Buying Presentation - Brianna Hawkins

BUYER’S PACKET AN ELITE PLAN TO PURCHASE

As a Buyer, you don’t pay any Realtor® Commission Fees!

The seller has already paid for your Realtor®, so you don’t have to! Realtors are here to help, so use one! Moving is stressful enough on families, let the professional do the work for you! First step is to find a good agent who will work for you and your family. Don’t let someone pressure you into using them. Your house is one of your biggest investments, you need to have a Realtor® that you trust and that fits your personality.

bhawkins.ccoklahoma.com

Brianna Hawkins has joined Chinowth & Cohen Realtors’ Broken Arrow office. A lifelong resident of Tulsa, Brianna Hawkins graduated from Booker T. Washington High School before receiving her Bachelor of Arts Degree in Nutritional Sciences from Oklahoma State University, and her Masters in Human Services in Public Health from Walden University. She is currently attending Walden University, where she is working towards her PHD in Human Service and Family Intervention Strategies.

Before entering the real estate field, which has been a lifelong dream, Brianna owned and operated several licensed daycare centers, taught high school English and middle school Science, as well as founded a nonprofit organization to emphasize nutritional education within adolescents in economically depressed areas.

Brianna is familiar with residential listings in Broken Arrow, Jenks and Tulsa, where she currently lives. In her leisure time she enjoys learning various styles of dance, attending boxing tournaments, and volunteering mentoring adolescents.

Advantages of Using a REALTOR®

Congratulations on your decision to buy a home! It’s a challenging project, and there are many ways a professional can help. Here are some of the many ways you may benefit from working with a REALTOR®

MANY MORE HOME CHOICES

Your REALTOR® has thousands of homes to choose from through the Multiple Listing Service (MLS), so you’re more likely to find the home that’s just right for you and find it quicker. In fact, a majority of the homes for sale are listed by REALTORS® and aren’t available to you unless you are working with a REALTOR® Networking with other realtors to find out about upcoming listings is part of the service provided.

A NUMBER OF TRANSACTIONS “FALL OUT”

Unfortunately, it’s true. Some transactions fall apart before closing. An experienced REALTOR® may be able to resolve problems and see your transaction through to a successful closing.

KNOWLEDGE OF NEW HOME SUBDIVISIONS

New home subdivisions will welcome you and your REALTOR®.

If you’re interested in buying a new home, take your agent with you on your first visit to each subdivision. Your professional REALTOR® is an important source of information who can supply background on the builder, nearby subdivisions, and the local community, as well as ensuring your interests are out first.

IT’S A MAJOR INVESTMENT

You use a professional for your legal, financial and health needs. Why gamble on what may be your biggest investment without a professional at your side?

HELP WITH FSBO’S

If you consider a “For Sale By Owner,” take your REALTOR® along to help negotiate the contract.

LESS LIABILITY

You may have more protection from legal and financial liability, especially as real estate transactions become more complicated.

THE PAPERWORK

Your experienced REALTOR ® will negotiate and prepare the purchase contract for you and assist you throughout the escrow process.

Buyer Services

YOUR REALTOR PUTS YOU FIRST, ALWAYS

Real Estate is a commission-only world, however, they know when they lead with integrity and do what is best for the client above all else, you’ll send every friend, family member, and co-worker their way, which is worth so much more!

CUSTOM PROPERTY SEARCH

Zillow, Realtor.com, and other home sites are great resources for the public to find listings for sale, however, your realtor can provide you with more accurate and detailed information on properties from the Multiple Listings Service (MLS) that is only available to Realtors. In a hot market, it’s imperative that you take advantage of a custom search from your realtor to ensure you’re one of the first to know about new properties hitting the market.

ANY LISTING, EVEN IF IT’S FOR SALE BY OWNER

If a home is for sale, your realtor can help! Whether it’s their listing, one of their competitor’s listings, or even a property that is not listed with a Realtor, your realtor is more than happy to schedule all showings for you, furnish market data, assist you in making an offer, and provide strategic negotiation tips.

FROM START TO FINISH

From pre-qualification with a trusted lender, to scheduling all showings and inspections, to finalizing the closing, your realtor coordinates each step of the home-buying process for you.

GET LOAN PRE-QUALIFICATION from a mortgage broker. Most sellers require a pre-qualification letter from a lender before negotiating on an offer on their home. Your loan officer will let you know how much you qualify for and what your monthly payment and closing cost would be. It is important to make sure you are comfortable with your monthly payment. If you don’t know who to call I know several great lenders you could start with. Once you find your lender have them email me a copy of the pre-qualification.

