#2

GETTING
YOU

B U Y, I S
OUR

MISSION

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

MISSION & VISION

Our philosophy is clients come first. We pledge to be in constant communication with our clients, keeping
them fully informed throughout the entire buying process. We believe that if you’re not left with an amazing
experience, We haven’t done our job. We don’t measure success through achievements or awards, but
through the satisfaction of our clients.

The Mission Valley Realty Group LLC delivers unmatched expertise and hands-on experience benefiting

our clients, Each client is as unique as the home they are buying. We are focused on building lasting
relationships with clients to continue to be a valuable resource long after the transaction process is over. We
strive to have our clients consider us a complete resource in buying, selling, or investing in real estate.

OBJECTIVES

1. We thrive to find PERFECT home for our clients. Each family has its unique individual needs, our job
is match that needs to the property. Nothing make us happier than to see our clients growing families,
creating happy memories in their dream home.

2. Home buying process can be very frustrating and intimidating for most families as this is the biggest
financial transaction in their life time. We make this process as smooth as possible for our clients, we go
above and beyond to help our clients to go through each step and create wonderful memories for them.

3. With combined 15 years experience in real estate, our expertise not only will help protect clients interest,
it will help to have a smooth escrow transaction.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

Selling a house in today’s market can be challenging – Mission Valley
Realty Group LLC understands that, while the market can be challenging
hundreds of homes are sold each week, in El Paso. What’s the difference
between selling your home or failing to do so? The details! Whether
it’s a proven sales approach, effective marketing campaigns, or utilizing
our extensive network, with us no details are overlooked. We provide the
use of technology and innovation to maximize the exposure of your
house.

We created this guide to help educate you as a seller and empower you
to make the right decisions when selecting the best agent, to market
and sell your house. When we say we are “redefining services in real
estate,” we mean it! Our clients come first. We will educate you on what
needs to be done to have a successful sale of your house. There are
many components to a successful real estate transaction; you can count
on us to be there every step of the process and make sure no detail
is overlooked. With a proven track record, the right skill set, and years
of experience, Mission Valley Realty Group LLC has the right tools to
successfully sell your house. If you’re serious about selling your house
we’re serious about getting the job done!

“Mission Valley Realty Group LLC Guarantee” - if we break our promise
of service, just send us a written notice & we will unconditionally release
you from your list agreement with Mission Valley Realty Group LLC.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

OUR T EA M OF R E A LTO R S

ABNER ESCOBAR ANDREA LINAN ARTURO TORRES

REALTOR® REALTOR® REALTOR®

(915) 346-2828 (915) 539-9918 (915) 316-1045
[email protected] [email protected] [email protected]

VIDAL ADAME DANIEL ASTORGA ISKRA AVILA JOE NAVARRO

TEAM LEADER REALTOR® REALTOR® REALTOR®

(915) 346-2828 (915) 346-8127 (915) 588-3630 (915) 240-4193
[email protected]
[email protected] [email protected] [email protected]

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

O U R T E A M O F R E A LTO R S

ARTURO TORRES ENRIQUE SANCHEZ RITA GUZMAN YUMAIRA HERRERA JUAN SUAREZ
REALTOR® REALTOR®
REALTOR® REALTOR® REALTOR®
(915) 276-4646 (915) 383-9582
(915) 316-1045 (915) 449-7555 (915) 228-6597
[email protected] [email protected]
[email protected] [email protected] [email protected]

RON RANGEL LUIS RAMIREZ STACEY NUNEZ ALMA ANDRADE

REALTOR® REALTOR® REALTOR® REALTOR®

(915)256-2007 915-412-9703 (915) 497-6982 (915) 843-3723

[email protected] [email protected] [email protected] [email protected]

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

ADMINISTRATION &
MARKETING TEAM

BRENDA VARELA CLARISSA RIVERA OSVALDO ESPARZA RICHARD LAZO

ADMINISTRATIVE MARKETING & ADMINISTRATIVE EXECUTIVE
ASSISTANT LISTING COORDINATOR ASSISTANT ASSISTANT

[email protected] [email protected] [email protected] [email protected]

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

ADMINISTRATION &
MARKETING TEAM

“Vidal Adame did an “All we can say about Vidal “He is an amazing agent.
outstanding job listing & is WOW!!! My wife first Vidal was very professional
selling my home. From the encountered him a few years and absolutely honest. Not
beginning he took the time to ago when she was window- rushing us into buying a home
understand his client, to do shopping, and she was so and ensuring we got what
due diligence in his research impressed with his level of we wanted, We had complete
and marketing, to aggressively knowledge that when it came trust in him and he had our
negotiate the sale. An ultimate time for us to purchase last best interest as his number
professional who went above year we went with him. BEST one priority. He ensured we
& beyond to get me what I DECISION EVER!!! Vidal is on understood everything going
needed to purchase...” MORE your side through every step…” in throughout the whole…”
MORE MORE
Iguerra003
DKmartin79 Rhanise

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

HOW TO BUY YOUR FIRST
OR NEXT HOME

Buying a home is one of the most exciting times in any person’s
life. It is an emotional decision as well as a logical and rational
one. Since it is probably the largest purchase of your life, it
requires serious planning.

