Published on November 28, 2007
HOME BUYERS GUIDE GROUP REALTY COPELAND Office 512.697.9140 Hotline 888.346.6389 CopelandGroupRealty.com
THE COPELAND GROUP The Win/Win benefits of a Team We found that using a team of specialists is the best way to help clients quickly reach their goals. Proper pricing, marketing, communication, feedback, follow-up, contract negotiations, etc. are key areas that can create a great experience. Our team concept is a win/win solution because you will have 8-10 professionals focused on your goals...all for the price of ONE AGENT! Our clients love our level of personal service since each member is accountable for their area of specialty. Now...Meet the Copeland Group! Yvonne Yeska New Construction and Second Home Specialist Yvonne is a team affiliate who works at Keller Williams. Like others on our team, she has investment experience. Yvonne partners with us on buyers in her areas of expertise, which include Lake Areas and Dripping Springs. She plans to continue buying real estate investments properties in Greater Austin. Skye Hawk Dee Copeland Communications Manager, Certified REPA® Principal/Listing Specialist Skye helps us obtain complete satisfaction from our clients, affiliates and Dee helps home owners, builders and investors to sell their partners. She is extremely organized and enjoys the ability to work with people properties at the highest price possible, with the least hassle, from diverse backgrounds. Skye obtained her REPA® Certification (Real Estate and in the shortest time. Her mission is to negotiate and Professional Assistant) from the National Association of REALTORS® and has structure win-win deals that will create a positive experience specialized expertise in helping real estate professionals manage their business while strengthening relationships. She manages vendor partnerships as well as for our clients and others. Dee is author of the forthcoming team communications. book, “Gotcha Guide™ to Buying or Investing in Real Estate: Top Money and Time-Wasting Headaches to Avoid When Debbie Richardson You Buy a Home or Real Estate Investment” and has been Transaction Manager a featured nationally for articles on topics such as industry Debbie manages our listing and closings to keep the process as seamless as trends, real estate investing, technology, new media, and possible. She maintaints detailed checklists and provides reports that keep mobile applications. National spotlights include Inman our sellers, investors, buyers and builders informed and on schedule while minimizing potential slowdowns. News, REALTOR.com and Realtown. Team Support BookKeeping & International Graphic Design Administrative Phone Systems Paula Bayer Accounting Brokerage Firm And Printing Support & Receptionists Pop-Decor Home Staging Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
Our Mission Copeland Group 512.697.9104 OUR TEAM MISSION, VISION, VALUES AND BELIEFS Copeland Group Realty are not just transactional agents who view client relationships as a way to increase our bottom line. Although we strive to achieve financial goals for ourselves and our clients, we see each relationship that we form as unique and special. Copeland Group Realty members are driven to be role models in the real estate industry. We are proof that real estate practitioners are honest, ethical, reliable and of high-value. Below are our team’s mission, vision, values and beliefs. MISSION: To provide personal, professional service and counseling while building life-long relationships based on our passion and commitment to the community, each other and our clients. VISION: To be healthy, happy industry leaders who proactively impact our lives and the lives of others in a positive way each day. VALUES: Trust, Honesty, and Expertise (THE). PHILOSOPHY: We will never assume that we have reached the top. BELIEFS: We are experts at what we do. We learn from the best while teaching best practices. We are leaders and problem solvers. We will let nothing stand in our way as we achieve our goals. We break down barriers for others and ourselves. We treat the world as members of our family. OUR MISSION Copeland Group Keller Williams Realty ▪ ▪ ▪ info@CopelandGroupRealty.com 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com
How we work on your behalf Copeland Group 512.697.9104 This checklist focuses our discussion on what you should know to optimize your homebuying experience. If you have any questions not covered here, please ask me. Your representation choices – how to protect your best interests – what you and I can reveal and what is protected Buyer representation agreement – mutual loyalty – how we will represent you Getting qualified – your first step in the homebuying process – we can help you choose a lender Calling other brokers – let me do the legwork New home sales –we work with builders – registration process at first contact Unrepresented Sellers how we can help you buy a home listed without an agent and still represent you Viewing property – interaction with the seller Efficiency tips – driving neighborhoods first, prioritizing Earnest money – how much, when deposited, how applied Option fee – buying the right to terminate for any reason – your safety net – option period Seller’s disclosure – disclosure up front so you buy with full knowledge Property inspection – what you are really looking for – structural and major system defects Writing a contract – buying right, crafting a good offer Negotiating – offer, counteroffer – best terms and price Contract-to-close – orchestrating all of the players Your referral business – earning your trust and confidence Copeland Group Keller Williams Realty ▪ ▪ ▪ info@CopelandGroupRealty.com 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com
