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Lisa Piela Branch Owner/Manager/Loan Officer. F.T.H.B. “First Time Home Buyer”. How to be a Savvy Buyer in a Volatile Market. The Standard Four Questions:. What is the Value of the Home? What is the Condition of the Home? How Much Are You going to Investing?

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f t h b
F.T.H.B.

“First Time Home Buyer”

How to be a Savvy Buyer in a Volatile Market

slide3

The Standard Four Questions:

  • What is the Value of the Home?
  • What is the Condition of the Home?
  • How Much Are You going to Investing?
  • What is the Re-Sale ability of the Home?

Always Get Pre-Qualified First to Know Your Buying Power and Ability!!!

slide4

What Does It All Mean?

HUD –

Banks can not sell the home and Request the MIP (default insurance) to settle for % of balance owing and they are then responsible to sell the home.

Foreclosure -

Seller No Longer Occupies the Home and No Longer has any Interest/Ownership.

REO/Short Sale -

Bank Negotiates with Current Seller and New Buyer (3 Parties)

costs associated with buying a home

Costs Associated with Buying a Home

Down Payment

(Cash investment into the transaction)

Pre-Paids

(Earnest Money, Appraisal, Inspection and Warranty)

Closing Costs and Escrows

(Fees to get the Loan as well as Taxes and Insurances)

slide8

Seller Paid Concessions

Pre – Paids

(Taxes, Insurances and Interest)

Lender Fees

Appraisal Fee

Title Fees