BUYER’S GUIDE
What makes a great Realtor in today’s world? Nick believes it is integrity, knowledge, creativity, open and prompt communication, and unparalleled work ethic. All of which are all qualities he prides himself on possessing. Born and raised in Southern California by a Marketing executive and a savvy Real Estate Investor, Nick’s knowledge and skills for his future real estate career were being honed since before he even knew it. Factor in his 10+ years working in the music and entertainment industry which led him to negotiating and reviewing contracts since before he could legally drive a car, Nick takes a very calculated and professional approach while still catering to clients personal and individual needs when helping them buy, sell, or invest in Real Estate. Not only can he help find the right property or determine and implement the most effective marketing strategy with his clients best interests in mind, he is prepared and eager to negotiate on his clients behalf for the best possible deal, assuring satisfaction at every stage of the transaction. After working for “big name” brokerages alongside top producing and seasoned agents, Nick has taken the next step in his real estate career being hired as a Senior Associate Realtor at Residential Agent Inc. which is owned and operated by world-renowned Realtor, John McMonigle. (The Wall Street Journal named The McMonigle Team the number-one real estate team in the world for 5 years in a row.)
Nick Oldakowski Residential Agent Inc. Senior Associate 562.322.2911 Nick@agentinc.co DRE# 02054818
Buyer’s Mindset Buyers often worry about the following: 1. Paying too much 2. Something being wrong with the house 3. Losing a property 4. Better property coming up As a buyer, you are in the driver’s seat and I’m here to guide you throughout the process. I’ll advise you on home value, help you minimize risks, and leverage your marketability to sellers.
Guide to the Buying Process Each transaction is unique, so this will serve as a general and broad guide. 1. Get pre-approved by lender or bank. 2. Meet with Agent and discuss what you’re looking for. 3. Agent will find and send options for you to review. 4. Go shopping! Look at homes with your Agent. Choose your home. 5. Make an offer. Negotiate offer. Get offer accepted! Contingent on inspection. 6. Schedule inspection. Discuss results with Agent. Decide on any repairs needed. 7. Inspection contingency removed. Bank orders the appraisal. Final financing set. 8. Closing confirmed. Agent supports you at closing until the keys are in your hands.
Next Steps 1. Pre approval - quick and necessary to stengthen your offer 2. Complete initial questionaire on what you’re looking for on your dream home 3. Establish search criteria for your Agent 4. Review matches to your criteria with your Agent and schedule showings 5. Make an offer!
Pre-Approval As you search for a home, getting pre-approved for a mortgage
Think of a mortgage pre-approval as a physical exam for your
can be an important step to take. Consulting with a lender and
finances. Lenders will likely poke and prod into all corners of
obtaining a pre-approval letter provides you with the opportunity
your financial life as a way of trying to ensure you’ll repay your
to discuss loan options and budgeting with the lender; this step
mortgage.
can serve to clarify your total house-hunting budget and the monthly mortgage payment you can afford.
At our first meeting, we will discuss what you’re looking for in a property, your timeline and go over all questions. I will then
As a borrower, it’s important to know what a mortgage pre-
ask you to fill out an intake form that will go even deeper into
approval does (and doesn’t do), and how to boost your chances
questions about your home search.
of getting one. From this information, I will set up a personalized property list • Going through the pre-approval process with several lenders
based on your criteria. I’ll funnel all properties and pick the
allows a home buyer to shop interest rates and find the best deal.
best to view. From this list, you can select homes that you like
• A seller often wants to see a mortgage pre-approval letter and,
so we can narrow down the search! I will be sure to notify you
in some cases, proof of funds to show that a buyer is serious.
daily of any new properties that become active on the MLS
• The first step is filling out a mortgage application and supplying
that fit your search criteria. With this fast-paced market, it will
your Social Security number so the lender can do a credit check
be important for both of us to keep an eye out for new listings
on you.
and go see them in person as soon as possible!