BUYING WITH THE COPELAND GROUP Your Exclusive Buyer’s Agent There are three different ways in which you can be represented during the purchase of a new home, and none of them cost you, the buyer, any money. Then why do people often times choose the worst form of representation? Usually it is due to a lack of education about the home buying process. Our goal is to be your Exclusive Buyer’s Agent and assist you in making well educated and informed decisions throughout the home buying process. You can be represented in a real estate transaction in the following ways: SELLER AGENCY (SINGLE AGENCY) Buyer • Agent will represent the best interests of the seller • Agent will owe the seller fiduciary duties • Agent must give the buyer all material facts so that the buyer can make an educated decision Seller BUYER AGENCY (SINGLE AGENCY) Seller • Agent will represent the best interests of the buyer • Agent will owe the buyer fiduciary duties • Agent must give the seller all material facts so that the seller can make an educated decision Buyer TRANSACTION BROKER (DUAL AGENCY) • Agent represents both the buyer and the seller equally • Agent’s objective is to get a mutually satisfactory agreement among all parties Buyer Seller • Agent gives all options to the buyer and the seller • Depending on the local market, all parties may be present at contract presentation to negotiate on their own behalf • All parties have confidentiality. Agent may do nothing to the detri ment of either the buyer or the seller • Both the buyer and the seller have a right to counsel. Before making any decisions, both parties have the right to seek family, religious, legal, or financial counsel. Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
What We Can Help You Buy Our Exclusive Buyer’s Agents will evaluate your home buying needs in our first meeting with you and will then be better prepared to assist you in your home buying search. We are highly skilled in locating the ideal home for you whether it’s an existing home, investment, or a new builder construction! In all three transactions our commission fees are pre-negotiated so that the seller is responsible for them, not the buyer. EXISTING HOMES Once we know what your wants and needs are based on our initial consultation, we spend a day previewing properties that meet your criteria. We show you homes listed by any brokerage firm in the Austin area and we are able to narrow a list of hundreds of properties because of factors such as neighborhood or home features. We preview the properties first because we are able to look at several homes in the time it would take both of us to view just a couple. Other agents may make you spend your valuable time driving by homes and then telling them which homes you wish to see. Instead we narrow the list and show you only the most well kept homes, in the best areas, at the best value. That is unless you are looking for a fixer-upper, then we will adjust our criteria for narrowing the search! The bottom line is to save you ti me and money! UNREPRESENTED SELLERS We often work with homeowners that wish to sell their home themselves. In fact, many of the listings that our team takes are from people who have tried unsuccessfully to sell their homes themselves. We maintain awareness of all unrepresented seller properties that are listed in the Austin area and will be happy to arrange a showing for you. In this transaction, you will continue to be represented by us with our buyer’s representation agreement. Unfortunately for the seller, as they complete the transaction with no professional representation. NEW BUILDER CONSTRUCTION Many home buyers and investors are not aware that the representatives at new construction sales centers work for the builder, and do not represent the buyer’s best interests. Our team has extensive knowledge of area builder reputations, floor plans and lots as well as schools, neighborhoods, amenities and accessibility. As your Exclusive Buyer’s Agent, we will negotiate the purchase price on your behalf with the builder and assist you in selecting. BEFORE WE GET STARTED The single most important thing for you to do before beginning your new home search is to select and meet with a mortgage lender. You can find a list of recommended lenders in the vendor list at the back of this guide. It is important to do this before we begin our search for several reasons: 1. It allows you to determine how much your monthly payment will be. 2. It helps us to determine what price range we should stay within. 3. It gives you an estimate of how much money you will need to have for down payment and closing costs. 4. Most importantly, it helps us to negotiate from a stronger position. Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
