LifeGoals Buy Plan

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LifeGoals
BUY
Plan
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Dear Homebuyer,
You are about to embark on an exciting journey of finding your next
home.
LifeGoals Realty Group's in-depth guide offers home buyers a detailed
overview of the process of buying a home. Throughout the entire
process, your LifeGoals Realty Group licensee will support you every
step of the way, and will even continue to serve you long after you
move in.
The more prepared you are at the beginning, the less overwhelming
and chaotic the buying process will be. From the initial planning to
selecting the home that's right for you, there are many steps
throughout the buying process. At LifeGoals Realty Group, we are here
to guide you through every step of the process.
This package has been prepared for you to help explain the
process and help you familiarize yourself with the various activities,
documents and procedures that you will encounter while purchasing
your home. Purchasing a home is a very important decision and
one of the biggest financial decisions you will make in your
life. In fact, most people only buy a few homes in their lifetime.
We have the tools to make sure that you are well-equipped with
up-to-date information to aid in your decision. We hope you
find this home-buying guide a valuable resource on your journey.
LifeGoals Realty Group has the experience, market knowledge, and
resources to support you in achieving your dreams of home ownership
and we look forward to the opportunity of working with you.
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Buyer Representation
Your Interests Come First
HERE ARE SOME INTERESTING POINTS FOR YOU TO REVIEW:
A buyer's licensee represents the consumer who is purchasing the property in the
real estate transaction, not the seller. The buyer's licensee works directly for the
buyer and has their clients' best interests in mind throughout the entire real estate
transaction. As a consumer, how often do you buy real estate? Once, twice, three
times in your lifetime? Purchasing real estate is a complex transaction with many
details that must be handled appropriately. In the majority of homes sales, the
seller will have their own representation. Wouldn't you want to have equal,
complete, and fair representation in the real estate transaction on your end as well?
Here are some highlights of where your Realtor® can help to best represent you in
the home-buying process:
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AN OVERVIEW OF THE PROCESS
• Selecting the right lender to help
navigate the loan process
• Forming a 'wish list'
• Implementing a home search
• Homework (studying the
neighborhoods
• Making an offer & explaining the
complexities of a contract
• Discussing the importance and risks
of your earnest money deposit
• Negotiating throughout escrow
process (purchase price, repairs,
timelines, etc)
• Inspections/Appraisals
• Contingency removals
• Moving preparation & relocation
assistance, if needed
• Close of escrow
• Your Big Move!
• After close/getting settled follow up
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Finding the Right Home:
The Search Begins
Your LifeGoals Realty Group licensee will help you begin your search by narrowing
your preferences to determine what homes fall within your particular parameters
(affordability, size and neighborhood). We will enlist all of the resources available
to us including Multiple Listing Service (MLS), off-market properties, new
construction, agent-to-agent networking, open houses as well as HUD and bankowned
properties. Your licensee will offer you the opportunity to be included in
daily listing alerts, notifying you of properties that meet your criteria, as they hit the
market.
QUESTIONS TO CONSIDER
• When would you like to
move?
• How long have you been
looking?
• What do you like most about
your current home?
• What do you like least about
your current home?
• What neighborhoods do you
like?
• Are schools a factor? If so,
which ones?
• Do you need to be near
public transportation?
• What property condition are
you looking for (e.g. fixerupper,
new construction)? If
interested in new
construction, please ask your
LifeGoals Realty Group
licensee about that specific
process.
• What style of home would
you like (e.g. traditional or
contemporary)?
• Do you need to sell your
home in order to buy?
• Is your home currently on the
market? How long has it been
on the market? What is the
asking price?
• Do you prefer to be in a
location with close proximity
to amenities?
• Are you the sole buyer or do
you have partners?
• What features are you
looking for: single family
home, condo/townhouse,
multi family, bedrooms (#),
baths (#), square footage,
separate dining room, eat-in
kitchen, etc.
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CREATE A WISH LIST, THEN PRIORITIZE
Let your imagination run wild when creating your
initial list of parameters, Then prioritize your list
carefully. You may have to make some trade-offs
between the various items on your wish list, but start
as big and wide as your net will cast.
PREVIEWING PROPERTIES FOR YOU
Whenever possible, your licensee will preview
properties before showing them to you to ensure
they meet your criteria. While your licensee will
arrange a time to view new listings, keep yourself
available to act on short notice when desirable or
well-priced properties become available.
THE BEST APPROACH TO VIEWING A PROPERTY
Each time you view a property, compare that
property's characteristics to your search parameters.