LET’S GO SHOPPING!! Now that you know how much you want to spend, we can work together to find the perfect home for you. I will send you an email with possible houses and together we will narrow those down. I can show all houses that are on the market even For Sale By Owners! Just let me know what you see! Open houses are fun too, just make sure you let the host know you are working with a REALTOR® and when signing in write my name.

DECIDE TO BUILD? I can still help you find the perfect land or lot for your home. I can also help you find the builder that fits your needs.

MAKE AN OFFER! Once we find the house you love you will want to put in an offer. I will look up comps of houses in the area and the disclosures on the property. We will then discuss the details of your offer: purchase price, earnest money amount, close date, home warranty, additional items to be left or removed from the property, contingencies, and other requirements or items to be paid by seller. I will make an estimated closing cost sheet so you know roughly what you will need to bring to close.

EARNEST MONEY is a check or money order that is given to secure the property. It is only cashed once an agreement has been reached by both parties. It is held in an escrow account until close and then it goes towards the purchase of your new home.

NEGOTIATIONS: once the offer is submitted the seller can do one of three things. They can accept the offer as is, counter the offer, or reject the offer. Here is where my experience comes in handy. I help guide you through this and negotiate on your behalf. I will negotiate the price, terms, closing date, appraisal, repairs, items to be left or removed, and home warranties for you.

INSPECTION: Now that you are under contract, your time period to do inspections begins. I will assist you in scheduling the inspections to fit your schedule. Unless you build or buy a new construction, you are buying a used house. It has been lived in and will have faults, it does not mean you can not live in it. It means you need to be aware of the issues you can take of on your own and what if any you would like the seller to be responsible for taking care of before close. During the inspection time if you find a problem you were not expecting and it can not be fixed you can get out of the contract and get your earnest money back, you will still have to pay for your inspectors.

LOAN DOCUMENTS: Once your offer is accepted it is important to get with your lender the next business day and get everything started and the appraisal ordered. I will send them a copy of your contract but they still need to hear from you. The faster you get them everything they need the smoother everything will go.

What To Expect When Purchasing a Home

REPAIR REQUEST (T.R.R.): You have a specified amount of time to request any repairs. You must submit in writing all request to the seller, don’t worry that is my job. The seller will do one of three things: they will sign off on all requested repairs, counter on repairs, or they will refuse to do repairs.

RE-INSPECTION/ FINAL WALK THROUGH: This may be done by the inspector for a fee or by yourself. Even if there no repairs were required, we still do a final walk through because when you go to close you are buying it as is!

CLOSING: Have the funds wired to title company. Make sure everyone who is signing brings their driver’s license and be ready to sign a stack of papers. Once they are signed and the funding comes through ... Congratulations!! You are the proud new owner of a home! You can move in at anytime!!

BEHIND THE SCENES: After we get your contract accepted it is my job to get the contract to close. I will make sure your lender has the fully executed contract and they get any additional supplements that may be needed through the process. I also get with the title company, so we can track down the abstract to get it updated and to the attorney. Once the attorney reads it and tells us what is needed, we work to get everything resolved so you can close on time. When you close you will not only have a clean title but will have insurance on your title to make sure you don’t have to anything to worry about.

No two deals are the same, we never know what the underwriters or the attorney are going to need. As things come up I work with the appropriate person to handle it. No news is good news, that means everything was an easy fix.

During this time it is important for you to stay in contact with your lender and make sure they don’t need anything from you.

Brianna is here to answer any and all questions anytime through this process!

5 Factors That Decide Your Credit Score

1. PAYMENT HISTORY Do you pay your debts on time?

2. AMOUNT OF DEBT Less is best.

3. CREDIT HISTORY The longer the better.

4. AMOUNT OF NEW CREDIT New credit is considered more risky!

5. TYPES OF CREDIT i.e. installment loans, credit cards, and a mortgage.

Credit scores range between 200 and 800. Scores above 640 are considered desirable for obtaining a mortgage. For more on evaluating and understanding your credit score, go to www.myfico.com.

