Buying A Home? “Details To Follow” Tom Scaglione, e-PRO, SFR, REALTOR® 813-310-8200 ...
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Transcript of Buying A Home? “Details To Follow” Tom Scaglione, e-PRO, SFR, REALTOR® 813-310-8200 ...
Buying A Home? “Details To Follow”
Tom Scaglione, e-PRO, SFR, REALTOR®813-310-8200
http://[email protected]
~ Tampa Bay Area Specialist ~
Click On Slide Arrows Below
Copyright 1995 - 2012 by Tom Scaglione, LLC
What You Need To KnowTo Buy A Home...
Everything You Need To Know To Make Buying Your New Home Easy and Affordable.
Using Tom’s Proven Buyer’sDetail Plan.
Copyright 1995 - 2012 by Tom Scaglione, LLC
Why Buy?
Tax deductions Stable housing cost Appreciation of home Equity gain in home Control of your property Buying for yourself not
your Landlord…
Copyright 1995 - 2012 by Tom Scaglione, LLC
Are You Ready To Buy?
Steady income Pay bills on time Low to medium debt Down payment available Available closing cost
money Ability to pay mortgage
Copyright 1995 - 2012 by Tom Scaglione, LLC
What Type Of Home
Type of community New home Resale home Fixer-upper home Features
Bedrooms, how many? Baths, how many? Garage, Pool, etc.
Copyright 1995 - 2012 by Tom Scaglione, LLC
How Much Home Can You Afford
Housing costs less than 29% of gross income
Housing costs & debt no more than 36% of gross income
Consider special loan programs
Get pre-approved for your loan is a must
Copyright 1995 - 2012 by Tom Scaglione, LLC
Why Be Pre-Approved?
You know what you can afford before you begin to shop
Shows sellers you are serious about buying
Can make an offer as soon as you find the home you want to buy
Required by banks for REO and Short Sale purchase approvals
Copyright 1995 - 2012 by Tom Scaglione, LLC
Documents For Pre-Approval
Pay stubs (2-3 months) W-2 forms or 1099 forms
(2 years) List of long term debt Recent bank statements
(3 months) Tax returns (2 years) Proof of any additional
income
Copyright 1995 - 2012 by Tom Scaglione, LLC
Fixed Rate Mortgage
Payments remain the same for life of loan
15 or 30 year repayment terms (interest lower on 15 year loan)
Advantages: Predictability Insurance against rising
interest rates
Copyright 1995 - 2012 by Tom Scaglione, LLC
Adjustable Rate Mortgage (ARM)
Payments increase or decrease on a regular schedule with interest rate changes
Increases are subject to limits ARM linked to specific index
or margin Advantages include a low
initial interest rate with lower monthly payments
Copyright 1995 - 2012 by Tom Scaglione, LLC
15 vs. 30 Year Mortgage
30-Year… In the first 23 years of the loan more interest is paid than principle affording a larger tax deductions.
15-Year… Loan is generally at a lower interest rate and equity is built faster because early payments pay more to the principle.
Copyright 1995 - 2012 by Tom Scaglione, LLC
Special Programs Available
First time buyer 100% Financing (USDA / VA) Low down payment (FHA /
Home Path) Interest only Less than perfect credit Heavy debt burden Irregular income or self
employed
Copyright 1995 - 2012 by Tom Scaglione, LLC
Credit Scores
The minimum credit score to acquire a standard mortgage is 640
The higher the credit score… the better the interest rate
Copyright 1995 - 2012 by Tom Scaglione, LLC
Tom Scaglione, e-PRO, Realtor Can Help
Guide you through the process of buying or building a home
Knows the community (Born and Raised Here)
Provide you with lists of homes that meet your specific requirements
Copyright 1995 - 2012 by Tom Scaglione, LLC
Tom Scaglione, e-PRO, Realtor Protects You
Seller is represented by the listing Realtor
Listing Realtor is bound to protect the seller
As a Buyer’s Agent I will be bound to protect and represent you… The “Buyer”
Copyright 1995 - 2012 by Tom Scaglione, LLC
How to Begin Looking For A Home
Get pre-approved Complete a list of must haves Start Looking at Homes w/ Tom Picture your furniture… will it fit What amenities do you want Look at the state of repair or
disrepair Ask Tom to point out the pros
and cons of each home you view
Copyright 1995 - 2012 by Tom Scaglione, LLC
What To Do When… You’ve Found The Home You Want
Tom will prepare a Comparative Market Analysis of recent sales in the neighborhood (CMA)
You can then determine the amount you’re willing to offer
You will decide how much earnest money you will put in escrow
Tom will then prepare an offer contract in writing to be signed by you and presented to the seller
Copyright 1995 - 2012 by Tom Scaglione, LLC
Determining The Amount Of The Offer
What are comparable homes selling for?