If a specific home falls short on your desires, consider
whether you can alter the home to make it
acceptable. Some features are impossible to
change, such as location, but other features can be
changed or modified by painting, remodeling, or
possibly making structural alterations.
WEEKEND OPEN HOUSES
You may wish to attend Saturday or Sunday open
houses on your own. When doing so, please
inform the licensee holding the open house that
you are working with a LifeGoals Realty Group
licensee and provide him or her with your
licensee's name.
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FINANCIAL AND EMOTIONAL CONSIDERATIONS
Once you have identified the property that meets your
criteria and are prepared to make an offer, you will
meet with your licensee to discuss the best offer strategy.
Is this property extremely desirable - one that could invite
multiple offers? If the seller counters your offer and
asks for a higher price, what is your top dollar?
Does the property need improvement? How
motivated is the seller? How motivated are you? What
contingencies have you placed on the offer? Do you have
to sell a property in order to purchase this one? Are
you already pre-approved for a loan?
FINDING THE ONE
When you see a property that meets most of your criteria
and is a likely prospect for further consideration,
ask additional questions such as: Are there
any inspections/disclosure packets/reports? What is the
condition of the heating system, electrical system,
plumbing and the roof? Are there any signs of
dampness or drainage issues?
THE POWER OF NEGOTIATING
The art of negotiation is being able to walk away. The skill is
not having to. Our goal is simply to help you buy the right
property, at the best possible price, within your desired
timeline. In this process, keep in mind, negotiation is a
complex matter and all transactions are unique. Your
licensee will work with you to get the home you want - at the
best possible price.
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Prior To Making An Offer
Meet With Your Lender
THE LOAN PROCESS
For buyers financing their home, planning is crucial. This is one of the
very first steps in home-buying. Several factors should be considered
to assure the loan process goes smoothly.
APPLICATION PROCESS
You will sit down with a lender or mortgage broker, who will ask you to
complete a mortgage application and provide copies of your income
and asset verification. Various fees and the down payment will be
discussed at this time and you will receive an estimate for your closing
costs.
PRE-APPROVAL FOR A LOAN
An offer is not considered strong if it lacks a pre-approval letter from
a reputable lender or local mortgage broker. A letter of approval or
proof of funds assures the seller that you will be able to obtain the
proposed financing and will not tie up the property needlessly.
Lenders will inquire about the following six critical factors:
• Income
• Savings/capital/investments
• Credit history
• Debt level/ratio
• Employment history
• The value of the property you wish to purchase
LifeGoals Realty Group can recommend several reputable lending
institutions from which you may obtain pre-approved financing.
QUICK TIP - YOUR LENDER WILL NEED:
• 2 YEARS OF TAX RETURNS
• 2 PAYSTUBS
• 2 W2S
• 2 MOST RECENT FINANCIAL STATEMENTS
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Making the Offer
You've Found Your Dream Home
Your LifeGoals Realty Group licensee will help you construct a winning offer, taking
into account current market conditions, competition, and fair market value.
SEVERAL FACTORS SHOULD BE CONSIDERED IN YOUR OFFER;
PURCHASE
PRICE
INSPECTIONS
Having viewed other comparable
properties, you will have a good idea of
the value of your prospective home.
Your licensee can provide you with
information about similar properties
(comparables) in the neighborhood that
have sold recently. This information will
help establish fair market value and guide
you to the "right price".
LOAN CONTINGENCY
If you are obtaining a loan to finance
the purchase of your home,
your licensee will structure a
contract to allow reasonable time to
obtain a loan from a lender of your
choice and at terms which are
acceptable to you. If often takes 2 to 3
weeks to obtain a loan commitment.
In the majority of transactions, offers are
made contingent upon obtaining and
approving inspection reports on the
property by licensed professionals. This is
to inform and protect the buyer about
known and unknown conditions. We
generally recommend at a minimum a
general home inspection, but some
homes may warrant others, such as
chimney, roof, well/septic, etc.
PERSONAL PROPERTY
It is important to clearly identify all
personal property that will be
included (on a Bill of Sale) or excluded
from the sale.
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PRESENTING AND NEGOTIATING YOUR OFFER
Your LifeGoals Realty Group licensee will represent you
to the seller and the seller's licensee in the best light
possible to obtain an accepted offer. When presenting
your offer, documents such as a loan pre-approval,
financial statements or other proof of funds (if a
cash offer) are necessary for a complete package.
Often times a personal note from you, the buyer, can
really add a nice touch and set you apart from the
competition.