Researching, planning, and finding the right home could take up
to two years before buying one. It’s best to get all the rational
calculations and plans squared away before you let your emotions
kick into the decision.

This guide will walk you through the 12-step buying process you
need to fully understand and overcome to buy your dream home.
It is critical in today’s new real estate market that you have a clear
understanding of what your long-term goals are regarding home
ownership.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

THE HOME BUYING
STEPS

01 02 03 04
Get
Do Your Research Get Your Finances Choose Your Pre-Approved
& Prepare Well In Order Lender
05
08 07 06
Hire The Right Real
Make The Right Find The Perfect Define Your Estate Agent
Offer Home Dream Home &
Neighborhood 12
09 10
11 Close
Due diligence and Submit Your The Deal
Review Completed Loan Have The Final
Walk Through
Application

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

1. DO YOUR RESEARCH &
PREPARE WELL

1 / Are you ready to be a homeowner?

Once you read the full guide and do your research to find out what it means to be a homeowner, what
the cost of having a home is, and what the process of buying one is, answer this question honestly.

2 / Are you purchasing a new home for the right reasons?
1. Why are you considering purchasing a new home?

Starting a family? Relocating for work? Retiring?

In a need of a bigger/smaller home? Other:

Some people rush into home ownership because they are under some kind of a pressure. Usually,
young people hit thirty, realize they are in a long-term relationship, and rush into this commitment.
Others think that the smartest thing to do is escape the rental system even though this may not be
true.

2. I have been thinking about buying a home for at least a year now. Y N

3 / Are you financially stable? YN
3. I feel relatively secure in my job. YN
4. My current pay should stay about the same or increase. YN
5. My co-borrower (if any) also feels relatively secure with his/her job and pay. YN
6. I’m able to cover any large upcoming expenses (new car, tuition, medical bills). YN
7. I plan to live in my new home for a mid to long period of time (5+ years).

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

1. DO YOUR RESEARCH &
PREPARE WELL - (CONTINUED)

4 / How long you plan to live in your new home?

If you purchase a home and get a job transfer or decide to move after only a short time, you may end up
paying money to sell it. The value of your home may decrease over couple of years, and you will not be
able to cover the costs that you paid to buy the home and the costs that it would take you to sell your
home.

5 / Owning vs. renting

Maintenance, improvements, taxes, and insurance are all costs that are added to a monthly home
payment. If you buy a condo, a townhouse, or a home in certain communities, a monthly homeowners
association fee might be required. Add up all the additional costs that you will face monthly as the new
homeowner.

If you are dreaming about a big yard and all the things that come with owning a single-family home, then
go ahead and buy one. But before you do, prepare yourself for all the additional home maintenance work
that will significantly change your current lifestyle.

8. I want a home that’s mine without restrictions from a landlord. YN
YN
9. I understand I’ll have to pay for repairs and upkeep. YN

10. I understand I’ll have to pay the mortgage, property taxes, insurance, utilities, and YN
homeowners association fees (if any).
11. I understand the value of my home may decrease.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

1. DO YOUR RESEARCH &
PREPARE WELL - (CONTINUED)

6 / Estimate the cost of homeowning $

Property taxes $
Mortgage payment (principal +
interest) $
Mortgage insurance $
Homeowners insurance $
Utilities $
Homeowners association fees (if any) $
Condo fees $
Home and property/unit maintenance $
TOTAL MONTHLY COSTS

12. Estimated monthly homeowning costs are surprisingly high. YN

My Result: Y N

Are there almost all YESes to the questions above? If so, you do understand what it means to be a
responsible homeowner.

Please do your research. By the end of the guide, create a precise estimation of your finances,
including monthly homeownership costs and the buying process costs, to see if buying a home will
fit your monthly budget and how much you need to save first.

Let the journey begin!

USE THIS DETAILED GUIDE TO
BUY YOUR FIRST HOME

The next pages are a road map of the home buying process
and what it takes to become a first-time homeowner. Plan

your every step ahead and ask your real estate agent to
clarify all your doubts.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

2. GET YOUR FINANCES
IN ORDER

Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy?
Is your credit good? While you can always find a lender to lend you money, solid lenders are more
skeptical if your credit history is not good.

Generally, a couple of blemishes on a credit report wont make you a credit risk so you could qualify you
for the lowest interest rates. If you have more than a couple of blemishes on your report, some may still
provide you with a loan, but you may have to pay a higher interest rate and fees.

