Home Purchasing and Offering.


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Home Buying and Selling. Module 7. 1. 2. Welcome
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Module 7 Home Buying and Selling 1

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Welcome "Mid delights and royal residences however we may meander, Be it humble, there\'s no spot like home." - John Howard Payne (1791 - 1852) 2

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Needs and Wants What do I NEED in a home and neighborhood? What do I WANT in a home and neighborhood?

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Rent or Buy? Leasing might be better on the off chance that: You move frequently Are new to the territory You are low on money You fear the time, exertion and cost of proprietorship

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Rent or Buy? Purchasing might be better if: Area is welcoming You can order your assessments You have pets You are prepared for soundness

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The Neighborhood Location, Location, and Location!"

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Check Out the Neighborhood Visit at various times Walk around – meet the neighbors Look and listen Investigate zoning and neighborhood directions Test drive your drive Consider the luxuries

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The House What kind of house? What number of rooms? Highlights? Fixer-upper?

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Real Estate Agents 9

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Real Estate Agents – Who Are They? Specialist Realtor Agent

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Real Estate Agents - Who Should I Use? Experienced? Authorized? Prescribed by companions or family? References?

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Financing 12

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Mortgage Loans Size of advance Interest rate Term

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Types of Mortgages Fixed-rate Adjustable-rate (ARM) FHA Loan VA Loan

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Debt to Income Ratio The rate of your wage accessible for a home loan installment after all other proceeding with commitments are met

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28/36 Qualifying Ratio Applies to typical mortgages 28% - most extreme rate of your month to month gross pay reasonable for lodging costs 36% - greatest rate of month to month gross salary admissible for lodging and repeating obligation

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Debt to Income Example Yearly Gross Income = $45,000/Divided by 12 = $3,750 every month wage $3,750 Monthly Income x .28 = $1,050 took into account lodging cost $3,750 Monthly Income x .36 = $1,350 took into consideration lodging cost in addition to repeating obligation

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Finding A Lender Loan Officers Mortgage Brokers The Internet

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Obtaining Your Loan Get pre-qualified or pre-endorsed

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Making an Offer 20

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Considerations Price Type of home loan Personal property included Needed repairs Earnest cash Inspection

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Home Inspection The most ideal approach to realize what you\'re getting for your cash is to enlist an expert home reviewer!

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Closing - The Final Step! Set your end date as near the end of the month as could reasonably be expected Determine your prepaid shutting costs

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Selling Your Home 24

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Selling Your Home Before you list your home: Clean – clean – clean Refresh the style Make essential repairs Increase control offer

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Showing Your Home Always have your home accessible to show Try not to be home amid a demonstrating Know the exposure laws

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Summary "A house is made of dividers and pillars; a house is worked with affection and dreams." - Author Unknown 27