THE BUYERS GUIDE A Complete Guide To Buying A Home
MARKETPLACE
Table of Contents
Table of Contents A Little About Us
4
The Home Search Process
5
Our Reviews
6
Your Home Buyer's Guide
8
Buying a Home With a Local Realtor
9
Finding the Right Home
10
Buying a Home at a Glance
12
The Lending Process
14
Budget Preparation
16
Tips for Writing a Successful Offer
18
Writing an Offer
20
Your Offer is Accepted!
21
Closing Day
22
Your Agents For Life
24
Your Move-in Checklist
26
Core Values
28
Notes
30
Hi, we are the Schenone Gatton Team, Honest, hard-working, and willing to go the extra mile for our clients! We are a Sonoma County Family Team, Cody Gatton & Gloria Schenone have the hustle and expertise to help with all of your Real Estate needs. With over 40 years of combined experience and hundreds of successfully closed trans-actions, we have worked with the most novice of first time home buyers to seasoned Real Estate investors throughout the North Bay. An exceptional customer experience is our utmost priority, and the barometer for which we gauge our success. We are honored to have the opportunity to help so many friends and families throughout our community in achieving their Real Estate goals.
GLORIA - 707.217.9775 CODY - 707.217.0587
Schenonegattonteam
GloriaSchenone@yahoo.com CodyGatton@remax.net
Schenonegattonteam
SchenoneGatton.com
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REVIEWS
Bought a Single Family home in Rohnert Park, CA.
Sold a Single Family home in Santa Rosa, CA.
Cody Gatton not only got us our first home in 21 days but he fought
Gloria stuck with us through what
for us when things were not right. I think it’s important to have someone who will protect their clients and that is what Cody did for us. He was honest, quick to respond to any our needs, and fought to make sure everything was right with our first purchase.
Sold a Single Family home in 2023 in Santa rosa, CA. Cody was very helpful and efficient. There was some extra work needed to get the house ready to sell and he went the extra mile to help. I highly recommend the Schenone Gatton team!
Sold a Single Family home in Santa Rosa, CA. While I worked primarily with Gloria Acevedo-Schenone, Cody was an active and important part of the team. The video he created of the property, using a drone, was amazing. He also pitched in to help with the nitty-gritty jobs of finding people to help move furniture and to keep up the property while it was on the market. Cody was always helpful and knowledgeable throughout the process. I recommend him highly.
proved to be a complicated sale of my late father's house. The sale was difficult because of the poor physical condition of the house (built around 1940), including major foundation issues that took time to evaluate. She was always available when we had questions and checked in appropriately. Gloria is easy to communicate with, understood and respected our wishes, offered good advice, and 100% responsible to doing what she said she would do. I highly recommend working with her for selling or buying a property.
Sold a Single Family home in Santa Rosa, CA. Gloria was professional, dedicated, patient and kind. Our house ended up being tricky to sell sure to structural but Gloria stayed with us every step of the way and helped us find the people we needed to get the house ready. She certainly went the extra mile helping us get rid of furniture. I highly recommended the Schenone Gatton team!
Scan to read our Zillow reviews!
YOUR HOME BUYERS GUIDE Buying a home is one of the biggest purchases you'll make, and therefore marks a major life milestone. Not only is it a major financial investment, but it also requires a lot of your time. While it is a large commitment and responsibility, buying a home should be a thrilling process and an exciting time in your life. In this guide you will find information to help you understand the process of purchasing a home from beginning to end. These next few pages aim at helping you streamline your approach to the process in order to make it as transparent, carefree and rewarding as possible!
