BUYER TOOLS - Ernie Martinez

BUYING

Tools that increase your chance of success when buying

BUILD A PLAN OF ACTION AND GET READY

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It's important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there. Before you can build a plan of action, take the time to lay the groundwork for your decision-making process. First, ask yourself how much you can afford to pay for a home. If you're not sure on the price range, find a lender and get preapproved. Preapproval will let you know how much you can afford so that you can look for homes in your price range. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range. Second, ask yourself where you want to live and what is the best location for you and/or your family. Things to consider: o Convenience for all family members o Proximity to work, school o Crime rate of neighborhood o Local transportation o Types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.

7 TIPS TO BUY YOUR HOME

1. Pre-Approval: A pre-approval letter from Mortgage lender is a must-have document for every buyer. You'll know the amount you can afford, and your projected monthly payment. In addition, sellers will look favorably on your offer knowing that you are a fully qualified Buyer. 2. Every Buyer Needs Their Own Agent: The listing agent has a fiduciary responsibility to the seller, and as a buyer you need a Buyer's Agent who will look out for your best interest. A Buyer's Agent will help you schedule appointments to see property, provide advice, provide comparable pricing data, and prepare a purchase agreement with terms more to your advantage. Once your offer is accepted, a Buyer's Agent will help you review all the necessary documents while guiding you through your inspection reports, repairs, escrow, and title process. 3. Find-It-First: See the newest homes before anyone else. With homes selling in 52 days on average, many are selling as soon as they hit the market. It's very likely that your dream home has not been listed yet. With Ernie Martinez' Find-It-First email updates you enter the information about the home you want, and you'll receive an email notification as soon as it hits the market. 4. Pre-Qualifying Your Vendors and Service Providers: Once your offer is accepted, things move very quickly. We recommend having your service providers in place before you make an offer. You'll want to order a Home Inspection, Pest Inspection, Insurance, a Natural Hazard Disclosure, and you'll need your own roof and pool inspector, a Home Warranty and possibly a General Contractor. If you don't have contacts for these services, your London Properties associate can guide you through the process. 5. Know What You Need Vs. What You'd Like: While it's everyone's goal to find "the perfect home", most likely you will find a home that meets 80% to 90% of your needs. This is especially true when more than one decision maker is involved, such as you and your spouse. With homes selling briskly, it's important to have a "Must Have & Would Like To Have" list so when you find a property you love you can make an offer quickly. Your London Properties Buyer's Agent can help you separate the must from the likes and put you in position where you can act quickly and with confidence. 6. Make A Solid Offer: This year, many sellers are getting multiple offers and the asking price is one of many factors that will make or break your offer. Your Buyer's Agent will help you determine the right offering price and will guide you in selecting the right requests and purchase options that could help make your offer become the one accepted. 7. Be Ready To Negotiate: One of the biggest mistakes we see with buyers and sellers is that they assume they know how the other party will react to their offer. Almost every transaction involves some give and take, and this is where you should consult with your Buyer's Agent. Your Buyer's Agent and their management team deal with real estate negotiations daily. Their experience will be key to helping you to move into the home of your dreams. The home buying process need not be complicated or overwhelming.

WHY YOU SHOULD NOT MAKE ANY MAJOR CREDIT PURCHASES

• Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. • Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage. • Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.