CREDIT DO’S

• Pay your mortgage or rent payments on time

• Stay current on all outstanding accounts

• Continue working for the same employer

• Stay with your current insurance company

• Notify your Lender immediately if any situation arises that could possibly affect your income, assets, or credit

CREDIT DON’TS

• Don’t switch bank accounts

• Don’t transfer balances between accounts

• Don’t increase the balance of any credit cards

• Don’t consolidate debt, including credit card debt

• Don’t close any accounts, including credit card accounts

LOAN APPLICATION CHECKLIST

• Last 30 days paystub

• Copy of last 2 years’ W-2s and tax returns

• Most recent 2 month’s checking and savings account statements

• Name of homeowner’s insurance company

• Letter explaining derogatory credit or bankruptcy (if applicable)

• Copy of Divorce Decree and Property Settlement (if applicable)

• Don’t apply for ANY credit (new vehicle, furniture, appliances, etc)

• Don’t change your job, employer, the way you are paid, or become self-employed

• Don’t pay off charge-off or collection accounts before consulting with your lender

• Don’t make large deposits without the ability to document the source of the funds

Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer with these easy steps.

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.

2. Stay in close touch with your real estate associate to find out first about new listings that come on the market, and be ready to go see a house as soon as it goes on the market.

3. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else. If you do, call me immediately.

4. Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer. (See your wish list and must-haves attached in this packet.)

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but make your offer reflect how much you want this home. Don’t try to go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions, such as needing to sell your home before you move or wanting to delay the closing until a certain date, can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Another option, talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you shouldn’t just buy anything. Even though you may want to make sure your offer is attractive, don’t just neglect inspections

Closing Costs and Other Costs in Home Buying

EARNEST MONEY

$500—$2,000. This is a check you will write when you submit an offer. It ensures to the seller that you are serious about purchasing the home. It’s held in an escrow account (usually through the brokerage or title company) and applied towards the purchase at closing.

APPRAISAL MONEY

$450—$650. If you are taking out a mortgage for your home purchase your lender will order the appraisal to make sure you don’t pay too much for your purchase. This money is paid to your lender within the first week of a fully executed contract.

INSPECTION MONEY

$250—$1,000. It’s always smart to have a home inspection. You can choose the inspector or Donna can give you recommendations for an inspector her clients have used in the past. EMP (electrical, mechanical, and plumbing), termite and wood rot, roof, drainage, pool, and structural inspections are just a few of the most common home inspections. Inspections usually occur within the first 10 days of the fully executed contract.

CLOSING COSTS

$5,000—$7,500 (from 2% to 5% of the purchase price). If necessary, we may be able to negotiate to have the seller cover some or all of the closing costs or you can pay closing costs associated with the loan. This includes down payment, loan origination fees, credit reports, attorney fees, survey fees, title search fees, deed recording fees, escrow deposit, proration, transfer fees, title insurance policy and more.

Things to Remember During the Home Buying Process

THE DO’S

• Pay your mortgage or rent payments on time.

• Notify your lender of any change in job status, income reduction, etc.

• Do not change employers.

• Pay all your bills.

WHAT AFFECTS YOUR CREDIT SCORE?

1. Have you paid your debts on time?

2. How much debt do you have to your income ratio?

3. How long is your credit history?

THE DON’TS

• Do NOT change jobs, quit your job, or become self-employed.

• Do NOT buy or trade in a vehicle.

• Do NOT increase debt/balances or miss payments.

• Do NOT spend money you have set aside for closing.

• Do NOT omit debts of liabilities from your loan application.

• Do NOT buy furniture or appliances or make a new credit application.

• Do NOT originate credit inquiries (i.e. no new loans, credit cards, or lines of credit).

• Do NOT make large deposits or transfer funds.

• Do NOT co-Sign any loan.

Credit scores range from 200 to 800. Scores above 640 are usually good for obtaining a mortgage.

Home Warranties

WHAT IS A HOME WARRANTY?

A service contract that covers the repair or replacement of important home system components and appliances that break down over time. That means whether it’s you’re A/C unit burning up in the summer, your heater failing in the winter or any number of other covered systems and appliances calling it quits, you and your family will have one less thing to worry about.

WHY IS A WARRANTY RECOMMENDED?

Breakdowns are inevitable—home system components and appliances simply wear out over time. Unlike most homeowners insurance, a home warranty plan protects your budget by covering an unexpected repair or replacement of crucial items when they stop working due to normal wear and tear, saving you money in the long run. Think of it like this…

HOMEOWNERS INSURANCE COVERS THINGS THAT MIGHT HAPPEN

Fire damage, Hail and Wind damage. Theft & Vandalism

HOME WARRANTY COVERS THINGS THAT WILL HAPPEN

Breakdowns of HVAC systems, Water Heater, Oven, Dishwasher, Plumbing & More

WITHOUT A HOME WARRANTY

Repair or replacement of key home systems and appliances can be expensive. Talk with me about the average cost of a home warranty and strategies for including one in the contract so that you’re protected from unexpected problems in your first year of home ownership.

