homebuying seminar for realtors to use
TRANSCRIPT
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Homebuying Seminar
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HUD “Best Practices” AwardThis presentation has stood the test of time and guided many families in their path to homeownership. My sincere hope is that it will give each viewer the straight forward information needed to help make the Right decision for their family.
Patti E. Ketcham, [email protected] You
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Why own a home?
It is often cheaper to own than rent!Forced savingsStop making someone else’s mortgage paymentsThere is a last payment
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Steps to Successful Home Ownership…First Step:
How to slay the Credit and Money Dragon…Get Pre-Approved!!!
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Steps to Successful Home Ownership cont'd.
What is a credit score
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Steps to Successful Home Ownership cont'd.
What your Lender needs:
Income: W-2’s and Tax Returns
Any bank statements
What you owe:revolving/installment
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Next Step: Choosing a Realtor
Role of the RealtorHow to pick one/ How to get rid of one
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How Realtors Are PaidSales Price: $100,000.00
x 6% commission(often paid by seller)
= $6,000
Listing Office - $3,000 Selling Office - $3,000
Then
Listing Realtor - $1,500 Selling Realtor $1,500
This is an example, all services and fees are negotiable.
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Next Step: Choosing a Home
The Home—lots of choices!!!!You will knowResources: Police/Sheriff’s DeptUtilitiesMeagan’s Law Web Site
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Making an Offer
Why that Pre-Approval Letter is so GREATWhat is covered in a ContractWhat is a binder/escrow/good faith deposit and what happens to it
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Making an Offer cont’d.
Buyer’s remorseDEADLINESBack to the lenderCompleting the loan application
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Buying a Home
How Much Will All This Cost?Who Is Involved In All This and What Do They Do?
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Who’s Involved In the Process and What They Do
Realtor: Searches for home, negotiates contract for purchase, assists in entire process, attends closing, provides guidance
You pick!
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Who’s Involved In the Process and What They Do
Mortgage Loan Officer: Credit approval, loan application, will guide you through the financing process
You pick!
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Who’s Involved In the Process and What They Do
Home Inspector: Inspects home for any structural or maintenance concerns
You pick!
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Who’s Involved In the Process and What They Do
Appraiser: Estimates value of homeLender picks
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Who’s Involved In the Process and What They Do
Termite Inspector: Checks for any wood destroying organisms
Buyer or Seller picks
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Who’s Involved In the Process and What They Do
Surveyor: Marks the four corners of the lot and draws house placement on lot
Buyer or Seller picks
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Who’s Involved In the Process and What They Do
Home Owners Insurance Agent:Insure home against loss from fire, etc.
You pick
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Who’s Involved In the Process and What They Do
Closing Agent/Attorney: Provides proof of clear title to home and closes loan
Buyer or Seller picks
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“The Closing”
Closing the LoanClosing: What is it? What happens? So when do I get the keys?
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HELPFUL RESOURCESHELPFUL RESOURCESHere is a listing of resources clients have found helpful for a variety of purposes. STOP ANNOYING PHONE CALLSDepartment of Agriculture and Consumer Service1-800-435-7352 or www.800helpfla.comThe National Do Not Call Registry1-888-382-1222 or www.donotcall.gov
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THE MEGAN'S LAW WEBSITE: WHO ARE YOUR NEIGHBORS?www .fdle.state.fl.us
CRIME STATISTIC'S FOR A NEIGHBORHOODSheriff's DepartmentPolice Department
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ADDITIONAL RESOURCES
Consumer Credit Counseling:
excellent resource for people who have become overloaded with debt.
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Equifax Credit: 1-800-685-1111
Trans Union: 1-800-916-8800
Experian: 1-888-397-3742
CREDIT REPORTING AGENCIES:
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Credit Bureau Opt-Outs: 1-888-567-8688 If you wish to limit the number of pre-approved credit solicitations that you receive you may contact the National Opt-Out Center to have your name removed for two years from all of the major credit bureau mailing lists.
Stop Unsolicited Mailed Credit Offers:
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Thank You for Your Time and Attention
Any Questions?
