Home Buyer Guide
Your Home Buying Road Map
What Makes The Mark Z Real Estate Experts Machine Hum?
...surpass the expectations of every client who chooses us...
We operate in a supportive, professional, positive environment that helps each member of our team provide the highest level of service in the real estate industry. This atmosphere allows our team to act on the passion and drive it takes to surpass the expectations of every client who chooses us to help fulfill their home buying or selling goals.
Whether you are looking to sell your property or buy a new home, MARK Z Real Estate Experts offers a dedicated, skilled team of pros with an innovative marketing approach.
Our team of experienced, full-time real estate agents and staff are ready to lead and advise you through the process of buying the perfect home or selling your existing home for the most amount of money in the shortest amount of time.
Your Home Buying Road Map
1.Strategy
- Find a REALTOR you can trust
- Strategic home buyer consultation
- Set up your "Backstage Pass" to the MLS
2.Financing
- Mortgage application
- Obtain pre-approval letter
3.Showings
- Concierge home showing specialist
- View your favorites
- Find your home
4.Offer & Negotiations
- Market analysis
- Write your offer
- Negotiations & counter offers
5.Protection
- Offer accepted
- Earnest money / due diligence
- Inspections
6.Closing
- Appraisal
- Final underwriting
- Title work
- Insurance
- Utilities in your name
- Final walk through
- Close on your home
- Deed recorded
- Get your keys
Your Strategy Starts Here
Every decision in a real estate transaction could save or cost home buyers tens of thousands of dollars in unnecessary expenses.
We look out for 80 different variables involved in your 7-Step Home Buying Strategy
Expert Advice to Setting Your Strategy
Funding your dream
Selecting your dream
Negotiating your terms
Protecting your home
Closing on your home
Your lifetime resource
Expert Advice For Setting Your Strategy
Market Intelligence
- Economic indicators
- Trends analysis
- Interest rates
- Loan programs and qualifications
- Real estate cycles
- Seasonal advantages
- Local market conditions
- Micro markets
- National market conditions
- Absorption analysis
- Inventory of corporate-owned homes
- Inventory of short sales
- Inventory of foreclosures
- Inventory of vacant homes
- Rental housing vacancy rates
- Builder confidence
- Shadow inventory
- Inventory fluctuation
- Rent vs. buy trends
- Market stability
- Knowledge of co-op agent's negotiation strategy
- Knowledge of mortgage options
- Knowledge of insider deals
- Knowledge of appreciation rates
- Knowledge of inventory
Smart Home Buying Strategy
- Determine timing & motivation
- Evaluate needs & wants
- Out-of-pocket expenses
- Financing needs & pre-approval
- Neighborhood & lifestyle
- Quality of life
- Set expectations according to market
- Customized plan
Funding Your Dreams
Extreme Loans
Honest. Fast. Easy.
Company NMLS #: 2025962
29444 Northwestern Hwy, Ste. 100, Southfield, MI 48034
Call (248) 254-4683
Extremely Honest
- Best rates and terms
- Educating buyers with steps to get pre-approved
- Guiding buyers step by step throughout the process
- Relationship-driven team of loan officers
- No surprises!
Extremely Fast
- Loans closed within 14 days
- Same-Day Pre-Approval Process
- Controlling the closing document process directly with the title company
- Instant funding to take loans from clear to close to closing within minutes
Extremely Easy
- Always available
- Easy to use online application
- Qualifying an unqualified buyer
Mortgage Pre-Approval
How much can you afford? Key factors to consider:
The down payment
The interest rate
Your debt-to-income ratio
The closing costs
Down Payment Requirements
| Loan Type | Down Payment | Details |
|---|---|---|
| Conventional | 3%+ | You can put as little as 3% down and as much as you want. Anytime you put less than 20% down, you will have to pay some mortgage insurance. |
| FHA | 3.5% | The lowest traditional down payment program; there is additional mortgage insurance. |
| Down Payment Assistance | $1,000+ | A program for people who qualify with credit and income but do not have enough savings for a down payment. |
| VA | 0% | A special program for military buyers that allows them to put almost nothing down toward the purchase. |
| FHA 203K | 3.5% | A special product that allows you to wrap into your mortgage the costs of repairs or improvements to the home you buy. |
| Investor Loans | 20% | Multiple options, as well as qualification based on rent roll. |
Closing Costs
Closing costs typically range between 3-4% of your mortgage amount. In today's market, it is common to ask for the seller to pay around 2% of the mortgage amount toward your closing costs — this is called "Seller Paid Closing Costs."
