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BuyerREAL ESTATE AGENTTIFFANYMICHELEA HOME BUYER'S GUIDEhandbook

TABLE OF CONTENTSGetting StartedThe home buying process Real estate termsFAQ's1. PREPARING TO BUY7 89102. FINANCIALSGetting pre-approvedPre-Approval ChecklistFinancial Must HavesMortgage Loan Types121314154. FINALS STEPS AND CLOSINGFinal stepsThings to AvoidScheduling your moveWhat to bring to closing Resources22232425283. FINDING YOUR HOMEBuyer questionnairePicking the perfect homeThe offer Process171820

Thank you!As a real estate agent, Ipromise to work tirelessly tomarket and sell your homefor the best possible price. I'll keep you informed everystep of the way and ensurethat the selling process is assmooth and stress-free aspossible. Your satisfaction is my toppriority and I'm committedto delivering outstandingservice throughout the entiretransaction.TIFFANY MICHELEC: 407-821-8271 O: 407-960-13952520 N Ronald Reagan BlvdSte 116 Longwood, FL 32750Soldby@realestatetiffany.comwww.Realestatetiffany.com@Realestatetiffany

MEET OUR TEAMCINDY HAMILTONAssistantMARISSA GRAHAMTeam LeadMELISSA SCOTTReal Esate AgentTIFFANY MICHELEReal Estate AgentThanks for considering me as your local realestate agent.I focus on the Central Florida area becauseI'm passionate about the community andbringing value to the residents. I'm looking forward to assisting you in findingyour new home. Please feel free to reach outto me with any questions.

preparingto buy

GETTING STARTEDWe start every home buying process with theproper research and preparation. Your checklistfor this stage includes the following goals:Determine the type of home you wantDetermine where you want to liveFind a local real estate agent to help you

HOME BUYINGPROCESSGET YOUR KEYS7MEET WITH YOUR AGENT1GET PRE-APPROVED2FIND YOUR HOME3OFFER & ACCEPTANCE4ORDER INSPECTION & APPRAISAL5PREPARE FOR CLOSING6

CLOSING COSTSTaxes, insurance, andother lender expensespaid at the end of thetransaction by theseller, buyer, or both.INSPECTIONA visual and mechanicalexamination of a hometo identify defects andassess the home’scondition.WORDS YOU SHOULD KNOWHOME BUYERAPPRAISALProperty and/or landvaluation completed byan appraiser whodetermines the marketvalue - typically 1-4weeks.DOWN PAYMENTIs what you typically payup front for a house inorder to close the sale.Usually 3-20% of thepurchase price. Not thesame as closing costs.TITLE INSURANCEInsurance to protect thelender or owner fromany claims related to thetitle of the property.Usually paid for by thebuyer.EARNEST MONEYDeposit made to a sellershowing the buyer'sgood faith in atransaction. Typically 1-3% of purchase price.CLOSINGUsually a meeting thatincludes documents,signatures, checks, andeverything needed tobuy or sell the house.DEBT TO INCOMEDTI is the comparisonof your monthly debtpayments to yourmonthly income beforetaxes, expressed as apercentage.ESCROWFunds deposited with athird party and held untila specific date is reachedand/or a specificcondition is met.

WHAT'S THE FIRST STEP OF THE HOME BUYING PROCESS?You'll need to get a mortgage unless you're paying cash for a house. To know howmuch home you can afford, you need to get pre-approved for a loan first.BUYER FAQSHOW MUCH MONEY DO I NEED FOR A DOWN PAYMENT?HOW LONG DOES IT TAKE TO BUY A HOME?Typically around 30 to 45 days after acceptance.WHAT OTHER FEES ARE THERE, BESIDES THE DOWNPAYMENT?Mainly loan origination and closing costs at about 2% to 4% of the loan amount.You'll also have to pay for a home inspector, a home warranty, HOA fees, insurance,home maintenance and more.CAN I BUY AND SELL MY CURRENT ONE AT THE SAME TIME?Absolutely! Depending on your situation, we'll recommend buying or selling first.WHAT KIND OF CREDIT SCORE DO I NEED TO BUY A HOME?A score of 620 or higher can get you better lending terms.Usually 3-5% of the purchase price of the house.WHEN CAN I EXPECT TO RECIEVE THE KEYS TO THE NEW HOUSE?You'll get the keys to your new home on closing day once the transaction iscomplete and fully funded by the title company.

