a guide to buying your home
2
a guide to buying your home
contents 01
how to buy your dream home
02
glossary
03
frequently asked questions
04
WHAT MAKES YOU DIFFERENT FROM OTHER AGENTS?
05
previous buyer sales
06
previous listing sales
07
dayton favorites
08
about us
09
CLIENT TESTIMONIAL
centerville
a guide to buying your home 3
how to buy your dre am home one: define your needs What are the things in a house that fit your lifestyle the best? Do you spend most of your time in the kitchen, or do you love having a large yard to enjoy? Sit down and make a list of the types of features or amenities that would make a home feel special to you.
two: get pre-approved Each bank, lender or credit union offers different “programs,” so we suggest that you shop around a bit. The specific person that you work with is extremely important as well, as their communication and understanding of the business can make a huge impact on your experience. You can rely on us for recommendations of local professionals with a fantastic track record. Most buyers need to understand how much a purchase is going to cost them out of pocket on the day of closing, and how much it will cost each month. Your monthly payment consists of “PITI.”
Principal of your loan, Interest on your loan,
property Taxes, and homeowner’s Insurance.
Once you know what the PITI will be, you’ll need to factor in how much you expect to pay for utilities each month. Then you’ll have a complete picture of the monthly expenses involved with your home. 4
a guide to buying your home
three: let the house hunting Begin! “Location, location, location.” It’s true, the location is incredibly important, so we like to really narrow that down as much as we can. What location gets you where you want to be for the things that matter most to you, like work, school, church, restaurants, or recreational activities? Once we’ve narrowed down your location and identified your wants and needs, we’ll get in the car and go see some houses. Some clients still ride in the same car as their Realtor, which can be a great way to get a lay of the land, but more often than not, buyers like to drive separately so that they can chat about each house in between each stop on the showing tour.
four: write a winning offer In a competitive market, it’s important to understand how to make a winning offer. The seller doesn’t always want the most amount of money possible (although that will always be a big factor). Many sellers have a specific timeline for their move, and the buyer that caters to that timeline has an advantage over other buyers that may want the same home. CENTERVILLE
Writing a “clean offer” is another way to get what you want as a buyer. The less extra terms you can include, the better.
washington township
waynesville a guide to buying your home 5
how to buy your dre am home cont’d. five: negotiate the terms This is where Chip’s experience in the real estate industry comes in handy. With over 10,000 hours in the business, Chip knows how to negotiate the terms to get you what you want. Most buyers will experience two rounds of negotiations. The first round comes when you make an offer, as we negotiate the price and terms of the deal. The second round comes after you have completed inspections of the property. After inspections, buyers can present a list of “defects” that may impact the safety or the habitability of the home, and negotiate to see how much the seller is willing to fix.
six: navigate home inspections Home inspections typically occur in the fourteen day period following an accepted contract. Most buyers can reasonably budget to spend around $500 to $600 on inspections that may include the whole house inspection, a termite inspection, and a radon test. Some buyers choose to bring in companies that specialize in a field to look at things like the roof, chimney, or HVAC. We will provide you with a list of trustworthy inspectors to consider. Once the inspections are completed, we enter the second round of negotiations mentioned
seven: prepare for and execute a successful closing Many buyers are surprised to see just how many details go into the closing process. Good real estate agents have systems in place to make a buyer’s life easier and to make sure the closing process is as smooth as possible.
6
a guide to buying your home
waynesville
a guide to buying your home 7
homebuyer glossary appraisal
An estimate of the market value of a home based on comparable recent sales of homes nearby and done by a licensed appraiser for a lender.
FHA LOAN
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment.
HOME INSPECTION
closing costs
Fees paid at closing by both the buyer and the seller. Examples include prorated taxes, title insurance, appraisal fees, and lender fees.
An examination of the property’s condition, usually performed by a qualified home inspector of the buyer’s choice.
commission
HOME WARRANTY
In a typical transaction, a seller contracts to have their property listed for a set percentage of the selling price. A standard listing commission in our area is six percent. In almost every transaction, a homebuyer DOES NOT pay a commission. This is one of the reasons we feel that every buyer should have their own professional representation during a purchase.
contingent
Your offer on a home has been accepted (yes!), but finalized sale is contingent on certain criteria like appraisal, home inspection, mortgage approval, etc.
Service contracts that homeowners can purchase, or can be negotiated as part of the purchase contract. They cover the repair or replacement of many major home system components and appliances that typically break down over time due to normal wear and tear.
conventional loan
The most common types of mortgage. A mortgage loan not insured by any government program. Each lender will offer different rates, terms, and fees so its best to get estimates from a few different places.