PAY OFF YOUR DEBTS
Make and execute a plan on how to pay off any debts that you may have before starting a home buying
process.

CHECK YOUR CREDIT SCORE
1. Check your credit card, financial institution, or loan statement. Many credit card companies, banks, and

loan companies have started providing credit scores for their customers. It may be on your statement, or
you can access it online by logging into your account.
2. Purchase credit scores directly from one of the three major credit bureaus or other providers.
3. Use a credit score service or free credit scoring site, like Credit Karma. Some sites provide a free credit
score to users. Others may provide credit scores to credit monitoring customers paying a monthly
subscription fee.

Pay off your debts

Make and execute a plan on how to pay off any debts that you may have before starting a home buying process.

*source: www.creditkarma.com

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

IMPROVE YOUR CREDIT SCORE

1. Pay your bills on time. That sounds simple enough, but if you have trouble remembering this task, consider
setting up email or text payment reminders with your creditors or automatic bill payment.

2. Pay at least the minimum on your credit card bill. Pay more if you can.

3. Keep your existing credit card accounts with a zero balance open. Don’t close these accounts. Having available
credit lessens your credit risk and closing the accounts could decrease your score.

4. Correct errors on your credit report. Look for things like incorrectly listed late payments. Contact the three
different credit rating agencies if you see discrepancies.

5. Reduce your debt. Create a plan to pay off your highest interest rate debts first while maintaining minimum
payments on your other accounts.

HOW TO SAVE FOR A DOWN PAYMENT

1. Savings. Buyers often save regularly for years by reducing expenses, taking a second job, or getting a smaller
apartment if they are renting. Make your plan and start as soon as possible!

2. Gift. If you would accept a gift, you’ll need to get it clearly in writing that the person making the gift has no
financial interest in or obligation toward the property. A bank will not accept it if your gift is really a loan.

3. Special programs. State and local governments offer down payment assistance to homebuyers. Many nonprofit
organizations also offer down payment assistance. Ask your agent about it and contact your bank or your state
housing authority for information on these programs.

UNDERSTAND THE COSTS OF A BUYING PROCESS

First-time homebuyers don’t stop and think about the costs and fees associated with buying a home. None of the
costs or fees are hidden but are often overlooked. Make sure you go through the whole list with your lender and
real estate professional to be sure when and why to expect each cost.

DEPOSIT

A good faith deposit or earnest money deposit is needed when making an offer or having a purchase offer
accepted. The purpose of this deposit is to show that the buyer is serious about purchasing the seller’s home.
This deposit is normally held in the listing broker’s escrow account until closing. The amount a buyer deposits is
subtracted from the total cost they will need at closing.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

6 THINGS YOU SHOULD NOT DO
DURING THE BUYING PROCESS

MAKE LARGE
DEPOSITS THAT
YOU ARE NOT ABLE
TO DOCUMENT.

APPLY FOR NOT
NEW LOANS. PAY YOUR
CREDIT CARD.

CHANGE FALL MAKE
JOBS. BEHIND ON A LARGE
YOUR RENT. PURCHASE SUCH
AS A NEW CAR.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

DO - SET ASIDE AN EMERGENCY
FUND

When you are a homeowner, there are always things that come up - both with the home or other personal emergencies.
So, when you are saving, be sure to save about 5 to 10 percent more so you have an emergency fund.

You may also want to save additional funds for some remodeling, painting, and any other home improvement projects
that you might be considering when moving in.

INSPECTION COSTS APPLICATION COSTS
1. Home Inspection
1. Application Fee. The fee is charged simply
(recommended) for doing business with the potential buyer.
2. Radon Test
3. Pest Inspection 2. Appraisal Fee. This fee is due when you
4. Chimney Inspection apply for the mortgage.
5. Septic Inspection
6. Lead Inspection 3. Credit Report. Lenders will charge for
7. Property Survey pulling a credit report on borrower(s).

DOWN PAYMENT

A down payment is often what buyers think is the total of all costs when buying a home. This is a very
common misconception, and clarification is needed on this. The down payment for a home will vary
depending on the type of financing that is best for the buyer (FHA, conventional, VA) and also the
buyer’s qualifications. The minimum amount required for a down payment for an FHA (Federal Housing
Authority) mortgage is 3.5 percent of the purchase price. The minimum for a conventional mortgage
is 5 percent, and a VA mortgagee is allowed to finance 100 percent of the home, so zero dollars is the
minimum.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

POTENTIAL CLOSING COSTS

1. Recording Fee (documentary stamps). This fee is generally paid to the local county clerk’s office for entering the
sale into the public records.

2. Flood Certification Fee. This fee determines if the subject property is in a designated flood zone.

3. Mortgage Tax Fee. When a buyer obtains a mortgage, state and local governments enforce a mortgage
recording tax to document the transaction.

