Marylou Vanslette
Weichert Realtors Hallmark Properties, Inc.
Delivering Service with a Personal Touch...

Marylou Vanslette
Weichert Realtors Hallmark Properties, Inc.
2910 W. Lake Mary Blvd. Ste 201
Lake Mary, FL 32746

Office: 407-227-3621
Fax: 206-600-6907

Email: MVanslette@cfl.rr.com
Marylou Knows Lake Mary!!!

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Real Estate Guide to Buying a Home

Searching for a new home can be exciting but, at the same time, it can be daunting. Your experience will likely depend on how well prepared you are. To help, we've collected the answers to common questions. You will also find advice, plus some questions you'll need to answer for yourself as you go along.

When you're ready, you can turn to a knowledgeable Realtor, like myself, for the helpful service you need to make your dream home a reality.

First Time Home Buyer Program

First Steps

What to do first — Buy or Sell

Buyers' Frequently Asked Questions (FAQ)

Using the Internet

Preparing to Shop with Confidence

Making an Offer

Simplify the Home Buying Process

Inspections

It's All Yours

Real Estate Glossary

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Our First-Time Home Buyers Program is the Key.

As a Weichert First-Time Home Buyer Specialist, I will tell you, it can be as simple as this: If you can afford between $1,500 and $2,000 a month, you can afford a $250,000 to $350,000 home. Weichert can supply a conventional, 30-year fixed rate mortgage or one of many other options to make it happen.

Introducing the Weichert First-Time Home Buyers Program:

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First Steps

"Are you ready to shop for a home?"
Regardless of your individual reason for beginning the journey toward buying a home, we at Weichert, Realtors know full well how daunting the process can seem. That's why we like to begin with an in-person Buyer Consultation. I will help you identify and clarify your requirements for your new home and then give you a good idea what to expect when you proceed with your home search.

I will stay with you every step of the way, diligently searching the current inventory of available homes to find ones that will meet your expectations. He or she will also network in any specific neighborhood you're interested in.

Keep in mind that I can show you any home on the market, even if it's listed with another real estate agency. So if you see a For Sale sign, an ad in the paper or a listing on the Internet you'd like to know more about, I am your best resource for the details you need to decide if a house is worth seeing in person, and I can help arrange that too!

I will also introduce you to our Weichert Gold Services team*, who can assist you with getting a mortgage credit approval now and later provide a host of other services to make your home purchase and move easier.

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What to do First – Buy or Sell

If you already own a home, it's a basic question and the answer is as individual as you are.
Generally speaking, under most market conditions, real estate professionals advise listing your present home and shopping for your new home simultaneously. To consider your own individual needs and circumstances, though, you should talk to your Sales Associate about how fast you need to sell and how long you should expect it to take in current market conditions.

In a robust real estate market, for example, you can assume your home would be more likely to sell quickly. In that case, if you have very specific criteria – like location, size, views, age, etc. which could lead to a time-consuming home search – you should consider finding and buying a home first before you sell your existing home. If necessary, you can make an offer to buy that home contingent on selling yours. On the other hand, if you sell first, you can make your sale dependent on finding a home to buy.

Seasonality can play a role in deciding when to sell – with spring and fall the most popular seasons to put a home on the market. Your agent can also help you consider the effect of factors like interest rates and consumer confidence in the economy. Low interest rates will send you buyers year round. Some may be deterred by unpleasant weather conditions, of course, but it's been our experience that potential buyers who brave inclement weather tend to be very motivated.

I will help you find the solution that's right for you.

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Buyers' Frequently Asked Questions (FAQ)

Q. How many homes should I plan to view and how should I make the final decision?
A. While exploring your needs and wants fully is a good idea for focusing your search and saving time, viewing a number of homes will help you become familiar with what you can expect to get for your money. When you find a home you really like, it's a good idea to go back and look at it at a different time of day. This will give you greater insight into what it will be like living in the home full time.

Q. How can I check my credit rating before I apply for a mortgage?
A. Your credit rating is based on a combined score generated from three credit bureaus who look at your credit history, amount of credit available, and recent inquiries to determine what's called your FICO score. A smart way to go is to have your Weichert Gold^® Services Manager check your rating for you and, if appropriate, suggest ways for you to improve your credit. For a small fee, you can get your score or review your credit report by going online to www.myfico.com or contacting the credit bureaus directly at:

Equifax: (800) 685-1111
Experian: (888) 397-3742
TransUnion: (800) 916-8800

Q. Why should I consider paying points?
A. Buyers often choose to pay a one-time charge called mortgage "points" in exchange for a lower interest rate. Usually paid at closing, each "point" costs 1% of the mortgage amount, or $2,000 on a $200,000 loan. The lower rate reduces the monthly mortgage payment, and points paid in conjunction with the purchase of a home are generally tax-deductible in the year they're paid (see tax advisor). Monthly savings will often exceed what was paid in points in just a few years' time.

