Home Buying • September 24, 2022

My BUYER APPOINTMENT

by Rosemary DeLaurentis

Article written by Rosemary DeLaurentis

Day 4 of 7 home buyer tips. Today I will talk about my BUYER APPOINTMENT.

During my buyer appointment I pull out a piece of paper and ask the new buyer or buyers to list the top 5 characteristics they want in their next home in a column on the left then on the right column, the reasons why these items are important.

My reasoning behind the BUYER APPOINTMENT is that ‘we can’t hit a target that we don’t have’. This exercise gets us all on the same page and gives us a common goal.

The last appointment I held, one of the buyers mentioned to me that in all the years they have bought properties, no agent had ever taken the time to find out what she wanted exactly.

Below is their COMBINED list (they are a married couple):

#1 big master bathroom with two sinks (they had always had one sink!) and a walk in shower

#2 two car garage

#3 2 or 3 ‘butt’ kitchen with room for a few people to walk in and out to make meals comfortably.

#4 Good windows

#5 Updated cabinets that went all the way up to the ceiling. She didn’t like space between the ceiling and the cabinet top.

#6 price between $400,000 – $450,000

#7 bigger yard so as to have a good size garden

#8 3 bedroom so they could have an office in one and a guest room in one.

#9 mostly tile flooring

#10 want way East Valley.

This is what we found:

#1 Roomy master bathroom with two sinks and a walk in shower (no tub).

#2 full two car garage

#3 roomy kitchen – open concept where the person in the kitchen is a part of the party in the family and dining room

#4 newer dual pane windows – the home is only 3 years old

#5 Updated dark espresso brown cabinets that go all the way to the ceiling

#6 I was able to get the home for $375,000 – below budget – it was listed for $380,000

#7 way bigger yard than they currently have with plenty of room for a garden

#8 3 good size bedrooms

#9 tile throughout all the main traffic areas – only carpeting in the bedrooms

#10 home is in the East Valley in Gold Canyon

Amazing, isn’t it?? When we went to view the home I immediately ran into the bathroom to see if there were dual sinks then back to the kitchen to see if the cabinets went all the way to the ceiling. The answer was yes in both cases. Wewwwwww!

We LITERALLY hit the target! My buyer principles work time after time and it is so exciting to be a part of their journey!

Happy Thursday!

Rosemary DeLaurentis

Home Buying • September 23, 2022

You can’t have HOUSING APPRECIATION if you don’t get started!

by Rosemary DeLaurentis

Home Buyers article written by Rosemary DeLaurentis

Day 3 of 7 for home buyers.

This week is buyer week for me to share tips for successfully purchasing a home. Today I met with one of my buyers who purchased in South Scottsdale in 2018. I checked on her home area appreciation before I met with her. It has doubled in value at the least and getting close to triple. That’s what I call a sound investment.

TIP: You can’t have housing appreciation, if you don’t get started.’

Also when she purchased the home she wanted to do updating. Well she did an incredible mid century modern remodel on the home. If or when she decides to sell in the future, she will fair very well.

2nd TIP: the house doesn’t have to be perfect as a first time home. It just has to have POTENTIAL!

Ps first time home buyers ROCK.

See the picture of my wonderful past client. She is an artist and truly fabulous with marketing ideas. She shared a bunch with me this morning.

Home Buying • September 23, 2022

Ways to get your DOWN PAYMENT when purchasing a home

by Rosemary DeLaurentis

Article written by Rosemary DeLaurentis

Day 2 of 7 – of my home buyer’s series and how I have helped so many buyers in the Valley.

Let’s talk about thinking OUTSIDE THE BOX for obtaining your down payment for your first home (or for a 2nd or 3rd home), or getting help with your closing costs, etc.

Here are a few ideas for getting your down payment:

#1 – DOWN PAYMENT ASSISTANCE PROGRAMS. Programs offered by lenders supported by city, or county programs to help with down payment and closing costs. Usually 3%-5% of purchase price available. Each program is different depending on loan scenario and borrower qualifications. Some are specific to first time home buyers but others are not. Some programs have an income cap.