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Good Tools for Realtors::::::
Lots and lots and lots of good stuff!!!
The next several slides are resources gathered by Florida Realtors.
Thank You!!!!
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TOOL TIME!
FAR HOME BUYER CENTERhttp://www.floridarealtors.org/AboutFar
/homebuyercenter/index.cfm
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Florida Realtors
Florida Realtors® ‘Support Homeownership for All’Over the past two years, the state association received $280,000in Ira Gribin grant funds from the National Association of Realtors to support workforce housing programs. In coordination with its nearly one dozen partners in the Sadowski Coalition, FloridaRealtors works to educate Florida legislators about the long-term value of supporting workforce housing. Through the program, funding also goes to local Realtor associations to assist first-time and low-income homebuyers in ways best defined by local conditions.
Eleven local associations have received part of the NAR grant funding; the remaining funds will be used for a radio ad campaign promoting Florida Welcome Home Week –Homes for Hometown Heroes, July 11-17, 2010.
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Florida RealtorsLicense PlateProceeds from the sale of the state’s Support Homeownership for All license plate supports housing programs; a number of housing foundations in Florida have received funding to further develop their workforce housing initiatives. The goal is to providehousing assistance to teachers, nurses and others unable to afford a home. As of June 1, 2010, more than 8,471 license plates have been sold, totaling more than $211,775.
http://www.floridarealtors.org/LegislativeCenter/LegislativeNews/Homeownership-For-All-license-plate.cfm
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Tallahassee Lenders ******Consortium**********
www.TallahasseeLenders.org
850-222-6609
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Local Assistance Resources
South Florida Community Development Coalitionhttp://www.floridacdc.org/index.html
Miami-Dade’s Housing Finance Authorityhttp://www.miamidade.gov/hfa/
Neighborhood Stabilization Program, homebuyer assistance, Pasco Countyhttp://portal.pascocountyfl.net/portal/server.pt/community/neighborhood_stabilization_program/303/neighborhood_stabilization_program
Neighborhood Stabilization Program, City of Palm Coasthttp://www.ci.palmcoast
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Local Assistance ResourcesThe Realtors Association of St. Lucie Foundation Inc.’s Attainable Housing Fundhttp://www.rasl.com/
Daytona Beach Area Association of Realtors, area affordable housing programs - Under search listings on home page, click on Housing Opportunities:http://www.daytonarealtors.com/
Greater Tampa Association of Realtors, Realtors Care FoundationFormed to create and provide educational and housing programs and services.http://www.realtorscareofgtar.org/
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Local Assistance ResourcesHernando County Association of RealtorsHernando County down payment assistance program info:http://www.hernandorealtors.com/template39/nextpage.asp?mnu=187957
Orlando Regional Realtor AssociationArt in Architecture program: http://www.artinarchitecture.org/Central Florida affordable housing program info: http://www.artinarchitecture.org/6.asp
Pinellas Suncoast Association of Realtors, Pinellas Realtor FoundationProvides funds, volunteers to support affordable/workforce housing, education and other community issues.http://tampabayrealtor.com/index.php?option=com_content&task=view&id=71&Itemid=83
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Realtor Association of Greater Fort Lauderdale, Charitable FoundationFormed to help those with specific needs that cannot be met by any other source.http://www.realtorcharitablefoundation.com/
Broward Housing Partnership: http://www.browardhousingpartnership.org/
Realtor Association of Greater Fort Myers and the Beach Inc.Offers “gap” funding assistance to essential workers in the Greater Fort Myers area so that they can purchase a home in the community they serve.http://www.snoopzone.info/affordableHousing.php
Local Assistance Resources
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Realtor Association of Martin County, Partner Charity, Habitat for Humanity of Martin Countyhttp://www.ramconline.org/AM/Template.cfm?Section=Habitat_for_Humanity_and_RAC&Template=/CM/HTMLDisplay.cfm&ContentID=1542
