%20(Facebook%20Cover)-2_edited.jpg)
BUYER'S GUIDE
ZILLOW PREMIER AGENT
PROUDLY SERVICING CENTRAL OHIO AND BEYOND
We are excited to share that we are a Flex Partner with Zillow! Our team was selected because of our commitment to our clients and our awesome record of serving clients.
In addition to our amazing client service, we also understand the importance of partnering with industry leaders such as Zillow and Boomtown. We take pride in providing our clients with the best possible systems and technology to ensure they receive the most accurate and timely housing information available on the market.
OUR TEAM
614-310-6077
ColubusHouseTeam.com
@ColumbusHouseTeam
We help families buy and sell real estate in the Central Ohio Market. We pursue education, embrace innovative marketing strategies, and we are diligent in providing superior service to our clients.
The mission of Columbus House Team is to create the most productive and influential real estate team in the world by focusing on teamwork, leadership, and personal growth to achieve our goals. We provide world class service, which creates raving clients. We are known throughout our community for service, results, and innovation.
HOME BUYING STRATEGY
Did you know that there are over 80 different variables that go into the home buying process. Here are some key variables to understand to position you at the top of the buying market!
1. EXPERT ADVICE
A. HOME OWNERSHIP GOALS
B. FINANCING OPTIONS
C. MARKET ANALYSIS
D. REAL ESTATE AS AN INVESTMENT
4. FINDING THE IDEAL HOME AT THE RIGHT PRICE
A. HIDDEN LANDMINES IN A PROPERTY
B. LIFESTYLE & NEIGHBORHOOD PROFILE
C. QUALITY OF LIFE HOME PROFILE
D. THE "UNFAIR ADVANTAGE"
2. FUTURE HOMEOWNER'S RESPONSIBILITY
A. FUTURE HOME MAINTENANCE COSTS
B. HOME WARRANTY
C. HOME INSPECTION
D. LIFESTYLE & QUALITY OF LIFE CHOICES
5. THE NEGOTIATION & OFFER STRATEGY
A. SELLER CONCESSIONS
B. POSITION OF STRENGTH
C. MULTIPLE OFFER STRATEGY
D. BUYER CONCESSIONS
3. THE HOME EQUITY SWING
A. YOUR HOME AS AN INVESTMENT
B. FUTURE HOMEOWNER RESPONSIBILITY & COSTS
C. BUILDING EQUITY ON DAY 1
6. LIFETIME VENDOR RELATIONSHIP
A. LENDER
B. TITLE COMPANY
C. PROFESSIONAL SERVICES
Thank you for considering working with our team. We truly make buying your home all about YOU. We hope you find this information helpful as you are making decisions about buying your home.
We would love the opportunity to help you.
- Columbus House Team -
UNDERSTANDING LENDING
THE PEOPLE
THE LENDER: The person you will be speaking with most regarding your loan. They will be going over all of the loan documents and explaining to you the best loan option, interest rate, closing costs amount, down payment, and monthly Mortgage payment.
THE PROCESSOR: This is the person behind the scenes who is collecting and sorting all the documents from the lender that you have turned in.
THE UNDERWRITER: This is there person who is reviewing all of the documents that you have turned in to the lender and is making sure your file is approval-worthy for the bank to be able to lend you money to purchase the home. This is also the person who is advising the lender regarding what remaining documents are needed from you.
THE PROCESS
1. Get pre-approved to purchase a home (we recommend getting two or more different mortgage quotes)
2. Turn in the following documents to your lender
a. Copy of driver's license
b. Most recent paystubs (last 30 days)
c. Your last two years of W-2s
d. Your last two years of full tax returns
3. Once you are in contract to purchase your home, the lender will be asking you to turn in more documents. These documents differ from client to client based on a lot of factors.
4. The process of turning in documents, the lender reviewing them, and asking for more documents will continue until closing.
MORTGAGE TERMS
PRINCIPAL: The principal is the amount that you are financing, or also known as the loan amount. For ecample, if you are buying a $250,000 house and you put 5% ($12,500) down as your down payment, your principal, or loan amount, would be $237,500.
INTEREST: Interest is what you pay the lender for lending you the money to buy your home. T here are several factors that go into determining your interest rate. The amount of interest you pay over the life of the loan will depend on interest rate, length of loan, and if you make the minimum payments.