HOME PROCESS BUYING CHART Start Phase One Start Phase Two Order Mortgage Send Loan to Initial Consultation Appraisal Company Underwriting Info. About Brokerage Services Buyer’s Representation Agreement Buyers Packet Loan Approval Application for Loan Credit Report Pre-Approval Title Order Title Search Company Survey Buyer’s Agent Previews Properties Buyer to Arrange for Transfer of Utilities View Active Listings Mortgage Company Delivers Make Offer on Negotiate Final Loan Documents to Title Property Terms of Offer Company Final Contact The Company Prepares HUD 1 Statement Buyer to Arrange for Homeowners Insurance Buyer Brings Cashiers Check to Closing Option Period Home Inspection 7- 10 Days Home Ownership Negotiate Amendment Repairs Option Period Expires Proceed to Phase Two Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
Seven Tips for Homebuyers: Copeland Group 512.697.9104 How to Save Thousands When Buying a Home A real estate transaction can be complicated. I recommend the following best practices to my buyers who want to buy. right. 1. Arrange for your mortgage financing up front before you even start to look for a home. The lender will focus on your ideal price range, your maximum loan, and whether there are any credit issues you should correct before buying. The lender will also prepare a qualification letter, which you must provide the seller when you make an offer. 2. Review a blank contract form before you write your contract offer. This will familiarize you with contract details and may prompt questions. Ask your agent to explain the process of negotiating and counteroffers. 3. Use buyer representation. It is important to have an agent who owes his total loyalty to you. Discuss your representation options with your agent. If you are purchasing one of your agent’s company listings, make sure you understand what your agent can and cannot do for you. 4. Review the seller’s disclosure before you make an offer. Your contract offer should reflect the condition of the property. The seller could disclose a repair or condition that would affect what you would be willing to pay. You should know this before you decide on an offering price. 5. Ask for a residential service contract when you write the offer. This will cover you for some items that malfunction during the first year of ownership. Cash used for downpayment, closing costs, and other home necessities can deplete your cash reserves. A residential service contract will reduce the risk of a future drain if a warranted item needs repair that first year. 6. Get the property inspected by a licensed professional inspector. This will let you know the true condition of what you are buying. Follow the inspector’s advice if he recommends that you have another expert inspect a troublesome item. Ask your inspector to explain how to work or maintain appliances or systems in the home with which you are unfamiliar. 7. Ask your agent to prepare a market analysis of the property before you make the offer. You should know what similar properties are selling for so that you don’t overbuy. Also, if the seller remains firm on his price, you will FINANCING TIPS be able to tell if the value is really there. Copeland Group Keller Williams Realty ▪ ▪ ▪ info@CopelandGroupRealty.com 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com
HOW TO BE READY TO BUY So You’re Ready to Buy a New Home Monthly payment schedule based on 8% APR Interest for a 30 year mortgage.* Whether this is your first home purchase or one in a line of several over the past years, we would like to provide you with some basic information upfront to Loan Amount Monthly Payment prepare you for your search. We hesitate to begin this with information about $100,000 $ 733 what it will cost to buy your new home, but after all, money is the bottom line. $110,000 $ 807 We are certain you would like to be informed of what costs you will incur. $120,000 $ 880 Four Checks Prior to Closing: $130,000 $ 953 $140,000 $1,027 You will need to write four checks prior to closing on your new home. All costs $150,000 $1,100 are average and will vary with the price, size and features of your new home. $160,000 $1,174 1. Option Fee ($100-$500). Payable to seller at the receipt of the contract and is credited toward your closing costs. $170,000 $1,247 2. Earnest Money (1% of the sales price of the home): Payable to the title com- $180,000 $1,320 pany at signing of offer. This will be credited toward your closing costs. $190,000 $1,394 3. Inspection ($300-$500): Payable to the inspector at time of the inspection $200,000 $1,467 during the option period. $210,000 $1,540 4. Credit Check and Appraisal ($400): Payable to the Lender after the option $220,000 $1,614 period expires. $230,000 $1,687 $240,000 $1,761 Your Monthly Payment -- PITI $250,000 $1,834 The monthly payment on your new home will include the principle and interest $260,000 $1,907 on the loan you take out with your mortgage company. In addition, you will be $270,000 $1,981 responsible for paying yearly property taxes and homeowners insurance. If you $280,000 $2,054 choose, you can have your taxes and insurance added to your monthly payment $290,000 $2,127 (some loans require this), or you can pay them on an annual basis. To the left is $300,000 $2,201 a table that will give you an idea of the monthly payment you can expect includ- $310,000 $2,274 ing your loan principle and interest (P & I) based on a 30 year mortgage at 8% APR interest rate. Taxes and insurance will vary greatly depending on the area in $320,000 $2,348 which you live and the features of your home. $330,000 $2,421 Generally, on a $100,000 to $200,000 home, your taxes will range from $2,000 $340,000 $2,494 to $4,000 annually and your homeowners insurance will range from $300 to $350,000 $2,568 $800 annually. $360,000 $2,641 Once you have found the home you wish to purchase your lender can $370,000 $2,714 complete a Good Faith Estimate for you that will better predict your closing $380,000 $2,788 costs and estimated monthly payment. $390,000 $2,861 $400,000 $2,935 * Monthly payments listed are principle and interest only. Taxes and insurance are additional. Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
HOME BUYING PROCESS: PHASE I Home Buying Process There are several steps that we go through together while finding and purchasing your home. For many of these we sim- ply tell you that the task has been completed for you, however, others may require some work from you. We inform you about every aspect of the transaction and remind you when there are tasks that you should be working on to complete. On the previous page is a chart that shows the flow of these tasks so you can better understand the home buying process. Task: Secure Financing TimeFrame: Before We Begin Looking The first step in buying a home is to obtain loan pre-approval. This provides you with the information you need to deter- mine how much home you can afford and what type of monthly payment you are comfortable with. In addition, many sellers do not consider offers from buyers that are not pre-approved. We work with several lenders that have proven to offer exceptional customer service and competitive interest rates. A list of recommended lenders can be found in the vendor list at the back of this guide. You may use one of these, or choose one of your own. Three elements are crucial to the purchase of a home: the down payment, closing costs and qualifying for a mortgage. Here is a quick rundown of what you should know: Down Payment Conventional lenders will typically require a 20% down payment, although you may be able to find loans with no down payments. With down payments less than 20%, you will likely have to pay private mortgage insurance which guarantees the lender will be repaid in case of default. Mortgages insured by the Federal Housing Administration (FHA) and those available to U.S. veterans often require very low down payments. Ask your lender if you can qualify for one of these loans. If you have trouble coming up with the down payment, there are some tips to ease the burden: • Start early. Begin saving for a down payment as soon as possible. After a few years it adds up. • Ask for a Flex 97 mortgage, underwritten by Fannie Mae. It only requires 3% down provided that you have good credit. Also, you may be able to borrow that 3% on credit cards. • Convert stocks. Consider selling stock for the down payment. The housing market is often a better investment anyway. • Sell an asset. If you have “toys” such as a boat, extra car or other asset, consider selling it for the down payment. • Borrow from relatives. Today lenders will allow you to use money from relatives as the down payment if it is provided as a gift. Check with your lender for restrictions. Closing Costs No matter what home you buy, there will be closing costs. These can include: discount points, title insurance, escrow fees, attorney fees, a termite report, recording fees, appraisal fees, document preparation fees, notary fees and loan under- writing fees. Usually, these are due in cash, but sometimes they can be folded into the mortgage. Loan Qualification Primarily, your income plus the interest rate secured, determine the size of the mortgage you qualify for. The higher the interest rate, the higher the monthly payment. The higher the monthly payment, the more income you need to qualify for the mortgage. For conventional financing, lenders generally limit the monthly payment to 28% of your gross monthly income. Exceptions can be made depending on individual circumstances. The amount of debt you currently have may also factor in the decision. Contacting a lender before you make an offer on a house may be a good idea. This head start gives you a chance to resolve any problems that may arise without the pressure of contract deadlines. You can also get pre-approved for a loan which puts you in a strong position if you make an offer on a house that receives offers from other buyers. Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