Realtors Association of the Palm Beaches, Community Business Partners, Habitat for Humanity, Palm Beach County, South Palm Beach County ChaptersClick on Community on home page: http://www.rapb.com
Local Assistance Resources
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Florida Dept. of Community Affairs, Division of Housing and Community Developmenthttp://www.dca.state.fl.us/fhcd/index.cfm
DCA, Neighborhood Stabilization Program, Grants Managementhttp://www.dca.state.fl.us/FHCD/cdbg/StaffContacts.cfm#NSP
Florida Housing Finance Corporation (FHFC)http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_HomePage.aspx
FHFC Housing Resourceshttp://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0040
State Assistance Resources
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State Housing Initiatives Partnership (SHIP)http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0132
SHIP Local Government Informationhttp://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx
Affordable Housing Study Commissionhttp://apps.floridahousing.org/StandAlone/AHSC/AHSC-Home.htm
Florida Housing Coalitionhttp://www.flhousing.org/
State Assistance Resources
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Florida Community Loan Fundhttp://www.fclf.org
1000 Friends of Floridahttp://www.1000friendsofflorida.org/housing
University of Florida’s Shimberg Center for Affordable Housing:http://www.shimberg.ufl.edu/http://flhousingdata.shimberg.ufl.edu/
State Assistance Resources
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National Association of Realtors® Housing Opportunity Programhttp://www.realtor.org/government_affairs/housing_opportunity
NAR Housing Opportunity Toolkithttp://www.realtor.org/government_affairs/housing_opportunity/hoptoolkit_home
NAR workforce housing infohttp://www.realtor.org/government_affairs/housing_opportunity/workforcehousing
NAR workforce housing, additional resourceshttp://www.realtor.org/government_affairs/housing_opportunity/workforcehousingresources
Federal Assistance Resources
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U.S. Department of Housing and Urban Development (HUD)http://www.hud.gov/
U.S. Department of Veterans Affairs (VA)http://www.va.gov/
Federal Assistance Resources
VA Loan Guaranty Home Loan Program
http://www.homeloans.va.gov/
VA Mortgage Centerhttp://vamortgagecenter.com
NAR’s VA Loan Toolkithttp://www.realtor.org/government_affairs/va_toolkit_main?wt.mc_id=rd0060
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Americans with Disabilities Act (ADA) websitehttp://www.ada.gov/
Homes for Heroes Inc. and the Homes for Heroes Foundationhttp://homesforheroes.com
The Campaign for Affordable Housinghttp://www.tcah.org/index.cfm
The Enterprise Foundationhttp://www.enterprisecommunity.org/
FHA: The Federal Housing Administrationhttp://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration
Federal Assistance Resources
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Federal Assistance Resources
Fannie Maehttp://www.fanniemae.com/kb/index?page=home
Freddie Machttp://www.freddiemac.com/
Habitat for Humanityhttp://www.habitat.org/
Harvard University Joint Center for Housing Studieshttp://www.jchs.harvard.edu/
Housing Assistance Councilhttp://www.ruralhome.org/
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International Union for Housing Financehttp://www.housingfinance.org/
Low Income Investment Fundhttp://www.liifund.org/
National Housing Conferencehttp://www.nhc.org/
National Low Income Housing Coalitionhttp://www.nlihc.org/template/index.cfm
Mortgage Bankers Association of Americahttp://www.mbaa.org/
Federal Assistance Resources
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Federal Assistance Resources
National Association of Mortgage Professionalshttp://www.namb.org
American Bankers Associationhttp://www.aba.com/default.htm
National Association of Home Buildershttp://www.nahb.com/
National Association of Housing and Redevelopment Officialshttp://www.nahro.org/index.cfm
National Conference of States on Building Codes and Standardshttp://www.ncsbcs.org/
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Federal Assistance Resources
National Council of State Housing Agencieshttp://www.ncsha.org/
National Multi Housing Councilhttp://www.nmhc.org/
NeighborWorks Americahttp://www.nw.org/network/home.asphttp://www.stablecommunities.org/
The Urban Institutehttp://www.urban.org/