EARNEST MONEY
A partial payment by a buyer when submitting a contract that demonstrates the buyer’s commitment to the deal. The money, which is held in an escrow account, goes toward closing costs.
ESCROW ACCOUNT An account established by a third- party (usually the mortgage company) to handle the exchange of money between two other parties (buyer and seller). It is used to pay for property taxes and insurance during the term of the mortgage.
8
a guide to buying your home
beavercreek
INSPECTION PERIOD
An agreed upon number of days after the date of acceptance of the contract for the buyer to obtain inspections of the property at the buyer’s expense. During this period, the buyer must also notify the seller of any defects in writing for negotiation.
washington township
PRE-APPROVAL
The buyer completes an application, pays a fee and supplies the necessary documentation to a lender who performs an extensive financial background check. The lender will issue a conditional commitment in writing for an exact loan amount. Note: Pre-approval does not guarantee a loan.
PURCHASE CONTRACT
An agreement between a buyer and a seller that outlines the conditions that both parties agree to, including the purchase price. A carefully written purchase contract can help the sale proceed smoothly.
TAX PRORATION The buyer and seller must agree to how the taxes will be prorated at closing. Long proration means the seller will pay the property taxes for the previous 6-month period as well as the current period up until the closing date. Short proration means the seller will just pay the current period, prorated to the closing date.
TITLE
A collective term for all of your legal rights to own, use, and dispose of land. Includes all previous ownership, uses and transfers. The title company will provide you with the title report for you to review before accepting the property.
centerville
a guide to buying your home 9
frequently asked questions what should a real estate agent do for me when i’m buying a home? A good real estate agent will discuss financing (price range, loans, inspection costs, etc.), be an experienced negotiator from contract to inspections to closing, and always look out for your best interests. Pick a trustworthy agent with great customer testimonials and a track record for doing what is in the best interest for the client.
I want a phenomenal deal on a house. can you help me get one? Possibly. We promise to do everything we can to help you find the right home for you at the best price possible. There are a lot of “deal seekers” out there that want to feel like they got a deal, sometimes at the cost of getting a great house. In our experience, you can spend a lot of time waiting for a fantastic deal, but in the process you might miss out on some really great homes.
Can i buy my home and sell my current one at the same time? Possibly! The climate of the market plays a factor, but so does the amount of equity that you have in your current home.
10
a guide to buying your home
Do buyers pay you a commission? No. Commissions are paid by the seller in most transactions. The seller’s broker agrees to pay part of their commission to my broker. In a few very rare cases, a buyer might be asked to pay a small portion of their agent’s commission, but that is disclosed and explained up front.
what are some of the biggest mistakes buyers make? Many buyers max out their monthly budget on their mortgage (PITI) payment and don’t leave enough room to pay for utilities and have some left over for potential home repairs. Eager buyers often make an offer on a home they love without considering the dynamics of the neighborhood. I suggest that buyers drive around the neighborhood before making an offer, so they can get a feel for what the area is like when most neighbors are home from work and school.
should i tell my realtor if i’m going to an open house or new construction? Yes! When you’ve decided to work with a real estate agent, you want to make them a part of every single thing you do in the real estate market. Your agent can guide you and make sure you don’t do anything that will waste your time or cost you money.
centerville
a guide to buying your home 11
buying a home without all of the stress 12
a guide to buying your home
waynesville
a guide to buying your home 13
14
a guide to buying your home
what makes you different from other agents? communication We understand that there are so many steps involved in buying a home. Our goal is to over-communicate and over-deliver through each part of the process, so that you can focus on the things that matter most to you.
client-based Among the most successful agents in the area, there are generally two types: transaction-based and client-based. There are good agents in both categories, but I choose to run a client-based real estate business. I’m not focused on transactions, I’m focused on people. By doing just the right number of transactions that my office can handle, I can personally be side-by-side with you virtually every step of the way.
washington township
washington township
whenever possible, we try to take things off of your plate, rather than giving you more things to do. centerville
a guide to buying your home 15
pre vious buyer sales
16
wellesley way | centerville
english bridle court | centerville
Clevenger ct | springboro
Riley Wills road | lebanon
a guide to buying your home
forest lawn court | centerville
brookemeade court | beavercreek
lower miamisburg rd | miamisburg
SR 73 | waynesville
a guide to buying your home 17
Previous listing sales
18
KATY MEADOW COURT | BEAVERCREEK
rooks road | centerville
crestview avenue | lebanon
statesboro road | washington township
a guide to buying your home
Tantara circle | springboro
CRANFORD DRIVE | CENTERVILLE
sheffield way | waynesville
Remington hill | SPRINGBORO
a guide to buying your home 19
dayton favorites downtown dayton
press coffee bar
Downtown really deserves more credit than it gets as a destination for those who consider themselves foodies or coffee connoisseurs.
