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What's
my home worth?
Overview of the Buying &
Selling Process
Benefits of Home Ownership
Finding the Right Home
Home Shopping Tips
Home Inspections
Answers to Frequently Asked
Questions
| BUYER |
| 1 |
Considers purchasing a home |
| 2 |
Selects a real estate agent |
| 3 |
Determines needs and wants |
| 4 |
Discusses financial issues |
| 5 |
Views & researches target homes |
| 6 |
Makes an offer to buy |
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| SELLER |
| 1 |
Decides to sell property |
| 2 |
Selects a real estate agent |
| 3 |
Determines needs |
| 4 |
Prepares home for marketing |
| 5 |
Agent markets the home |
| 6 |
Accepts, rejects or counters offer |
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| 7 |
Offer Accepted |
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| 8 |
Loan Application |
| 9 |
Inspections |
| 10 |
Title Search |
| 11 |
Appraisal |
| 12 |
Loan Approval |
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| 13 |
Closing Papers Signed |
| 14 |
Documents Recorded |
| 15 |
Funds Available To Seller |
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Credit:
Owning a home helps you establish financial credibility.
Independence:
Owning your own home provides you with independence and more
privacy than renting. You are free to paint walls, plant flowers,
keep pets and anything else within legal bounds.
Investment:
As you make more payments and own more of your home, you add to
its investment value. Most improvements you make will also add to
its value.
Pride:
A home reflects its owner's values and lifestyle. Owning a home
can provide you with a source of pride, enjoyment and
satisfaction.
Security:
A home can provide security against inflation because the value of
your home increases as prices go up.
Stability:
Being established in a community provides a sense of belonging,
stability and security.
Tax Advantages:
Interest on your mortgage loan is deductible on your yearly
personal income tax return. Many of the closing costs associated
with purchasing your home are deductible, as are your property
taxes.
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Real Estate Agents
You can sit down with a real estate agent and discuss your needs,
type of area, style of home, amenities and everything you really
want in your next home. Real estate agents can help you by
accessing a Listing Service which covers all properties listed for
sale within a specific area. Together, you can select the homes
you would like to see, set appointments and preview homes in a
short period of time. An agent can guide you through the entire
process.
Newspaper Ads/Internet
Many people go through the real estate classified section or
browse the Internet to find a home that appeals to them. However,
your real estate agent will have many listings available that may
not appear in the newspaper or Internet on a continuous basis. New
listings come on the market daily.
Multiple Listing Service
Your real estate agent should have access to the multiple listing
service if it is available in your area. It usually includes the
following details about homes and properties for sale:
When Previewing A Home
- Write notes when previewing a home so you will be able to
discuss the details later with your real estate agent.
- Ask questions about the home and discuss any objections or
concerns you may have.
- Ask about the community - schools, shopping and
transportation.
- Ask specific questions about the construction of the home;
electrical, plumbing, heating, cooling systems, etc.
Have Fun
Relax. Finding your new home can be a rewarding experience. Have a
good time and enjoy the process.
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Check For Properly Working Appliances/Fixtures:
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- Bathroom
- Sinks
- Showers/tubs
- Toilets
- Vent fan
- Heating fan
- Appliances
- Dishwasher
- Stove
- Oven
- Ice maker
- Garbage disposal
- Range hood
- Refrigerator
- Freezer
- Microwave
- Trash compactor
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- Kitchen
- Kitchen cabinet doors
- Drawers
- Sinks
- General
- Lights (interior & exterior)
- Windows
- Heating system
- Ceiling fans
- Hot water system
- Air conditioning system
- Electrical outlets
- Door bells
- Doors
- Water purifier
- Fireplace damper
- Garage door
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| Ensure House Is Well-Built & Systems Are In
Working Condition: |
- Exterior
- Brick bulging or cracking
- Shingles missing or broken
- Siding rotted or missing
- Gutters damaged or need to be cleaned
- Concrete cracked in sidewalks/driveway
- Basement
- Water seepage in basement
- Cracks in foundation
- Poor ventilation
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- Interior
- Sub-flooring damaged or loose
- Cracked walls or ceiling
- Cracked tiles
- Loose plaster
- Flooring damaged
- Soft, springy floors
- Water stains near windows
- Water stains on ceiling below bathroom
- Water stains in attic
- Pipe insulation missing
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What is an inspection?
