buyer's journey

BUYERS JOURNEY

© Daytona Fine Homes 2015

Awareness Consideration Decision

S T E P S TO R E A L E S TAT E N I RVA N A

DaytonaFineHomes.com866.771.5055

Dating back to 1875, the Prudential name, along with the ‘Rock of Gibraltar’ logo, has stood for strength, stability, integrity and trust. When buyers and sellers see the Prudential yard sign –– they immediately associate the ‘Rock’ with professional service, unparalleled quality, and exceptional value.

Holding true to tradition, Daytona Fine Homes at Prudential Transact Realty is reimagining the real estate process to create a financially meaningful, customer-centric experience.

Whether you’re buying or selling –– we look forward to earning the right to be your trusted advisor.

Janet JacobsManaging Partner

386.871.8855

INTRODUCTIONWe’re Proud Of Our Brand


DAYTONA FINE HOMES


With a mission to solve problems and create lifestyle memories, Janet Jacobs embraces the power of technology to effectively execute positive real estate transactions individually customized to each client’s needs. Recognized as an attentive listener, skilled advisor, and strong advocate –– Janet takes the time to: • Discover your motivation • Prioritize your needs• Identify your goals• Research optimum finance alternatives• Communicate real estate processes as they evolve• Most important –– she listens! Whether you’re buying, selling, or both –– Janet’s commitment to providing a consistent and financially meaningful experience is your guarantee of a successful real estate journey.

JANET JACOBSReal Estate Professional



Over three decades have passed since Alin Jacobs began his personal journey in search of marketing nirvana. During that time he’s launched a European tourist delivery program for Porsche Cars NA, introduced the automobile industry’s first mileage service reminder program, and assumed a second term as Marketing Chair for the Daytona Regional Chamber of Commerce. Most recently, Jacobs held the title of Chief Marketing Officer for DME in Daytona Beach, Florida. During his 14-year tenure he spearheaded data-driven marketing initiatives for such prestigious brands as Xerox, Seminole Hard Rock Casinos, Cox Communications, Office Depot, and Toyota Motor Sales. Together with his wife Janet, a long time real estate professional–– they’re blending their years of real estate and multi-channel customer engagement experience to introduce the next evolution in real estate marketing. Daytona Fine Homes integrates the power of technology’s innovation with that all-important human touch to navigate buyers through the intricacies of the real estate marketplace.

ALIN JACOBSMarketing Evolutionary



There are 3 types of Agency Relationships between parties in a Florida real estate transaction:

• The Seller’s Agent represents the Seller• The Buyer’s Agent represents the Buyer• The Transaction Agent represents both sides of the transaction

Typically the seller already has an agent representing them, whose responsibility is to protect their best interests –– not yours. It’s in your best interest to have professional representation.

When you select Daytona Fine Homes to assist you with your buyer’s journey, we become your buyer’s agent of record. As your agent, we perform much of the legwork necessary to finding the right home, evaluate pricing, negotiate your offer, and serve as your trusted adviser throughout the transaction process to ensure a successful closing.

In almost every instance, there is no cost to hire a Buyer’s Agent –– all commissions are paid for by the Seller.

MOVING BEYOND THE CONFUSIONAgent’s Fiduciary Responsibility

AWARENESS



• What is your motivation to buy a new home?• Who will be living in your home? Kids, seniors, in-laws, nanny… • Is convenience to schools of importance? Public, private…• How soon would you like to move into your new home?• Where will you/your spouse be working? Will you/your spouse drive or take

public transportation? What is the maximum acceptable commute time?• Do any of the household members have special needs?• How long do you plan on owning your new home?• Do you have a particular style home in mind?• Have you thought about how large of a home you would like?• What features do you absolutely have to have?• What is your preferred price range? Maximum sales price or monthly payment?• How many bedrooms and bathrooms?• What other space (inside or outside) is important to you?• Do you have an existing relationship with a local lender? Have you applied for

mortgage pre-approval? • Do you have a home that must be sold before you can close on your new

home?• What areas of Daytona Beach and communities do you prefer?• What is your preferred method of communication? Phone, email, text…• How often would you like to receive email updates regarding properties that

come on the market? • What expectations do you have of your real estate agent?• Is there anything that I should have asked, but didn’t?

BUYER’S NEEDS ASSESSMENTWorthy of Consideration

AWARENESS


Since no two home buyers are alike –– we’ve prepared a series of questions for you to ponder before getting together for the awareness phase of your real estate journey.


Be Realistic About How Much You Can Comfortably Afford

It can be discouraging to learn that your salary won't stretch far enough to qualify you to finance the home of your dreams. Investing too much of your net income in a mortgage payment can transition pride of ownership into a burden rather quickly. Should this be your situation, you may need to adjust the size of your wish list or increase your savings over the next few years.

Pre-Approval Adds Strength to Your Offer

Unless you are paying cash –– making application and obtaining written pre-approval with a local lender is imperative to a successful and uncomplicated real estate journey. Not only will you be perceived as a more capable and serious buyer by the seller, submitting a mortgage pre-approval with your offer will help strengthen your position in the negotiation process.