How to Choose the Right Lender Copeland Group 512.697.9104 Homebuyers have many options when selecting their mortgage lender. The lowest price or best terms are not the only considerations. The key ingredients are interest rate, terms, AND service. Use the following tips to guide your selection: 1. Get the rate and terms in writing. It is easy to quote a good rate to capture your loan. If you don’t get it in writing, the quote could change. This is particularly true of lenders found over the Internet. If the lender cannot give you the quote in writing, steer clear. 2. Share your main mortgage goals with the lender, who should then offer suggestions on mortgages that will accomplish your goals. If the lender does not offer counseling, their service is below par. 3. Predict lender accessibility during loan processing. Ask how the loan will be processed and who will be available to answer your questions. Ask for a direct line. If the lender resists, you and your agent may have difficulty reaching them when you need them. 4. Verify lender accessibility. Get a call back number and make a call to see if and how long it takes for the lender to get back to you. If they are hard to reach now, it may be even harder once they have your business. 5. Ask about his processing support. If the lender does their own processing along with taking loan applications and prospecting for new business, they may be too busy to take care of your loan. 6. Confirm processing time. If the lender cannot promise a date, then you may not be able to conform to your contract. Ask your agent for lenders they have worked with who give competitive rates and terms AND great service. CHOOSING A LENDER Copeland Group Keller Williams Realty ▪ ▪ ▪ info@CopelandGroupRealty.com 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com
How to secure financing the smart way: Copeland Group 512.697.9104 Three elements are crucial to the purchase of a home—the down payment, closing costs, and qualifying for a mortgage. Here is a quick rundown of what you should know: Down payment Typically, conventional lenders will require a 20% down payment, although you may be able to find loans with down payments of as little as 5% (perhaps less in some cases). With down payments less than 20%, you likely will have to pay private mortgage insurance, which guarantees the lender will be repaid in case of default. Mortgages insured by the Federal Housing Administration (FHA) and those available to U.S. veterans often require very low down payments. Ask your lender if you can qualify for one of these loans.. If you are having trouble coming up with the down payment, here are some tips to ease the burden: • Consider down payment assistance programs. Buyers can get up to 6% of a home’s purchase price—that they do no have to repay—through a down payment assistance program called Texas Cares. For more information, visit TexasCaresProgram.org. • Start early. Begin saving for a down payment as soon as possible. After a few years, it adds up. • Ask for a Flex 97 mortgage. Underwritten by Fannie Mae, it only requires 3% down, provided you have good credit. And, you may be able to borrow that 3% on credit cards. • Convert stocks. Consider selling stock for the down payment. The housing market often is a better investment anyway. • Sell an asset. If you have “toys” such as a boat, extra car, or other asset, consider selling it for the down payment. • Borrow from relatives. Today lenders will allow you to use money borrowed from relatives as the down payment. In many cases the relatives do not need to co-sign the mortgage. Check with your lender for restrictions. Closing costs No matter what home you buy, there will be closing costs. These can include: discount points, title insurance, escrow fees, attorney fees, termite report, recording fees, appraisal fees, document preparation fees, notary fees, and a loan underwriting fee. Usually these are due in cash, but sometimes they can be folded into the mortgage. FINANCING TIPS Loan qualification The size of the mortgage you qualify for is based mainly on the interest rate offered and your income. The higher the interest rate, the higher the monthly payment. And, the higher the monthly payment, the more income you will need to qualify for the mortgage. Contacting a lender before you’re actually ready to make an offer on a house can be a good idea. This head start gives you a chance to work out any problems that may arise without the pressure of contract deadlines. Copeland Group Keller Williams Realty ▪ ▪ ▪ info@CopelandGroupRealty.com 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com
