Lisa Piela Branch Owner/Manager/Loan Officer

F.T.H.B.“First Time Home Buyer”

How to be a Savvy Buyer in a Volatile Market

• What is the Value of the Home?• What is the Condition of the Home?• How Much Are You going to Investing?• What is the Re-Sale ability of the Home?

The Standard Four Questions:

Always Get Pre-Qualified First to Know Your Buying Power and Ability!!!

What Does It All Mean?

REO/Short Sale -Bank Negotiates with

Current Seller and New Buyer (3 Parties)

Foreclosure - Seller No Longer

Occupies the Home and No Longer has any

Interest/Ownership.

HUD –Banks can not sell the home

and Request the MIP (default insurance) to settle for % of balance owing and they are then responsible to

sell the home.

Costs Associated with Buying a Home

Down Payment(Cash investment into the transaction)

Closing Costs and Escrows(Fees to get the Loan as well as

Taxes and Insurances)

Pre-Paids(Earnest Money, Appraisal, Inspection and Warranty)

Seller Paid Concessions

Lender FeesAppraisal FeeTitle FeesPre – Paids (Taxes, Insurances and Interest)

You Could Even Get Back What

Your Pre-Paid Deposits!

REFUND!