hbw presentation under 1 hour
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Welcome to…Welcome to…
The Home Buyers’ The Home Buyers’ WorkshopWorkshop
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AgendaAgenda Your Real Estate Market The Importance of Credit The Home Buying Process Top Tips For Short Sales or Bank Repos How to Find the Hot Deals Your Next Best Step Q & A
Your Real Estate Market The Importance of Credit The Home Buying Process Top Tips For Short Sales or Bank Repos How to Find the Hot Deals Your Next Best Step Q & A
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What’s important to us…What’s important to us…
Expand Your Knowledge Base because Knowledge is Power
Clarify your Values because when your values are clear your decisions are easy
Expand Your Knowledge Base because Knowledge is Power
Clarify your Values because when your values are clear your decisions are easy
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1. Do Nothing2. Do It All On Your
Own3. Work With Typical
Realtor
1. Do Nothing2. Do It All On Your
Own3. Work With Typical
Realtor
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4. Choose To Work With A Real Estate Consultant
4. Choose To Work With A Real Estate Consultant
1. Thought Provoking Questions2. Take the time to discover what’s important to
You about buying a home3. Negotiate On Your Behalf4. Oversee All The Transactional Details
1. Thought Provoking Questions2. Take the time to discover what’s important to
You about buying a home3. Negotiate On Your Behalf4. Oversee All The Transactional Details
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Part One: Part One: The State of the The State of the
MarketMarket
Part One: Part One: The State of the The State of the
MarketMarket
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Today’s Real Estate Market Today’s Real Estate Market
Inventory Foreclosures Loan Availability/Buyer Incentives
What Does This Mean For You?
Inventory Foreclosures Loan Availability/Buyer Incentives
What Does This Mean For You?
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Three Categories of Homes For Sale:
1. Traditional Sales
2. Short Sales
3. Bank Owned Homes
Traditional 50% Top 50% Price
Short Sales 40% Entry to Mid Level
Bank Owned 10% Entry Level
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Traditional 25% 45%
Short Sales 50%* 10%
Bank Owned 25% 45%
Pending Sales
Sold
(Last 30 Days)
*Pending Short Sale Does Not Mean An Offer Has Been Accepted
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You or your realtor must know how to navigate the ins and
outs of each type of transaction
You or your realtor must know how to navigate the ins and
outs of each type of transaction
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Important UpdatesImportant Updates Home Buyers Tax Credit:
Extended: April 30th/June 30th
Income Limits: $125K/$225K Credit: $8000/$6500
Home Buyers Tax Credit:
Extended: April 30th/June 30th
Income Limits: $125K/$225K Credit: $8000/$6500
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Fed’s $300 Billion bond buy-back nears end…
Fed’s $300 Billion bond buy-back nears end…
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Part Two: Part Two: Your Credit ScoreYour Credit Score
Part Two: Part Two: Your Credit ScoreYour Credit Score
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Credit Scores are Based Credit Scores are Based on Five Factorson Five Factors
Credit Scores are Based Credit Scores are Based on Five Factorson Five Factors
1. Payment History2. % of avail credit used3. Mix of Credit (cc, home, car)4. # of Annual Applications5. Length of credit history
Helps the lender decide:“If I give this person a loan howlikely is it that I will get paid back on time?”
1. Payment History2. % of avail credit used3. Mix of Credit (cc, home, car)4. # of Annual Applications5. Length of credit history
Helps the lender decide:“If I give this person a loan howlikely is it that I will get paid back on time?”
Length of History
15%Available
Credit 30%
Mix of Credit 10%
Payment History
35%
New Apps 10%
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Credit (FICO) ScaleCredit (FICO) Scale 720 and up: Great Options 680-720: Average 620-680: Needs work (FHA)
720 and up: Great Options 680-720: Average 620-680: Needs work (FHA)
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Part Three: Part Three: The Home Buying The Home Buying
ProcessProcess
Part Three: Part Three: The Home Buying The Home Buying
ProcessProcess
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Step One:Step One:Is Home Ownership right for
me at this time?
Benefits of Home Ownership are ?
Is Home Ownership right for me at this time?
Benefits of Home Ownership are ?
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Benefits of Home OwnershipBenefits of Home Ownership
Control over your finances - Stability My Rent Went up, My Landlord is in Foreclosure
Pride of Ownership I Can Paint it Pink or Blue!
Build Equity in a Long Term Investment My Home is Worth $$$
Tax Advantages Sorry Uncle Sam…
Control over your finances - Stability My Rent Went up, My Landlord is in Foreclosure
Pride of Ownership I Can Paint it Pink or Blue!