PROPERTY TAXES: Property taxes are paid to the city, county, and municipal governments in exchange for services, such as schools, police, fire, infrastructure, and other special projects. Property taxes will change depending on the value of your home as assessed by the county. Your lender will pay your property taxes out of your escrow account if it is set up at time of close. Otherwise, you are responsible for making the biannual payment (payments due January and July).
HOMEOWNERS INSURANCE: Homeowners insurance is required if you have a mortgage. This is insurance to protect your investment in the event of any fire, flood, roof damage, etc. This will also be part of your mortgage payment if you opt for an escrow account.
HOME BUDGET WORKSHEET
As you go through the process of buying a home, a great practice is to run sample budgets based on what you are
currently spending each month and a budget of what you are looking to spend on your new home.
PRE-HOME BUDGET
1. Rent $__________
2. Renter's Insurance $__________
3. Utilities $__________
4. Transportation $__________
5. Cable/Internet $__________
TOTAL A $__________
1. Auto Insurance $__________
2. Debts (Car/Credit Cards) $__________
3. Groceries $__________
4. Child Care $__________
5. Pharmacy/Doctor $__________
6. Restaurant $__________
7. Entertainment $__________
8. Savings $__________
9. Other $__________
TOTAL B $__________
TOTAL A+B $__________
HOMEOWNERSHIP BUDGET
1. Mortgage $__________
2. Modified Utilities $__________
3. Modified Transportation $__________
4. Modified Cable/Internet $__________
TOTAL C $__________
TOTAL B+C $__________
BUDGET REMINDERS:
1. Your utilities will be higher unless you are downsizing your home.
2. You will want to budget for future home repairs (yes, items do break!).
3. Your transportation expenses will change since your commute will most likely change.
4. If you want to pay down your mortgage faster, budget extra money each month to apply to the principal.
ITEMS THAT STOP FINANCING
It is important to remember the smallest changes in your personal finances can dramatically impact your qualification status when applying for a mortgage. Below is a list of items you should NOT do when applying for a mortgage.
1. DO NOT CHANGE JOBS, BECOME SELF-EMPLOYED OR QUIT YOUR JOB.
2. DO NOTBUY A CAR, TRUCK, OR VAN. (OR YOU MAY BE LIVINGIN IT)
3. DO NOT USE CHARGE CARDS EXCESSIVELY OR LET YOUR ACCOUNTS FALL BEHIND
4. DO NOT SPEND MONEY YOU HAVE SET ASIDE FOR CLOSING
5. DO NOT OMIT DEBTS OR LIABILITIES FROM YOUR LOAN APPLICATION
6. DO NOTBUY FURNITURE
7. DO NOT ORIGINATE ANY INQUIRIES INTO YOUR CREDIT
8.DO NOT MAKE LARGE DEPOSITS WITHOUT FIRST CHECKING WITH YOUR LOAN OFFICER
9. DO NOT CHANGE BANK ACCOUNTS
10.DO NOT CO-SIGN A LOAN FOR ANYONE
Life happens! If any of the above becomes a necessity, the best practice is to clear any purchases or financial changes with your lender before doing so. If not, it could cause your loan application to be DENIED.
YOU'RE MOVING!
THINGS YOU NEED TO KNOW AND DO!
Moving can be stressful, emotional and tiring so the Columbus HouseTeam wants to make sure that you are prepared! There are a couple of things that you need to do besides packing and unpacking your belongings.
NEW ADDRESS:
Makesure you receive the email from our preferred 3rd party utility provider, MoveEasy, to get everything transferred into your name! With MoveEasy, you will be able to change your mailing address, Access utility providers specific to your new address, change mailing on any magazine subscriptions, recommended cable/internetproviders, preferred moving companies and much more!
SAFETY:
Here are a few things that you will want to do once you close.
1. Change all your locks(we do not know who has keys to the house)
2. Replace batteries in Smoke and Carbon Monoxide Detectors or Install New Ones
3. Buy a Fire Extinguisher for your home and garage.
4. Make sure all window locks work properly.
NEW NEIGHBORS:
Now that you are all moved in and are working on getting settled, it is always a good idea to meet your new neighbors. You can find out who they recommend for handyman work, plumbers, HVAC Service, Electricians, what parks are in the area, activities to do around town. Plus, you never know if you will need their help in the future!