4. Interim Interest. This interest is due at closing to cover the interest due that will not be collected with the first
mortgage payment. The interest is collected from the closing date to the last day of the month.

5. Points. This is an upfront fee paid to a lender when a buyer gets a loan. Each point equals one percent of the
buyer’s total loan amount. The more points a buyer pays, the lower the rate.

6. Underwriting Fee. This fee is for the review and assessment of the buyer’s mortgage application and documents.

7. Bank Attorney Fee. The buyer is required to pay the bank’s attorney in addition to their own.

8. Title Insurance Lender Policy Fee. This fee protects the lender against problems with title of the subject
property. This policy protects the property but not the buyer’s interest in the property.

9. Title Insurance Owner Policy Fee (optional). This insurance protects the buyer against problems with the title of
the subject property.

10. MIP/PMI Fee (Private Mortgage Insurance). Private mortgage insurance (PMI) or mortgage insurance premium
(MIP) are charged to protect the lender in case a buyer defaults on their mortgage.

11. Notary Fee. This fee is charged for a licensed notary public to confirm and swear to the fact that the person(s)
named in all related documents did, in fact, sign them.

12. Wire Transfer Fees. This fee is due when the lender uses a wire transfer rather than sending a check to fund the
loan; therefore, there is an additional charge for this service.

PREPAID ITEMS

1. Real Estate Taxes. Most mortgage products require a buyer to escrow an entire year’s worth of taxes at closing.
There are situations and products that allow a buyer to pay taxes annually, bi-annually, or quarterly.

2. Homeowners Insurance. Most lenders require a buyer to purchase homeowners insurance prior to closing and
provide the binder to them. This insurance protects the buyer against fire, natural disasters, and other scenarios.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

PROFESSIONALS INCLUDED MOVING COSTS FIXING OR RENOVATING
COSTS
1. Real Estate Buyer Agent. 1. Utility hookup/start fees.
Your agent works on the 1. Hiring professionals like an
commission stated in the 2. Moving service. architect, interior designer,
signed contract and contractor.
3. Other activities related to
2. Real Estate Attorney. A real your move. The further you 2. Construction work and
estate attorney will ensure are moving away, the more materials.
the title, abstract, survey, and cost you will have
other documents are reviewed 3. New furniture, fixtures,
in detail. This can protect a appliances, and home decor.
buyer from future problems.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

3. CHOOSE YOUR
LENDER

*ask Evan about his preferred lender different limitations and requirements. When you finish this stage,
you should walk away knowing the following:
Compare rates and fees 1. How does your credit look?
2. What type of loan can you get?
The best way to compare rates among lenders is to look 3. How much can you afford?
at the annual percentage rate (APR) they charge, not 4. How much cash, if any, will you need to put down?
just the interest rate. The APR typically combines the 5. What’s the plan for paying closing costs?
interest rate and fees, so the higher the APR, the higher 6. Are there any limitations on the type of property you can buy?
the costs.
Common guideline for the maximum monthly
Get prequalified for a mortgage debt you should have, including your new
mortgage payment
At the mortgage prequalification stage, you will find Common guideline for the maximum monthly
out if you can get a loan to buy a home. Each loan has mortgage debt you should have

Identify your price point $
$
Your monthly gross income $
(before taxes)

Multiply your monthly gross
income x 0.36

Multiply your monthly gross
income x 0.28

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

You’ll hear different advice on what you can afford to borrow depending on who you ask, but a good suggestion is
to keep to these limits:

36% DEBTS 31% TAXES 33% EVERYTHING ELSE
US national average
Mortgage payment = 28% Including food, clothes,
other debts like a car loan entertainment, vacations, savings,

= 8% and investments

CALCULATE YOUR MONTHLY MORTGAGE PAYMENT

Use any online tool, such as Mortgage Calculator, to estimate what your monthly mortgage payment could be. Here
is the rough estimation chart of a monthly mortgage payment assuming a 10 percent down payment and a 30-year
fixed-rate mortgage with a 5 percent interest rate.

Home Price 10% down payment Loan amount Monthly principal, interest, taxes, and

$ 100,000 $ 10,000 $ 90,000 insurance payment
$ 150,000 $ 15,000 $ 135,000 $ 804
$ 200,000 $ 20,000 $ 180,000 $ 1,064
$ 250,000 $ 25,000 $ 225,000 $ 1,324
$ 300,000 $ 30,000 $ 270,000 $ 1,584
$ 400,000 $ 40,000 $ 360,000 $ 1,845
$ 500,000 $ 50,000 $ 450,000 $ 2,365
$ 2,886

* source: Crosscountrymortgage.com/Resources/Purchase-Relinance-Resources/

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

4. GET PRE-APPROVED

Pre-approval is the lender’s commitment that you qualify for a particular loan type and amount based on your income and
credit. If everything looks good, the lender will generate a pre-approval letter and a Good Faith Estimate of Settlement
Costs.

