Homebuying Guide

H E Guiding you

EVERYTHING

YOU SHOULD KNOW ABOUT THE PROCESS

CLOSING COSTS

BENEFITS

+ CREDIT

KNOW YOUR WHY

CLIENT FOCUSED RESULT DRIVEN &

"Congratulations on taking one of your very first steps toward homeownership."

ABOUT

Me

WendyWiltz

REALTOR®, SRS, Ahwd, e-Pro

"Professional, creative, an out of the box thinker" is how clients describe Wendy Wiltz

Born and raised in New Orleans, LA now residing in Kenner, LA Wendy serves New Orleans and its Greater Surrounding areas She earned a Masters Degree in Business Administration in 2014 and is amongst 14% of Realtors® to hold such a degree.

Becoming a licensed Realtor® in January 2020, one of the toughest times for the US could have been an obstacle. Instead Wendy tailored her approach to meet the needs of clients earning achievements including numerous 3+ Achiever recognitions, and Realtor® of the Month for Volume and Listings per month.

In 2021, Wendy ranked in the top 10 Realtors at her then brokerage's Kenner office In early 2022, she joined Exp Realty to have access to cutting-edge technology and tools that help better serve clients Committed to providing excellent service, her designations and certifications include Ninja Selling, Seller Representative Specialist, At Home With Diversity, and e-PRO She credits her attention to detail to her background in Marketing and experience in the film and TV industry

Recently Wendy ranked as the #3 Agent on Social Media in New Orleans and #9 in Louisiana by Property Spark.

Wendy has one daughter, Zoe. In their free time they enjoy traveling to new destinations.

"She’s a true visionary when it comes to helping clients create the perfect scenario for their goal in mind whether it’s buying or selling" -Property Spark

MY COMMITMENT TO YOU

1 2 3 4 5 6

GETTING YOU IN THE DOOR

Iwillnarrowdownthehomesthatfityourwantsandneedsandgetyouinthedoor!

HANDLING CHALLENGING CONVERSATIONS

Whenrepairsorchangesinpriceneedtomade,Iwillbeyourguideandhandlerequesting anyrepairsorchangesinpricetothesellers.

STAYING ON TOP OF THE PAPERWORK

Buyingahomeinvolvesmanytypesofdocumentation.Ihavetheexperienceand knowledgetonavigaterealestatecontracts Ensuringthatnothingisoverlooked,andthat youtrulyunderstandwhatapapermeansbeforeeversigningonthedottedline

ON YOUR SIDE

Abuyer’sagentwillrepresentyourbestinterests Withapulseonthelocalmarketanda soundunderstandingofhowvariousamenitieseffectthevalueofahome,wewillmakesure wesubmitacompetitiveofferontherighthouseforyou.

NEIGHBORHOOD EXPERT

Workingdailyinneighborhoodswithinspectors,contractors,andnegotiatingwithsellers,I havethemarketknowledgeyouneedtogetthebestresultsfromyourpurchase.

PROBLEM SOLVER

Iwillworkhardtoprotectallofyourinterestsandtakeonanyissuesthatmayarise throughouttheentireprocess.,makingbuyingahomeafunandstress-freeprocess.

Questionnaire BUYER

DESIRED LOCATION

Look and feel of preferred area

PRICING & FINANCING

What is your price range? If you need financing, are you pre-qualified yet?

TIMEFRAME

Do you need to sell a current home? Are you leasing? When does your current lease end? Ideal move-in time?

INTERIOR

Number of Bedrooms? Bathrooms? Total square feet? Other interior requirements?

EXTERIOR

Lot size? Garage? Pool? Pet needs? Other exterior requirements?

Why KNOW YOUR

When it comes to purchasing a home, there are many reasons as to why one would want to. Whether you're wanting a space you can make your own, need a home office, a yard for your dog, your family is growing, or you’re ready to take advantage of the tax deductions and other benefits that come with owning a home, knowing the reason why you are deciding to buy can help you stay focused.

TIP: Remember to stay true to your own wants and needs. For some reason it is common for friends and family to want to provide their input and suggestions. At times this is only confusing to the buyer. Unless you really need the input, be careful with the impact you allow others to have on your decision.

Tips FINANCING

GET YOUR CREDIT IN CHECK

Make sure you’re financially prepared for homeownership Do you have a lot of debt? Plenty saved for a down payment? What about closing costs? Ask yourself “how much house can I afford?” before you go further Additionally, know that lenders look closely at your credit score when determining your eligibility for a mortgage loan. Check your credit score and do anything you can to improve it, such as lowering outstanding debt, disputing any errors and holding off on applying for any other loans or credit cards.

