THE COMPLETE HOME BUYERS GUIDE S HOP P I NG W I T H H I T C HC O C K + A S S O C I AT E S
MEET OUR Team KAT HITCHCOCK LEAD REALTORÂŽ, GRI
A Texas Native, graduated from the University of Texas at Austin with a degree in Corporate Communications & Business Foundations. Kat spent seven years working in the advertising and marketing industry which she credits with her ability to negotiate, her creative problemsolving skills and her ability to market her listings. Over the past several years she has achieved a reputation in Santa Barbara for providing quality Real Estate service based on integrity, knowledge, and professionalism. She believes no job is too small and no task is unattainable.
KAT@HITCHCOCKRE.COM
805-705-4485
CALBRE#01932289
KYLIE CARDENAS
REALTOR ASSOCIATE & TEAM LEAD Kylie maintains the brand image of Hitchcock + Associates on all platforms and oversees the marketing of specific listings and their unique marketing plans. She comes with a robust background in real estate marketing ranging from large scale brokerages to individual agents, combining over a decade of experience in graphic design. Kylie also handles transactions from escrow to close and will be in close communication with you throughout the process. Born and raised in Camarillo, and long time Ventura resident- she is the extention of Hitchcock + Associates in Ventura County.
KYLIE@HITCHCOCKRE.COM
@hitchcockassoci-
805-402-3969
CALBRE#02066142
HAPPY Clients I cannot day enough good things about our experience with Hitchcock and Associates. We had been looking at and bidding on houses for a house for 9 months when we decided to start working with Kat and Kylie. We immediately had an offer accepted on a house we love, in large part based on their reputation and negotiating skills. They were persistent and professional, which gave us a leg up on other buyers during the bidding process. Once in escrow, they managed an overwhelming amount of work, set up all the appointments and kept us on track to close on time. We just finally moved into our new home, thanks to Kat and Kylie. I absolutely recommend them!
CAITLIN
+ JOHN
Kat + Kylie were absolutely amazing during our home-buying process! We cannot thank them enough for how helpful they were with answering our questions, scheduling multiple inspections, and being our partners every step of the way. I highly recommend calling Kat + Kylie when you’re considering your next home purchase, they make the process so easy!
KELLIE
+ MAT
Hitchcock Associates is incredibly knowledgable, responsive, and supportive. They made sure I was taken care of throughout the entire home buying journey, answering questions and providing welcomed consultations. I received personalized letters of encouragement for each milestone and friendly phone calls even after I had closed to ensure I was settling in. I highly recommend this incredible team!
HEATHER
see all at zillow.com/proďŹ le/hitchcockre/#reviews
YOUR HOME Search EVERYTHING YOU’LL NEED TO KNOW ABOUT HOW WE HELP YOU SHOP FOR HOMES
MLS AUTO
Multiple Listing Service used by all real estate agents. This official record of properties is the most reliable source for home information (Don’t wait for Zillow or Trulia- they can run days behind the MLS and even have incorrect information) Hundreds of homes come on the market each day. To ensure you see every option, we will use an auto subscription to send you homes daily. As soon as a home appears on MLS with your criteria our system will automatically send it to you.
HOW IT WORKS We’ll use your property requirments to create a custom search that filters homes from the MLS.
define your search by specifying features that are essential to you|
LOCATION zipcode or neighborhood
BED/BATH minimum of each
PRICE POINT keep negotiation in mind
SCHOOL attendance area
PARKING garage /spaces
SIZE square footage
Don’t forget ... more search parameters = fewer homes sent to you
LOT SIZE acerage
OUR Mantra We are committed to providing extraordinary service + exceptional results, No matter what the situation, no matter what the price point. Service does not have to be luxury to be deserved. Creating the results you want, through a process you will enjoy.
THE BUYING Process Map BUDGET Choose a lender and get prequalified for a new loan. You’ll want to know what budget you are working with, what current rates are offered and what is expected of you to get a new loan. Often times, the amount of paperwork and documentation required is daunting, so a head start is more than warranted.
ESTABLISH RELATIONSchedule an introduction with our team either by phone or in person. Initial consultations are always confidential and free of charge.
BEGIN YOUR Establish what communities are ideal for you and begin shopping. We will provide you with access to the most up to date inventory, as well as off-market pocket listings. Our superior service give you a distinct advantage, as we guide you through narrowing your search down to the perfect property.
VIEW HOMES YOU Open houses, private showings and buyer tourswe know you’re busy, so we will schedule your private property showings at times that are convenient for you.
IDENTIFY Once you find your new home, we have the tools to get you what you need, such as prior sales history, neighborhood comps, market trends and more.
WRITE AN OFThe Purchase Agreement is a lengthy contract, and we know it back and forth. With your goals in mind, we will craft the offer that is best for you. Whether it will be competing against multiple offers or determining a seller’s motivation, we’ve got you covered.
INSPECT + INVESTIYou have questions and concerns; we are here to help! Our in-depth local knowledge and years of experience means we know the right questions to ask and the right professionals to hire to answer them.
CONGRATULATIONS! YOU’VE SUCCESSFULLY PURCHASED A HOME!
CLOSE ESCROW It’s time to seal the deal and take possession of your new home. You have a busy life, so we take it personally to ensure you remember important dates and obligations.
