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The HomeBuying ProcessWe’ll cover what you can expect fromthe home buying process – from pre-approvals all the way to moving day!

S T E P 1Finances The Mortgage Process Lender Questionnaire Obtain pre-approvalS T E P 2Home Search Determine wants vs. needs Complete Home SearchWorksheet Preview potential propertiesonline Schedule showings Complete Showing ChecklistS T E P 3Under Contract Write an offer Negotiate terms, accept contract Under Contract Checklist Deposit escrow, finalize loan Gather homeowner’s insurancequotesS T E P 4Due Diligence Conduct inspections Resolve & negotiate issues Lender requests & Appraisal Finalize Homeowner’sInsuranceS T E P 5Closing Time Complete Pre-ClosingChecklist Title search and ordersurvey Receive closing documents Wire funds to closingcompany Conduct a final walk-through Closing day: It's all yours!T H E H O M E B U Y I N G P R O C E S S

The first step of the home buying processis to understand how much you qualifyfor by meet with a local lender andgetting a pre-approval letter. It'simportant to interview a few lenders tofind one that will be a good fit.A pre-approval is only valid for 30-90days, so while you can start talking tolenders, you’ll want to wait on getting thatpre-approval letter when you’re ready tobuy.What is the annual percentage rate(APR)? APR tells you a mortgage's true cost.The APR includes interest rate, points andfees charged by the lender, and lets youaccurately compare mortgage offers.Can I lock-in an interest rate? If so, forhow long? Do you charge to lock in a rate?What will my closing costs be? Are they apart of my loan, or will I pay them in cash atclosing? 3-6% of your loan value is typical.Will I pay mortgage insurance?If you put down less than 20% on aconventional loan, it’s likely you will. Ask thelender if it’s a one-time or ongoing fee.Q U E S T I O N S T O A S K L E N D E R S :What type of loan do you recommendfor me? Your lender should then walk youthrough the pros and cons of multipleloans based on your unique situation.Do I qualify for any down paymentassistance programs? Depending onyour area, the type of property or yourcircumstances, you may be eligible. Agood lender should know what’s availableto you.What will my monthly payment be?This question is arguably the mostimportant! Check with the lender about aprepayment penalty. That is, if you pay offthe mortgage early (by selling orrefinancing). The answer should be no!S O U R C E : N E R D W A L L E TC A L C U L A TE YO U R D T IW H A T I S DEBT - T O - I N COME R A T I O ?The Mortgage ProcessT H E H O M E B U Y I N G P R O C E S S

What type of loan do you recommend for me and why?What is the interest rate? What is the APR?Can I lock in an interest rate? If so for how long? Are there fees associated?Do I qualify for down payment assistance programs?What will my monthly payment be?What will my closing costs be? Are they a part of my loan, or will I pay them at closing?Will I pay mortgage insurance?N A M E : C O M P A N Y :P H O N E : E M A I L :T H E H O M E B U Y I N G P R O C E S SLender Questionnaire

Determine YourWants vs. NeedsBefore we hop into the home search, I liketo advise my clients to create a "Needs" listand a "Wants" list. This will help us to reallyfocus on the things that are most importantin your future home. Needs are the non-negotiable.They are the features you simply must havein your next home. Wants are the onesyou’d like to have, but you can add orchange down the road. Remember youcan’t change the lot, the location, or theprice you paid. Specific paint or exterior color Fenced-in backyard Specific flooring Kitchen amenities or appliances Walk-in shower or double vanityN E E D S M I G H T L O O K L I K E Enough bedrooms for your family First floor master bedroom Close proximity to work or school Attached two-car garage Yard for children or petsW A N T S M I G H T L O O K L I K EN E E D S W A N T ST H E H O M E B U Y I N G P R O C E S S