#2 – BORROWING FROM YOUR 401K. Money borrowed from 401K or similar retirement account. Borrower is paying himself back over time as a fixed rate loan. It is usually easy to find the guidelines from the employer on their website.

#3 GIFT FUNDS from a relative or significant other. Easy to document and use.

#4 HELOC loan borrowed against an existing home. If buyer owns a home he can use these funds for a down payment on his next home. Depending on the HELOC this loan can be paid off in a certain timeframe once the first home is sold.

There are so many options to obtaining needed funds. My lenders have some wonderful solutions. These items were shared by one of my awesome lenders, Lynn Gallett with Guaranteed Rate Affinity. If you would like her information, please reach out to me so we can get you moving forward with your next purchase!!

IDEA FOR GETTING CLOSING COST ASSISTANCE: Now that the market is changing and homes aren’t FLYING off the market in a day or so, sellers are considering closing cost assistance. Hurray!!! My last few accepted contracts have had sellers paying closing costs. That is a true VICTORY for the buyers now.

Don’t wait another day. Let’s get you into a home. It is obtainable and I am here to help you make it happen!

Rosemary DeLaurentis

Home Buying • September 23, 2022

OUT OF POCKET EXPENSES when purchasing your home

by Rosemary DeLaurentis

Article written by Rosemary DeLaurentis

Day 1 of 7 – HOME BUYER SERIES and how I help my wonderful home buyers.

One of the first questions I get asked when working with my buyers is, “How much out of pocket costs will I have in buying a home?” GOOD QUESTION!

Since ALL of my buyers have already met with a lender BEFORE they meet with me (I have a list of lenders who I believe are some of the best in the business. If you need a lender, please reach out), they know how much money down they will need for their specific loan i.e., 3%, 3.5%, 5% or 20% down or more if they want a smaller house payment. So their questions are geared towards other costs that will arise and specifically what cash they will need to have on hand when they put in offer. Below is a list of costs that will definitely arise:

#1 your earnest deposit. If you are purchasing the home with a loan, the ‘average’ earnest deposit is 1% of the offer price or purchase price. If you are an investor and are paying cash or have a hard money loan, it is usually expected to put down 10% of the purchase price in an earnest deposit.

The earnest deposit will be sent to the title company to hold that for you in escrow. Your earnest will be applied to your cash to close at your successful closing.

#2 home inspection. I suggest all of my buyers have a home inspection. This will be an out of pocket expense for the buyer so you need to plan accordingly. I have a few wonderful home inspectors that I work with. To save my buyers time, I work to book the home inspection with the inspector of their choice.

Depending on the size of the property, if it has a pool or not and if they want additional inspections such as a termite inspection, the price can range from about $450 – $900.

#3 an appraisal. If my buyer is getting a loan, the lender will more than likely require that you have the home appraised. There are cases where the appraisal can be waived if the buyer has a large amount of money down and the property falls into some lender requirements. You would want to ask a lender what those requirements are. My most current listing’s buyer was able to get his appraisal waived and my most recent buyer under contract also had his appraisal waived. Both individuals put large sums of money down so as to have a low house payment.

An appraisal price also varies on the part of town, size of the property, kind of property – regular home, horse property, condo, etc. Depending on the lender, the appraisal cost will be asked for when ordered or later on. I have seen it both ways. Those can range from $500 on up.

#4 is your closing costs – this covers your escrow fees, lender fees, hoa fees and other items depending on the property. Your closing costs are NOT paid for in the beginning, however. They are paid at closing.

I hope this information helps you in preparing for a home purchase! I LOVE working with buyers and have geared my business to have a ‘balance’ of home buyers and home sellers in any given year. The reasoning behind that is so that I’m informed on a buyer or seller perspective within the current market. I don’t want to be lopsided.

Rosemary DeLaurentis