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

http://www.tampamobilerealty.com/


mailto:[email protected]



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.


Why Buy?

Tax deductions Stable housing cost Appreciation of home Equity gain in home Control of your property Buying for yourself not

your Landlord…


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


What Type Of Home

Type of community New home Resale home Fixer-upper home Features

Bedrooms, how many? Baths, how many? Garage, Pool, etc.


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


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


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


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


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


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.


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


Credit Scores

The minimum credit score to acquire a standard mortgage is 640

The higher the credit score… the better the interest rate


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


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”


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


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


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


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


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


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


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


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


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)


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


Congratulations…

You are now a

Homeowner!!Helped by Tom


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 ~






Buying A Home? “Details To Follow” Tom Scaglione, e-PRO, SFR, REALTOR® 813-310-8200 ...

Documents

Transcript of Buying A Home? “Details To Follow” Tom Scaglione, e-PRO, SFR, REALTOR® 813-310-8200 ...