Q. What is the purpose of an attorney review?
A. In states where the real estate agent writes the contract, there may be an attorney review period. This specified period allows the attorney to cancel the contract or request it be altered. Both buyer and seller would then have to agree to the revised contract in writing. During this period, either party may void the contract without penalty.

Q. What is title insurance and why do I need it?
A. Basically, title insurance assures that you have clear title to the home you're purchasing. A title search is the primary component of "due diligence," a process that will be started either by your attorney, if you are using one, or by the title company you choose. The title search determines whether the seller actually owns the property and if there are any claims against it.

Q. What happens if the house I want to purchase does not appraise at the amount expected?
A. If the house doesn't appraise at the amount expected, other alternatives are typically found. A second appraisal may be sought, the buyer may be willing to put more money down, the seller may adjust the price or offer other concessions, or the two sides may negotiate to split the difference between them.

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Using the Internet

"Can you get in to visit homes you find?"
You're in the right place to search for a new home. Now that the Internet has replaced newspapers as the number one source, 5 times more people find the home they purchase online than in newspapers*.

Not only can I provide access to my listings and virtually all other Realtors^®, but we make the experience as enjoyable as we can by constantly enhancing and streamlining the search process, as well as by adding helpful tools and relevant information.

I can provide you detailed reports on all homes matching your criteria. You can pull them and view them online anytime to help narrow your home search to only those homes that you really want to view in person.

* 2005 National Association of REALTORS® Profile of Home Buyers and Sellers

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Preparing to Shop with Confidence

"Why secure a mortgage credit approval?"
Since a pre-approval is based on your specific financial situation, it takes the mystery out of what you can afford. Not only will it help you understand which homes to consider, it will give any prospective seller more confidence in your ability to obtain a mortgage. (When multiple buyers are bidding on the same house, a mortgage credit approval can be the deciding factor in whose offer gets accepted.)

The Weichert Gold Services Manager is a financial expert employed by Weichert Financial Services to help you determine the monthly payment you're comfortable with and provide you with a mortgage credit decision before you shop for your home.

A Same-Day Credit Decision!
Using basic information such as your income, debt, assets, and employment history, your Weichert Gold Services Manager is generally able to get you a credit decision within minutes. A Credit Approval Guarantee will specify the actual loan amount, as well as the loan type and term. The approval is subject to an acceptable appraisal of the home you eventually purchase.**

Many financing options to choose from.
Your Gold Services Manager will help you base your decision on whichever loan best fits your situation. Believe it or not, there are over 360 to choose from. For example, if this will be your first home purchase - or if you prefer to put the equity from your current home's sale into other investments - you may want to discuss financing options that don't require any down payment.*** At the very least, you should weigh a fixed rate mortgage vs. an adjustable one.

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Making an Offer

"What's involved in making an offer?"
When you have found the house that meets most of your needs and dreams, you'll probably find yourself getting emotionally involved. You may imagine moving your furniture in, planting flowers, and your first big holiday party. But try not to get too attached prematurely. There are a number of steps you must take before you're holding the keys in your hand, and you need to think clearly and objectively at this point so that the offer you make is a realistic one.

Determining what you should offer.
There are a number of factors that will affect the offer you make. Supply and demand, the condition of the home, how long the house has been on the market, and your personal circumstances with regard to how soon you need to close on a home all come into play when framing your offer.

You might also weigh in the demand for the home and how much you really want it. If you "low ball," some sellers will react with a counter offer; others might dismiss your offer outright. It's particularly advisable to go with your "best offer" if multiple bids are anticipated. Your Sales Associate will advise you on ways to make your offer more attractive: for instance, a mortgage credit approval and flexibility on the closing/settlement date can help make your offer stand out and ultimately close the sale.

Rest assured that I am a neighborhood specialist, well trained in the techniques and complex psychology of negotiation. After helping you think through the issues to determine the best offer for you to make at the time, I am well qualified to negotiate on your behalf with your best interests in mind.

Written offer with deposit.
I will strengthen your written offer by presenting it in person. That way I can use my expertise in describing your case to the seller and negotiate in person on your behalf.

To show that your intentions are serious, it is customary to submit the offer with a deposit. If your offer is accepted, your deposit is placed in a trust account. If not, your deposit will be returned to you.

If the seller counter offers, you may agree to that price and terms, or make your own counter offer. Once you and the seller agree, both sides initial the final price and terms shown on the agreement of sale.

The final contract will specify the items in the home included or excluded in the sale, as well as any additional provisions either side wants to have as part of the contract. Dates for contingencies, such as obtaining financing, are also filled in before the contract is signed.

Additional deposit.
Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. At this time, the mortgage company or your attorney will order a title search and insurance.