Build Equity in a Long Term Investment My Home is Worth $$$
Tax Advantages Sorry Uncle Sam…
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FAQ’sFAQ’s
Do I see a realtor or lender first?
Do I have to have a “Buyers Agent”?
Do I see a realtor or lender first?
Do I have to have a “Buyers Agent”?
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Step Two:Step Two:Calculate how much home you can affordCalculate how much home you can afford
Your Credit ScoreYour IncomeYour Monthly Minimum PmtsYour Down Payment
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Get Pre-Approved FirstGet Pre-Approved First
Seller’s of ALL Properties Will Require You To Have A Pre-Approval From A
Direct Lender Before Even Considering Your Offer
Seller’s of ALL Properties Will Require You To Have A Pre-Approval From A
Direct Lender Before Even Considering Your Offer
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Getting Pre-ApprovedGetting Pre-Approved
Fill out Loan Application Review Credit, Financials, Work History and
long term goals Determine whether you qualify for FTB
programs. Or, what program best fits your personal situation
Submit the loan package Receive pre-approval letter
Fill out Loan Application Review Credit, Financials, Work History and
long term goals Determine whether you qualify for FTB
programs. Or, what program best fits your personal situation
Submit the loan package Receive pre-approval letter
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Down Payments OptionsDown Payments Options
Conventional Loan- 20% Conventional Loan- 10%* FHA- 3.5%* Minimum
* Mortgage Insurance Required
Conventional Loan- 20% Conventional Loan- 10%* FHA- 3.5%* Minimum
* Mortgage Insurance Required
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Step Three:Your Home Search
Step Three:Your Home Search
Internet Drive Through Neighborhoods Open Houses 24 Hour Home Watch Email Service
Internet Drive Through Neighborhoods Open Houses 24 Hour Home Watch Email Service
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Step Four:Make an Offer & Negotiate
Step Four:Make an Offer & Negotiate
Comparative Market Analysis Days on Market/Assess Bank-Seller # of Competitive Offers Time to Negotiate- Knowledge is Power Stay Committed to a sound course of action
Comparative Market Analysis Days on Market/Assess Bank-Seller # of Competitive Offers Time to Negotiate- Knowledge is Power Stay Committed to a sound course of action
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Step 5Step 5
Your Offer Is Accepted Escrow Opens Turbulence Begins You Close Escrow You Move In….Time To Celebrate!
Your Offer Is Accepted Escrow Opens Turbulence Begins You Close Escrow You Move In….Time To Celebrate!
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Foreclosures, REO’s, Short Sales, Traditional Sales
What Does It All Mean?
Foreclosures, REO’s, Short Sales, Traditional Sales
What Does It All Mean?
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Day 0
MissPmt
90 90 21
21
REO
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Traditional SaleTraditional Sale
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Short Sale TransactionShort Sale Transaction
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Bank Owned Transaction (REO)Bank Owned Transaction (REO)
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5 Inside Secrets To Buying A Bank Owned Home Now!
5 Inside Secrets To Buying A Bank Owned Home Now!
1) The Best Deals Sell Within Days 2) Negotiating To Buy A Bank Owned Home Is
Different Than A Typical Transaction 3) Bank Owned Sellers Are Exempt From Legal
Disclosures of A Home's Condition 4) Your Offer Will Not Be Considered Without A
Pre- Approval From A Direct Lender 5) Bank Owned Homes Have Their Own Terms
1) The Best Deals Sell Within Days 2) Negotiating To Buy A Bank Owned Home Is
Different Than A Typical Transaction 3) Bank Owned Sellers Are Exempt From Legal
Disclosures of A Home's Condition 4) Your Offer Will Not Be Considered Without A
Pre- Approval From A Direct Lender 5) Bank Owned Homes Have Their Own Terms
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What you need to know to find The HOT DEALS
What you need to know to find The HOT DEALS
Banks always use the services of a Real Estate Broker via MLS
The best deals sell within 1-3 days!!! Almost always with multiple offers
Use caution with online sites Lowest price is not always the best deal
Banks always use the services of a Real Estate Broker via MLS
The best deals sell within 1-3 days!!! Almost always with multiple offers
Use caution with online sites Lowest price is not always the best deal
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Your Best StrategyYour Best Strategy
Develop a relationship with a proactive real estate consultant that understands what’s important to you and can alert you to the hottest deals as soon as they come on the market.
Develop a relationship with a proactive real estate consultant that understands what’s important to you and can alert you to the hottest deals as soon as they come on the market.
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Questions & AnswersQuestions & Answers