HAPPY NEW BEGINNINGS BUYER'S Guide A GU I DE TO BUYIN G YOUR HOM E
MEET OUR TEAM We are Richmond’s premier client centered Real Estate Team. We create Happy New Beginnings. We do this by helping dreams come true for you, your friends, family, colleagues, and neighbors through the home buying or selling process and making that an awesome experience. We are upbeat, warm, and here for YOU. We truly listen, truly care, and are very proactive about your real estate goals. We take a very personal approach to the business and are experienced, knowledgeable and will help navigate you through the process of home buying or selling with professionalism, kindness, and respect.
BERNICE SIM
MARY PAYNE
CATHERINE CURRAN
NIKKI ASBELL
Bernice is the enthusiastic founder of Happy New Beginnings, Richmond's Award Winning Client-Centered Real Estate Team. She relocated from Boston, and before that Toronto, and has happily lived in beautiful RVA for over a decade. She moved here for the awesome real estate, the weather, the beauty, and enjoys the "small big city" experience that Richmond offers. For fun she loves swing dancing, hosting board games, and kayaking. She has 3 kids and 2 dogs.
Catherine is a Buyer Specialist who has lived in the Richmond area for almost 40 years. She grew up in Delaware and came to Richmond to attend University of Richmond. Go Spiders! With a background in project management, Catherine is detail oriented and very responsive to her clients’ needs. She is an expert negotiator, creative problem solver and is committed to helping her clients find the home of their dreams. She and her family currently live in the West End. In her downtime, Catherine loves to read and travel – especially if there is a beach involved.
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Mary is the administrator and in-house stager of Happy New Beginnings. She grew up in Maryland, moved to Charlottesville, then finally settled in family-friendly Richmond where she raised her two sons and daughter. Mary has over 15 years of project management experience and loves running the HNB office. She recently received her decorating certification from University of Richmond and loves designing spaces. For fun she loves exploring trails, live music, reading, and spending time with her kids and two fur-babies.
Nikki's passion is helping first time home buyers though the buying process every step of the way. Nikki believes that celebrating with a new buyer by handing over the keys to their new home and biggest investment in their lifetime is such a gift to witness and a blessing to be part of! Nikki relocated to Richmond from North Carolina in 2014. She is an avid volleyball and softball player and enjoys spending time with her girls, Lillian, and Madisyn.
REAL PEOPLE, REAL REVIEWS YOL ANDA P. I love how she and her team are always available to answer any questions. We closed and still they answer our calls. They can negotiate and get things done. They are very patient and considerate and f ight for their clients. They explain everything to you so you can understand exactly what's being done. They checked on the contractors and made sure the work was being done. If you're looking to buy a house, this is the team. They come with everything. Any questions you have, they have the answers. If you don't chose this team, you will regret it.
ERIC M. All I can say is WOW! Bernice Sim and the team at Happy New Beginnings are outstanding! Bernice is super organized, motivated and has “can-do” approach to every aspect of a home purchase. I can’t thank her and her team enough…I got the home I wanted at a fair price, and everything f rom the home inspection, to the f inal closing was smooth and worry f ree. If you need to buy or sell a home, I can’t think of a better REALTOR ® than Bernice Sim.
KRISTEN S. We couldn’t have asked for a better team to help us secure a home in this crazy market! Catherine was kind, easy to work with, and extremely knowledgeable. She was also a f ierce negotiator, and not only won us the bid on the perfect home, but we also got the home for quite a bit under the appraisal value. She was even extremely helpful when we were working with contractors after the home was purchased. Go with Happy New Beginnings. You won’t be sorry!
ANNA L. Nikki helped us purchase our f irst home. She is an incredibly dedicated and hard working realtor who went way beyond our expectations. She walked us through every step of the process and made sure we understood everything. Not that we want to move anytime soon, but when we do, we will def initely call Nikki.