What is the home’s condition?How long has the home been
on the market?What are the financing terms?What is the seller’s situation?Rely on advise from Tom to
guide you through the processBe Prepared to negotiate
Copyright 1995 - 2012 by Tom Scaglione, LLC
About The Earnest Money
Usually between 1%-5% of the purchase price
If offer is accepted, earnest money becomes part of your down payment or closing costs
If offer is rejected, the earnest money is returned to you
If you back out of the deal, you could forfeit the earnest money if you back out for anything other than one of the contract contingencies
Copyright 1995 - 2012 by Tom Scaglione, LLC
Making the Offer
Tom, your REALTOR and buyer’s agent, Tom will assist you in making the offer, which will include:
Legal description of property Amount of earnest money Down payment and financing
details Proposed closing date Price you are offering Length of time you offer is valid Details of the of the offer Offer Contingencies
Copyright 1995 - 2012 by Tom Scaglione, LLC
The Home Inspection
Your offer will be contingent upon a satisfactory home inspection… A Professional inspector will evaluate the safety and condition of the home
Items include, Structural, Electrical, Plumbing, Mechanical Air and Heat, Pool, Roof, Windows and Doors and Appliances
Copyright 1995 - 2012 by Tom Scaglione, LLC
Closing Costs Include
Property taxes (pro-rated) Interest (if applicable) Loan origination fee (if applicable) Recording fees Survey fee Credit Report fee Appraisal fee Homeowners insurance Mortgage insurance (if applicable) Title insurance for mortgagee Loan discount points (if applicable) Tax and insurance escrow accounts Documentation prep fees
Copyright 1995 - 2012 by Tom Scaglione, LLC
On Closing Day
Present your receipt for homeowners insurance or paid at closing
Closing agent will list money you owe seller and money seller owes you
Seller will provide proofs of any warranties or inspections and repairs
You will have documentation for your loan/mortgage explained to you and you will sign on the dotted lines
You will pay all closing costs listed on the Buyer side of the HUD-1 settlement statement and receive a executed copy from the closing agent
The deed will be recorded and sent to you
Copyright 1995 - 2012 by Tom Scaglione, LLC
My Credentials…
Serving the Tampa Bay Area for 30 plus years
Native born, so I know the market in the Tampa Bay Area
Member of the Greater Tampa Association of Realtors® (GTAR) (Past President)
Member of the Florida Association of Realtors® (FAR)(Past District 6 Vice President)
Member of the National Association of Realtors® (NAR)
Member of the My Florida Regional Multiple Listing Service (MFRMLS)(Past President)
Copyright 1995 - 2012 by Tom Scaglione, LLC
My Credentials… Continued
2006/2007 President MFRMLS 2005/2006 President-elect of
MFRMLS 2004/2005 Treasurer of MFRMLS 2003 Board Member of GTAR 2003 Chairman of Business Trends
and Technology FAR 2001 District 6 Vice President FAR 2000 President of GTAR 2000/01 President Rebuilding
Together Tampa Bay
Copyright 1995 - 2012 by Tom Scaglione, LLC
For All Your Real Estate Needs
Contact
Tom Scaglione, e-PRO, SFR, Realtor®
Future Home Realty, Inc.
813-310-8200
http://[email protected]
~ Tampa Bay Area Specialist ~
Copyright 1995 - 2012 by Tom Scaglione, LLC