Press Coffee Bar and Ghostlight Coffee have
been around since 2010 and are often recognized among the best coffee shops in the region. Reza’s Roast and St. Anne the Tart have come on the coffee scene more recently and have the town buzzing. The Oregon District boasts a wide variety of amazing, local restaurants to choose from. Coco’s Bistro and Salar are a bit more upscale, while Roost Modern Italian and Thai-9 are perfect for a casual date or night out with friends. Dayton has always been a pizza town, and recently, Old Scratch Pizza has become the new king.
st. anne the tart
Shop the Oregon Distric’s cobblestone streets for the perfect gift from Luna Gifts & Botanicals, Hedges and Wolf, and many more, or find local produce and artisanal products year round at
2nd Street Indoor Farmer’s Market.
bellbrook
2nd street market
Blueberry Cafe is a feels-like-home sort of breakfast spot, with incredible omelettes and huge pancakes! As with most popular breakfast spots in a small town like Dayton, expect a long wait if you go during popular times. After breakfast, take a hike at Sugarcreek Metro Park, a Dayton Metro Park that offers miles of wooded hiking trails and a beautiful stream the kids and dogs can play in during the warmer summer months.
20
a guide to buying your home
dorothy lane
springboro During the summer months, there aren’t many outdoor patios in the area that can rival Heather’s Cafe. Heather is a Springboro native, and she knows how to throw a party, bringing in some of the area’s most popular live musicians and offering an impressive beer menu. For a meal on the go, or a quick grocery run, head to Dorothy Lane Market. This locally owned grocery goes back more than 50 years in the Dayton area and is a pillar in the Springboro community.
centerville Lock-27 is a bar/restaurant with food that can possibly be described as the best “bar food” in Dayton. They serve up incredible wings and burgers, but I recommend ordering off of the daily special menu. They also brew their own beer. The Locktender is a light, popular choice. Meadowlark is a hidden gem, featuring a unique menu created with locally-sourced ingredients, and offering vegetarian and vegan options. They have a great little bar area with a menu of delicious cocktails. lock 27 image via gemcityeats
grant park
Boston Stoker may sound national, but it’s a
locally owned coffee shop. They may just have the best pour over and the best latte in the suburbs.
Centerville is known for its parks. You’ll find well-kept playgrounds and trails in just about every neighborhood. One of the best is Grant Park and Grant Nature Nook. Park at Normandy Elementary and head into the woods. You’ll find a great hiking trail and a beautiful 60-foot bridge crossing over Holes Creek.
image via no9images
a guide to buying your home 21
about us c h i p j am es Realtor since 2007 Member of the Dayton Business Journal’s 2020 Top 40 Under 40
My goal is to make the real estate experience as stress-free as possible for everyone that I work with. Born and raised right here in the Dayton area - a fifth generation Daytonian - I’m proud to call this rejuvenated city my home! My family and I want to be part of Dayton’s continued growth, and we strive to make a positive impact in our communities through real estate and our other passions.
Britt hood Realtor In just a few short years, Britt has established herself as one of the go-to real estate agents in the South Dayton market. While working hard to connect her clients with great homes, Britt’s passion for the real estate business shines through. She is an experienced home remodeler and brings her knowledge of renovations to each situation. Britt grew up in Centerville and currently lives in Springboro with her husband Matt (a Washington Township firefighter/emergency responder) and their three sons..
22
a guide to buying your home
client testimonial “The buying and selling process is very stressful. A perfect deal is rife with questions around process, timing, deadlines, and requirements. Hiring Chip gave us both an advocate and an expert to handle all of those matters. When Chip would communicate with us, it was obvious that he spared us significant back and forth and was providing us concrete information to move the process forward. Chip prepares and is proactive, no matter the developments in our transactions, we were never surprised. Expert advice and negotiation techniques, unparalleled marketing, and constant communication. If you want someone with a standard of excellence that will no doubt exceed your own, I’d recommend you hire Chip.” - Tim and Amanda Wilson
waynesville
a guide to buying your home 23
chip james | Keller williams community partners