Application checklist • Name and phone number of your landlord (if you are
renting) or your current mortgage documents
These are important documents to have when shopping for a home
as they prove to both sellers and their agents that you have the • Divorce decree, if applicable
means to buy their home. These documents are generally good • Credit report and credit score
for 60 to 90 days. To complete the application, you will need the • Information on debts, such as car loans, student loans,
following:
and credit card debt
• Names and addresses of employers from the past two years
• W2 from the past two years At this point the lender will:
• Tax returns from the past two years
• Pay stubs for the past month 1. Take your application
• If self-employed, your business tax returns for the past two years 2. Request supporting documentation.
3. Begin the process of verifying all that data.
in addition to your year-to-date profit and loss statement and
year-to-date balance sheet During this step, you’ll also have the opportunity to lock
• Proof of pension income, if applicable in your interest rate. Many buyers don’t understand the
• Social security and disability payments, if applicable importance of the mortgage rate lock, and skipping it can
• Divided earnings potentially be a big mistake. Make sure that you ask your
• Bonuses lender about rate locks and understand what it means to
• Child support earnings you as the borrower if the lender doesn’t explain it to you.
• Alimony or separate maintenance
• Checking or savings bank statements for the past three months It is extremely important that you stay in constant
• Statements for all your other assets (stocks, bonds, retirement contact with your lender to make sure they have all the
accounts) for the last two months documentation needed. Not providing documentation in
a timely fashion is a surefire way to delay the closing on
your home.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

5. HIRE THE RIGHT REAL
ESTATE AGENT

Will they guide you through the process?
The buying process requires in-depth attention to detail and someone who will guide you past just finding “the one.” Be sure to
choose someone who is able to explain every step of the way, the more informed you are, the more confident you’ll be in your
decision.

Will they be truthful and transparent?
The best agents are those that advise you through the process with honesty, from which contract terms are most important to
whether market conditions are in your favor. As a buyer, you have a lot to think about; the last thing you want is to doubt your
agent’s knowledge or accuracy. We take pride in our honesty, integrity and straight talk, knowing that if any of these traits aren’t
part of your experience, you may get a bad case of the dreaded “buyer’s remorse.”

How to work well with your agent 6. Make all your expectations known at the initial meeting.
7. Set the preferable ways, days, and times of communication.
1. Understand real estate agents work on commission. 8. Set realistic goals and a time frame to find your home.
9. Do not sign forms you do not understand.
2. Read carefully and sign the Buyer’s Broker Agreement 10. Be ready to buy.
and Agency Agreement.

3. Ask about the key real estate vocabulary you don’t
understand.

4. Practice your agent’s open house protocol.

5. Keep your appointments and be on time. If you are
running late, call or text when you expect to arrive.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

6. DEFINE YOUR DREAM HOME
& NEIGHBORHOOD

LEARN ABOUT THE LOCAL REAL At the initial meeting, your agent will explain to you what
ESTATE MARKET the competition between buyers in the current market
environment is. You need answers to these questions:
Learning about the local real estate market that you’re
interested in goes a long way to ensuring you’re 1. What is the current state of the market?
comfortable and confident with the home you’re going to
buy. Understanding what your money can purchase, how 2. What is the absorption rate in the local market?
competitive a market is, how much homes sell for in a
particular neighborhood compared to other areas are just a 3. What are the real estate property tax rates for the local
few things you should learn. market?

CHOOSE THE RIGHT NEIGHBORHOOD*

Carefully select the neighborhood before visiting homes.
Learn about the schools, taxes, crime statistics, and
development plans. You do not want to have buyer’s
remorse a few years later if you chose the wrong
neighborhood. Choosing the right neighborhood may
actually be more important than choosing the perfect
home.

*Due to fair housing law Mission Valley Realty LLC cannot and will not speak on, describe, assume, or explain the demographics,
crime statistics, or anything else pertaining to a neighborhood. The buyer’s information on any and all neighborhoods must and will
be their own responsibility.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