SUBMITTING YOUR DEPOSIT
A good faith deposit must accompany your offer. This is
usually a personal check, or cashier's check. Your
licensee will make arrangements for your check to be
deposited into the escrow account of the brokerage.
These funds will remain in the escrow account until
closing, at which time they will be applied to your closing
costs/down payment.
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After the Offer...
What Your Lender and Escrow
Officer Are Doing For You
ESCROW PROCESS
Once your offer to purchase a home is accepted, the
escrow process beings. The mortgage lender receives a
copy of your purchase and sale agreement along with
any counter offers or amendments. The Seller's licensee
will open title and we will receive a copy of the
preliminary title report. The lender will order the
appraisal once the home inspection has been
completed. As it comes in, the documentation is checked
for any irregularities, and any additional items needed are
requested.
APPRAISAL
The appraisal is completed by a third party individual that is
hired by your lender to do a report that demonstrates to
you, as well as the lender, that your home is worth what you
are paying for it. In the State of Alaska, this fee is normally a
seller associated fee. In some rare cases you may be asked
to pay this fee upfront and be reimbursed by the seller at
closing.
LOAN SUBMISSION
Once all necessary documentation is in, the loan processor
puts the loan package together, your loan agent prepares
a cover letter, and your completed file is submitted to a
lender for approval.
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LOAN APPROVAL (UNDERWRITING)
Loan approval, or "underwriting", generally
takes anywhere from 24 to 72 hours, and it
may take slightly longer if mortgage
insurance is required. "Mortgage insurance
underwriting" occurs when the
borrower has less than 20 percent of the
loan amount to put towards a down
payment, and the lender then may require
additional insurance for your loan. All
parties are notified of the approval and
any loan conditions that must be
received before the loan can close. You
may then remove your loan and appraisal
contingencies after all of these conditions
are met.
LOAN DOCUMENTS ARE DRAWN
Within one to three days after loan
approval, the lender prepares your loan
documents, which are sent to the title/
escrow company. The escrow officer will
call us to set up an appointment when the
papers are ready for your final signature.
At that time, the escrow officer will let us
know how much money you will need to
bring to close the escrow.
CLOSING
Once all buyers have signed the loan
documents, they are returned to the lender
and the package is reviewed. If all the
forms have been properly executed, the
lender sends the loan funds by wire transfer.
Upon receipt of the wire, and once all
buyer funds required to close are at the title
company, the deed is released to be
recorded.
This is the point at which you actually own
your new home. In the State of Alaska, this
occurs the day after closing.
Congratulations!
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The Importance of Inspections
Once an offer is accepted and
the transaction is officially in
contract, the contingency period
begins. A home inspection is an
all-encompassing examination of
the condition of a home and is
an important step in this process.
It is important to conduct a
home inspection to avoid a
costly mistake by purchasing a
property in need of major repairs.
Once you think you have found
your "dream home", home
inspectors can often give you the
necessary insight to know if this is
the right home for you.
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The Inspection Process
While property inspections provide no warranty, they will educate you as to the
current condition of the property. Inspections are usually requested on the
purchase agreement and if inspection results are unsatisfactory, you have the option
to request repairs, renegotiate price, or withdraw your offer, prior to removing any
contingencies.
In addition to the professional inspections listed below, you should take a close look at the
property yourself. For example, inspect cupboards, doors, windows, flooring, counter
tops, bath and kitchen fixtures, built-in appliances, stairways and banisters. Even spend
time in the neighborhood and get to know the community. Your personal diligence is just
as important as your professional inspections.
• Physical Inspection: Usually done by a General Home Inspector, a Physical
Inspection is a thorough inspection of the house. The inspection results in an overall
assessment of the present condition of the property.
• Roof
• Chimney
• Well/Septic
• Structural/Engineering
• HOA Document Review
• City/Municipal Permit History
• Neighborhood factors (personal
diligence
• Noise (personal diligence)
Your LifeGoals Realty Group licensee will work with you to determine which inspections
should be conducted. It is also highly recommended that you attend the inspections in
person. This is a great opportunity for you to learn firsthand about the condition of the home
you are purchasing.
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Closing Costs:
Who Pays What?
Closing costs are the various fees charged by the lender, the title company, real estate
licensees, and other service providers in order to complete a real estate transaction and
are paid through escrow. Which party pays for specific closing costs can be negotiable
between the buyer and seller.