FIND THE RIGHT LENDER

Just like you want to get the home that best suits your needs, you’ll want to find a lender that best suits you We suggest you consider using a broker to help you find a lender, talk to your agent we are here to help, ask friends and family for referrals, and compare at least three lenders

GET ORGANIZED

A lender will need information from you in order to get you pre-approved for a mortgage loan. Here are few things to have ready for them:

W-2 forms from the past two years

Pay stubs from the past 30 days

Tax returns from the past two years

Proof of other sources of income

Recent bank statements

Details on long-term debts such as car or student loans

ID and Social Security number

*If you’re self-employed, you may have to provide proof of your financial stability, including reasonable credit score, profit & loss statement, Year-todate revenue, and possibly providing business tax returns

In a competitive market, sellers may ask for proof of pre-approval. This document can help strengthen your offer! Make sure to get a pre-approved letter from your lender before we start viewing homes.

Tips CREDIT

1. Pay credit card balances strategically

The portion of your credit limits you're using at any given time is called your credit utilization. A good guideline: Use less than 30% of your limit on any card, and lower is better The highest scorers use less than 7% (You can track your credit utilization on each card and overall by viewing your credit score profile with NerdWallet)

You want to make sure your balance is low when the card issuer reports it to the credit bureaus, because that's what is used in calculating your score. A simple way to do that is to pay down the balance before the billing cycle ends or to pay several times throughout the month to always keep your balance low

2.

Ask for higher credit limits

When your credit limit goes up and your balance stays the same, it instantly lowers your overall credit utilization, which can improve your credit. If your income has gone up or you've added more years of positive credit experience, you have a decent shot at getting a higher limit

3.

Become an authorized user

If a relative or friend has a credit card account with a high credit limit and a good history of on-time payments, ask to be added as an authorized user. That adds the account to your credit reports, so its credit limit can help your utilization. Also called "credit piggybacking," authorized user status allows you to benefit from the primary user's positive payment history The account holder doesn’t have to let you use the card or even give you the account number for your credit to improve.

4.

Pay bills on time

No strategy to improve your credit will be effective if you pay late. Worse, late payments can stay on your credit reports for 7½ years If you miss a payment by 30 days or more, call the creditor immediately Pay up as soon as you can and ask if the creditor will consider no longer reporting the missed payment to the credit bureaus. Even if the creditor won’t do that, it’s worth getting current on the account ASAP. Every month an account is marked delinquent hurts your score.

Tips continued... CREDIT

5. Dispute credit report errors

A mistake on one of your credit reports could be pulling down your score. Disputing credit report errors can help you quickly improve your credit You're entitled to free reports from each of the three major credit bureaus Use AnnualCreditReportcom to request them and then check for mistakes, such as payments marked late when you paid on time, someone else's credit activity mixed with yours, or negative information that’s too old to be listed anymore. Once you've identified them, dispute those errors.

6. Deal with collections accounts

Paying off a collections account removes the threat that you will be sued over the debt, and you may be able to persuade the collection agency to stop reporting the debt once you pay it. You can also remove collections accounts from your credit reports if they aren't accurate or are too old to be listed.

7. Use a secured credit card

Another way to build or rebuild your credit is with a secured credit card This type of card is backed by a cash deposit; you pay it upfront and the deposit amount is usually the same as your credit limit. You use it like a normal credit card, and your on-time payments help build your credit.

8. Get credit for rent and utility payments

Rent reporting services can add your on-time rent payments to your credit reports Rent payments are not considered by every scoring model VantageScores include them but FICO 8 does not, for example. Even so, if a would-be creditor looks at your reports, rent records will be there, and a long record of consistent payments can only help.

Credit Boost Tip: Experian Boost also can help. You link bank accounts to the free Boost service, which then scans for payments to streaming services, phone and utility bills as well as eligible rent payments. You choose which payments you want added to your Experian credit report. If a creditor pulls your FICO 8 using Experian data, you get the benefit of that additional payment history.