BUYING A HOME WITH A LOCAL REALTOR
WHEN BUYING A HOME, MAKE SURE YOU’RE WORKING WITH A LOCAL REALTOR® As a local REALTORS, we can help you find the home best suited to your needs, size, style, features, location, accessibility to schools, transportation, shopping, etc. We are well-versed in real estate and experienced with the entire sale process. We can act as a buffer in negotiations with all parties throughout the entire transaction. We can supply information on real estate values, taxes, utility costs, municipal services and facilities and be aware of proposed zoning changes that may affect your decision to buy. We strive for fairness and agreement. We are able to help you find the most suitable home at the most reasonable price in the shortest period of time. Lastly, we can help with all disclosures and contracts necessary in today’s heavily regulated environment.
FINDING THE RIGHT HOME Why Buy a Home? Steadily Build Equity
Equity creates wealth and can help you accomplish any number of financial goals, such as making other major purchases, paying for retirement or funding a child’s education.
Most Housing Costs Are Not Exposed to Inflation
Your only housing expenses that will rise overtime with inflation are property taxes, home-owners insurance and maintenance costs.
Enjoy Tax Advantages
Your real estate taxes and the interest on your mortgage are deductible from your income tax. For many buyers, that tax break can go a long way toward making home ownership just as affordable as renting.
Pride of Ownership
For many people, home ownership makes life more enjoyable whether it's the pride that comes from improving and maintaining your home or the knowledge that your family will grow up in the neighborhood of your choice, home ownership is an inherent goal for several people.
KNOW WHAT YOU WISH FOR... Location Each individual neighborhood offers its own unique flavor and sense of community, which is why it is important to consider the factors that are important to you. Look at the school systems available, your work commute, child care services, shopping and attractions, crime, water, and power. It’s also good to know the ownership situation in the area you’re looking at, as in is it mostly homeowners, renters, or newly built homes? This can affect home values and neighborhood growth. It can also give you an idea about who your neighbors might be.
Size and Type Each listing you view will have its own unique shape, size, and style, so it’s important to know what you want in your home, what you can live with, and how much space you actually need.
Features and Amenities Garage parking, hardwood floors, a fireplace, a large yard, and convenience to nearby parks. In the end, these are the kinds of details that drive the decision to purchase one home versus another. In creating this list, some things to consider are resale value, your daily routine, and the cost of making changes or additions down the road.
Price Narrow down your search by price point first so you only view homes for sale you can actually afford. Parks agents have tools available to help you narrow down your initial search by affordability. However, this is the point at which your agent will encourage you to obtain an honest preapproval from a local lender, to set you in the right direction of determining the best home price range to suit you.
Condition It’s vital to discover which homes for sale are in prime condition and which will require some investment to fix.
BUYING A HOME AT A GLANCE
FIRST THINGS FIRST... ASSES YOUR FINANCIAL SITUATION
RECOMMEND LENDERS FOR PREAPPROVAL, YOU ARE PRE-APPROVED!
IDENTIFY YOUR DREAM HOME AND COMPARE PROPERTIES TO ASCERTAIN VALUE
DISCUSS YOUR NEEDS
SCHEDULE AND ACCOMPANY YOU TO SHOWINGS
DETERMINE SEARCH PARAMETERS & DETERMINE REALISTIC PRICE
SEARCH MLS FOR PROPERTIES & PREVIEW PROPERTIES
CONGRATS YOU ARE A HOMEOWNER!
WRITE THE OFFER AND REVIEW DISCLOSURES
FACILITATE HOME INSPECTION AND FINAL WALKTHROUGH
NEGOTIATE ON YOUR BEHALF
ENSURE COMMUNICATION AMONG ALL PARTIES
YOUR OFFER WAS ACCEPTED! WE GUIDE YOU THROUGH CONTRACT DUE-DILIGENCE
FACILITATE CLOSING AND REVIEW CLOSING DOCUMENTS
THE LENDING PROCESS
A lender’s competence will dramatically affect the outcome of your home buying experience. Beware of some Internet lenders. Faceless loan sources can create problems and delays. The best results come when a local lender is chosen. Your Realtor can be more of an advocate for you if there is a local person to go to in order to keep the process moving. There are several loan options and programs available that may suit your situation. Talking to a trusted lender is the best way to get the details on them as they can vary from month to month. Your lender will provide a “Good Faith Estimate” that should, based on the terms of your loan, outline your closing costs, estimated monthly payment, and down payment required, if any. Having a pre-approval from a local lender also paints a better picture of you to the seller of your dream home.