THE BUYER CUSOMARILY PAYS:
• Lender Origination Fee
• AHFC Commitment Fee (if applicable)
• Discount Points
• Mortgage Insurance
• VA Funding Fee (if applicable)
• Lender Doc Prep Fee
• ALTA Title insurance premiums
• Escrow fee (1/2)
• Document preparation (1/2)
• Recording charges for all documents
in buyer's names
• Escrow Closing Fee (1/2)
• Attorney Doc Prep Fee (1/2)
• Tax proration (from date of
acquisition)
• All new loan charges (except those
required by lender for seller to pay)
• Interest on new loan from date of
funding to 30 days prior to first
payment date
• Prorated HOA dues, if applicable
• Insurance premium for first year
THE SELLER CUSTOMARILY PAYS:
• Real estate commission
• Document preparation for deed
• Payoff of all loans against property
• Interest accrued on loans being
paid off, reconveyance fees, and
pre-payment penalties
• Owner Title Insurance
• Escrow fee (1/2)
• Document preparation (1/2)
• As-Built Survey/Recertification
• Well/Septic Inspection fees
• Home warranty (if specified in
contract)
• Any judgment or tax liens against
seller
• Any Assessments levied or pending
• Property tax proration
• Prorated HOA dues, if applicable
• HOA fee for providing all updated
homeowner's documents, if
applicable
• Negotiated repairs or credits to
buyer, if any
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Contingency
Removal Process
ONCE YOUR OFFER IS ACCEPTED
Once an offer is
accepted,
placing
contingencies in the
contract gives the buyer
an opportunity for due
diligence or to take specific
steps within a given time
frame. It is essential to meet
the specified time frames
and deadlines for each
contingency and remove
them in writing when due.
TYPICAL
PURCHASE
AGREEMENTS CONTAIN THE
FOLLOWING CONTINGENCIES
FOR THE BUYER:
• Seller Disclosure
Statements
• Buyers Investigation
• Inspection Contingency
(any and all)
• Well and Septic
Contingency
• Geological and
Environmental
• Appraisal Contingency
• Loan Contingency
• Preliminary Title Report
• HOA Documents (if
applicable)
• Insurability of Property
Once all contingencies
are removed, you are
effectively obligated to
purchase the property.
The understanding is that
you are purchasing the
property in its current
condition (subject to any
agreed upon repairs by the
seller) and are planning to
move foward with the
purchase.
At that point, should you
change your mind, your good
faith deposit could be at risk.
Any failure to perform could
result in a loss of all or part of
your earnest money deposit.
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Before Your Move
Address Change Notification
• Post office forwarding address
• Subscriptions
• Friends and relatives
• Bank and other financial institutions
Insurance
• Notify insurance companies of new
address for coverage: life, health, fire and
auto
Change Over Services
• Gas, electric, water, phone, cable TV,
garbage, Internet, newspaper
Gather Records (for move to a new city)
• Ask doctor and dentist for referrals; transfer
needed prescriptions, eyeglasses, x-rays
Moving Company
• Make arrangements with moving company
• Clean rugs or clothing before moving;
have them moving-wrapped
• Check insurance coverage, labor cost for
packing and unpacking labor, arrival day,
various shipping papers, method and time
of expected payments.
• Plan for special care needs for children
and pets on moving day
On Moving Day (to a new city)
• Carry enough cash to cover cost of moving
services and expenses until you establish
bank accounts in your new city
• Carry jewelry and documents on your
person-or use registered mail to deliver safely
• Plan for transporting pets
• Let a close friend or relative know the route
and schedule you will travel, including
overnight stops; use him/her as message
headquarters
• Double check closets, drawers, and shelves
for items left behind
• Leave old keys for new owner (or tenant)
with Realtor®, landlord, or neighbor.
At Your New Address
• Check if service is switched on for
telephone, Internet, cable, gas, electricity,
water and garbage
• Check pilot light on stove, hot water heater,
and furnace
• Check if appliances are working
• Notify DMV of new address update for your
driver's license
• Register car after arrival in new state and
obtain new license plates
• Apply for a driver's license in your new state
• Visit city offices and re-register to vote
• Register children in school
• Arrange for medical services: doctor, dentist,
veterinarian, etc.
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As an ongoing effort to be a resource and service to our clients long after the close of
escrow, we provide this list as a convenience to you as you get settled in your new
home.