BUYER MISTAKES Avoid these Mistakes

GETTING TOO EMOTIONAL HOME SHOPPING BEFORE GETTING PRE-APPROVED

Think it's impossible? It's actually not. Once you decide to buy a home, start thinking of yourself as a businessperson and investor rather than just a future homeowner. In fact, forget that you're the "Buyer" altogether. By looking at the transaction from a purely financial perspective, you'll distance yourself from the emotional aspects of buying the property. While it is important to factor in certain emotional aspects, don't let it cloud your judgment. Real estate is an investment Don't let emotions distract you from that

It’s more fun to look at homes than it is to talk about your finances with a lender So that’s what a lot of first-time home buyers do: They visit properties before finding out how much they are able to borrow Then, they are disappointed when they discover they were looking in the wrong price range (either too high or too low) or when they find the right home, but aren’t able to make a serious offer How to avoid this mistake: Talk to a mortgage specialist about getting pre-qualified or even pre-approved for a home loan before you start to seriously shop for a place. The pre-qualification or pre-approval process involves a review of your income and expenses, and it can make your bid more competitive because you’ll be able to show sellers that you can back up your offer.

EMPTYING YOUR SAVINGS

If you buy a previously owned home, it almost inevitably will need an unexpected repairs not long after. Maybe you’ll need to replace a water heater or pay a homeowner's insurance deductible after bad weather. How to avoid this mistake: Save enough money to make a down payment, pay for closing costs and moving expenses, and take care of repairs that may come up. Lenders will give you estimates of closing costs, and you should call a few moving companies for an estimate to get an idea of your moving expenses.

CHOOSING THE WRONG LENDER

Shopping for a mortgage is like shopping for a car or any other expensive item: It pays to compare offers Mortgage interest rates vary from lender to lender, and so do fees such as closing costs and discount points

But according to the Consumer Financial Protection Bureau, almost half of borrowers don't shop for a loan. How to avoid this mistake: Apply with multiple mortgage lenders. A typical borrower could save $430 in interest just in the first year by comparing five lenders. All mortgage applications made within a 45-day window will count as just one credit inquiry.

REAL ESTATE TERMS

Buyers Need to Know

APPRAISAL

A DETERMINATION OF THE VALUE OF SOMETHING, IN THIS CASE, THE HOUSE YOU PLAN TO BUY. A PROFESSIONAL APPRAISER MAKES AN ESTIMATE BY EXAMINING THE PROPERTY, LOOKING AT THE INITIAL PURCHASE PRICE, AND COMPARING IT WITH RECENT SALES OF SIMILAR PROPERTIES

MLS

A COMPUTER-BASED SERVICE, COMMONLY REFERRED TO AS MLS, THAT PROVIDES REAL ESTATE PROFESSIONALS WITH DETAILED LISTINGS OF MOST HOMES CURRENTLY ON THE MARKET THE PUBLIC CAN NOW ACCESS MUCH OF THIS KIND OF INFORMATION THROUGH WEBSITES LIKE

CLOSING COSTS

ALL SETTLEMENT OR TRANSACTION

CHARGES THAT HOME BUYERS NEED TO PAY AT THE CLOSE OF ESCROW WHEN THE PROPERTY IS TRANSFERRED THESE TYPICALLY INCLUDE LENDER'S FEES AND POINTS OR PREPAID INTEREST, A PRORATED SHARE OF THE PROPERTY TAXES, TRANSFER TAXES, CREDIT CHECK FEES, HOMEOWNERS' AND TITLE INSURANCE PREMIUMS, DEED FILING FEES, REAL ESTATE AGENT COMMISSIONS, INSPECTION AND APPRAISAL FEES, AND ATTORNEYS' FEES

ZONING

THE LOCAL LAWS DIVIDING CITIES OR COUNTIES INTO DIFFERENT ZONES ACCORDING TO ALLOWED USES, FROM SINGLE-FAMILY RESIDENTIAL TO COMMERCIAL TO INDUSTRIAL MIXED-USE ZONES ARE ALSO USED. ZONING ORDINANCES CONTROL SIZE, LOCATION, AND USE OF BUILDINGS WITHIN THESE DIFFERENT AREAS AND HAVE AN EFFECT ON TRAFFIC, HEALTH, AND LIVABILITY

APPRECIATION

INCREASE IN THE VALUE OR WORTH OF AN ASSET OR PIECE OF PROPERTY THAT'S CAUSED BY EXTERNAL ECONOMIC FACTORS OCCURRING OVER TIME, RATHER THAN BY THE OWNER HAVING MADE IMPROVEMENTS OR ADDITIONS

CONTINGENCY

A PROVISION IN A CONTRACT STATING THAT SOME OR ALL OF THE TERMS OF THE CONTRACT WILL BE ALTERED OR VOIDED BY THE OCCURRENCE OF A SPECIFIC EVENT, USUALLY BY SPECIFIC DATES LEADING UP TO THE CLOSING