financials$$$

GETTING PRE-APPROVEDA pre-approval letter in your hands can turn the home offersyou make into irresistible invitations. So before you startlooking for a home, getting your finances in order is crucial.Like the first stage of the buying process, shopping for a loanand getting pre-approved are best done a month or two aheadof your home search. Sorting out your finances can take sometime; more importantly, the application for mortgage pre-approval takes approximately 45 days.

PRE-APPROVALCHECKLISTPROOF OF INCOME: Provide documentation of your income, such as W-2 forms,tax returns, and pay stubs for the past two years.EMPLOYMENT VERIFICATION:Provide evidence of stable employment for at least twoyears, such as a letter from your employer or a verificationof employment form.CREDIT HISTORY:Your lender will check your credit report to evaluate yourcreditworthiness, so make sure you have a good creditscore and a clean credit history.ASSETS:You'll need to provide documentation of all your assets,such as bank statements, investment accounts, andretirement accounts.DEBT OBLIGATIONS:Provide documentation of all your current debtobligations, such as credit cards, car loans, and studentloans.DOWN PAYMENT:Determine the amount of your down payment and providedocumentation of the source of funds for the downpayment, such as bank statements or gift letters.PRE-APPROVAL APPLICATION:Complete a pre-approval application with your lender,providing all the necessary information anddocumentation.PROPERTY INFORMATION:Provide information on the property you intend topurchase, including the address, purchase price, and anyother relevant details.

DOWN PAYMENTAlthough you'll pay this at closing,proof of this is also what will help yousecure your mortgage.When you make an offer on a home,you will be expected to pay a depositas a show of good faith. It will beapplied to your down payment orclosing costs.You may need to pay for mortgageinsurance depending on your downpayment and loan. You are requiredto purchase both Title Insurance andHomeowners Insurance.FINANCIALMUST HAVESBe prepared to cover the cost ofattorney fees, surveys, appraisals, anddocumentation.EARNEST MONEYINSURANCECLOSING FEES

LOAN TYPEWHO QUALIFIESDOWNPAYMENTUPFRONTMORTGAGEINSURANCEMONTHLYMORTGAGEINSURANCEFHA LOANSFEDERALHOUSINGADMINISTRATIONanyone whomeets minimumcredit andincome levelsAt least 3.5%of purchaseprice1.75% of loanamount0.07% of theprincipalbalance for thelife of the loan,if downpayment wasbelow 5%VA LOANSDEPARTMENTOF VETERANAFFAIRSCurrentservicemembers veterans withhonorabledischarge some survivingspousesNONEZEROZEROUSDA LOANSU.S.DEPARTMENTOFAGRICULTUREAnyone whomeets minimumcredit andincome levelswho is buying ahome in a USDAdesignated areaZERO2% of the loanamount; canbe rolled intomortgage0.03% of theremainingprincipalbalance for thelife of the loan,if downpayment was 0CONVENTIONALMORTGAGESAnyone whomeets thelender's credit,income, and debtlevelrequirementsVaries from3% to 20%,but typicallyranges from5% to 20%ZEROIf the downpayment is lessthan 20%mortgageinsurance runsas much as0.21% of the loaneach monthMORTGAGE LOAN TYPES

findingyour home

BUYER QUESTIONNAIREBUYER NAME:CONTACT INFOHAVE YOU BEEN PRE-APPROVED?ARE YOU SELLING YOUR CURRENTHOME?NOADDRESS:PHONE:EMAIL:CO-BUYER NAME:PHONE:EMAIL:YESNOYESBATHROOMS:BEDROOMS:WHAT'S YOUR PRICE RANGE?WHEN DO YOU NEED TO MOVE BY?AREA:STYLE OF HOME:HOUSECONDOTOWNHOUSEMOST IMPORTANT IN A HOME:DEAL BREAKERS IN A HOME:ADDITIONAL NOTES:DETAILS