Our Trusted Lenders
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SELLERS NEED TO KNOW YOU ARE FINANCIALLY READY TO BUY A pre-approval is a letter from an accredited source that shows you are eligible for a loan up to a particular amount. This letter must accompany any offer you make. In today’s home-buying environment, a mortgage pre-approval is not only essential, it is also incredibly easy to obtain—whether online, over the phone or in person. A mortgage pre-approval lets you know exactly what you can afford to buy. It also demonstrates to a seller that you are a willing and able buyer, and it gives you a head start in getting an actual loan commitment.
WHY PRE-APPROVAL HELPS YOU Proper Expectations: It gives you a payment range so you know exactly what you can afford to buy. Loan pre-approval with a lender establishes a maximum price range that you can afford, a maximum loan amount, and a total monthly payment. It will also include the total amount of cash needed to close.
THINGS TO AVOID WHEN APPLYING FOR A MORTGAGE 1. Changing jobs, becoming self-employed or quitting your job. 2. Buying a new car. 3. Using credit cards excessively or letting your accounts fall behind. 4. Spending money you have set aside for closing. 5. Omitting debts or liabilities from your loan application. 6. Buying furniture. 7. Originating any inquiries into your credit. 8. Making non-payroll deposits without first checking with your loan officer. 9. Changing bank accounts. 10. Co-signing a loan for anyone.
THE BEST PLAN IS TO FULLY DISCLOSE AND DISCUSS YOUR INTENTIONS WITH YOUR LENDER BEFORE YOU DO ANYTHING FINANCIAL IN NATURE.
BUDGET PREPARATION DOWN PAYMENT
The down payment is money you give the home seller. The remainder of the payment comes from your mortgage. Most loans today require a down payment of between 3.5% and 5.0%; however, if you are able to come up with a 20-25% down payment, you may even be eligible to take advantage of additional loan programs and eliminate mortgage insurance (PMI). These key factors determine your ability to secure a home loan: credit report, assets, income, and property value.
MORTGAGE QUALIFICATION
Most lenders require that your monthly payment range between 25–28% of your gross monthly income. Your mortgage payment to the lender includes the following items: Principal on Loan (P), Interest on Loan (I), Property Taxes (T), and Homeowner Insurance (I). Your total monthly PITI and all debts (credit card, car loans, etc) should range between 33–38% of your gross monthly income.
CLOSING COSTS
You will be required to pay fees for loan processing and other closing costs. Typically, total closing costs will range between 2-4% of your mortgage loan.
UP-FRONT FEES
Most monetary items will be paid at closing; however, there are certain costs when purchasing a home that may be paid “up-front”.'
APPRAISAL FEE: If requiring a mortgage, lenders may ask for the appraisal fee before closing in order to secure your appraisal for loan approval. Fees will range from $350-$500 (estimated) depending on your lender, appraiser, or home size. INSPECTIONS: All inspections requested by the buyer will need to be paid at the time of the inspection. Estimated home inspection fees range from $250-$600 depending on the size and general condition of the home. Septic system, radon, termite, mold, and structural inspections will incur additional charges over and above the “basic” home inspection. HOME OWNERS INSURANCE: Most lenders and insurance companies will ask for one year’s homeowners insurance paid in full before the closing. Rates will vary depending on the value, location and type of home. Homeowner’s insurance premiums will vary based on your deductible, credit history, marital status, age and construction of home, roof condition, proximity of fire station, insurance score, location, how close you are to a body of water, claims history, pets, etc. It’s a good idea to shop around — we can give you referrals.
