HOME BUYERS WORKSHOP PARTICIPANTS: Lynn Bell, Barbara Klein, George - - PowerPoint PPT Presentation

HOME BUYERS WORKSHOP

PARTICIPANTS: Lynn Bell, Barbara Klein, George Garcia, Lauren Baxter

INTRODUCTION

HOME BUYERS WORKSHOP PURCHASE CONSULTANT ROLE FACULTY STAFF HOUSING ROLE

HOME BUYERS WORKSHOP

PRE-QUALIFICATION

HOME BUYERS WORKSHOP NOTES

NOTES:

• Home Selection Appointments

begin on September 19th

• Your appointment is scheduled by the Purchase

Consultants based upon your lottery ranking

• Home Site will be updated throughout the day as

homes/condos are selected.

• Faculty Staff Housing will provide the Purchase

Consultants with Homebuyers Affordability details so that they can assist you in your home selection.

NOTES:

• Complete the Prequalification Form provided by FSH

(Faculty Staff Housing) so that they can begin reviewing your financials and provide you with purchase price range.

• Call FSH to schedule an appointment before your

home selection apppointment.

• Try not to add any new credit card or installment loan

debt to your credit during this process.

HOME SELECTION APPOINTMENT

HOME BUYERS WORKSHOP NOTES:

• Home Selection Appointments begin on September 19th

and continue through November 2nd.

• Your appointment is scheduled by the Purchase

Consultants based upon your lottery ranking.

• You’ll receive a confirmation of your appointment shortly

via email.

• The University Terrace Interactive Map will be updated

throughout the day as homes and condos are selected.

• FSH will provide the Purchase Consultants with the

Homebuyers Affordability details so that they can assist you in your home selection.

• The initial deposit is $1,000 at Home Selection and $4,000

at Contract Execution. Remainder of down payment will be due at close of escrow. This will total 10% of the purchase price

PURCHASE AGREEMENT & DISCLOSURE

HOME BUYERS WORKSHOP NOTES

• Discussion and review of the Purchase Agreement and

Disclosures will be covered at a future workshop.

• The following disclosures will be discussed and

reviewed in advance of your contract signing. § Purchase Contract § Public Report § Sellers Disclosure § Side Yard Easement § Real Estate Agency Relationship § California Earthquake Hazards Report § California Energy Conservation § California Natural Hazards Disclosure Report § ADA Accessibility Checklist § Covenants, Conditions & Restrictions § Bylaws § Articles of Incorporation § Rules & Regulations § Association Budget § Floor plan and Parking Plat § Subordination Agreement § Non-Adversarial Procedure (SB-800) § Tax Disclosure Report § Utility Turnover Acknowledgement § Insurance Requirements § Move In/Out Procedures § Etc.

CLOSING PROCESS

HOME BUYERS WORKSHOP NOTES

• Preparation of your personal documents is necessary

for a smooth closing process.

• Loan Application will be prepared 60 days before the

close of your home. Paychecks, Consulting Agreements, Child Support, Alimony, W-2’s, Working Spousal Income, Tax Returns (2 years), Credit Card Debt (4% of current balance will be used as your monthly debt). § Commercial lenders will not loan on this project. FSH has provided a list of pre-approved lenders who will lend on this project. § If a homebuyer has been approved for a home purchase not on a restricted lease through the University you’ll have to requalify for a home at University Terrace as the property taxes will be different. § If you’re able to pay off your credit cards in advance

• f this process it will reduce your overall debt picture.

MISCELLANEOUS

HOME BUYERS WORKSHOP NOTES

§ Do you need to have an attorney or real estate agent review your contract and disclosures? This is up to you.

• Will the property be in the name of only faculty or

both the faculty and spouse. The property will be in the name of the faculty member only. The

• spouse. Because of California Law, has a

community interest.

• Rules & Regulations may be added or re-

evaluated in the future as needed by the members of the Association.

• Future workshop topics to include: Review of

Purchase Agreement & Disclosures, Insurance & Taxes, HOA Ownership & Management, Home Affordability, Home Improvement Details, Backyard Landscaping Costs & Ground Lease.

• Warranties: 1 year fit and finish warranty,

Construction Defect 10 Years. Homebuyers will be given the opportunity to walk through their homes in advance of closing toidentify any issues that can be resolved by construction in advance

• f closing.
• Refrigerator, Washers and Dryers are not included

in the purchase of the homes at University Terrace.

Q&A

HOME BUYERS WORKSHOP NOTES

§ Property Taxes will be calculated on the full market value of your home or condominium. § Earthquake insurance is required for all Single Family

• Homes. Condos, have it included in HOA dues.

§ Property Taxes may be deductible § Market fluctuations are a relevant point for any property purchase. The University does not guarantee any future property value. Just like in full market rate homes, there is a natural variability based upon a number of market conditions. § Ownership of a condo may or may not preclude you being able to purchase a home at the University in the future. § The faculty member and spouse should be present at Contract signing.