YOUR KEY TO THE VAULTMortgage Pre-Approval


AWARENESS


Depending on your income, job history, and credit rating –– there are a variety of mortgage options available in the local marketplace. Unfortunately, most licensed realtors are not authorized to advise clients on mortgage related matters. However, we are permitted to make introductions on your behalf with local mortgage professionals that we have had successful working relationships with on past real estate transactions.

Below is a list of lending and mortgage terms intended to assist you with your mortgage shopping. For a complete list, click on MORTGAGE GLOSSARY.

• The periodic charge, expressed as a percentage for use of credit is your Interest Rate.

• A Fixed Rate Mortgage is a mortgage with an interest rate that remains the same throughout life of the loan –– guaranteeing fixed payments.

• A mortgage with an interest rate that adjusts periodically based on a preselected index, causing the interest rate to fluctuate is referred to as an Adjustable Rate Mortgage (ARM).

• Down Payment is the money paid for a house from one’s own funds at time of closing.

• A fee that a lender charges, usually expressed as a percentage of the loan (or points) for evaluating and processing the loan is referred to as an Origination Fee.

• Interest prepaid to the lender at closing is referred as Points (or Discount Points). Each point is equal to 1 percent of the loan amount. Paying more points at closing generally reduces the loans interest rate and monthly payment.

• The Mortgage Term is the total number of years of your loan. • A Conventional Mortgage is a fixed-rate, 30-year mortgage that is not insured by

the FHA or guaranteed by the VA.• A mortgage that exceeds the limits set by FNMA & FDMC is a Jumbo Mortgage,

and usually has a slightly higher interest rate.• An FHA Loan usually requires less money down, but has tighter guidelines.

LENDER TALK


AWARENESS

https://www.discover.com/home-loans/contact-us/glossary/%23P


Similar to any major purchase –– it’s always best to shop around and explore your options. Just as important, is choosing a local lender with long term experience in the Daytona Beach marketplace. Below is a small sampling of mortgage professionals that we have had successful working experiences with.

Why Debt-To-Income (DTI) Matters.

Paying your bills on time, having stable income, and boasting a good credit score won’t get you approved for a mortgage loan. In the mortgage lending world, your distance from the edge is measured by your DTI –– simply stated, your DTI is a comparison of anticipated housing expenses, monthly debt obligations verses earnings.

Judith PlumerThe Mortgage Firm Phone: 386.290.9076Email: [email protected]

Cheri CampbellBB&TPhone: 386.547.0964Email: [email protected]

Larry LupoliBest Way MortgagesPhone: 386.441.5582Email: [email protected]


AWARENESS

FOR YOUR CONSIDERATIONLocal Lenders

mailto:[email protected]





SHORT SALES & FORECLOSURESBuyer Beware

A short sale is when a lending institution agrees to let an owner sell a property for less than is currently owed to avoid foreclosure. The steps that must be taken in order to obtain a short sale in Florida are lengthy and time consuming for both the seller and the buyer. In many instances it can take months to get the banks approval, especially if there are multiple mortgages or additional liens on the property. If you are trying to coordinate a move based on your current home selling or lease ending, a short sale can be a frustrating process.

A foreclosure is a property where the owner failed to meet their mortgage commitment, and the bank successfully completed the removal of right process to become the property’s new owner. Banks are not in the business of owning homes so they typically will price a property low for a quick sale. But, buyer beware –– bank owned properties play by different rules. They’re usually sold ‘as-is’ with no warranties on the condition of the home. Additionally bank owned sales are often sold with limited title insurance coverage.


CONSIDERATION


• Do NOT change jobs, become self-employed, or quit your current job

• Do NOT buy a car, truck, boat, or RV

• Do NOT use your credit cards excessively, or miss payments

• Do NOT transfer balances or open new credit cards

• Do NOT pay off any credit cards or other revolving debt

• Do NOT spend money set aside for closing costs

• Do NOT withhold debts or liabilities from your loan application

• Do NOT open new credit accounts to buy new furniture, appliances, etc.

• Do NOT make any inquiries into your credit

• Do NOT make large deposits or withdrawals from your bank accounts

• Do NOT change banks or bank accounts

• Do NOT co-sign any loans for anyone

UNTIL YOUR MORTGAGE LOAN CLOSES


AWARENESS


Internet 37%

Over 90% of Home Buyers Use the Internet…

DaytonaFineHomes.com provides you with the convenience to view photos, pricing, and home details from the comfort of your living room. You can even personalize your search by creating custom filters:

• City, Community, and/or Lifestyle• Minimum and Maximum Price Ranges• Single-family, Townhome or Condominium• Sale Type and more…

In addition –– you can save your search results and create email notifications of newly listed homes that align with your preferences.

GUIDING YOU ALONG THE JOURNEYHelping You Find Your Way Home


CONSIDERATION


Your commitment to this stage of the buyer’s journey is crucial to its overall success. If for some reason you preview a home on your own (an open house, newspaper ad, etc.) –– it is imperative that you keep us in the loop so that we can continue to ensure that your best interests are always fully met.