NEW COMMUNITY:
Search Facebook for local community groups to join and follow local government pages. They both will keep you informed on events and changes in your area.
EXP REALTY TRUSTED ADVISORS BUYERS ADVANTAGE PROGRAM
LOVE YOUR HOME
Complete home audit with inspection and appraisal
Home warranty guaranteed through Choice Home Warranty for the first year that you are in your home!
Buy through us - sell through us for FREE**
E-Z HOME SEARCH
Access to every home on the market that is listed in the Multiple Listing Service.
Accurate and up-to-date information to you via email.
Website updated every 15 minutes.
SIMPLE BUYING STRATEGY
Customized loan programs from Lower.com. They specialize in creative financing which can help you limit the out-of-pocket money you need at closing. They put a heavy emphasis on customer service which is why our team loves them!
Down payment assistance programs and seller paid closing costs are possible!
Closing specialist on hand to answer all of your questions!
MOVE WITH EASE
Moving concierge company to help you change address and all home services!
Access to Columbus House Team moving trailer
Raving Fan Club perks after closing!
Plus much more!
CANCEL GUARANTEE
By signing an exclusive buyer agreement, you are agreeing to work with the Columbus House Team exclusively and for them to represent you during the real estate transaction.
The cancellation guarantee backs all of these services. You can cancel your agreement with no additional charges from us, without penalty at any time up to the time we present an offer on your behalf to a potential seller.
I WORK FOR YOU!
LET'S TALK ABOUT THE HOME BUYING PROCESS:
The first and BIGGEST step is to get pre-approval. (No app fee from our preferred lender *)
Get you registered on my website. Start looking at homes (internet & showings) and finding the home perfect for you.
Writing an offer (purchase contract):
Bidding & negotiations.
Signing documents
Acceptance of offer starts contract process
Once you are "in-contract" on a home a series of periods will take place.
Earnest Money ($500 minimum**) Earnest money is a deposit on the home. This assures the seller you are committed to purchasing the home.
Home Inspection. Typically, a 10-day period** to start the day after contract acceptance. A licensed inspector will do a thorough inspection of the home and reveal the homes current condition.
Remedy Period. Typically, a 5-day period.** During the remedy period you will negotiate any issues that may arise in the home inspection.
Lending. Appraisal (Typically $400-$500).* Signing all lender disclosures and documentation required by them. (Bank specific)
Homeowners Insurance. Find an agent you trust and make appointment to meet with them in person if possible.
Final Walkthrough. Typically, within 48 hours prior to closing.
Closing Table. Your lender will provide you with the amount of money you need to bring to closing in form of a wire or certified funds.
Keys to your new home!
Earnest Money - $500+, Home inspection - $300-$500, Appraisal - $400-500 = $1200-1500 (out of pocket)***
* Prices may vary with different companies
** Subject to seller(s) approval
*** Money spent before closing. Does not include closing costs or down payment
DREAM HOME CHECKLIST
HOME CONSTRUCTION & LAYOUT
Style _______________
Bedrooms _____ to _____
Bathrooms _____ to _____
Age of Home ________ to ________
Sq. Ft. ________ to ________
Garage Spaces _____ to _____
1st/2nd Floor Laundry: Y or N
Open Floor Plan: Y or N
Basement Required: Y or N
Home Office: Y or N
INTERIOR AMENITIES
Updated Kitchen: Y or N
Updated Bathrooms: Y or N
Updated Mechanicals: Y or N
Fireplace: Y or N
Hardwood Floors: Y or N
Finished Basement: Y or N
Kitchen Island: Y or N
Pantry: Y or N
Garden/Jet Tub: Y or N
Primary Bathroom: Y or N
Large Closets: Y or N
EXTERIOR AMENITIES
Yard: Y or N
Fenced: Y or N
Acreage ________ to ________
Front Porch: Y or N
Patio or Deck: Y or N
Fire Pit: Y or N
Swimming Pool: Y or N
PREFERENCES
School Districts: ____________________
Price Range __________ to __________
City: ____________________
Subdivision Living: Y or N
Country Living: Y or N
City Living: Y or N
NOTES: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________