The HomeSearch ProcessNow that we’ve discussed your wantsand needs, It’s time to start looking atlistings and choosing which houses to seein person. While I’ll send you homes asthey hit the market, feel free to search inyour free time as well. Use the search filters, but don’t gocrazy. You don’t want to restrict yoursearch so tightly that you only have ahandful of homes to view. Keeping yourwants vs. needs list in mind, expand yourgeographic search, and add 25-50K toyour max price since there is sometimeswiggle room with pricing and negotiations.If you find something that catches youreye, check out the Google street view.Online pictures can be deceiving so avirtual ‘walk down the street’ will give youa better sense of the house andsurrounding area.First up, let’s talk about best practicesfor searching online. You are probablyfamiliar with the sites Realtor.com,Zillow, Redfin, but how can you getthe results you want? Try some of thetips below.W H E N B R O W S I N G O N Y O U R O W N A N D U S I N G O N L I N E R E A L E S T A T E T O O L SIf a home you like is “pending” or“under contract”don’t panic!Don’t shy away from a home because it is“pending” or “under contract.” Pendingcontracts do fall through occasionally, sokeep it on your list, especially if it checksall your boxes.Jot down the MLS number & address.Send your list to me and I will call thelisting agents to gather pertinent info.Next, look for some time in your calendarto tour the homes on your shortlist. Holdmore time than you think you’ll need.T H E H O M E B U Y I N G P R O C E S S

Make the Most ofYour ShowingsYou’re SO READY to get inside thosehomes on your shortlist and see foryourself if one of them is soon-to-beyour new address. Read over your wants vs. needs listand revisit your budget. Having thisfresh on your mind will help you stayobjective and focused. Take pictures and videos to jog yourmemory later.Consider the lot, lot size, and location,all of these things cannot be changed.Look for signs of structural integrity.Water damage, cracks in walls or ceilings,sloping floors, and other potential issues.Pay attention to noise levels fromnearby roads, airports and railwaysK E E P T H I S I N M I N D A T S H O W I N G SExamine the roof for leaks, missingshingles, or other damage. Inspectsiding, windows, doors, and the overallexterior condition. Consider layout & space. Does theproperty's layout suit your lifestyle?Check room sizes, storage space, andthe flow between rooms.Look past decor & staging. These things will soon be goneConsider the potential resale valueof the property by researching thehistorical appreciation ratesI know you’re excited, but it's importantto go into those showings calm, cool,and with your thinking cap on. Below isa quick list of how to do just that!T H E H O M E B U Y I N G P R O C E S S

Make Your OfferStand OutSo you think you’ve found “the one” andyou’re ready to put in an offer—one thatwill be simply irresistible to sellers. Include a pre-approval letter thatshows that you’re serious, qualified,and ready to purchase.Lean on a trusted agent who canhelp you compose an offer that givesyou every advantage in landing thehome!- Hi! That’e me! :) W R I T I N G A C O M P E L L I N G O F F E R W I T H Y O U R A G E N TPropose clean terms. Most timeswe’ll negotiate terms and conditionsthat will fit your circumstances. A fewterms will include: Offer Price, EscrowAmount, who chooses and pays title,inspection timeline, and days to close.Most financed deals will take about30-45 days. Put your best foot—and price—forward. You may only get one shot,so make it count. Use comps andtrends as a guide, but go in with astrong number you know a sellerwould find favorable but is also withinmarket value. Let's talk about making an offer thattruly stands out. Below are my tried andtested recommendations.T H E H O M E B U Y I N G P R O C E S S

We’re UnderContract!Your offer has been accepted — cuethe champagne! And while it’ll be a fewmore weeks until you can move in,you’re well on your way to closing thedeal on your new home sweet home. Finalize the Loan – You'll providedocuments and go through underwritingwith your lender.Provide an Earnest Money Deposit – This is a good faith deposit to show yourcommitment to buying the property. Thisdeposit is typically held in an escrowaccount until the closing.Schedule Home Inspection – Dependingon the results, you may negotiate with theseller for repairs or credits. Schedule thisimmediately! Order Appraisal – Your lender will initiatethis to ensure the property's value matchesthe sale price. If the appraisal comes inlower than the agreed-upon price, you mayneed to renegotiate with the seller or comeup with additional funds.Y O U R O F F E R W A S A C C E P T E D ! W H A T ’ S N E X T ?Funding and Recording – Once alldocuments are signed and funds aretransferred, the transaction is recorded withthe county or local municipality. This officiallytransfers ownership from the seller to you.Title Search – A title company will conduct atitle search to ensure there are no liens orlegal issues with the property’s ownership.You'll also purchase title insurance to protectagainst unforeseen title problems.Final walk-through – Shortly before theclosing date, you'll have the opportunity to doa final walk-through of the property to ensureit's in the agreed-upon condition.Closing Day – Sign all necessary documents, pay remaining closing costs and the downpayment. The title is officially transferred toyou, and keys are exchanged.Here's a quick rundown on whathappens after you make an offer andyour new home is “under contract.” T H E H O M E B U Y I N G P R O C E S S