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HOME BUYING PROCESS
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HOME BUYING PROCESS
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MO RTGAGE DO'S AND DON'TS HELPFUL INFORMATION WHEN GETTING A MORTGAGE
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DON’T change jobs, become self-employed or quit a job.
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DON’T buy a car, boat or motorcycle.
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DON’T use credit cards excessively or let your accounts fall behind.
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DON’T spend money you have set aside for closing costs or down payment.
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DON’T omit debts or liabilities from your loan application.
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DON’T buy furniture or appliances without checking with your lender first.
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DON’T originate any inquiries into your credit.
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DON’T make cash deposits without first checking with your lender for instructions on how to document it.
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DON’T change bank accounts or names.
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DON’T co-sign a loan for anyone.
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REAL ESTATE TERMINOLOGY COMMON TERMS YOU WILL ENCOUNTER IN REAL ESTATE
ADJUSTABLE RATE MORTGAGE (ARM)
The interest rate is tied to a financial index making monthly mortgage payments go up and down over time.
ANNUAL PERCENTAGE RATE (APR)
The percent of interest that will be charged on a home loan.
APPRAISAL
A report highlighting the estimated value of the property completed by a qualified 3rd party. This is typically done for the benefit of the buyer's lender to ensure the property is worth the purchase value.
ASSOCIATION FEE / HOA FEE
In addition to a mortgage, certain housing communities such as townhomes have a monthly fee associated with maintaining common areas and amenities.
BALLOON MORTGAGE
A long-term mortgage loan that starts small but has a large payment due at maturity.
CLOSING
When the new title to the property is officially recorded by the County Record's Office and ownership of the property is transferred to the new buyer.
CLOSING COSTS
The buyer and seller have expenses associated with the transaction other than that of the actual cost of the home. For example, the buyer has a variety of fees due for obtaining a new loan and the seller must pay commission to both agents.
CLOSING DISCLOSURE
A form that provides the final details about the mortgage loan. It includes loan terms, projected monthly payments, and how much the extra fees will be.
COLLATERAL
Something of value (in this case your home) that is held to ensure repayment of the mortgage or loan.
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REAL ESTATE TERMINOLOGY COMMON TERMS YOU WILL ENCOUNTER IN REAL ESTATE
COMMISSION
A percent of the sale price of the home that is paid to agents. The seller pays commission to both the buyer and listing agent.
COMPARABLES
Homes in the area of interest that have recently sold that have similar features.
CONTINGENCIES
Conditions which must be met in order to close. Contingencies are typically tied to a date, referred to as a deadline. If the contingenciy is not satisfied the contract may be cancelled.
COUNTEROFFER
The response from the seller in regard to an offer.
DEBT TO INCOME RATIO
A lender will evaluate whether a borrower's income in large enough to handle their payments on existing debts plus their new mortgage payments.
DOWN PAYMENT
A percent of the cost of the property that is paid up front as a part of the mortgage.
EARNEST MONEY
The deposit made from the buyer to the seller when submitting an offer. This deposit is typically held in trust by a third party. Upon closing, the money will generally be applied to the down payment or closing costs.
ESCROW
This term has multiple meanings; earnest money is typically held by a third party until closing in "escrow." It can also be referred to as the time period from when the contract is written and accepted by the seller to when the home sale actually closes.
EQUITY
The difference in the market value of a home versus what is owed on the home.
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REAL ESTATE TERMINOLOGY COMMON TERMS YOU WILL ENCOUNTER IN REAL ESTATE
FHA
A mortgage that is financed through a private lender and insured by the Federal Housing Administration, often requiring a lower down payment and income to qualify.
FIXED RATE
The interest rate will remain the same for the entire life of the mortgage.
HOME EQUITY LINE OF CREDIT
A loan or line of credit that your lender may offer using the equity in your home as collateral.
HOME INSPECTION
The process in which a professional inspects the seller's home for issues that may not be readily apparent, and then creates a report for the buyer to review.
