Crash Course on Real Estate

Published on Apr 20, 2017

Explaining the home buying process is part of our Santa Clarita real estate education we give to our home buying clients. Buying a condo, townhomes or single family residence can be tricky if you don't know what to expect. While most people retain about 30% after our presentation, they are better for the experience and typically best informed to undergo the real estate experience of buying residential real estate. I'm Connor MacIvor with REMAX and we have several options for our home buyers when it comes to search - check out our real multiple listing service website: scvnest.com and call me when you are ready to attend your own personal crash course on real estate.

PRESENTATION OUTLINE

Crash Course

For Real Estate Buyers
Photo by Phil's 1stPix

Topics Covered

  • Lenders and Lending
  • Communication
  • Searching
  • Online resources
  • In person viewing
  • Comps and Offering
  • Counters and Acceptance
Photo by Great Beyond

Topics Covered Cont'd

  • Opening of Escrow
  • Escrow Process
  • Inspections $ - Appraisal $
  • Request for Repairs / credit / response
  • Closing
  • Possession
Photo by juhansonin

Lenders

  • Types 3 - pillow talk
  • Advantages
  • Credit Report copy issuance
  • Good Faith Estimates - faking it
  • Approval Letter types and issuance
  • Availiability
Photo by AMagill

Communication client/me

  • Preferred methods
  • Phone calls
  • Hours of Operation
  • Holidays / Vacation
  • Work Hours
  • Clients Hours
  • Too Many Experts!

Searching

  • MLS
  • Real Estate Syndication
  • Real Estate Brokerages
  • Newspaper / Print
  • Our Home Search for Clients
  • *always send me what you find!
  • Open Houses / New Homes - Don't Sign - be a spy!
Photo by brewbooks

Online Resources

Photo by frankieleon

In Person Viewing

  • Scheduling Showings 48hrs BEST
  • Vetting of Listings
  • Mapping out
  • Calling Listing Agents
  • Scheduling Showings 48hrs BEST
  • Meet Location - your car or mine?
Photo by Paco CT

Comps and Offering

  • You like it, let me know
  • Even if we don't write it's okay!
  • Comp pull - emailed - discussed
  • Closing Costs / Offering strategy
  • Love Letter's
  • Complete Offer Package rpa,pof,approval,ficos
  • Emailed - Explained - Docusigned

Counters and Acceptance

  • Highest and Best
  • Just "right out" Acceptance
  • Countered Terms
  • Countered Price
  • Buyer Counter Options
  • Confirmation of Acceptance
  • Multiple offer scenarios and proof

Opening of Escrow

  • Deposit when - methods
  • Receipt - get one
  • Scheduling Home inspector - SCVnest
  • Appraiser Scheduling - by lender
  • Being available - you need to
  • Call the Police/Sheriffs - door knock
  • Megans Law
Photo by Got Credit

Inspections - Apprasial

  • Money not refundable
  • Paid at time of service or upfront
  • Vetting Inspectors
  • Appraisal Ordered by Lender
  • Report Prepared
  • Your Eyes Only
Photo by pburka

Escrow Process

  • Neutral Third Party
  • Our own Escrow Officer - Troy
  • Documents mailed and emailed
  • Never sign or return any, until...
  • Redirect any escrow pressure to us
  • Seller typically selects escrow(via agent)
  • Signing with Troy...
  • Removal of Contingencies
Photo by Enokson

Request for Repairs / Credit / Response

  • RR - 1, 2, 3,
  • Not cosmetic
  • Health and Safety
  • As Is
  • Denial =
  • Appraiser Requirements
  • Is Credit Better?
Photo by JD Hancock

Closing

  • Escrow continues
  • All Disclosures - Signed
  • All paperwork in order
  • More Lender Required Doc's
  • Same doc's required
  • Quick Responses Required
  • The Unknown Happens

Possession

  • When do you get the keys?
  • How do you get the keys?
  • Where do you get the keys?
  • COE+? - Rent Backs, etc...

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Connor MacIvor

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