Send Escrow DepositEscrow deposit amount:Escrow deposit recipient:Be very careful when wiring funds. Never trust wiring instructions sent via email.L O A N A P P L I C A T I O N D U EE X E C U T E D C O N T R A C T D A T EE S C R O W D E P O S I T D U EI N S P E C T I O N P E R I O D E N D SE S T I M A T E D C L O S I N G D A YSchedule InspectionsThe last day to renegotiate or cancel the contractdue to issues revealed by the inspections is:T H E H O M E B U Y I N G P R O C E S SImportant DatesUnder Contract ChecklistBegin Loan Application Start your loan application within 5 days from theexecuted contract date. During your loan processing, it is VERY IMPORTANT not to make anymajor job changes, major purchases, or open new credit cards, asany of these activities could alter your qualifications.Obtain Home InsuranceContact insurance companies for quotesbefore the end of the inspection periodHOMEADDRESSTITLE COMPANYPURCHASEPRICEESCROW DEPOSIT

Inspections &InsuranceWhat is a home inspection?The inspection will uncover any issues inthe home that would have otherwisebeen unknown. You will receive a writtenreport of the inspection. I recommendthat you are present for the inspection,so that you may ask any questions.What does the "inspection period" mean? Typically, inspectionperiods can last anywhere from 7 to 15days. During this time, the buyer hasthe right to hire a professional toinspect the condition of the home. If the results of the report reveal anyissues, the buyer may ask the seller tocover the costs of these repairs orreduce the sale price.If an agreement can not be made, thebuyer has the right to back out of thecontract and get the escrow depositback with no consequences.When should I schedule theinspection? Schedule all inspectionsimmediately, so if we need to negotiateany repairs we can before the inspectionperiod ends. The home seems fine, do I reallyneed a home inspection?The home may appear to be inperfect shape, but some of thecostliest problems are difficult tospot: leaks, termite damage,foundation issues, poor ventilation,faulty wiring, and drippy appliances.Before you sign on the dotted line,have a professional thoroughly assessthe home for problems.T H E H O M E B U Y I N G P R O C E S SWhat about home insurance? Onceyou have a signed contract, start lookingfor insurance providers immediately. Yourlender will typically require evidence ofinsurance coverage before they approveyour mortgage. Gather multiple quotes!

T H E H O M E B U Y I N G P R O C E S SInspections Cheat SheetScott941.263.4699office@82westhomeinspections.comwww.82westhomeinspections.com82 WES T HOMEINSPEC TIONSSTANDARDFOUR-POINTWDOLEAD-BASEDPAINTI N S P E C T I O N T Y P ED E S C R I P T I O NThe standard home inspector's report willcover the condition of the home's heatingsystem; central air conditioning system; interiorplumbing and electrical systems; the roof, atticand visible insulations; walls, ceilings, floors,windows and doors; the foundation, basementand structural components.A V E R A G E C O S TThe Four-Point Inspection examines 4 mainthings: Electrical, HVAC, Roof & Structure,and Plumbing. The Four-Point will most likelybe required by your homeowner's insurance ifthe home is more than 30 years old.The WDO Inspection is the Wood-DestroyingOrganism Inspection. Ask your lender if yourloan requires any certain inspections such asa WDO inspection.If the home was built prior to 1978, a lead-based paint inspection is recommendedBased upon theSquare Footage butcan range anywherefrom $375+ Extra FeeExtra Fee orsometimes included Trusted Inspection CompaniesBrett Shankle941.757.3696Info@wfhinspect.comWEST F LORIDAHOME I NSPECTION941.773.1144 info@hopehomeinspections.comHOPE H OMEINSPEC TION