Inspection

1. EMP (Electrical, Mechanical, Plumbing)

2. Roof

3. Structural

4. Drainage

5. Termite & Wood Rot

6. Additional Inspections (i.e. Spetic, Pool & Spa, Crawl Space)

Be sure to inform me if you want any of these additional inspections preformed since they are an additional cost and may even require different inspectors to be scheduled. It is also important to note that the inspection only covers the main dwelling, therefore shops, detached garages, pool house, and other structures are not included unless specifically requested and an additional fee will likely be applied.

ARE ALL INSPECTIONS THE SAME?

No! Picking an experienced and thorough inspector is crucial. It’s also important to note that ONLY structural engineers can make structural recommendations. Beware of general home inspectors claiming to do structural inspections. In the state of Oklahoma they are not licensed to suggest remedies and will typically refer you to an engineer if there is something of concern which might end up costing you more in the long run.

9 Odd Moving Tips That Really Work

You’ve got the basics - cardboard boxes, newspaper, and the phone number of a pizza place so you can feed the friends helping you move all your worldly goods. But do you have enough socks for the stemware?

1. FOOTWEAR, MEET STEMWARE

About those socks and glasses... If you can double up and use some of your belongings to protect others, you cut down on space and moving supplies. Socks slipped around the wine glasses can help pad the delicate stems.

2. PLATES ON PLATES

Instead of painstakingly wrapping each dinner dish in newsprint or bubble wrap, or purchasing those prepackaged dish packs, buy one cheap bag of Styrofoam plates. Alternate stacking the real plates with the disposables and—voila!—Instant padding.

3. MAKE LIKE A GHOST

Worn sheets can be used as an extra layer of protection around your mattress, or any piece of furniture. You may not want to use that extra-fancy satin set, but old, cheap stand-bys can take a stain or risk a tear better than a mattress or sofa upholstery.

Bonus: Like the socks, using sheets as packing material frees up more box space.

4. PACK IN COLOR

Sure, you can painstakingly label every box. Or, just slap on some color. Buy color dots or several rolls of duct tape, designate a specific color for each room, and stick the appropriate dot or tape on each box. The best part, we think, is the idea of making a legend that can keep track of all of your colors. That way, you won’t mistake the red for the den instead of the kitchen, and unpacking becomes a snap.

5. USE YOUR WHEELS

Have wheelie bags? Use them for heavy things like books, especially if it’s a relatively smaller suitcase and not an Army-size duffel. You won’t be able to get away without ever having to lift the bag, such as in and out of a vehicle, but at least you ‘11 have a little extra help.

6. BAG YOUR CLOTHES

This tip may not work for every move, since some moving companies won’t touch any goods not packed in boxes. However, if such restrictions don’t pertain to you, break out the garbage bags. Pull one bag up around a cluster of your hanging clothes, and tie the open end by the hangers. One blogger bragged that she packed her entire closet in 15 minutes this way.

7. TAKE PICTURES

The serving dishes fit in the dozen breakfront shelves like puzzle pieces now, but such a tight fit may be hard to replicate after everything has been removed to boxes. Pictures can act as an unpacking guide. Photos also protect your goods for insurance purposes - you’ 11 have proof should anything break or chip in transit.

8. LEAVE THE GARAGE EMPTY

In the new digs, resist the temptation to pile boxes into the garage, or attic, or back closet, with a promise to get to them later. “Later” can last months. If a boxful of stuff is so unnecessary that a year could pass without needing the contents, maybe that’s a tip to ditch the contents before the move. Otherwise, you risk forgetting where you put important things, or end up parking the car outside all winter.

9. UNPACK THE TV LAST

The desire to relax is strong. The coffee table pushed up against the sofa looks so inviting, but those boxes aren’t going to unpack themselves. Resist the urge to derail your momentum. Otherwise, those boxes will just stand over your head. Unpack the TV last, sink deeply into that comfy couch, and revel in the knowledge of a well-done moving job any pro would envy.