ESCROW

THE HOLDING OF FUNDS OR DOCUMENTS BY A NEUTRAL THIRD PARTY PRIOR TO CLOSING YOUR HOME SALE THIS IS TYPICALLY DONE BY A TITLE COMPANY

HOME INSPECTION

AN EXAMINATION OF THE CONDITION OF A REAL ESTATE PROPERTY A HOME INSPECTOR ASSESSES THE CONDITION OF A PROPERTY, INCLUDING ITS HEATING / COOLING SYSTEMS, PLUMBING, ELECTRICAL WORK, WATER AND SEWAGE, AS WELL AS SOME FIRE AND SAFETY ISSUES

TITLE

OWNERSHIP OF REAL ESTATE OR PERSONAL PROPERTY WITH REAL ESTATE, TITLE IS EVIDENCED BY A DEED (OR OTHER DOCUMENT) RECORDED IN THE COUNTY LAND RECORDS OFFICE

EVERYTHING Included in your offer

Your finances are in order, your ideal neighborhoods identified next up is finding that perfect property and making a competitive offer. More importantly, one that is accepted over other offers. As more and more people looking to become homeowners, it’s important to prepare yourself for the mortgage process, home search, bidding wars, and what you’ll do next if you do not get the home of your dreams.

Here are my 6 strategies to getting your offer accepted!

COMPETITIVE OFFER

A good rule of thumb, specifically in a seller’s market, is to start strong. To do this, we will assess the property’s market value with a CMA and determine what it's worth in the current market

01 02 04 05

MAKE A CONNECTION

Tell the seller why you love their home Is it the neighborhood park or access to top-rated schools? Maybe the kitchen size and design is everything you’ve dreamed of? Speak up! Establishing rapport with the sellers can tug at their emotions So, help them to remember your name when they review potential offers.

This deposit signals how serious a buyer you are Try doubling the amount that the seller requests or that is customary in the area So, be sure you do not back out of the contract for no good reason. If you do, you’ll lose your earnest money

EARNEST MONEY LIMIT CONTINGENCIES

Contingencies can add time to the negotiation process They’re beneficial to buyers, but can be a nuisance to sellers who are ready to move on fast It’s important to avoid any unnecessary contingencies. According to the National Association of Realtors, the offer with the fewest contingencies is often the most attractive

GIFT OF TIME

Express your willingness to work with the sellers’ timetable to go to closing We can ask the sellers when their ideal closing date would be so the offer will make them feel like they are winning!

03 06

ESCALATION CLAUSE

An escalation clause is a way to automatically escalate your bid by a certain dollar amount, up to a certain dollar amount Keep in mind, you’re risking the seller seeing the true amount you’ll pay and maybe paying significantly over the home’s appraised value Is this home truly worth it?

HOME Inspections

WHAT IS INSPECTED?

Roof & Components

Exterior & Siding

Foundation

Crawlspace (if any)

Structure

Heating & Cooling

Plumbing

Electrical

Attic & Insulation

Doors

Windows & Lighting

li (if )

INSPECTION TIME FRAME: TYPICALLY 10-14 DAYS WITHIN SIGNING THE CONTRACT

ESTIMATED COSTS: HOME INSPECTION $290-350

PLUMBING $225-350

PEST $125-175

POSSIBLE OUTCOME: INSPECTIONS AND POTENTIAL REPAIRS ARE USUALLY ONE OF THE TOP REASONS A SALE DOES NOT CLOSE

COMMON PROBLEMS : FOUNDATION, ELECTRICAL, PLUMBING, PESTS, AND STRUCTURAL

CASH NEEDED TO CLOSE aka Closing Costs

WHAT'S INCLUDED?

Loan origination fees

These include fees for processing and underwriting the loan and typically run about 05 to 1 percent of the loan Underwriting is part of the loan approval process, when the lender checks to see if you’re able to repay your loan based on many factors including credit history.

Appraisal and survey fees

The appraisal and survey are used to help confirm the fair market value of your home. Fees for these services may vary but are usually several hundred dollars.

Title insurance

Policies that ensure the property can be transferred legally cover both the buyer and lender They are calculated based on the purchase price

Homeowners insurance

The first year is generally paid at closing.

Private mortgage insurance (PMI)

If your down payment is less than 20 percent, you may need to pay private mortgage insurance, which protects the lender against losses if you cannot repay your loan.

Mortgage points

Also known as discount points, mortgage points are paid directly to the lender at closing in exchange for a lower interest rate on your mortgage.