TIPS FOR WRITING A SUCCESSFUL OFFER 1. Listen to Your Real Estate Advisor Writing an offer can be an exciting yet emotional process that can cloud judgment. As your agents, we will be the primary source of guidance and support should you have any questions or concerns. We will ensure that your best interests and goals are always the top priority.
2. Understand Your Finances A complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the home buying process. It also shows sellers you're a serious and qualified buyer and can give you a competitive edge if you enter a bidding war.
3. Remain Competitive It's only natural to want the best deal you can get on a home; however, you want to avoid submitting an offer that is tossed out as soon as it's received. We will help you to submit an informed offer based on the home's market value, condition, and recent comparable sales. This will ensure your offer is competitive against other potential buyers.
4. Be a Flexible Negotiator After submitting an offer, the seller may accept, reject, or counter it with their own changes. You can strengthen your position by including flexible move-in dates, a higher price, or minimal contingencies. That being said, it is best to resist the temptation to waive an inspection contingency to prevent getting stuck with a house you can't afford to fix. Staying sharp and adaptable throughout the negotiation is essential at all times.
WRITING AN OFFER THE OFFER
BUYING POWER
You have fallen in love with a home, and now it's time to write an offer! Before we begin the paperwork, it is crucial to strategize how to submit the most appealing offer to captivate the sellers. Many factors could make your offer more competitive against other potential buyers, including deposit amount, loan approval, inspection periods, and more! We will work with you through this negotiation period to ensure we work toward your best interests.
You’re in a stronger bargaining position if:
WE NEGOTIATE ON YOUR BEHALF After we present your offer to the listing agent it will either be accepted, rejected, or the seller will make a counter-offer. This is when we will negotiate terms of the contract if necessary.
If your offer states, “this offer is contingent upon [or subject to] a certain event,” you’re stating you will only complete the purchase if that event occurs. The following are some common contingencies contained in a purchase offer: Financing Contingency If financing the purchase, the contract will state that it is contingent on the home appraising for the contract price and financing. Inspection Contingency Have the property professionally inspected. Submit a list of repairs to the seller. The seller can make those repairs or refuse and cancel the contract. A satisfactory report by a home inspector within a certain time period after acceptance of the offer is an example. At this point, you may make repair requests. Home Sales Contingency Selling your current home. Job Contingency Getting the job you just interviewed for.
You’re an all-cash buyer or you’re already prequalified for a mortgage. You don’t have a present house that has to be sold before you can afford to buy. You’re able to offer a significant earnest money deposit.
YOUR OFFER IS ACCEPTED! EARNEST MONEY DEPOSIT Earnest money deposit, also known as the good faith deposit, is an amount submitted by a prospective home buyer to demonstrate their commitment to buying a house. Earnest money deposits usually range from 1% – 3% of the home purchase price and often go toward a buyer’s down payment or closing costs. Initially, an earnest money deposit gets paid to an escrow company or neutral third party holding the funds. Then, based on contract terms, they don’t release the funds until instructed to do so.
INSPECT THE HOME Once a seller has accepted your offer to purchase their property, it’s time to bring in a home inspector to ensure the property meets the required standards. Any serious issues that may arise will be negotiated until both parties are intent on moving forward.
APPRAISAL Your lender will arrange for a third party appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets all parties involved know that the price is fair. The loan file then moves on to the mortgage underwriter.
PROPERTY TITLE SEARCH This ensures that the seller truly owns the property and that all existing liens, loans or judgements are disclosed.
HOME OWNERS INSURANCE You'll need insurance for the new home before closing. This will protect against things like fire, storms, and flooding.