Mortgage contingency.
Unless you are an all-cash buyer, as part of your sales contract, you generally will agree to obtain financing within a specified period. This period may be extended with the seller's agreement. If you are unable to secure financing, the contract becomes null and void.

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Simplify the home buying process

"Is there a way to simplify the home buying process?"

Even after the contract is signed and most contingencies met, there are many details to take care of before the house you found becomes the home you own. The Weichert Gold^® Services program* can take most of those details out of your hands and into ours, smoothly streamlining the delivery of mortgage financing, home insurance, title insurance, and even vital home connections services to save you time and make the transition easier.

If you didn't get a mortgage credit approval, obtaining financing should be a top priority so you can meet the date specified in your sales contract. Weichert Financial Services offers some 360 mortgage products, so you're sure to find the mortgage that's best for you. Ask all the questions you like so that you clearly understand what your financing options are. In addition to mortgage financing, the homeowner's insurance and title insurance necessary to complete your home purchase are also offered as part of Gold Services.

Performance Guarantee.
By using Weichert Gold Services, not only do you avoid the inconvenience and uncertainties of shopping for these services on your own, but the program comes with a Performance Guarantee. If slow delivery of any of those three items delays your closing/settlement date by even a single day, Weichert Financial Services will give you a $5,000** savings at closing.

Weichert Home Connections.
In addition to those essential purchase-related services, Weichert Gold Services can simplify the moving-in process, relieving you of many phone calls you'd otherwise have to make to arrange services. Depending on area, the growing array of Weichert Home Connections services can range from moving services to the set-up of phone service. Best of all, there's no extra cost to you for facilitating these services for you.

Home Protection Plan.
If the home you're purchasing doesn't come with a Home Protection Plan, you may want to consider one. After all, breakdowns happen even in the best of homes. The dishwasher or something else goes on the blink – and these breakdowns are not typically covered under homeowners' insurance. A Weichert Home Protection Plan can relieve you of these worries. The plan offers replacement or repair protection for covered major appliances and systems, with qualified contractors only a phone call away, 24 hours a day.

* not available in all areas
**subject to change and to certain terms and conditions; $1,000 in participating Weichert Franchised Offices

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Inspections

"What is involved in a home inspection and is it necessary?"
While only certain inspections are required by mortgage lenders or government mandate, a comprehensive home inspection is considered a wise thing to do when purchasing a home. However, since it is not required, the buyer must pay for it. It is also recommended that at the time of the inspection, you accompany the home inspector so that you can learn firsthand as much as possible about the home you are about to purchase - including such basics as where the main water shut-off is and electrical distribution boxes are.

Mortgage lenders typically require inspections for wood-destroying insects. Inspections mandated by the state or municipality could include: smoke alarm inspection, testing of well water, septic system test, and a certificate of occupancy, all of which are typically paid for by the seller. All other inspections are generally paid for by the buyer and must be done within a specified time frame, as indicated in the contract. Some insurers require inspection of underground oil tanks.

What if the inspections turn up problems?
Few homes are perfect. Some problems may be a matter of simple cosmetics; others may be more serious and call for costly repairs. The good news, however, is that in most cases the seller and the buyer are able to come to terms. You and the seller may decide to compromise, with both sharing the costs of repairs, or the seller may pay for any repairs. Or you may decide that the issue is not important enough to risk losing the home.

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It's All Yours

"What can you expect at the final walk-through & closing?"
The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. It gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract.

Should a problem arise during the walk-through, your Weichert Sales Associate will contact the seller's representative to let him or her know what the deficiency is. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing/settlement. If the seller does not agree to the repairs, your Sales Associate will act as the go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.

When the closing/settlement day arrives, be sure to bring:
1. A certified check for the closing/settlement costs (your mortgage lender or attorney will advise you beforehand)
2. Your homeowners' policy
3. Your checkbook for any miscellaneous costs that may come up

You'll sign the mortgage and many other documents, adjustments will be made for such items as property taxes, the seller will be paid, and you will receive the title or deed and the keys to your new home. Be prepared to sign your name over and over again, but when it's over, it's time to celebrate - you're ready to move into your new home.

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Glossary

Real Estate has a language all its own. Here's some of the terminology you'll be hearing.

Adjustable Mortgage Loans: Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARMs), Flexible Rate Loans, Variable Rate Loans.

Amortization: Repayment of a debt through monthly installments of principal and interest. The monthly payment is based on a schedule that will allow you to own your home at the end of a specific period (e.g., 15 or 30 years)

Annual Percentage Rate (A.P.R.): The A.P.R. shows the cost of the loan expressed as a yearly interest rate. It includes the interest, points, mortgage insurance, and other fees associated with the loan. The A.P.R. is disclosed as a requirement of the federal Truth in Lending statutes.

Buydown: A payment to the lender from the seller, buyer, or third party, or some combination of these, that causes the lender to reduce the interest rate during the early years of the loan.