YOUR WISHES VS. NEEDS CONSIDER A HOME RESALE VALUE

Visualize your dream home. Now that you are aware Buying a home is as much an investment as it is
of your financial limitations, it will be much easier to a place to live. One of the factors to consider is
rationally think of what you really need and what you whether the home you are considering can be
can afford. Start with smaller home sizes and fewer resold easily. Top home resale value factors:
features according to your budget.
• Energy efficiencies (appliances, windows and
HOW LONG WILL THE NEW HOME MEET doors, systems)
YOUR NEEDS?
• Laundry room
What features do you require in a home to satisfy • Patio
your lifestyle? Depending on how long you plan to • Garage storage space
stay in your new home, you’ll need to ensure that • Large kitchen
it has the amenities that you need. Will your family • Walk-in pantry
grow five years from now? • Hardwood floors
• Walk-in closet
Could the basement be turned into a den or extra • Updated bathrooms
bedrooms? Could the attic be turned into a master • Smart home system
suite? Having an idea of what you need will help you • Condition
find a home that will satisfy you for years to come. • Privacy
• School district
• Neighborhood infrastructure
• Safety
• Traffic
• Public transportation

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

7. FIND THE PERFECT HOME

ONLINE SEARCH

While the internet has made it easy, it also provides a lot of information that is
unreliable. As you shop for homes for sale, it’s extremely important you’re using the
right resources and websites. The best resource to utilize when shopping for home is
your agent. A top agent can set up a customized website that is tied directly into the
local Multiple Listing Service (MLS), or they’ll have an accurate home search on their
website.

GO OUT AND FIND THE PERFECT TAKE YOUR TIME
HOME
Don’t rush! This is the moment you have
As you search for your perfect home, make been preparing for from the beginning.
a checklist that you can bring to each Everything you have accomplished in the
viewing. When you walk through a home, past months leads to this. So, don’t buy
check off the absolute necessities that are the first or second home you see. You
on your list, and if several are missing, you must visit several homes before deciding
haven’t found that perfect home yet. which one makes you most comfortable
to live in. So be focused, detailed, and
Always keep in mind some of the most rational during your search. When the
common red flags to look for when viewing emotions calm down, you don’t want to
homes. Red flags, such as freshly painted areas regret your purchase.
on a ceiling, amateur workmanship, odors, and
structural issues,are a few to watch for.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

GENERAL GUIDELINES ON BUILDING A HOME TOUR SCHEDULE

GENERAL GUIDELINES ON BUILDING A HOME TOUR places, ideally, we’d like to start scheduling those 3-4 days in
SCHEDULE advance. The more notice we have the better chance we have of
building a schedule that meets our needs.
Most viewing occurs between 10a-7p Mon-Fri and 9a-5p Sat
and Sun. Once a schedule is built, we will email you the list of homes we’ll
be seeing and the times for each one.
On average we schedule viewings in 15-30 minute blocks, so
you can see 2-4 homes an hour. The fluctuations will depend As we hone in the search we’ll start reacting faster. If a special
on the distance between properties and the type of property. home hits the market that morning, it’s okay to try and see it that
A single family will require more time than a 1 bed condo. We’ll evening or the next day.
max out at 6. After the fourth property you’ll start to forget
what you’ve seen or mold properties together in your mind. As we work through showings, the goal should be to cast a smaller
During the week, unless you have a day/afternoon off we’ll and smaller net as we focus on the home that is right for you.
most likely be seeing 1-3 properties, again depending on your
availability. According to research by the National Association or Realtors, a
buyer on average sees 10 homes before making an offer. Every
We will be diligent about sticking to the schedule and it’s buyer is different in what they need here. We have found that if a
imperative that you are on time to start the tour. The reason buyer has seen 20 homes and was not compelled to write an offer
for this is at least half of the viewings we will be accompanied something is off on the approach. We’ll then set up a time to sit
by listing agent. They are on a tight schedule as well, so if we down and review what we’ve seen and come up a new plan.
are late, they may have to leave, and we’ll miss the showing. If
we love a place and the opportunity allows it we’ll schedule a We’ve found that 1.5 month of active shopping is ample time to
second viewing to spend more time. explore all the homes that meet your parameters. If we find that
there are 100+ homes that meet your search criteria, we’ll most
We can meet at the first property and drive together from likely want to hone in a bit more on what is the right home for your
there, we can pick you up beforehand, OR you can drive needs.
separately and follow between showings.
It’s completely fine to tour any and all open houses. Just be
If we are shooting to build a weekend schedule of 6 or so wary of giving your information. If you do, stipulate that you are
working with an agent, otherwise be ready to be bombarded with
solicitations.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

BUYER ETIQUETTE RESEARCH EACH POTENTIAL HOME MORE
CLOSELY
During the home viewings, stay polite and don’t
get into unpleasant discussions with the seller. Save If you think you have found your dream home, make
your comments for your agent later. While in the sure you research it fully. Find out what the taxes are,
seller’s home, behave and be courteous. whether there are any easements or property boundary
issues, and if there are homeowner association rules
Refrain from making negative comments. The seller that you cannot live with. Ask for the utility bills so you
may be within earshot when you visit the home. can analyze the true cost of ownership.
It is likely that you may not care for some aspect
of the home whether it is something structural When analyzing the home itself, think of what you can’t
or decorative. The last thing you want is for the change - location, size, distance from neighbors - and
homeowner to hear you and feel slighted, especially make a list of what can be improved and personalized
if you eventually end up in a negotiation with them. considering your budget - room organization (partially),
decor, outdoor area, systems, appliances, and fixtures.
Watch your children. It is best to shop for a home
without them. However, there are times when you If you commute to your job, figure out if it will be
have nobody to watch them, and they have to come difficult from this potential home. Get to the home early
along. Make sure they are on their best behavior in the morning and drive to work from there to see
and are not getting into the homeowner’s personal whether it is an easy commute during rush hour.
things.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