Property tax

Usually, six months of advance tax is paid at closing Taxes vary by location Keep in mind: After the loan closes, the property may be reassessed, and the value could increase along with the real estate tax Escrow amounts may also need to be readjusted to ensure there is enough to pay for any tax increases.

Closing or escrow fee

This fee goes to the escrow agent who helps you close. While it can vary based on the escrow company you use and the home’s location, the fee is typically between 1 percent and 2 percent of the sale price.

Attorney fees

Some states require you to have an attorney Their fees may be bundled into your closing costs or paid separately as a flat fee

Miscellaneous fees

Several smaller fees may also be included at closing, from the cost of a $30 to $50 credit report to the cost of registering your purchase with the local government, according to Credit Karma.

3 WAYS TO Lower Closing Costs

If you’re concerned about closing costs adding up, there are steps you can take to help ease some of the burden. In addition to shopping around for insurance or negotiating attorney fees, keep these strategies in mind:

1. Compare lenders.

By getting mortgage approvals and loan estimates from more than one lender, you can compare different lender’s fees You can use this information to ask questions of potential lenders and try to negotiate things like closing or escrow agent fees and loan origination fees.

2. Ask the seller to contribute.

Depending on where you want to live and other factors surrounding your purchase, you may be able to get the sellers to pay for some of your closing costs.

3 Explore rebates or incentives.

Some banks may offer rebates for eligible borrowers or first-time homebuyers It’s worth asking about these possibilities when you’re shopping around for a mortgage lender.

TIP: Many people do not know they can obtain pre-qualifications from multiple lenders within a 45-day period without harm to their credit.

CLOSING Disclosure

REVIEWS

"" Wendy is truly the best in the business Although she is creative and an out of the box thinker, what I appreciated most was her diligence, follow up, and perserverence "

- J Burns

" Wendy was very friendly, and professional She walked me through the process of selling my rental property with patience. She also showed grace dealing with my renters who were concerned about the process. I will recommend Wendy to friends and relatives Thank you Wendy!! "

- C. Kirkland

" Wendy was extremely responsive to all of my questions throughout this entire process! I couldn’t have asked for a better agent to get me through this for the first time! "

- M Lissota

" Wendy made the sale of my home seamless and painless! She was always responsive and took her time to make sure I was fully aware of the process. If you're looking to list your home and get it sold for top dollar Wendy is your agent! Thanks Wendy! "

- M Perrilloux

" Wendy was so easy to work with. This was our first flip sale and honestly the stress that comes with that is already a lot Having a communicative realtor goes a long way Even in the midst of a hurricane she kept us informed and continued to work on showings even through the craziness No doubt we will continue to have her as our realtor on our flipping house journey. "

- C. Gulati

REVIEWS

"It was a pleasure working with Wendy throughout the home buying/selling process She took note of our wish-list and provided suggestions that met our criteria. Wendy was very resourceful throughout the process and arrived early at each showing. We really appreciated her responsiveness as timing is a huge factor in this market. She provided updates each step of the way during the closing process. Wendy successfully helped us navigate the process of buying a new home, and selling our existing home, in timely fashion!"

~ J Preston

"We love Wendy! She was amazing and took care of everything perfectly! Will definitely recommend her to anyone! "

~K. Junker

"She was great very helpful, kind and always on time Never had a better experience she gets the top of the top rating from my wife and I"

~ H. Sullivan

"Buying a home is a big decision. You deserve to feel confident in your purchase."

MY LOVE FOR

Real Estate

What I love most about being a Realtor® is the ability to help others reach their goals via tools and resources I have access to while also making it a memorable experience. Buying a home does not have to be stressful As a Realtor® I am skilled to make sure you experience a smooth transaction

In 2022 I was inspired by the feeling of wanting to introduce my clients to a level of investing they may or may have not thought about before, investing outside of the US This idea came to me because I personally love to travel Being near water is always such an exciting yet serene feeling and I have found myself often thinking how awesome it would be to own real estate in a vacation destination

I began to do to research and discovered various incentives and endless possibilities. I felt as though I was left with no choice other than to put my producer hat back on and capture this on film to show the world. After near a year of working behind the scenes and filming in multiple destinations, Invest Away is now streaming across multiple platforms.

Realtor Wendy Wiltz Breaks Down Why Singles Should Pursue Homeownership

Apr 26, 2023.

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June 3, 2023

Wendy Wiltz: On A Mission To Educate African Americans On The Benefits Of Home Ownership

August 21, 2023