home you're excited enough to pursue, the next stepis to draft & submit a formal offer to the Seller. There are manyfactors in addition to price, that needs to be decided when preparingthe offer. Plus, additional research & analysis needs to be performedto assist in establishing our offer strategy and goals.Research:>> Comparable sales recently closed>> Market conditions and sales trends for the area>> Review of Seller Disclosures for condition or other issues>> Deferred maintenance, repairs, or updating as identified from our tour of the propertyContingencies & Loan Dynamics:>> How long do we need for inspections, appraisal, and obtaining clear title and a commitment?>> How long will the Lender need to process the loan and get final loan approval?>> How much time does the Seller need to pack and move?>> When are you closing & moving from your existing home?Submitting the Offer & Negotiating:After the offer is submitted, the seller has three options to consider:accept the offer as presented and move forward, reject the offer andterminate any further interaction, or to counteroffer the price or anyof the terms of the offer. Counteroffers will continue by each partyuntil everyone agrees to all items, or the negotiations terminate.

5EFFECTIVE CONTRACT & IN ESCROWOnce the Seller and yourself have agreed on a purchase price & terms,the sales contract will be signed by both parties and the home isofficially under contract & in escrow. The MLS status will changeto pending, stopping all further showings & offers.Here are our next steps:SUBMIT YOUR ESCROW DEPOSIT TO THE CLOSING AGENTThe earnest money deposit you agreed upon in the contract willbe submitted to the closing agent to be held in trust. These funds willbe credited towards the purchase at the time of closing. OBTAIN YOUR LOAN APPROVALA copy of the contract will be sent to the lender who will needyou to work with them to provide any additional documents, order the appraisal, binding homeowners' insurance, andclearing any final conditions needed for your final loan approval. SCHEDULE THE HOME INSPECTIONSHome inspections are optional, but strongly recommended to verify it'scondition. Typical inspection periods are performed within 7-10 days aftersigning the contract. Common inspections include: Full home or 4-Point,WDO termite, and UMVI wind mitigation. RENEGOTIATE AS NECESSARYIn some instances, after completion of the appraisal or inspections, youmay decide to back out of the contract, or try to renegotiate the price orterms with the seller. As before, the seller may accept your request, rejectit, or try to renegotiate further. This process will continue until each partyeither agrees, or cancels the contract and terminates further talks.

5You may be surprised to hear, but some buyers end upgetting their loan "DENIED" & lose the home becausethey were not aware of easily avoidable mistakes... DON'T... - Change Jobs - Miss or Be Late For a Bill Payment - Buy or Lease a Car - Open or Close a Credit Card Account - Make a Major Purchase of Any Kind - Move Money Around Between Accounts - Co-Sign a Loan for a Family Member or Friend - WHEN IN DOUBT, CALL THE LENDER AND ASK! COMMON MISTAKESWHAT NOT TO DO DURING THE HOME BUYING PROCESSFYI - It's also common practice for the lenderto do a final credit check & verification ofemployment right before closing. Once you're officially closed and funded, none of theabove items will negatively affect your loan or status.

6CLEAR TO CLOSECLOSING DAYCONGRATULATIONS! The lender has just notified us thatthe loan is now fully approved, and we have the clear toclose. A final document package will be sent to the closingagent. They will then prepare & provide a Closing Disclosure& Settlement Statement for our review and approval. Thesedocuments detail all of the loan & closing expenses. You'llalso be notified of the amount you will need to wire to theclosing agent as your "cash-to-close". From there, we willschedule a day & time for document signing and a formal transfer of ownership of the property from the seller to you!On the day of closing, we'll meet at the closingagent's office to sign all the final paperwork. WHAT TO BRING & FINAL ITEMS TO ARRANGE Driver's License, Government ID, or Passport Cash-to-Close Wire Confirmation Copy of approved Settlement Statement Power and Water Utilities set-up and activated Movers coordinated to meet once you get the keys Locksmith scheduled, if re-keying or changing locks

6POST CLOSING ACTION ITEMSWell hello HOMEOWNER, you did it!Hopefully by now all the boxes are unpacked and youare starting to settle into your new home. There aresome post-closing action items that you need to beaware of, or address in the coming weeks. ACTION ITEMS & REMINDERS(1) Six to Eight weeks after closing, you are supposed to receivethe original title policy & warranty deed. If not, call me or theclosing agent. It's important to keep the originals of both.(2) Once the deed & title policy is received, you need to go aheadand file for your Homestead Exemption. I'll email you a link afterclosing, to file online with the county property appraiser's office. (3) Property Fraud Alert (IMPORTANT) - Title fraud is real andgrowing. Many counties have free notification services to alert youif any deed change or legal doc has been filed in your name. Basedupon your county, I'll email you a flyer and link to sign-up online.(4) Loan Transferring: It's common for lenders to sell or eventransfer the servicing of your loan to another company. You willalways be notified by mail. To be safe, call your existing lender toverbally verify, BEFORE making payment to a new company.(5) Beware of other scams! You don't need a copy of your deed for$89.00. WHENEVER IN DOUBT, CALL ME IMMEDIATELY!

TESTIMONIALS"There just aren’t enough superlatives to describe Joe Bornstein’sinvolvement in our new home purchase. Joe was with us every step of the way, explaining things that we didn’t understand, and askingquestions that we didn’t even know we should’ve asked. He advocated for us through the entire process."Laurie & Bruce Wirsu, Hillside At Wekiva, Apopka, FL "Joe Bornstein at Rock Springs Realty is the best Realtor in all of Florida" Chad and Adina Carlson, Orlando, Florida "Joe really knows what he’s doing and he does it well! Not only did he help us sell our home quickly, but he helped us with the purchase of our new home in Wekiva, FL. He was always so easy to work with andextremely knowledgeable. I would definitely recommend him to anyonewho is looking for a reliable and dedicated Realtor. He is the best!"Robert & Megan Labrunda, Sold In Rock Springs Ridge, Apopka, FL andthen helped us purchased a new home in Wekiva, Longwood, FL"Joe is a fantastic Realtor and extremely knowledgeable about real estate.He helped me and my family sell our home as well as purchase a newhome I would highly recommend him anytime I'm in need of a real estatetransaction. If you're looking for an honest, hardworking, ethical, &knowledgeable real estate agent, look no further than Joe. Thank You Joe!"Caffie Mincey, Eagle Dunes Country Club, Sorrento Springs, Sorrento, FL"Joe is an extremely knowledgeable and talented Realtor. He knows how to get results! Our family hired Joe for both selling one home &purchasing another. We were very HAPPY working with him. Joe is oneof the BEST Realtors we've worked with and he did a wonderful job." The Blommel Family, Sold our home in Wekiva Run, Apopka, and bought a new home in Winter Park Pines, Winter Park, FL

Don't forget, if you don't have a dream, you can't have a dream come true!We're here to take this journey with youevery step of the way, from start to closing Now let's get out thereand find you a home!Our Commitment, Your SuccessOur Commitment, Your SuccessJoe Bornstein, BrokerCell# 407-252-8092Toll# 877-333-2811joe@rockspringsrealty.comwww.rockspringsrealty.com