8. MAKE THE RIGHT »
OFFER

It is okay to make offers that are below the asking price, but the offer still needs
to be realistic. If you low-ball, you may not get a counteroffer. If you really like the
home, you should make a fair offer that the sellers can work with. Be creative in
finding ways to get the home you want at an acceptable price.

There are many parameters and deadlines that you’ll also include in your purchase
offer so make sure to discuss the offer price with your agent, who will highlight all
those critical issues.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

YOUR PRICE OFFER SHOULD

BE BASED ON:

1

Agent’s

comparative

market analysis

6 2Condition

Closing date of the home

and requirement

of home

OFFER improvements

by seller

PRICE Home’s

compliance

Down payment with the building

5 amount What you 3permit and

regulations

can comfortably

afford based on your

prequalification

4

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

THE SELLER’S PRICE MAY BE TOO HIGH IF: 7. Make an all-cash offer or show that you’ve been
pre-approved.
1. The home has been on the market for an
extended period. 8. Provide an attractive earnest deposit with the
offer.
2. The listing price has been dropped.
3. Prices of similar homes are much lower. 9. Make an offer that still gives you room to negotiate
4. The neighborhood lacks strong schools your price.

and other social amenities and is not highly 10. Do your research on the home. Check your dream
maintained. home checklist and home inspection checklist.
Estimate the amount that needs to be invested
NEGOTIATING THE PRICE into fixing or renovating the home before moving
in, inclusion of furniture, fixtures, and appliances,
Negotiating the price is usually the most complex other costs that may occur during the closing,
aspect of buying a home. That’s why it’s important etc. Only the exact numbers, stats, and inspection
to have an experienced and savvy buyer’s agent reports can be realistic negotiating tools.
who has successfully worked through many
different transaction scenarios. To present yourself 11. Try to understand and respect the seller’s
as a serious buyer, follow these directions: priorities.
5. Keep your emotions in check.
6. Make it clear that you’re not dependent upon 12. Be willing to compromise. Remember, you need a
win-win strategy to get the home you like.
selling in order to buy.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

9. DUE DILIGENCE AND
REVIEW

Once you are in contract we will spend approximately 3
Weeks performing Due Diligence on the property with
inspections and various reports

While in contract we will coordinate with your Lender and
Attorney to meet any deadlines needed per the contract. I
will be there every step of the way!

Time Frame: 30-45 days out from Closing Day

Simultaneously, the attorney you hire works with you to
review the appropriate documents for the transaction.
Some of the documents include various association
documents, the contract between parties, and title. After
reviewing documents and seeing the Due Diligence report,
the attorney then sends their letter to the selling side to be
reviewed.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

10. SUBMIT YOUR COMPLETED
LOAN APPLICATION

After the inspection period is completed and any necessary negotiations are made, the next step to buying a home is to complete the
formal mortgage application with the lender.

FULL LOAN APPLICATION CHECKLIST: BANK APPRAISAL:

At this point, you are pre-approved. The lender waits to receive a While formally applying for the mortgage, a buyer will provide
contract for a particular property to start working on getting a full payment for the bank appraisal. A bank appraisal is performed by
loan commitment. a third party who’s hired by the lender to perform an evaluation of
the subject property.
1. Contract on property
2. Appraisal on the property A bank appraiser’s primary responsibility is to determine that the
3. Inspection report in some cases sale price that a buyer and seller have agreed to is fair for the
4. Updated paycheck stubs for the months before closing current market and to ensure there are no safety issues with the
5. Bank account numbers and balances home.
6. Bank statements for two to three months
7. A copy of the earnest money deposit Repairs resulting from the appraisal must be completed and
re-inspected prior to the lender approving the funding for the
Pre-approval is the lender’s way of saying they are willing to loan borrower.
this person X amount of money. It now depends on the home
you want to buy. The appraisal and, in some cases, the inspection HOMEOWNERS INSURANCE:
report of the property will determine if the lender can make a full
loan commitment to the buyer. In other words, are they loaning All lenders will require that you buy homeowners insurance,
on a good investment? If the buyer defaults and the lender has which covers the cost of repairing or rebuilding the home in case
to take the property back, can the lender resell it for the amount of damage or catastrophe. Contact an insurance company to
they loaned? determine what information they will need to ensure the home
and obtain an estimate of its costs. Proof of adequate insurance
coverage will be needed before your loan can close.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

11. DO THE FINAL
WA L K T H R O U G H

Once a closing date and time are set, your final
walk-through should be performed. It is the buyer’s
right to walk through the home one last time to
ensure things are like they were when you wrote the
purchase offer.