10 GREAT REASONS TO USE A BUYER'S AGENT WHEN PURCHASING

#1. HAVING A BUYER'S AGENT CAN SAVE YOU TIME AND MONEY. In residential real estate, the commission is usually paid by the seller whether or not a buyer's agent is involved. Working with a buyer's agent that knows the market will help you find the best property, negotiate the best price, and will end up saving you valuable time and money on your transaction #2. HAVING A BUYER'S AGENT GIVES YOU MORE NEGOTIATING POWER. Having a buyer's agent helps you hold all the cards when negotiating with the seller. #3. IT GIVES YOU FULL ACCESS TO THE MLS As a member of the multiple listing service (MLS), your agent has full access to the searchable database of MLS listings. We can ask you the right questions to determine what you are looking for and what areas you are most interested in. Once we know your price range and what you are looking for, we will use the full power of the MLS to help you find it. We can provide printouts, email reports, and do custom searches to find available homes that meet your criteria. We can also setup auto emails to notify you automatically if a listing comes on the market that meets your criteria. #4. A BUYER'S AGENT WILL SAVE YOU VALUABLE TIME. Why do something yourself when you can have a professional buyer's agent do it for you? A Buyer's agent spends a lot of time previewing homes and staying familiar with the current listing inventories. This knowledge -- as well as useful technologies such as virtual tours, interactive maps, Internet websites, and use of the MLS system -- will save you from wasting valuable time previewing homes that don't meet your needs. Your agent will also perform a lot of the services that you otherwise might have to do yourself such as writing up offers, delivering earnest money, contracts, etc. to the title companies and lenders. #5. IT MAKES LIFE EASIER AND REDUCES STRESS. When you have a buyer's agent, you don't have to worry about driving neighborhoods for hours or worrying that you're missing the house that would be perfect for you. You can spend your time doing the things you enjoy while the search is being handled by someone else who is a professional. We've helped hundreds of people with their real estate needs, and our experience will help keep you from any unpleasant surprises throughout the entire buying process. When you use us as your buyer's agent, you'll actually be surprised at how much we do for you behind the scenes. You don't have to worry about the deadlines and "what ifs" because we do it for you. #6. YOUR AGENT TAKES CARE OF ALL THE PAPERWORK. From writing up the offer, to reviewing seller disclosures, to filling out escrow instructions, to reviewing the title work and closing documents. . . it's nice to have a trained professional by your side to handle the paperwork and to help answer any questions you might have. We done this more than a time or two, and we'll help you cross your t's and dot your i's and follow up with all the parties involved to make sure everyone meets their deadlines. #7. A BUYER'S AGENT IS A GREAT RESOURCE OF KNOWLEDGE AND INFORMATION. Not only are we very familiar with the history and demographics of the area, but we know a lot about real estate. We will educate you about market conditions, and answer any questions you hav about the home buying process, including explaining fair housing laws and agency relationships. Our goal is give you the best and most accurate information to help you make the best possible informed decisions. #8. YOU BENEFIT FROM A NETWORK OF PROFESSIONALS. Over the years, we've developed good working relationships with several home inspectors, mortgage lenders, title companies,and other professional tax and legal advisors. We know from experience which ones have delivered on time consistently and which ones have fallen short of the bar. We'll help you find the right professionals to help ensure a successful buying process without any regrets. #9. A BUYER'S AGENT LOOKS OUT FOR YOUR BEST INTEREST AT ALL TIMES. Your buyer's agent has a legal and ethical responsibility to represent your best interest at all times. Some of the duties that your agent has to you include: loyalty to you, promoting your best interests, disclosing known material facts, maintaining confidential information, and accounting for any money they handle in the transaction. If your agent knows something about the seller that might influence your decision to buy or alter your offering price, they have a duty to disclose that to you subject to federal and fair housing laws. In short, it's nice to know that someone has your back when you're in the trenches of buying real estate. #10. IT'S NICE TO HAVE A FRIEND IN THE BUSINESS. One of the things we enjoy most about working with buyers is the friendships and relationships that are formed. Our goal is to provide you with the services and be the type of person that you feel the same way about us when the transaction is completed. Your friendship and trust mean more to us than any compensation we get from selling real estate. We hope that if you ever need help buying or selling real estate in the future, or if you know anyone that needs help buying or selling real estate, that you'll give us a call!

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We offer the highest level of expertise, service, and integrity.

Ernie Martinez is one of the leading real estate agent in the Bay Area and has helped numerous buyers find their dream home, resulting in dozens of satisfied clients over the last 8 years.

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