T H E H O M E B U Y I N G P R O C E S SHome Insurance Cheat SheetCourtney Grandstrand941.877.0994Courtney.Grandstrand@goosehead.comGOOSEHEAD INSURANCEHOMEOWNERSHAZARDFLOODWINDSTORMI N S U R A N C E T Y P ED E S C R I P T I O NThe standard homeowners insurancecovers financial protection against lossdue to disasters, theft and accidentsA V E R A G E C O S THazard insurance protects againstdamage caused by fires, severe storms,hail/sleet, or other natural eventsProtects against damage causedby a floodProtects against damage caused bytornadoes, hurricanes, or gales.Trusted Insurance Companies941.306.4524info@deesinsurance.com DEESINSURANCE

Under contractT H E H O M E B U Y I N G P R O C E S SPre-Closing ChecklistOrder AppraisalAn appraisal is an estimate of the value of theproperty by a licensed professional appraiser.Once problems are resolved from inspection,the lender will order an appraisal and paid forby you. The appraisal verifies the value of theproperty for the lender and to protect you fromoverpaying. The contract is contingent upon whether the appraisal comes in at or abovethe purchase price. If the appraisal comes back low, it’s back to negotiations!InspectionsObtain home insuranceT H E C L O S I N G T A B L E I S N E A R !H E R E ’ S W H A T ’ S N E X T :Obtain MortgageYou have 5 days from the date of contractexecution to begin the mortgage loanapplication. During the 30-45 days beforeclosing, your lender will be finalizing the loan.Conduct SurveyUnless a recent survey of the property exists, arecent one will be requested. The survey is asketch showing a map of the property lines andboundaries and reveals if there are anyencroachments on the property. The survey isordered by the title company and paid for bythe buyer as part of the closing costs.Title SearchThe title company will conduct a title searchto ensure the property is legitimate and thatthere are no outstanding mortgage liens,judgments, easements, leases, unpaid taxes,or other restrictions that would impact yourownership. Once the title is found to be valid, the titlecompany will issue a title insurance policywhich protects lenders or owners againstclaims or legal fees that may arise overownership of the property. This will beincluded in closing costs.Clear to CloseThe magic words! This phrase means themortgage underwriter has officiallyapproved all documentation required tofund the loan. All that remains is the actualclosing process. H E R E ’ S W H A T Y O U ’ V EC O M P L E T E D S O F A R :TIPIt is very important not tomake any major job changes,purchases, or open newcredit cards, as any of theseactivities could alter yourqualifications for a loan.

It’s Closing Time!You've received the magic phrase "clear-to-close" and we've scheduled ourclosing date and time.The final walk-through allows the buyersto do one last walk through before closingto confirm that the seller made therepairs that were agreed upon. The walkthrough also ensures no new problemshave occurred while under contract. Wewill typically schedule the walk throughthe day before closing.When is the final walk-through? W H A T T O E X P E C T F R O M C L O S I N G D A YStretch those fingers and get ready tosign, sign, sign! At closing, the seller willsign ownership of the property over toyou, and you’ll sign to receive possession. What will I do? Here's a quick rundown on what you canexpect from closing day!T H E H O M E B U Y I N G P R O C E S SSituations vary, but you can expectsome combination of these folks: Buyer(that’s you!), real estate agents, closingattorney, mortgage lender, and the titlecompany representative. Who will be at closing? Bring a photo ID. Your agent will shareany other documents specific to yoursituation. The closing process is relativelysimple but be prepared for A LOT ofpaperwork. (And always, always, alwaysask if you have a question along the way.)The good news is once you’ve signed thelast page, it’s time to get a hold of thosekeys and celebrate!What should I bring?

T H E H O M E B U Y I N G P R O C E S SI'm always happy to answer your questionsand discuss the ins-and-outs of the homebuying process! I’m looking forward tohelping you find HOME! – Renne’ Rupp