Prepaid Insurance
$300 - $1,500
Prepaid Taxes
Up to 6 months
Prepaid HOA Fees
When applicable
Underwriting Fee
$1,500 - $2,000
Appraisal Fee
$450
Closing Fees
< $1,000
$250,000
Your Offer
$5,000
Seller's Contributions
$245,000
Net Offer
Selecting Your Home
Showings
- Select homes of interest
- View your favorites
- Proactively suggest listings that match your needs
- On call "concierge" showing specialist
Right Price — Right Home
- Property type (condo, townhouse, single family, manufactured, multi-unit, investment)
- Preferred subdivisions
- Price range
- Year built (age of home)
- Bedroom / bathroom / garage needs
- Square footage
- Landscape / lot preference
- Floor plan
- Amenities
- ADA disability features
- Appliances
Lifestyle & Neighborhood
- School rankings
- Crime level
- Demographics
- Planned community
- Parks & playgrounds
- Privacy / gated community
- Location of home in neighborhood
- Proximity to: work, restaurants, recreation, public transportation, major roads, entertainment
Managing Risk
- Foreclosures / bank owned homes
- Short sales
- Vacant homes
- City inspections
Types of Home Sale Transactions
Negotiating Your Terms
Position of Strength
- Pre-approval in hand
- Type of financing
- Negotiating with listing agent
- Comparable sales to support offer
- Seller's purchase price per tax records
- Property tax assessment review
- Walk away leverage
Multiple Offer Strategy
- "Dear Seller" letter
- Zero repair allowance
- Increased earnest money
- Escalation language
- Closing date
Seller Concessions & Offer Details
- Seller contribution to buyer's closing costs
- Home warranty
- Inspection repair costs
- Closing date
- Discount / buy-down points
- Ancillary closing costs
- Title policy
- 60 days no payments
- Contract acceptance
- Time line
- Property inspection time line
- Negotiate repairs
Making an Offer
Once we've found the home you wish to purchase, you'll need to determine what offer you are willing to make on the home. After all, you are the one making the payments!
$250,000
Your Offer
$5,000
Seller's Contributions
$245,000
Net Offer
A Note About Multiple Offers
It is important to remember that the more competition there is for the home, the higher the offer will have to be, sometimes even exceeding the asking price. Remember, be realistic, but it all comes down to market value and solid comparable sales. Make offers you want the other party to sign!
Protecting Your Home
Home Inspection
- Eliminate potential surprises
- Preemptive negotiation strategy
- Identify potential "deal killers"
- Walk-away leverage
Home Warranty
- Cover the mechanical systems and major appliances for a year
- Can save buyers thousands of dollars
- Can be paid for by the seller
- Can renew after the first year is up
Future Maintenance Costs
- Heating and cooling costs
- Age of appliances
- Utility costs
- Home owners association dues
- Lawn and landscape maintenance
Lifestyle & Amenities
- Drive time
- Location of hospitals, restaurants, schools, gyms
Recommended: KS Inspections Inc.
Professional Home Inspections — 734-341-8163 — www.KSInspections.com
Inspections
If you are purchasing a resale property, we highly recommend that you have a professional home inspector conduct a thorough inspection. Our Inspector is exceedingly thorough and detailed so as to minimize surprises for you. However, the inspection is not meant to be used to low ball the seller post-price negotiations, as all existing homes have minor imperfections.
The inspection is intended to report on major damage or serious problems that require repair. Your home cannot "pass or fail" an inspection. The inspector's job is to make you aware of repairs that are recommended or necessary.
The Inspection Will Include
Inspection Pricing
| Service | Price |
|---|---|
| 1500 sq ft and less | $350 |
| 1500 - 2000 sq ft | $450 |
| 2000 - 2500 sq ft | $500 |
| 2500 - 3000 sq ft | $550 |
| 3000+ sq ft | Call for pricing |
| Radon Testing | $150 |
| Pest Inspections | $95 |
| Thermal Imaging with inspection | FREE (must request) |
| Thermal Imaging without inspection | $150 |
The seller may be willing to negotiate completion of repairs, or you may decide that the home will take too much work and money and rescind the offer during the inspection period.
