Buyers Guide 2023

BTheuByeru'ys eGrs Huidaendbook The Meek Team Real Estate

Financing Pre-Qualification If you have not done so already, we highly recommend you contact a mortgage specialist or broker before you start looking at homes. He/she will be able to determine what you can afford, based on your income and down payment, and provide you with a written pre-qualification. It is necessary to be approved before starting your home search so that you can determine how much is needed for down payment and know the loan terms that you qualify for. The Search We will actually search for properties that meet your criteria and we will notify you immediately if we see one coming on the market that may interest you. I can show you any property, regardless of who has it listed (by another broker or agent, or “For Sale by Owner”). If you see a listing or “Open House” that you would like to see, please call us right away a we will gladly arrange showing appointments for you. Remember some sellers prefer 24 hours notice, while other can do last minute showings.

Understanding Market Value Market-sensitive pricing can be the key to maximum market exposure and ultimately, a satisfactory sale. The existing pool of prospective buyers determines a properties value based on: *location, design, amenities, and condition *Availability of comparable (competing) properties *Economic conditions affecting real property transactions Factors that have little or no influence on the market value of a house include: *The price the seller originally paid for the property *The sellers expected proceeds *The amount spent on Improvements *The assessed value of the home The impact of accurate pricing: *Properties priced within market range generate more showings and offers, and sell in a shorter period of time *Properties priced too high have a difficult time selling

The Offer Once we find a home what will work for you, we need to write the offer as soon as possible. Time is of the essence because another offer could come in which would put you in direct competition. Make sure you have your preapproval letter on hand before making an offer! Submitting an offer is just the first step in the negotiation phase. As a buyer you have many protections in the real estate contract and we will make sure you have time for home inspections, securing a loan, and addressing any other questions or concerns you might have. Once your offer is accepted, you will need to submit “earnest money” to the listing broker. This is typically about $1000 and goes towards your down payment or closing costs when the deal is finalized.

Inspections & Obligations Once your offer has been accepted, you will have a set period of time to complete inspections. The types of inspection you choose to do is up to you! some examples include: whats reviewed during a home inspection additional inspections - Roof - Radon (cost extra) - Plumbing - Rodent/Pest (seller expense) - Electrical - structural -hvac -Sewer (cost extra) -roof -fireplace (Cost Extra) -lead base paint (cost extra) Note: All inspections are done at the Buyer's cost with the exception of the termite. In addition to the elected inspections above, we will also make sure that the title to the property is free and clear. If the inspector discovers that repairs need to be made to the home, you can negotiate with the sellers for the issues to be fixed. If a major issue is uncovered, and a resolution is not made, it is possible to cancel your contract and have your earnest money returned.

The Closing Closing is the day money changes hand and is usually the same day you get possession of your new home. Closing must take place on a weekday and exclude statutory holidays as the title company and bank are closed on these days. Frequently Asked Questions HOW LONG DOES THE BUYING PROCESS TAKE? - It depends on how long it takes you to find the perfect home. Once you make an offer it can take anywhere from a few hours to a few days to negotiate with the seller. After the offer has been accepted, closing will typically happen 30-60 days later. What are closing cost? - Closing cost is the amount the bank charges to prepare your loan. Typically the cost cover; title opinion, abstracting, credit report, flood certification to name a few. The average closing cost run around $2000. Can the seller help pay my closing cost? - Yes. You can negotiate with the seller to contribute money towards your closing cost. The seller can not help with your down payment. Is there a warranty that I can purchase for my home? - Yes there is. A home warranty is a negotiable item, either you or the seller can purchase a 12 month home warranty. The warranty is effective on your closing date and will expire one year from that date. What is the cost for my services? - Minimal cost to you for my services. There is a $350 fee charged by the Broker for archiving of documents. This amount is due at closing and will be charged on your lender's Closing Disclosure. I earn a commission once you have closed on your home, commission is most generally paid by the seller.

