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First-Time Home Buyer Consult

Presented by: <Agent Name>

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Step 1: Get Pre Approved!

The average home price in Denton County is $________________.

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Loan Programs to Consider

  • Conventional
  • FHA
  • USDA (0% Down)
  • VA (0% Down)
  • TSAHC (Gives 5% Grant for Closing Costs)
  • Ask Your Mortgage Broker for a Program Specific to Your Needs*

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The Benefits of Mortgage Prequalification and Preapproval

  1. We Will Show You Houses…
  2. You Know What You Can Afford
  3. You Can Act Swiftly if Needed
  4. ________________________________
  5. ________________________________

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Step 2: Hire an Agent

The cost of a real estate agent to the buyer is $_____________.

Buyer Consultation

  • We ask “deeper” questions to unlock needs and desires
  • Your desired amount of bedrooms & bathrooms, etc. is only the surface
  • We’re interviewing you while you interview us!

Video 2

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After the Consultation/Pre Approval

We’ll input all of your needs/wants into the most powerful real estate search platform on Earth…

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________________________________________________

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What not to do...

  • Using Zillow.com, Realtor.com, etc.
  • Calling Signs in Yards
  • Going to See Builders w/o your Agent
  • Going to Open Houses

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How Many Listings Can We View?

We will select and potentially view ___ listings.

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What if I Don’t Like Any of the 5 Listings You Show Me?

__________________________________________________

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The Offer

Our Offer

Counter Offer

Accept

Reject

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Once Your Offer is Accepted

You Will Write 3 Checks

  1. *_________________ Money (__% of the offer price)
  2. *_________________ Money (~$150+)
  3. Home Inspector

* This money is returned to you at closing

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What is Earnest Money?

Earnest Money is...

  • Your “Skin in the Game”
  • A deposit on the home
  • Showing your “Earnest” intent to buy the home

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Is Earnest Money Required?

Short Answer:

No

Long Answer:

No. But your offer is unlikely to be taken seriously without it.

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What is Option Money?

Option Money is what you pay for your “_______________________ period”.

During this time, the seller removes the home from the market, and the buyer has the ability to inspect the home. You may also terminate the contract for ANY reason, and at ANY time.

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What is a Home Inspection?

A licensed state home inspector will thoroughly comb through the home, and determine whether its equipment and features are “Deficient”.

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Inspected Not Inspected Not Present Deficient

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Should I Show Up to the Inspection?

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Yes! But only for

the __________________.

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What if there’s Something Wrong With the House?

We are looking for deficiencies in the following areas:

  • Structural (Roof and Foundation)
  • Mechanical (HVAC and Water Heater)
  • Safety (Asbestos, Lead Paint, Gas)
  • Hazards (Termites, Flood Risk, Fire Risk)

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What We’re NOT Looking For...

  • Paint Color
  • Flooring Preferences
  • Things not “Up to Code”
  • Things that aren’t broken

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How We Negotiate Inspection Findings

We can negotiate in 4 different ways:

  1. Ask Sellers to Make Repairs
  2. Reduce the Price of the Home by the Repair Cost Total.
  3. Request a “Seller Credit” for the Repair Cost Total.
  4. Ask for “Stuff”

Video 3

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Homeowner’s Insurance

You’ll want to protect your new investment with a homeowners insurance policy. Use our free service, Keller Covered, to compare policies and save money!

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The Final Hurdle

The Appraisal

The lender will send a licensed appraiser to determine whether or not the home is worth the value you’ve offered to pay.

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What if the Home Appraises for Less Than Our Offer?

If the home does not appraise for the value we’ve offered, we must go back to the negotiation table.

  • The Seller May Reduce the Price to the Appraised Value
  • The Buyer May Bring the Difference in Cash to Closing
  • The Seller and Buyer may “Meet in the Middle”

Video 4

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Closing

Once you have cleared the appraisal process, we’ll schedule the _____________! This takes place at the Title Company, where you’ll sign the documents to take possession of your new home.

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Not So Fast

Once you sign the papers to purchase your new home, you do ______ own the home just yet…

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You’ll need to wait for your lender to send the “funds” to the title company. Once the Title Company receives the money from the lender, you will be given the keys to your new home.

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CONGRATULATIONS

YOU’RE A HOMEOWNER!