• You’ll also need to provide extensive documentation of job history, assets and liabilities, income tax returns, and more. Self-
It’s a good idea to make a list of 3-6 homes to see at one
employed buyers may need to provide additional documentation.
time in order to make the most of your time during each day
• After reviewing your application, a lender will offer pre-approval
of showings. It is my job to be extremely available to you and
or pre-approval with conditions, or deny pre-approval.
flexible when it comes to scheduling showings. Your Agent needs to be quick, flexible, available and communicate well in
Before lenders decide to preapprove you for a mortgage, they will look at several key factors: • Your Credit History • Credit Score • Debt-To-Income Ratio • Employment history • Income • Assets and liabilities
order to find you the perfect home.
The Offer In this market, any offers that you make have to be powerful. More times than not, a winning offer will typically be at asking or over asking depending on the number of offers you are up against in today’s competitve marketplace. The most important factors to get you under contract are having a competitive offer, a good lender to call on your behalf and to have the agent representing you build a good relationship with the listing agent. Prior to submitting an offer, it’s important to find out how many offers are currently on the table, what it will take to be competitive. If we find a home that you want to make an offer on, I will typically review the comparable properties in that area to help you determine a solid offer on the home. I will then call the agent to find out what I can about the home and any current offers. From there, I will send you the following paperwork that you will need to review and sign: 1. ‘Exclusive Right to Buy’ - allows me to represent and advocate for you as your agent. 2. ‘Contract to Buy and Sell” - official offer that will be submitted to the listing agent.
Under Contract Once an offer is submitted, it typically takes around 24 hours to hear back on whether your offer will be accepted. When both parties have signed the contract, you are then considered ‘under contract’ or pending. You will have about 48 hours from this point to deposit your earnest money. Earnest money is typically 1% of the purchase price and is considered a “good faith” deposit on the home. These funds are held in escrow at the title company and then used towards the buyer’s closing costs or purchase price at closing. During this time, it is extremely important to be in contact with your lender. Make sure to provide them with any documents they need as quickly as possible. This will ensure we stay on track and can close on the agreed upon date. In order to make sure your loan is approved, we have to make sure your credit is protected and does not change. During this time, it is important to try your best to postpone any large purchases and make sure to not open any new lines or credit until we have closed. Title work is also ordered and the due dilligence process begins.
Due Diligence One of the most important steps in the purchase of a home is the inspection. This will cover all major systems of the home including HVAC, plumbing and electrical. The inspector will also inspect the windows, utilities, water pressure, foundation, and so much more. The inspection typically takes about 3-4 hours and will be scheduled a few days once you’re under contract. If you would like to attend the inspection, I typically tell my clients to show up for the last hour of the inspection. This way, the inspection has time to do their job and can then explain to you what they have found when you arrive. Some clients of mine prefer to be present throughout the duration of the inspection so they can wak around the home with the inspector. If you would like to schedule any additional inspections, please let me know so I can get everything scheduled close to one another. Other due diligence items to consider include radon testing, sewer scope, roof inspection, chimney inspection, termite inspection. The inspection cost is generally calculated by square footage, age of home and distance. Inspections typically range from $300 - $700 depending on the size of the home.
Congratulations... Your Offer Has Been Accepted! Your agent will let you know all of the details, but in a nutshell, here is what will happen next: Deposit: Once the Buyer and Seller have signed off on the Purchase Contract, the home is conditionally sold; this means the Seller must sell to you, however, the sale is not final until you (the buyer) satisfy all applicable conditions. The escrow deposit is usually held by the listing brokerage and will not be applied to the purchase price if you finalize the sale or will be returned to you if you do not waive conditions. Satisfy Conditions: Depending on your situation you will likely have some or all of the following condiitons to your purchase: 1. Financing 2. Home Inspection 3. Condo Document Review 4. Sale of Buyer’s Home - Contingency 5. Other Waive Conditions
Nick Oldakowski Residential Agent Inc. Senior Associate 562.322.2911 Nick@agentinc.co DRE# 02054818
©2022 Residential Agent Inc. is an Equal Housing Opportunity service provider. Residential Agent Inc. and its affiliates do not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of property provided by the seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals. If your home is currently listed, this is not a solicitation for your listing. Residential Agent Inc. DRE #02068079