IDENTIFYING THE HOME YOU WANT N Home Price Type of Exterior Location Convenience ow that you have a general idea of what you are financially $50,000 or under Brick Arts/Culture ______________ capable of purchasing, this checklist $50,000 - $75,000 Stone Nightlife __________________ will help you narrow the price and $75,000 - $100,000 Wood Sport/Recreation Areas ____ features you’re looking for in a new $100,000 - $150,000 Stucco Type of Financing home. First, prioritize the items you $150,000 - $200,000 Vinyl Siding Conventional absolutely require. Next, choose $200,000 - $250,000 Aluminum Siding Adjustable additional features you might like to $250,000 - $300,000 Major Features FHA Mortgage have. If you’re having trouble getting $300,000 - $350,000 Number of Baths VA Mortgage started, try making a list of what $350,000 - $400,000 Number of Bedrooms Owner Finance you DON’T want. If a co-owner is $400,000 - $500,000 Garage spaces Assumable Mortgage involved, have that person make a $500,000 - $600,000 No Garage Moving Date list too, but don’t share ideas just yet. $600,000 - $700,000 Family Room After you’ve completed this checklist $700,000 - $800,000 Near Future ______________ Formal Dining Room alone, share it with your co-owner. If $ _________________ Not until (date) ___________ Eat-In Kitchen your notes don’t match up, you’ll Other Questions to Consider Type of Home Media Room need to come to a compromise that What do we like about our 1 story Study makes you both happy. Then you can current residence?__________ 1.5 story Laundry Room start checking out properties with ____________________________ 2 story Indoor Storage an agent. ____________________________ Garden Home Wet Bar What do we dislike about our Townhome Fireplace current residence?__________ Condominium Hot Tub ____________________________ Pool Style of Home ____________________________ Deck/Patio Contemporary ____________________________ Large Yard Colonial What DON’T we want in a Small Yard Traditional new No Yard Western Style home?_____________________ Landscaped Southern Style ____________________________ Fenced Victorian ____________________________ Outdoor storage Mediterranean ____________________________ Area Open floor plan City/Urban _______________ Mother-in-Law Plan Area/Neighborhood of City Luxurious __________________________ Fixer-Upper Suburban ________________ Age of House Subdivision Name(s) ______ New Home __________________________ 1 – 5 Years Rural _____________________ 6 – 10 Years Proximity to City ___________ 11 – 15 Years Location Convenience 16 – 20 Years Schools ___________________ 21 – 30 Years Workplace ________________ 31 – 40 Years Shopping/Dining __________ 41 – 60 Years Place of Worship __________ 60+ Years Park ______________________ Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
CENTRAL TEXAS MLS AREAS A Multiple Listings Service (MLS) is an organization that collects, compiles and distributes information about homes listed for sale by it mem- bers, who are real estate brokers. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listings web sites. MLS’s are local or regional, as no national MLS exists. Knowledge of the Austin MLS areas may help you to choose the location you wish to settle in. It will also help you to communicate better with your real estate agent and understand housing costs of in different parts of central Texas. Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
HOME BUYING PROCESS: PHASE II TASK: Inspection TIMEFRAME: At Acceptance Of Offer Upon acceptance of the offer, you will arrange for an inspection of the property. This needs to be completed during the option period so that if something is discovered during the inspection (that you cannot live with and the seller is not willing to fix), you may cancel the contract and only forfeit your Option Fee. The enclosed vendor list provides a list of Texas Real Estate Commission (TREC) licensed inspectors. You will need to arrange for the home inspection during your option period. The inspection will take two to four hours and you will only need to be present for the last half-hour when the inspector reviews the findings with you. All homes have a long list of minor repairs. However, we are mainly looking for major mechanical or structural de- fects to the property. The cost of the inspection varies based on the size and features of the home and will range from $300 to $500. This payment is due at the time of the inspection. TASK: Prepare Amendment TIMEFRAME: Immediately Following Inspection After the Inspection, we will complete an Amendment to the Contract. This amendment will include any items that were discovered during the inspection that you would like the Seller to repair for you. The Amendment will then be negotiated between yourself and the seller, much like the Contract was. Once an agreement on repairs to be completed has been reached, you will forfeit your right to the Option. TASK: Obtain Homeowner’s Insurance TIMEFRAME: During Option Period In order to close on your new home, you need to arrange for Homeowner’s Hazard Insurance. You will need to notify your lender of the insurance company you choose, a contact name and a phone number. The enclosed vendor list provides names of insurance agents that our clients have used in the past and have been very satisfied with. You may receive a discount by having your car