FINAL WALKTHROUGH We will do a final home walkthrough within 5 days of closing to check the property's condition. This final inspection takes about an hour. In addition, we will confirm that any repair work the sellers agreed to do has been completed. We will also: Make sure all appliances are working properly Run the water in all the faucets and check for any possible leaks Open and close garage doors with opener Flush toilets. Run the garbage disposal and exhaust fans
CLOSING DAY You’re on the cusp of closing the deal and owning your very own home, but it’s important to pay attention to all of the minor details that need to be handled in order to make the purchase official. It’s absolutely vital to double-check every document and agreement to make sure you and the seller are on the same page. We will work diligently with you to get the deal past the finish line in a timely and efficient manner.
ALMOST THERE...
WHO WILL BE THERE?
After negotiations, inspections, and securing all required items, you've made it to closing day! The closing table, otherwise known as the time in which a transfer of ownership from you to the seller occurs, is the last step before you can receive the keys to your new home.
Depending on the specifics of your real estate transaction, a variety of people will be present on closing day. Attendees might include: The Buyer The Buyers Agent Notary Public or Escrow Officer The Lender's Representative Real Estate Attorney (if needed)
WHAT TO EXPECT You and the sellers will review and acknowledge the required documents to complete the transaction. You will sign several things back to back, so get your signature hand ready! The documents that you review will concern making the transfer of title official. If you are receiving a loan, there will also be disclosures required by your lender for your review. Once all documents are signed by both parties, the funds will transfer over to the seller, and you will rightfully attain ownership.
WHAT TO BRING Government-issued photo ID Copy of the sales contract Homeowner's insurance certificate Proof of funds to cover the closing costs
RECEIVE KEYS Your hard work has paid off! Now that you are a homeowner, it's time to celebrate your accomplishment and enjoy your new home!
YOUR AGENTS FOR LIFE CONTINUED SUPPORT You’ve started moving your things into your new home. There are still a few tasks to complete: setting up your utilities, getting your mail sent to your new address, and, more generally speaking, settling in to your new home. As with the closing process, this isn’t something you have to go through alone. We will be there for you to make sure the transition to your new property is a smooth experience. They will also keep in touch with you to check in to see the progress you’ve made with your home. As you’re getting settled into your new home, here are a few situations you may encounter in the coming months and years that are important to think about.
The Schenone Gatton Team
FINANCIAL DISCIPLINE
REFINANCING
Buyers should definitely take the time to review and evaluate their finances after a home purchase. One important step to consider is setting up an automatic electronic payment with your mortgage lender, which lets you avoid costly penalties associated with late payments.
Keep an eye on interest rates even after you purchase your home. If rates go down, you may be able to save money by refinancing, which simply means you take out a new mortgage at a lower interest rate to replace your original loan. Another common situation that calls for refinancing is the expiration of the initial, fixedrate period on an Adjustable Rate Mortgage (ARM). If prevailing fixed rates are substantially lower than the rate your ARM will carry once it adjusts, then it might make sense to refinance into a fixed-rate loan.
Also, make a plan for gradually rebuilding your savings account, which many buyers deplete in order to make their down payment and to pay for moving costs. As a homeowner, it’s more important than ever to have a cash reserve set aside for unanticipated maintenance that your home may require. In fact, a general rule of thumb is that homeowners should expect to spend about 1 to 3 percent of the cost of their home per year on maintenance and repairs. HOME IMPROVEMENT Whether it’s a fresh coat of paint, new hardwood floors or a major kitchen remodel, most new homeowners have at least a few projects they want to undertake once they move in. We can help you find a variety of service providers and tradesmen to perform work on your home.
Today, many lenders offer no-cost refinancing, which basically means they take the costs and fees associated with refinancing and roll them into the interest rate. It’s a way for homeowners to lower their monthly payment with little or no money out of pocket.
While refinancing a mortgage has become much easier in recent years, it is still a major financial transaction with important implications, so be just as diligent in a refinance as you were in securing your original mortgage.