Your inspection is a contingency to the purchase agreement and needs to be completed and repairs negotiated within the due diligence date on the purchase agreement, usually a 9-10 day period.
Warranties
Previously-Owned Home Warranties
When you purchase an existing home, you can purchase warranties that will protect you against most ordinary flaws and breakdowns in major mechanicals and appliances for at least the first year you own the home. The warranty may be offered by or negotiated with the seller, or can be purchased by you, the buyer.
New Home Warranties
When you purchase a newly-built home, the builder usually offers a warranty on things such as the quality of design, materials, and workmanship.
Closing On Your Home
Home Owner's Insurance
- Highly competitive rates
- Impacts your monthly payment
Title Company / Closing Attorney
- Quality management of process
- Manage all parties in transaction
- Leverage for getting problems resolved
- Closing on time
- Protecting your interests
- Transferring ownership of property to you
The Final Details
- All documents to lender in timely manner
- Appraisal
- Lender repairs where applicable
- Closing & settlement review
- Potential deal killers
- Transfer of utilities
- Moving into your new home
What to Expect at Closing
Who will be there?
- You the buyer(s)
- Seller(s)
- Buyer's Agent
- Listing Agent
- Closing attorney
- Occasionally your mortgage officer
What will you need?
- Valid government-issued photo ID and a second form of ID
- A cashier's check for your cash to close (your mortgage officer will tell you the amount prior to closing)
What is expected from you?
- Sign a promissory note as evidence that you are personally responsible for repaying the loan
- Sign all title and deed documents putting you as the official homeowner!
Your Lifetime Resource
On-going Real Estate Support
- Post closing questions
- Updated market information
- Helping your friends and family
Trusted Contractors
- Handymen
- Cleaning companies
- Carpet cleaning
- Exterior maintenance
- Painting & remodeling
- Siding / Windows / Decks
Raving Fan Club
- Parties
- Featured giveaways (Thanksgiving Pie, Valentine's Day, etc.)
- Helpful videos
- Market snapshot
- Coupons
- Quarterly giveaways
- Moving boxes
Who We Are
MARK Z Real Estate Experts was built on the notion that the secret to achieving incredible goals and getting true results is to dominate real estate with a team approach. One part-time agent does not have the capacity to cover every aspect of the real estate process. MARK Z Real Estate Experts has many diverse experts excelling at their roles, allowing them to focus on what they do best, at a high level, so our clients receive high level performance and unprecedented results in this industry.
We operate in a supportive, professional, positive environment that helps each member of our team provide the highest level of service in the industry. This atmosphere allows our team to act on the passion and drive it takes to surpass the expectations of every client who chooses us to help fulfill their home buying or selling goals.
Whether you are looking to sell your property or buy a new home, MARK Z Real Estate Experts offers a dedicated, skilled team with an innovative marketing approach.
Our team of experienced, full-time real estate agents and staff are ready to lead and advise you through the process of buying the perfect home or selling your existing home for the most amount of money in the shortest amount of time.
Why Mark Z Real Estate Experts
One Team. One Plan. One Purpose.
MARK Z Real Estate Experts:
- Go above and beyond
- Do what we say we will do
- Deliver prompt communication
- Build and maintain relationships
- Always solutions, never problems
- Deliver excellent service and positive results
Are you looking for Mark Z Real Estate Experts?
- Continually increase yearly home sales
- Invest in professional development and skills training
- Obtain specific certifications for working with buyers
- Seek continuing education classes
- Present a buyer agency disclosure in writing
- Set your home buying strategy
- Full-time transaction coordinators
- Team of expert buyer agents
- Proactive listings suggestions
- Respond promptly
- Available 7 days/week
- Weekly team meetings
- Weekly sales training
Mark Z Has Sold Over 3,500+ Homes
6-8
Avg Agent/Year
419
Mark Z Team 2016
750
Goal 2017
See You at the Closing Table
844-SOLD-BY-Z (844-765-3299)
markz@soldbymarkz.com
markzproperties.com
40020 W 12 Mile Rd, Novi, MI 48377