HOME PROTECTION PLAN
A one-year service that covers the costs of repairs or replacements to items covered in the plan (such as stoves, dishwashers, A/C, heaters, etc.).
HYBRID
A loan that starts with a fixed rate period, then coverts to an adjustable rate.
MORTGAGE INSURANCE
Insurance written in connection with a mortgage loan that protects the lender in the event the borrower cannot repay their loan. This is usually not required if the borrower has 20% or more for the down payment.
MORTGAGE NOTE
A promise to pay a sum of money at a standard interest rate during a specific term that is secured by a mortgage.
MULTIPLE LISTING SERVICE (MLS)
The national list of real estate properties that are available for sale. These are the most reliable sources to receive up-todate listing information.
PREAPPOVAL
Conditional approval to purchase a home up to a certain price, based on buyer provided basic information about income, debt and savings. Prequalification doesn’t require documentation, therefore, is not as strong as preapproval. www.HappyNewBeginnings.com
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REAL ESTATE TERMINOLOGY COMMON TERMS YOU WILL ENCOUNTER IN REAL ESTATE
PREQUALIFICATION
The buyer(s) provides documentation about employment and financial information and allows the lender to pull credit history. A preapproval means the lender is committed to lending a certain amount of money to purchase a home, pending any issues with the house itself or unforeseen circumstances with finances.
PRINCIPAL
The underlying amount of the loan which is actually borrowed.
PROPERTY TAXES
These are the taxes that are enforced by the city, town, county, and state government entities. Sometimes they are included in the total monthly mortgage payment paid to the lender and sometimes they are paid directly by the home owner.
REO
Real estate owned properties or foreclosed properties currently owned by a financial institution such as the bank that made the loan to the previous owner.
REVERSE MORTGAGE
This is specifically for seniors and it allows them to convert the equity in their home to cash.
SHORT SALE
A situation when the seller's lender is willing to accept an offer and allows the sale to be completed for an amount less than the mortgage amount owned by the seller.
TITLE
A legal document providing current and proper ownership of the property. Also referred to as a Title Deed, this document highlights the history of property ownership and transfers.
UNDERWRITING
The process in which the potential home buyer is evaluated for their financial ability to obtain and repay a loan. This normally includes a credit check and an appraisal of the property.
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WHY HAPPY NEW BEGINNINGS? WHAT SETS US APART FROM THE REST
Best Services. We assist the families we serve to achieve the highest possible sale price for their home in the least amount of time, and most importantly, we create an inspiring and stress-free real estate experience. Client Satisfaction. Our top priority is to provide memorable service and a positive experience for every person we work with. We are dedicated to making people happy through unparalleled work ethic, positive attitude, excellent service and trust. We Make Real Estate Easy. We take the complex process of selling a property and simplify it. We take care of everything from photos to floor plans to hiring cleaners to booking movers. We anticipate issues and PROACTIVELY solve them. The Happy New Beginning Experience begins when you entrust us with your real estate transaction, but it doesn’t end there! We enjoy cultivating relationships with our clients and earning your trust so that by the end of the process, we are honored to call you a f riend. You will receive an invitation to join The Happy New Beginnings Club on Facebook, where we announce fun events, occasional giveaways like our Thanksgiving Holiday Pie Pick-Up and the Magical Holiday Party in December.
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CONTACT INFO BERNICE SIM c: 804-874-8890 o: 804-360-5200 e: Bernice.Sim@Gmail.com CATHERINE CURRAN c: 804-614-5052 o: 804-360-5200 e: CECRichmondRealtor@Gmail.com NIKKI ASBELL c: 804-926-9686 o: 804-360-5200 e: NikkiSellsRVA@Gmail.com SOCIAL MEDIA INFO: : @HappyNewBeginnings : www.facebook.com/HappyNewBeginnings www.HappyNewBeginnings.com