WILL YOU BE NEEDING ASSISTANCE MOVING INTO YOUR NEW HOME? WE'VE GOT YOU COVERED WITH THESE RECOMMENDED SERVICES
PODS MOVING & STORAGE 3000 Dutton Ave, Santa Rosa, CA 95407 877.770.7637 *10% OFF PARTNERSHIP DISCOUNT WITH AGENT REFERRAL
MENTORS MOVING & STORAGE 3000 Dutton Ave Suite B, Santa Rosa, CA 95407 707.640.3855
ROBB & MESSER MOVING Sonoma County / East Bay 707.849.4567
YOUR MOVE-IN CHECKLIST Send change of address to: Post Office Charge Accounts Subscriptions Friends Relatives
MAKE ARRANGEMENTS WITH THE MOVING COMPANY Disconnect utilities and advise where final bills are to be sent: Water Electricity Gas Trash Internet Phone TV
GET REFUNDS FOR ANY DEPOSITS MADE
USEFUL NUMBERS IN SONOMA COUNTY
SONOMA COUNTY DEPT. OF EMERGENCY MANAGEMENT
707.565.1152 PG&E PACIFIC GAS & ELECTRIC
877.660.6789 RECOLOGY GARBAGE DISPOSAL
800.934.6489 XFINITY - PHONE, CABLE & INTERNET PROVIDER
800.243.0291 AT&T - PHONE, CABLE & INTERNET PROVIDER 844.723.0252
Cancel automatic deliveries Paper Others Notify insurance companies Health Life Auto Home owners
SONIC - PHONE, CABLE & INTERNET PROVIDER 855.757.6111
PETALUMA - WATER & SEWER 877.660.6789
Check with insurance agent on coverage
ROHNERT PARK - WATER & SEWER
of life, car and household goods en route
707.585.6700
to new home. Obtain school records for kids if moving to a new school district. Obtain legal records.
SANTA ROSA -WATER & SEWER 707-543-3150
SEBASTOPOL - WATER & SEWER 707.823.7863 SONOMA WATER SERVICES 707.526.5370
WINDSOR - WATER & SEWER
707.838.1004 HUMANE SOCIETY OF SONOMA COUNTY - SANTA ROSA
707.838.1004 SONOMA COUNTY WILDLIFE RESCUE
707.838.1004
OUR CORE VALUES ARE SIMPLE
HONESTY, INTEGRITY, AND PERFORMANCE If you have selected a RE/MAX Marketplace agent, you have selected an agent that respects superior service, sense of community, and professional growth. We take pride in our mission to build a tight-knit culture where ideas are exchanged and we motivate each other toward success. Each one of our agents stay up to date with the industry’s most current trends with access to a wide-variety of tools and weekly trainings. It is our goal to be a community resource for our clients. Each of our agents expertly knows and loves the area dearly. RE/MAX Marketplace agents also consistently dedicate their personal time back to their local communities by donating to UCSF Benioff Children’s Hospital, participating in philanthropic events, supporting small businesses, and more! Our real estate business is guided by the importance of putting clients first and being proactive to exceed expectations. Highly recognized throughout the North Bay, our agents’ expertise and professionalism will help you reach all your real estate goals. From pre-approval to keys in hand, our agents guarantee the proficiency, tech-savviness, and compassion it takes to best guide you on your real estate journey.
2022 Volume $233,457,889 M
Transactions 356
“The Best Real Estate Company in the Northbay”
Seller / Buyer 159 / 197
NOTES
NOTES
THE SCHENONE GATTON TEAM GARY Gloria - 707.217.9775 BALA Cody - 707.217.0587 SchenoneGattonTeam@gmail.com 707.239.4499 SchenoneGatton.com DRE# 00962373 | 02040447 GaryBalaRealtor.com
Each office independently owned and operated. The information contained herein
DRE# has02172895 been obtained through sources deemed reliable by RE/MAXMarketplace, but
cannot be guaranteed for its accuracy. We recommend to the buyer that any information, which is of special interest, should be obtained through independent verification. ALL MEASUREMENTS ARE APPROXIMATE.
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