HOW MUCH YOUCAN AFFORDTake into consideration yourannual income, monthlyexpenses, and debt-to-income ratio, all of which willaffect the mortgage loan youcan afford.AGE OF THEPROPERTY[City, State] real estate offersboth historic homes and newconstruction. A resaleproperty might be the onethat you need with a fewminor tweaks. But if you’reafter a brand-new, move-inproperty, consider buyingnew construction.List down features that you absolutely need to have in yournew house. Consider your proximity to your work andcommunity services, nearby schools, home size and number ofrooms. This will help you determine the type of property thatmeets your needs best.Before you look for a home, you should know the type ofproperty you’re after. Is it a condo that meets your needs andpreferences? Or is it a single-family home that fits your long-term goals?To help you decide, consider the following factors:PICKING THEPERFECT HOMENON-NEGOTIABLES

FINDING THERIGHT LOCATIONCONSIDER THE NEIGHBORHOODResearch the community where youplan to purchase a home. Look forfeatures such as nearby schools, publictransportation, shopping centers, parks,and entertainment options.Study the local real estate market tounderstand the property values, trends,and market conditions. Check the priceof homes in the area to ensure that youare getting a fair deal.Take into account the property'ssurroundings, such as traffic noise, airpollution, and potential hazards.Consider the climate and weatherpatterns in the area.CHECK THE LOCAL MARKETEVALUATE SURROUNDINGSPROXIMITY TO WORKConsider the distance and ease oftransportation to your workplace. Checktraffic patterns, parking options, andcommuting times.Examine the condition of the house,including its age, construction quality,and necessary repairs. Have a homeinspection to determine if there are anymajor defects or issues.Think about the accessibility of theproperty to other amenities, such ashospitals, police stations, fire stations,and airports.CHECK PROPERTY CONDITIONCONSIDER ACCESSIBILITYResearch the crime rate in theneighborhood to ensure the safety ofyour family and property.CHECK THE CRIME RATEAssess the potential future value of theproperty based on location, surroundingdevelopments, and community growthtrends.DETERMINE PROPERTY VALUE

THE OFFERPROCESSONCE YOU SUBMIT AN OFFER We'll meet and review your offer together. Once the details arethoroughly reviewed and understood, the seller will have threeoptions: 1 - ACCEPT THE OFFER AS WRITTEN2 - DECLINE THE OFFERIf they feel the offer isn't close enough to theirexpectations to further negotiate this offer.3 - COUNTER OFFERIf they agree to most the offer but want to change a fewdetails, they can counter our offer with the new terms. You can negotiate back and forth as many times as needed untilyou reach an agreement or someone chooses to walk away. ONCE AN OFFER IS ACCEPTED BYBOTH PARTIES, YOU ARE OFFICIALLYUNDER CONTRACT.

final steps &closing

FINAL STEPSOrdering inspections before closing whenbuying a home is crucial to avoid potentialcomplications and ensure the home is in goodcondition. General and pest inspections shouldbe completed, and any issues should beaddressed before finalizing the sale.ORDER THE INSPECTIONOrdering an appraisal for buyers before closingon a home can be a good idea to ensure that thehome is priced correctly and to avoid anysurprises during the sale process. However, it isnot always necessary and the decision should bemade based on individual circumstances. ORDER THE APPRAISALWhen negotiating a final offer for a property, it'scrucial to consider current market and propertyconditions, urgency of the sale, and be realisticwith expectations to come up with a fair andreasonable offer. Flexibility and compromise arekey to reaching a mutually beneficial agreementwith potential buyers.NEGOTIATE FINAL OFFERYou'll submit all necessary documents, such asincome verification and credit reports, to thelender. The lender will then review theapplication and make a decision on whether toapprove the loan. Once approved, you'll sign theloan documents and provide a down paymentbefore the loan can be funded and the homepurchase can be completed.FINALIZE LOAN APPLICATION