F.A.Q ??? HOW ACCURATE IS ZILLOW, REALTOR.COM, ETC? Zillow is an automated online system, as with any other online system it can have errors. the data they pull is from an algorithm and is not always correct. not only are their zestimates sometimes wrong but their listing information can be inaccurate or misleading. That is why we recommend using data straight from the mls-- which is where all secondary real estate websites pull their information from. You get it straight from the source! WHAT IS A ZESTIMATE? ZESTIMATES VS. MARKET VALUE Zestimates are zillows automated way of putting a value on a property with an automatic algorithm that is not monitored by zillow. market value is the true value of a home based on accurate data from the mls or tax records. HOW DOES MY REALTOR GET PAID? Realtors get paid at the close of an escrow by the seller at an agreed upon amount between the listing agent and the seller-- at no cost to you. PREFORECLOSURES AND FORECLOSURE MYTHS People have the notion that preforeclosures are like buying a home at an half off sale. that is not the case-- most of the time when someone is selling their home before it enters foreclosure they are doing everything to protect themselves financially. i.e. selling their home at market value. foreclosures on the other hand are sometimes listed below market value at what is called an auction-- at these auctions only all cash buyers can partake. WHY DO I NEED AN INSPECTION IF I AM ALREADY GETTING AN APPRAISAL? Your investigation period is there to investigate the ins and outs of the home’s condition thoroughly with a professional inspector that you hire. They can tell you if the home’s utility and major systems are working properly, they find everything from a failing roof to a plumbing problem. Appraisers are hired by your lender to verify their investment in the home is safe. i.e. they make sure you are not over paying or the home which usually consists of a designated appraiser doing a simple walk through the home vs. testing and making sure things function as an inspector would do.
HOME SHOPPING Tips Here are some pointers for looking at properties, whether at open houses or private showings with us: • Walk through the home twice. You’ll be surprised by what you notice on the second go-round. • Open every door, even if you think it’s just a closet. Hey, it might be a closet! • Take notes, keep a list of the things you like and don’t like, and compare them to your list of what you need and want in a home. (Ask us for our buyer tour sheet!) • Ask us for our tape measurer. That way you’ll know if your dining table, bed or sofa will fit in a room. • Pay attention to outside noise. If quiet enjoyment of your home is a priority, stick around long enough to get a sense of what you’ll hear in the neighborhood — whether it’s noisy neighbors or landing airplanes. Also note time of day. • Use Google Maps to check the neighborhood view from above. (Yikes! There’s a landfill/railroad tracks/drainage ditch right there?) Google Earth has a “light meter” feature that shows sun exposure, too.
REAL ESTATE Lingo ADDENDUM A document added to the Purchase and Sale Agreement after mutual acceptance that changes terms or clarifies items on a contact, or other documents.
CONTINGENCY A condition that has to be fulfilled in order for another event to happen. Example: The successful purchase of home B is contingent on the successful sale of home A.
APPRAISAL The method in which a loan officer will determine if the property is worth as much (or as little) as the buyer is willing to pay for it.
EASEMENT A written document (though it can be verbal however that is hard to uphold) that is recorded at the County giving a party the right to use someone else’s property for a specific use.
CLOSING DATE The date when the Buyer signs paperwork with the title company and lender (if applicable). The property is officially transferred from the Seller to the Buyer on closing day.
ESCROW A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled.
CLOSING COSTS The entire package of miscellaneous expenses paid by the buyer and the seller when the real estate transaction closes. These costs include the brokerage commission, mortgagerelated fees, escrow or attorney’s settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid at closing. The buyer and the seller each have their own set of costs. CMA Comparative market analysis or competitive mark analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market, or were on the market as a pending sale.
FHA The Federal Housing Administration provides mortgage insurance on FHA approved loans- typically the home has to meet certain standards as well as requires a minimum down payment from the borrower. FIXTURE Anything of value that is permanently attached to or a part of real property. (Real estate is legally called “real property,” while movables are called “personal property”.) Examples of fixtures include installed wall to wall carpeting, light fixtures, window coverings, landscaping and so on.
REAL ESTATE Lingo FORECLOSURE The process of taking possession of a mortgaged property as a result of someone’s failure to keep up the mortgage payments.
PRE-QUALIFIED The process that allows the prospective buyer to submit a loan application to a lender before the home buying process.
HUD HOMES Homes owned and sold by the U.S. Department of Housing and Urban Development, a government agency.
PRE-APPROVAL Where the buyer has funding secured by a lender to purchase a home.
INSPECTION The thorough investigation of a home by a licensed inspector to discover any issues or repairs that need to be made before buying the home.
SHORT SALE When a home owner is attempting to sell his/her home for less than is owed against it. Short sales have to be approved by the lienholder in order to be executed.
MLS Stands for Multiple Listing Service and serves as the central hub for brokers to share their real estate listings with cooperating brokers. The MLS’s are the source where real estate broker’s download home listings via an IDX feed to display on public websites.
SURVEY An assessment of property lines to determine the exact amount of land that a homeowner owns. Surveys show any easements or encroachments on a property that is noted on the title of the home.
POSSESSION DATE The date in which the buyer will take possession of the property. PRIVATE MORTGAGE INSURANCE (PMI) Mortgage insurance protects the mortgage lender against loss if borrowers default on their loans. PMI is required for borrowers of conventional loans with down payment of less than 20%.
UNDERWRITER An individual working for mortgage lenders who determines whether or not a borrower’s loan is approved. FINAL WALKTHROUGH The final inspection of a home by the Buyers before it is sold. Buyers will complete a final walkthrough of the home to make sure any requests for repairs have been fulfilled before the closing papers are signed.