insurance and homeowner’s insurance with the same company, so check with your current insurance agent as well. We recommend that you obtain at least two estimates from dif- ferent agents and then make a decision. TASK: Transfer Utilities and Schedule Services TIMEFRAME: Two Weeks Prior to Closing You will need to transfer the utilities to your name before moving into your new home. In order to save money on hook-up fees, call ahead and ask the utility companies to transfer the billing to your name upon cancellation by the Seller. In the enclosed vendor list you will find most utility information for Austin and surrounding areas. If you need further information, please don’t hesitate to call us, we are here to help you. TASK: Funds Available in the Bank and Ensure Loan Quality TIMEFRAME: 72 Hours Prior to Closing Obtaining pre-approval for a home loan is just the first step in funding your loan at closing. Many times buyers plan to use monies from stocks or 401k retirement plans as down payment on their new home. If you plan to liqui- date stocks or 401k to supplement your down payment, the money from the sale of these funds must be available in the form of cash in your bank account at least 72 hours prior to closing. Because a withdrawal from a 401k can be a complicated and time-consuming process, we advise you to begin the withdrawal of these funds immediately. On average, one out of five home mortgage loans goes through a quality control check. The lender does this to ensure that the borrower’s financial status has had NO CHANGE since the approval of the loan was granted. No matter how good your financial situation is, lenders strongly advise against changing your financial status from the date of your loan approval. This includes, but is not limited to, applying for new credit, gaining new credit, purchasing appliances, furniture, cars, changing jobs or quitting your job. An appropriate time to make any of the above financial changes would be after the closing and funding of your new home. If you have any questions about your purchase decisions while you are waiting to close on your new home, please consult your mortgage lender for advice. Copeland Group Keller Williams Realty ▪ ▪ ▪ 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com info@CopelandGroupRealty.com
Tips for Buying: How much does that home really cost? Copeland Group 512.697.9104 A $200,000 home costs more than a $185,000 home, right? Well, yes and no. Assuming the same type of financing for both homes, the $200,000 home does cost more initially. But many factors contribute to the overall long-term cost of a house. Here are some things to keep in mind when trying to determine the true cost of purchasing a particular home: • Does it have a pool or hot tub that requires maintenance? • How much yard maintenance is required and who will perform it? • Are there trees that should be removed? • What are the utility costs? Although your usage won’t be exactly the same as the current owners, you may be able to get their utility bills for the past year from them or directly from the utility company. • How soon will the roof need to be replaced? • Does the house need repainting? • Does the electrical system need upgrading to handle the load for your appliances and electronics? • Does the home have aluminum wiring, lead-based paint, or other safety or health hazards you will want to address? • Does the house need new carpeting or flooring? • What remodeling projects do you see as a must? • Will appliances need replacing? What items convey? • What are the estimated property taxes for the property? Also, be sure to get a professional inspection to identify other potentially costly problem areas. HOME BUYER TIPS Copeland Group Keller Williams Realty ▪ ▪ ▪ info@CopelandGroupRealty.com 1801 South Mopac, Ste. 100 Austin, Tx 78759 www.CopelandGroupRealty.com
About Home Inspections Copeland Group 512.697.9104 Inspections are done as early as possible in the Option Period and should be set up as soon as possible after the contract is fully executed. This will leave time to renegotiate and amend the contract if major problems, not known at the time the contract was written, are discovered during the inspection. Initially, what you know about the property comes from what the seller has disclosed and what you have observed. A more thorough look by a licensed and/or knowledgeable inspector(s) can offer you peace of mind. The property inspector’s job is to tell you about the property. The inspector should disclose up front the scope of his inspection so you will know what he will and will not inspect and how deep he will probe. The purpose of the inspection is four-fold:
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Assistant Manager, Technology Buyer. ... Alan is in charge of the weekly Point 2 group runs where he loves to see runners of all ages and fitness levels.
Packet-switched and circuit-switched networks, two different technologies used for sending messages, each have their advantages for specific applications.
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