Tips For New Homeowner

CHANGE YOUR ADDRESS

Start forwarding for mail right away with the Post Office. But some places you may not think to notify and they may only mail you something once a year. Places like:

• Tag agency to change it on your vehicles and Drivers Licenses

• Voter Registration

• Employer for tax forms

• Licensing / certification boards

• Schools, Civic organizations, and churches

• Doctors

SECURITY & SAFETY

Change locks. Spares could be floating around anywhere.

Reset the key codes for garage doors, gates, etc. The former owners might have trusted half the neighborhood.

Test fire and carbon monoxide detectors. Who knows when the last time was. Definitely install them if there are none.

Check the temperature on your water heater, especially if you have young ones, so it won’t accidentally scald. Manufacturers tend to set them high. (but the best temperature setting for hot water is 120 degrees).

Put a fire extinguisher in the kitchen and each additional floor.

MAINTENANCE PLANNING

Start your master maintenance plan (and good home-keeping habits) by setting reminders in your calendar to do these basic maintenance tasks:

• Clean out the dryer hose and vent yearly. Clogged ones burn down houses. And you don’t know the last time the previous homeowner did it.

• Change your HVAC filters at least once a season. You’ll save on heating and cooling — and your unit will last longer. (While you’re at it, go ahead and stock up on them, too.)

• Schedule HVAC maintenance for spring and fall.

• Clean your fridge coils at least once a year. It’ll run better and last longer. (Don’t see any coils? Lucky you! Newer fridges often have coils insulated, so there’s no need for annual cleaning.)

• Clean your gutters at least twice a year. Depending on how many trees you have you may need to do this more!

EMERGENCY PREPAREDNESS

You really don’t want to be figuring any of this out in a real emergency. Do it now. You’ll sleep better and be less likely to ruin your home. Locate the main water shut-off valve. Because busted pipes happen to almost every homeowner at least once. And water damage is value-busting and pricey to fix.

Find the circuit box, and label all circuit breakers. Find the gas shut-off valve, too, if you have gas. Assemble an emergency supply kit. Some key items are:

• Flashlights and batteries

• Emergency numbers

• Non-perishable food and water

• Blankets and warm clothing

• A radio, TV, or cell phone with backup batteries

HOME & MORTGAGE DOCUMENTS

Store copies (the originals should be in a fireproof safe or safety deposit box) of important home documents so they’re readily available. Go paper, cloud, or better, yet, both.

• Title Insurance Policy (comes about 60 days after you close)

• Property survey

• Final closing documents

• Insurance documents

• Apply for homestead with your county the first January after you purchase your house.

Regular House Maintenance Check List

MONTHLY

Clean or replace furnace and air conditioner filters as needed

Flush out your kitchen drain with a commercial product or a homemade solution

SUMMER

Clean kitchen exhaust hood and filter

Vacuum refrigerator coils

Reverse ceiling fans

Inspect your foundation for drainage problems like clogged downspouts and grading issues

Inspect basement or crawl space for moisture issues

Inspect for activity by termites, ants, wood bees, and other pests

WINTER

Clean kitchen exhaust hood and filter

Test GFCI outlets

Vacuum refrigerator coils

Clean dryer vent

Check sinks and toilets for leaks

Inspect hoses on the washing machine, dishwasher, and ice maker for leaks

Change direction of ceiling fans

Test sump pump

SPRING

Install fresh batteries in smoke and carbon monoxide detectors

Test and dust all detectors

Inspect bathroom and kitchen caulk; recaulk as needed

Vacuum refrigerator coils

Schedule air conditioning inspection

Check fire extinguishers

Clean kitchen exhaust hood and filter

Clean and seal deck (if needed)

Inspect exterior paint and touch up as needed

Inspect siding and masonry for damage

Remove storm windows and install screens

Repair or replace damaged window screens

Inspect roof for damage

Inspect attic for leaks

Inspect outdoor play equipment

Clean gutters

FALL

Test and dust all detectors

Check fire extinguishers

Clean kitchen exhaust hood and filter

Drain sediment from hot water heater

Vacuum refrigerator coils

Insulate exposed pipes as needed

Schedule furnace inspection

Remove or cover window air conditioners

Have chimneys and flues inspected and cleaned

Remove screens and install storm windows

Turn off outdoor water supply, remove and store hoses

Inspect roof for damage

Clean gutters

Inspect caulk around windows and doors; recaulk as needed

Clean up leaves and other yard debris

Trim trees and shrubs away from the house

Inspect deck for any nails or screws that may be popping up

Cover or store outdoor furniture

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