Who can inspect my home? A person of your choice. I have several inspectors that I refer. If you have a family member or friend that you feel is qualified they can inspect for you. The inspection is for your information. It is a huge purchase so having a qualified inspector is important! Cost for the inspection is due at time of inspection. Will there be a pest inspection? The Pest Inspection is typically paid by the seller. If termites are discovered and the seller is willing to treat the problem, the issue has been corrected, you are still obligated to purchase the home. If the termites have affected the structural integrity of the home and the seller is willing to correct it, the bank will require a structural engineer inspects the home to ensure the stability and the repair was done correctly, you are still obligated to purchase the home. If the seller is not willing to treat for termites the purchase agreement will be cancelled and the earnest money will be released to the buyer. What is Radon? Radon gas occurs naturally in the soil and is produced by the radioactive breakdown or decay of uranium and radium. Because Radon is a gas it can seep into buildings, including homes. It is an odorless and invisible gas that is also radioactive and harmful to humans when inhaled. Refer to the Radon brochure. You can test for Radon, speak to your home inspector about Radon testing should you decide it is necessary. Lead Base Paint that is peeling, chipping, chalking, cracking or otherwise deteriorating is a hazardous. Homes built prior to 1978 have a possibility of lead base paint. If you plan to do extensive remodeling do NOT sand, scrape, or remove any paint, walls, windows, or plaster until you know how to do it safely. Refer to your LBP pamphlet for a reference guide. Should I get my sewer inspected? a sewer inspection can make sure that pipes are clear of blockages and functioning properly for years to come. this is separate from your home inspection. Sewer replacements can cost thousands of dollars so make sure to get it inspected for a better piece of mind. money needed upfront? MONEY NEEDED AT CLOSING? Earnest $1000 Down payment (refer to lender) Appraisal $400-$500 Closing costs general Home Inspection cost $300-$500 Prepaids (property tax and home insurance)

Mortgage Process General Borrower Documentation: If Paying or Receiving Child Support: *Last 2 years of W’2’s and taxes *Copy of complete signed & recorded Divorce Decree and/or Modification *30 Days of Paycheck Stubs *If receiving child support, Proof of Receipt of Child *60 Days of Bank Statements Support Payments for past 6 months *401k, IRA, Stock investments *Divorce Decree If you have declared BANKRUPTCY *Child Support Decree *Copy of the recorded Petition/Decree/Discharge with *Copy of the most recent Bank/Asset *Statements(ALL Pages-even if some are blank) schedule of creditors If Currently Renting: If you have had a home in FORECLOSURE in the last 4 years *Names, Address, & Phone Number of landlord for the **Proof of the foreclosure past 12 months If you are applying for a VA Loan: **VA Certificate of Eligibility IF Self-Employed: *Copies of COMPLETE Business Tax Returns & K-1’s for **DD214 or Statement of Service **Most recent LES the past 2 years Year to date Profit & Loss Statement If you are applying for a Rural Development Loan: **Proof of all income for ALL persons (18 years or older) living in the home-even if they are not on the loan Important Things to Remember!!! DO NOT apply for any other credit from now until AFTER closing!!! Do NOT make any big purchases DO NOT make any large deposits that can not be explained. -If you graduated from High School or College in the last 2 years-we will need a copy of your diploma -If you have a gap in employment for 30 days or longer in the past 2 years-include a signed letter of explanation -If you show mortgage interest on your tax return-but have not sold/closed on your home-include a copy of your Settlement Statement -If you are receiving a “Gift” for all or part of your down payment-DO NOT deposit the funds until you discuss with your loan officer -If you are being relocated by your employer-provide a copy of the companies relocating agreement/policy

The Homebuying Process 1. Get Pre- 2. Home 3. Offer/negotiate search Approved *Write an offer to purchase your *setup home search favorite home!!! *Learn about loan terms & down *preview potential properties payment *negotiate the terms of the offer *Prepare for additional costs, prepaids, & closing cost 4.Offer accepted/ 5. Inspection 6. Termite earnest money Period Inspection *Accept contract *Choose your inspector (we have *Paid by seller *Earnest money must deposited recommendations for you) within 3 days of acceptance *Notify agent of inspection date (typically $1,000) *Negotiate any inspection issues 7. Financing 8. Financing 9. Utility Transfer period period *Two weeks prior to closing the *promptly provide your lender *title opinion will be completed by meek team will send an email with requested information lender's attorny reminder *lender will order the appraisal *Final numbers will be provided by your lender 3 days prior to closing 10. Final 11. Possession Walkthrough & Move in *Verify repairs have been *Closing day completed per appraisal and/or *Get your keys *enjoy your new home!! home inspection

Homes For Heroes Homes for Heroes is a national program in which The Meek Team is a proud participant. The Meek team generously gives back to law enforcement, firefighters/EMT, military, medical professionals and teachers as a way to say THANK YOU for your service. The average savings per transaction is $1500. we have proudly been serving heroes since 2014!!

Angela Meek 515-577-7729 Mariah Meek 515-322-0596 Angel Carman 515-202-3659 www.soldbymeek.net