Buyer's Agent: The licensed real estate salesperson who represents the interests of, and negotiates on behalf of, the buyer of a home or property.

Cap: In adjustable rate mortgages, the limit on how much the interest rate or monthly payment can change.

Closing: The final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed.

Closing Statement: The statement which lists the financial settlement between buyer and seller, and also the costs each must pay.

CMA: CMA, or Competitive Market Analysis, is a comparison of homes similar to a seller's home in terms of size, style, features, and location that have sold recently or are on the market. A CMA is prepared by a real estate agent to help set a home's listing price; it is not an appraisal.

Contingency: Commonly, a stated event which must occur before a contract is binding. For example, a home sale may be contingent upon the buyer obtaining financing.

Deposit: A portion of the down payment given by the buyer to the seller or escrow agent with a written offer to purchase. Shows good faith.

Down payment: Cash portion of the purchase price paid by a buyer from his own funds as opposed to that portion which is financed.

Dual Agent: A licensed real estate salesperson who represents both the buyer and the seller in a transaction at the same time. Also applies to a buyer's agent (see above) when the seller's agent works for the same company. In either case, both parties must provide written informed consent to Dual Agency.

Escrow: A procedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition.

FHA Loan: A loan insured by the Federal Housing Administration, a part of the Department of Housing and Urban Development. FHA insurance enables lenders to make loans to borrowers who might not qualify for conventional mortgages.

Gold Services: Weichert, Realtors® expanding array of one-stop shopping services for real estate-related needs, from pre- to post-move. See full overview in Gold Services section of this web site.

Graduated Payment Mortgage: A mortgage initially offering low monthly payments that increase at fixed intervals and at a predetermined rate.

Every Weichert home comes with a new mortgage so you can buy it.

As long as you're a qualified buyer, our affiliate, Weichert Financial Services has secure mortgage money readily available at near historic low rates.

We will supply a mortgage specialist from Weichert Financial to help you.

According to a recent independent study* assessing the credit standards of the nation's lenders, Weichert Financial Services ranks among the most reliable.

$5000 Performance Guarantee.**

We back up our promise to deliver mortgage money for the on-time closing of your new home purchase.
If you use our mortgage financing, homeowner's insurance, and title insurance services, we will meet your closing date or you will receive a $5,000 credit towards your mortgage-related costs at the time of settlement.
Our interest rates on all kinds of mortgages are near their historic lows - including fixed rate, adjustable, FHA and VA.
I can show you many homes currently available for sale that are in price ranges most appealing to first-time buyers.
You are welcome to contact me any time at 407-227-3621 and I will be happy to address all your questions.

Not sure whether to buy or keep renting? Here are 10 reasons to let me help you take the next step:

Build equity. Over time, homes have always gained in value, so you can expect to get your investment back and typically much more when you sell

1. Tax deductions. Save on taxes based on the interest and real estate taxes you pay instead of letting a landlord get the benefit.

2. Lower payments? It depends on your rent, of course, but if you can afford just 5% down, your monthly payments may actually be less than your rent.

3. Stability. While most landlords raise rents every year, you can choose a fixed-rate mortgage where the payments stay the same.

4. Suiting yourself. When the house is yours, you can fix it up and decorate it any way you want.

5. Receive credit. Money you put down and pay into a mortgage to build equity can be made available to you in the form of a loan or a line of credit.

6. Make it stop. When the term of your mortgage ends, you’ll own your home outright. Paying rent never stops

7. In control. You can choose when to move, instead of being pushed out at the end of a lease.

8. Community. Most homeowners feel a sense of belonging to their neighborhood and town that they just don’t feel as a renter.

9. Personal reasons. You’ll have more privacy and, very likely, more living area. There’s also something very satisfying psychologically to owning your own home

For more helpful information specifically for first-time buyers, just fill out the form below and request your personal Buyer Consultation.

* August 2007 SMR Research Corp.

**Certain restrictions apply; not available in all areas

I would love the opportunity to work with you. Please fill out the information above and I will contact you immediately.

The most important thing when choosing a real estate professional is to find someone your can trust. I have a history of success and integrity in real estate that you can depend on. I am an experienced negotiator with expert knowledge of the local market. You can count on me to always work with YOUR best interests in mind, and to represent you and YOUR wishes to the best of my ability.

Having relocated myself many times, I know the in's and out's of the entire process. I can help you through the entire process and will be there with you until you are settled into your new home!

I want you to be 100% satisfied, both with my service and with your new home. I will involve myself in your home search as much or as little as you like, and will communicate information to you on a schedule and in a fashion that suits you best. My goal is to make every customer a CUSTOMER FOR LIFE, so my job isn't done until you are completely happy and in your new home!

Marylou VansletteWeichert Realtors Hallmark Properties, Inc.Delivering Service with a Personal Touch...