Services and Agencies
DMV doa.alaska.gov/dmv 907.269.5559
Chamber of Commerce
Anchorage www.anchoragechamber.org 907.272.2401
Eagle River cer.org 907.694.4702
Humane Society www.adopt-a-cat.org 907.344-8808
Hospitals
Alaska Native Med Cntr www.anmc.org 907.563.2662
Alaska Regional www.alaskaregional.com 907.276.1131
Providence www.alaska.providence.org 907.562.2211
Libraries
Anchorage www.muni.org/departments/library 907.343.2975
Eagle River www.muni.org/departments/library 907.343.1531
Locksmiths-Anchorge
Able Locksmiths www.ablelocksmith.net 907.276.4147
Action Security www.actionsecurity.com 907.248-3785
Media/Newspapers
Alaska Dispatch News www.adn.com 907.257.4200
Anchorage Press www.anchoragepress.com 907.561.7737
The Alaska Star www.alaskastar.com 907.694.2727
Poison Control www.aapcc.org 800.222.1222
Police Stations
Anchorage Police Dept www.muni.org/departments/police 907.786.8900
Alaska State Troopers www.dps.state.ak.us/ast 907.269.5511
Road Conditions 511.alaska.gov 511
School Districts
Anchorage School District www.asdk12.org 907.742.4000
Transportation
People Mover (Bus Line) www.muni.org/departments/transit 907.343.6544
Ted Stevens Inter. Airport www.dot.state.ak.us/anc/ 907.266.2526
Yellow Cab www.alaskayellowdispatch.com 907.222.2222
Voter Registration www.elections.alaska.gov 907.522.8683
Resource Guide
Utilities
Cable Television
DirectTV www.directv.com 907.562.9407
Dish Network 907.349.7534
GCI Cable www.gci.com 907.265.5400
MTA (Eagle River) www.mtasolutions.com 907.745.3211
Electricity
Chugach Electric www.chugachelectric.com 907.563.7494
Municipal Light & Power www.mlandp.com 907.279.7671
MEA (Eagle River) www.mea.coop 907.694.2161
Garbage Collection
Anchorage Refuse www.alaskawaste.net 907.563.3717
Solid Waste Utility www.muni.org/departments/sws 907.343.6262
Natural Gas
Enstar www.enstarnaturalgas.com 907.334.7600
Telephone Companies
ACS www.alaskacommunications.com 907.563.8000
GCI www.gci.com 907.265.5400
MTA (Eagle River) www.mtasolutions.com 907.745.3211
Water/Sewer
Anchorage Water & www.awwu.biz 907.564.2700
Wastewater
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Recreation and Entertainment
Golf Courses
Moose Run www.mooserungolfcourse.com 907.428.0056
O'Malley's On The Green www.anchoragegolfcourse.com 907.522.3363
Fox Hollow Golf Course www.foxhollowak.com 907.345.4600
Health/Fitness
The Alaska Club -Anchorage www.thealaskaclub.com
The Alaska Club-Eagle River www.thealaskaclub.com 907.694.6677
Ski Areas/Resorts
Alpenglow (Arctic Valley) www.skiarctic.net 907.428.1208
Alyeska Ski Resort www.alyeskaresort.com 907.880.3880
Hilltop Ski Area www.hilltopskiarea.org 907.346.1446
Parks/Museums/Points of Interest
Alaska Aviation Heritage
Museum www.alaskaairmuseum.org 907.248.5325
Alaska Botanical Garden www.alaskabg.org 907.770.3692
AK Native Heritage Center www.alaskanative.net 907.330.8000
AK Public Lands Info Center www.alaskacenters.gov 907.644.3661
AK State Trooper Museum www.alaskatroopermuseum.com 907.279.5050
Alaska Zoo www.alaskazoo.org 907.346.2133
Anchorage Convention &
Visitors Bureau www.anchorage.net 907.276.4118
Anchorage Museum of
History & Art www.anchoragemuseum.org 907.929.9200
H2Oasis Indoor Water Park www.h2oasiswaterpark.com 907.522.4420
Heritage Library Museum 907.265.2834
Resource Guide Cont.
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907.529.5275
LifeGoalsRealtyGroup.com
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The Power Of Commitment
Commitment is what transforms a promise into reality. It is the words that
speak boldly of your intentions. And the actions which speak louder
than words. It is making the time when there is none. Coming through
time after time, year after year. Commitment is the stuff character is
made of, the power to change in the face of things. It is the daily triumph
of integrity over skepticism. Once one commits, providence happens, and
things are able to fall into place. Here at LifeGoals Realty Group, we are
committed to you.
OPENING DOORS OF OPPORTUNITY...
It's what we do.
We look forward to opening doors for you!