Don't change bankaccounts.Don't apply for newcredit or close anycredit accounts.Don't deposit cash into your bankaccounts before speaking with yourbank or lender.Don't make anylarge purchasesDon't co-signother loans foranyone.Consistency is the name of the game after applying for amortgage. Be sure to discuss any changes in income, assets, orcredit with your lender, so you don't jeopardize your application.The best plan is to fully disclose and discuss your intentions withyour lender before you do anything financial in nature.THINGS TO AVOID AFTERAPPLYING FOR A MORTGAGE

SCHEDULINGYOUR MOVE4 WEEKS TO MOVESchedule movers/movingtruckBuy/find packing materialsStart packing3 WEEKS TO MOVEYour lender will arrangeappraisalTitle work will be completedKeep packing1 WEEK TO MOVEYou will complete your finalwalkthroughFinish packingCleanPack essentials for a fewnights in new homeConfirm delivery date withthe moving company.2 WEEKS TO MOVEWe will schedule you a timeto close and sign yourdocumentsContact utility companies(water, electric, cable)Change address: mailing,subscriptions, etc.Minimize grocery shoppingKeep on packingAFTER SIGNINGStart by decluttering and packing up your belongings and donate orthrow away anything you don't need, create an inventory of anythingvaluable that you plan to move, and, finally, you'll want to get estimatesfrom moving companies for your specific needs.

WHAT TO BRINGTO CLOSINGA PHOTO IDA CASHIER'S CHECKTHE CLOSING DISCLOSUREPROOF OF INSURANCEYOUR REAL ESTATE AGENT

OUR PROMISETO YOUHONESTY AND TRANSPARENCYCOMMUNICATION AND RESPONSIVENESSPROFESSIONALISM AND EXPERTISEDILIGENCE AND ATTENTION TO DETAILChoosing us as your realtor means you'll have adedicated and experienced team working to helpyou sell your property for the best price. Weprovide personalized service, expert advice, and acommitment to your satisfaction.

SUCCESS STORIESI highly recommend this real estate team! Their expertiseand professionalism made the process of selling a propertyeffortless. They were responsive, knowledgeable, and wentabove and beyond to ensure a smooth transaction. I couldn'thave asked for a better team to work with.-JULIANA MYERSTiffany was incredibly helpful throughout the entire home selling process.They were knowledgeable, communicative, and always had my bestinterests in mind. I couldn't have asked for a better experience and wouldhighly recommend their services to anyone in need of a reliable andtrustworthy agent.-TAMMY OWENSOverall, I had an exceptional experience, and I would highlyrecommend their services to anyone seeking a reliable andtrustworthy agent.-MARY ROSS

LOCAL LENDERSTOM FLOOD/LUXE MORTGAGE 321-438-6120OUTDOORSYELPELECTRIC & PLUMBINGYELPPROFESSIONAL MOVERSUHAUL MOVING APPYELPHOME WARRANTYYELPFLOORING & ROOFINGYELPPAINTINGYELPHOME INSPECTORSKEN BOGLE/ ENQUEST INSPECTIONSERVICES 407-782-1003RESOURCES

Congratulations!TIFFANY MICHELEC: 407-821-8271 | O: 407-960-13952520 N Ronald Reagan Blvd STE 116Longwood, FL 32750soldby@realestatetiffany.comwww.realestatetiffany.com@Realestatetiffany

BuyerTIFFANY MICHELEREAL ESTATE AGENTA HOME BUYER'S GUIDEhandbook