There are numerous types of inspections. An inspection is meant to
evaluate, at minimum, the structural and mechanical condition of a
property. It is not the same as an appraisal which evaluates the
market value of a property. Persons involved in real estate
transactions need unbiased information about the physical
condition of property they plan to buy or sell and your contract
should include a contingency that you obtain a satisfactory
inspection report. Talk with your agent about the types of
inspections available.
Home Inspectors vs. Engineers
Home Inspector: A person who examines any component of a building,
through visual means and through normal user controls, without the
use of mathematical sciences.
Engineering: Analysis or design work requiring extensive
preparation and experience in the use of mathematics, physics,
chemistry and the engineering sciences.
Finding a qualified Inspector
- Referrals from satisfied customers
- Referral from a local real estate agent or mortgage company
- Local consumer affairs office
- Yellow Pages under "Building Inspection Services"
Ask if she/he is a member of the American Society of Home
Inspectors (ASHI). The ASHI has established standards of practice
which include the specific services, limitations and exclusions
that can be expected from private home inspectors.
What the inspection, at minimum, includes
Every inspection should include, but not be limited to, an
evaluation of at least the following:
- Foundations
- Plumbing and electrical systems
- Doors
- Ceiling, walls and floors
- Roof
- Hazardous materials concerns
- Heating and air conditioning systems
- Common areas (in condominiums)
- Insulation
- Ventilation
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What is the difference between "pre-qualified" and
"pre-approved"?
If you are "pre-qualified" you have determined, with a
loan officer, what price you can afford based on the down payment,
your debts and the amount the mortgage company will approve for
your mortgage. Being "pre-qualified" is only a
determination of your probable credit. If you are
"pre-approved", your credit, employment and funds have
been approved by the lender.
What are closing costs?
Closing costs are an accumulation of charges paid to different
entities associated with the buying and selling of real estate.
For buyers, they are usually about 4-6% of the total sales price
of a property. Some of the closing costs you might encounter are:
application fees, appraisal fee, county taxes, credit report,
discount points, documentation fee, escrow fees, homeowners'
association fees, loan fees, mortgage insurance, origination fees,
tax registration and title insurance premium.
What is a point?
One point is equal to 1% of the new loan amount. Whenever
government regulation, state usury laws and/or competitive
practices prohibit the lender from charging a rate of interest
that would make the real estate loan competitive with other fields
of investments, the lender must seek some method of increasing the
yield for the investors. By charging "points", the
lender can bring the real estate loan up to those other
investments.
What is earnest money?
When you make an offer, you will need to put up an earnest money
deposit as a sign of good faith that you are seriously interested
in buying a home. That deposit becomes a part of the purchase
price and is held in a trust account until there is full
acceptance of the offer. Typically, an earnest money is 3-5% of
the offer amount.
What is title insurance?
Title insurance protects the named insured against loss because of
defects, liens, encumbrances, adverse claims or other matters not
shown or disclosed to the new owner that attach before date of
policy.
Is VA or FHA financing unfair to sellers?
FHA and VA loans provide purchasers the opportunity to buy homes
with minimal cash investment and at lower interest rates. The
result is a larger market for sellers, who also benefit by
receiving all cash for their equity.
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CODE 3 REALTY & MORTGAGE, INC.
CODE 3 REAL ESTATE ®
777 Campus Commons Drive STE 200
Sacramento, CA 95816
Office Phone: (916) 455-5225 Fax: (916) 682-2414
Real Estate Broker, California Department of Real Estate License 01494485.
An Equal Opportunity Company. Equal Housing Opportunity.
All rights reserved.
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