The final walk-through also provides you the
opportunity to make sure any repairs that were
agreed upon from any inspections have been
completed. Don’t be afraid to test the HVAC system,
plumbing, and lighting one last time, and take the
final meter readings for utilities just in case there are
any discrepancies after the closing.

If something at the final walk-through is not
satisfactory, it’s critical you inform your attorney
immediately so that a resolution can be made before
the closing.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

12. CLOSE THE DEAL

At closing, you’ll be signing quite a few
documents that finalize the sale of your
new home. If you’re buying a home
in a state where attorneys handle real
estate closings, your attorney will be
ready to explain the documents you
need to sign.

Once all the documents have been
signed, if the purchase offer indicated
you’d receive possession at closing,
you’ll receive the keys to your new
home.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

Congratulations

YOU ARE A HOMEOWNER!

After completing all 12 steps, you will become the proud homeowner.
All the hard work and stress you have gone through will pay off, and the

new adventures will begin!

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

FINANCING YOUR HOME

DOCUMENTS NEEDED FOR PRE APPROVAL DO Do Not

1003 (Customer Application) Credit Report (Within
60-Days)

Paystubs (Covering 30 Days) Proof of Funds (2 Months Educate yourself about the home Make large deposits, withdrawals,
Bank Statements) buying and home financing transfers or financed purchases.
process, making sure that you If you must, then save the
2-Years W-2’s 2-Years Federal Tax meet your short and long-term documentation itemizing these
Returns (Unless W2 Only) financial goals. transactions.

Copy of AUS Findings (DU/LP)

WHAT IS YOUR MONTHLY PAYMENT MADE OF? Stay in your job so your Allow your bank accounts to go
mortgage lender can verify your in the negative, even if you have
current employment status. overdraft protection.

Principle and Interest HOA Dues Stay current on all your
payments, including payments
Tax/Insurance Mortgage Insurance for your mortgage, automobile, Apply for new credit or give your
credit cards, student loans, and personal information to anyone
any other debt. else who might run your credit,
which can hurt your credit score.

= Estimated Monthly Payment Make sure to organize key
documents, including check
stubs, W-2s, tax returns, bank Close credit card accounts after
and investment statements, etc. you’ve paid them off.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

MEET YOUR HOME PURCHASE TEAM

THE REAL ESTATE AGENT THE INSURANCE AGENT

One of the most important key players in the home Before any lender will fund your loan, they will
buying process is the real estate agent. The real need to see proof of your homeowner’s insurance
estate agent’s job is to listen to your needs, and help policy. Your insurance agent will ensure that you are
you find exactly what you are looking for in a home. completely covered to your lender’s standards.
For most people buying a home doesn’t happen
every day, but real estate agents handle these THE HOME INSPECTOR
transactions all the time, so take advantage of their This person will inspect the home for damages
knowledge and experience. or issues that need to be fixed; could be mold,
pests, structural damage etc. This step is critical
THE LOAN OFFICER because the outcome of the inspection will
determine whether you move forward with the
The loan officer you work with will be responsible to transaction, or stop and re-evaluate the terms of
help you attain the best possible rate and terms on the sale.
your mortgage. They will help you get pre-qualified,
which will determine how much you can borrow, and HOME WARRANTY TEAM
how much home you can afford. Before you make Choose the right home warranty company as
final decisions, they will explain all loan options. well as the right warranty plan is important.
In California, it is common practice to have
THE TITLE OFFICER & SETTLEMENT AGENT the seller to pay for the buyer first year home
warranty. The price is ranging based on the
In MOST cases, these two people work for the same type of the home and size of the home that you
company, and although many believe that their purchase. Typically it is between $500 to $1,200.
roles are one in the same, their duties are different. It is important to purchase upgraded home
The title officer deals with issues relating to the warranty as the coverage has more broader
title or deed of the home. A settlement agent is an range. Make sure to keep your home warranty
objective third party that is involved in the real estate plan in the kitchen drawer or somewhere it is
transaction. easy to remember. Because this might come in
handy when all of sudden your kitchen oven is
not working or there is leak under the sink.

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

O: 915.228.3041

[email protected]

1613 N. ZARAGOZA RD. #205
EL PASO, TX 79936

®

LATINO AGENTS &
MORTGAGE ORIGINATORS

W W W. M I S S I O N V R E A LT Y. N E T

WWW.MISSIONVREALTY.NET