Determine Neighborhoods Prior to Viewing –– While we will plan an area tour to examine and discuss potential neighborhoods, it never hurts for you to visit the preferred areas at different times of the day and evening.

Clearly Know Your Criteria –– Because our objective is nothing less than total satisfaction, we’re always thinking about what’s best for you. The properties suggested are based on your criteria coupled with area market research. There’s a possibility that we will drive by homes on our property tour that may look interesting from the exterior –– but if it is not on your list, it’s most likely because it was priced too high, wasn’t the right square footage, did not have enough bedrooms, or is under contract. Our experience is to stay focused on the homes that best meet your needs.

If Approached by Other Realtors -–– They will appreciate it if you let them know that you are working with Daytona Fine Homes.

CONNECTING THE PIECES

CONSIDERATION



You’ve narrowed in on a price range. Identified the ideal location. Performed a reality check on your needs and wants. Even received a mortgage pre-approval in writing. Now it’s on to fun part of your buyer’s journey –– let’s check out some homes…

Be Mindful of the Appointments Made –– A great deal of effort goes into coordinating a home tour. Your promptness will help ensure that our time together is productive, as well as informational. Many of the homes we will be viewing are primary residences, and families must make plans to accommodate your visit. Being mindful of their inconvenience is always appreciated.

Wear Comfortable Shoes –– Many homeowners request that we remove our shoes before entering –– along with being comfortable, your shoes should be easy to slip on and off.

Finding a new home is exciting, but it’s also a lot of work and can get somewhat confusing. To help you organize your thoughts and effectively compare properties –– Daytona Fine Homes will provide you with a Buyer’s Journey Package. Your package will be individualized with detailed overviews on each property scheduled, address specific Home Evaluation Worksheets, plus any additional information that may be relevant to your journey. After your tour –– to help us better understand and refine your next adventure, we will review and discuss your observations.

YOUR PERSONALIZED HOME TOUR

CONSIDERATION



A Comparative Market Analysis (CMA) is the strongest tool a realtor can use to estimate the potential market value of a home. As a member of the Board of REALTORS® with access to the Multiple Listing Service (MLS), we develop an investment analysis of comparable properties and marketplace activities specific to your location of interest. Based on the information gathered –– we work with you to determine a reasonable, yet realistic offering price.

Insights and Considerations:

Active Listings –– Homes currently on the market that have not yet received an acceptable offer.

Under Contract –– Homes that have received and accepted an offer provide a strong indication of realistic (and most likely acceptable) pricing in the area.

Sold –– Reviewing the prices paid for recently sold homes less any adjustments for square footage, amenities, and necessary repairs is the optimum indicator in determining market value of a home.

Expired –– Homes that have gone through the duration of a listing period, but failed to sell. Most often it is simply because the home was priced too high.

DECISION


STRATEGIC NEGOTIATIONDevelopment


Requirements When Making Your Offer –– Once you’ve identified the perfect property, we will prepare a FloridaRealtors Residential Sale and Purchase Contract to submit your offer to the seller.

The multi-page document will adequately describe the intended property, specify an offered purchase price, closing date, and any special terms or conditions desired. Because we never rely on an oral agreement or understanding –– your offer will be in writing.

Financing contingencies are frequently incorporated into contracts and usually acceptable when accompanied with the buyers promise to obtain a mortgage commitment letter and an appraisal in a specified timely fashion.

An offer becomes a contract and binding after both parties have signed, initialed all changes, and delivered the offer back to the offerer or the last party who made a modification or counter-offer. While not an absolute, without a good faith or earnest money escrow deposit your offer will probably not be accepted.

Considerations After The Contract Is Executed –– Even though the closing date is weeks away, once the contract is executed, signed, and delivered by both parties –– this is an important time. In most instances, each party has some preliminary performances due under the contract, including some, that if ignored, will render the contract null and void.

As your Buyer’s Agent, it is our responsibility to make certain that doesn’t happen.

DECISION

FROM OFFER TO BINDING CONTRACTRequirements & Considerations



The Seller Must Provide (Where Applicable):

• Property Condition Disclosure• Home Energy Efficiency Disclosure• Deed Restrictions• Title Insurance Policy Commitment• Homeowner or Condominium Association Documents• Lead Based Paint Disclosures, if the property was built before 1978. • Affirmative statements about building permits if the property has

had major renovations• Copy of any leases, rental, and property management affecting the

property not expiring prior to closing• Notice of any claims and/or conditions relating to environmental

problems & building or zoning code violations.

The Buyer Must (Where Applicable):

• Carefully review all items provided in the Seller's Disclosures.• Apply for mortgage financing• Order a home inspection• Review costs, terms and availability of homeowner's insurance

Your Right to Cancel:

If you determine the inspection and any offered resolutions to be unacceptable, you can exercise your option to cancel the contract by providing written notice to the seller before the due diligence deadline date.

DECISION

HELPING YOU FIND YOUR WAY HOMEManaging The Process


Suze Orman, Personal Financial Guru

Hold That ThoughtCall 866.771.5055

LET’S CONTINUE THE CONVERSATION