Buyers Guide

Buyer's Guide

Steps to Buying a Home

About the Company & Team:

Nick Bova, Associate Broker/ Realtor

● A tradition of excellence for more than 18 years

● One of the top 50 real estate firms nationally
● Member of:

RAMP- REALTORS® Association of
Metropolitan Pittsburgh ➜ Local

PAR- Pennsylvania Association of Realtors® ➜ State
NAR- National Association of Realtors® ➜ National
● Residential real estate expertise is a company hallmark
● Customer-focused attitude
● Your Trusted Source for Western PA & Eastern Ohio Real Estate
● “The areas LEADING real estate company”

“Customer” VS. “Client”

Buyer Customer (Functionary) Buyer Client (Fiduciary)

Buyer Receives the Following Buyer Receives the Following
from Buyer’s Agent from Buyer’s Agent:

1. Honesty to all parties. 1. Honesty to all parties.
2. Lower level service. 2. Higher level service for Buyer.
3. If sub-agent, loyalty to Seller. 3. Complete loyalty towards Buyer.
4. No loyalty (tells Seller all they know about 4. Focus on Buyer’s needs and interests.
Buyer.) 5. All information known about the Seller.
5. No confidentiality for Buyer but keeps Seller’s 6. Confidentiality of all Buyer’s information.
information confidential 7. Professional advice and counsel.
6. Focus on helping Seller get what they want. 8. Market data interpretation for complete
7. Only material facts. understanding of the current market.
8. Support for Seller’s listing price. 9. Strategic negotiation planning for Buyer
9. Protection for the Seller. 10. Professional assistance in understanding
10. Negotiating on behalf of the Seller. options, and the pros and cons of each
11. Problem-solving for the Seller. option.
12. Minimum legal and ethical responsibility 11. Negotiating on behalf of Buyer with Seller
towards Buyer. and/or Seller’s agent/broker.
13. No involvement in Buyer decision-making. 12. Maximum legal responsibility.
13. Buyer decision-making counseling.
14. Professional assistance in identifying
potential

properties that meet Buyer’s criteria.
15. Professional assistance in evaluating

properties based on Buyer’s criteria.
16. Professional effort to close the
transaction on

Buyer’s terms and conditions.
17. Professional assistance with contract

contingencies.
18. Professional assistance in protecting
Buyer.
19. Professional assistance in managing
Buyer’s risk.

Net: A Buyer Client receives better advice and counsel, a higher level of professionalism, complete loyalty, better
protection, superior negotiating, and full skill utilization from the Buyer’s Agent vs. a Buyer Customer. For the best
results, it is in the Buyer’s self-interest to require the Buyer’s Agent to commit to the Buyer via a Buyer Representation

Agreement.

Fiduciary Duties

➝ A fiduciary is a person/business who is legally responsible to
act in the best interest of their clients

Here’s a list of the fiduciary duties that I as a real estate professional owe to you, my client:

Preferred Client Interview

Client Name(s): _______________________________________ Phone: __________________
Email Address(es):______________________________________________________________
Are you currently under contract with another Realtor®? Yes No

If Yes, Agent’s Name: ________________________ Brokerage: __________________
How long have you been thinking about moving? _____________________________________
What location(s) would you like to live in? __________________________________________
_____________________________________________________________________________
What type of neighborhood are you interested in? Suburban City Rural
What Style of home would you prefer? Ranch Split Multi 2 Story Other
Number of bedrooms? __________ Bathrooms? ____________ Garage(s)? _______________
How much would you like to spend on your future home? $____________ to $_____________
Have you looked at other homes in person already? Yes No I have searched online
Do you currently own or rent? ____________ When do you need to move by?_____________
How long have you lived in your current home? ______________________________________
What do you like best about your home? ___________________________________________
Would you need to sell your present home in order to purchase one? Yes No
What features are most important in your next home/area?____________________________
_____________________________________________________________________________
What is the most important to you? Price Timing Convenience
Have you been pre-qualified/pre-approved by a lender for a mortgage?

Yes Where? ___________________ Loan Officer’s Name _______________________
No Would you like to have a West Penn Financial Representative call you? Y___ N___

MLS Portal

❧ Your personal property search with map, updated in real time.

❧ Mark properties as favorites, possibilities or get rid of them all
together!

❧Linked directly with the MLS, your account will show you everything
that is currently on the market!

❧ Differentiates between Active, Contingent, Under Contract and Sold
homes, unlike sites like Zillow, Trulia and other sites.

Lender Documentation Checklist

* Your lender may provide you with this list, but it’s best to have the documents ready!

Provide clear, legible copies of the following:

Government issued Photo ID with signature (e.g. drivers license, passport, military ID card)

Copy of Social Security Card

Copy of Homeowners Insurance Declaration page (After you find home and get quote)

Purchase Documents (from Agent)

Copy of Executed Sales Agreement
Copy of Hand Money Check

Income (from Borrower/s) Covering the most recent
Wage Earner

Pay Stubs 30 days

W-2s 2 years

Tax Returns 2 years

Self Employed/Commision Employee

Business license 2 years

Business 1040’s and schedules 2 years

Retired (Social Security, Pension, Disability)

Award/Benefit letter for SSI disability, current amount and continuous

Must show that funds will continue for the next 3 years

Assets Using Covering the most recent
Account Statements (All pages)
2 months
Checking, Savings (ALL pages)

Pension, 401k, investment funds

Lenders/ Loan Officers

* You may choose any lender you like but here’s a few that are highly rated by our clients!

Matt Duran
Holland Mortgage Advisors
412-715-1502

Jess Lyons
Lyonsgate Funding LLC
724 816-0571

Matt Socol
West Penn Financial
412 638-0815

Nicole Grimm
Movement Mortgage
724 601-3059

The Home Buying Process:

Touring Properties

Property Statuses:
Active – No offers have been accepted. Actively for sale!
Contingent – An offer has been accepted by the Seller and they are working on satisfying
all terms (Financing, Inspections, Appraisal, Repairs, Title Search, etc.) Could still possibly
‘fall apart’ and return to Active. Backup offers are a possibility.
Under Agreement – All terms and conditions have been met by both Seller and Buyer;
both parties are simply waiting for closing to occur.
Sold – The transaction has successfully closed; ownership has passed over.
Expired – The property did not sell in the timeframe the listing contract was valid.
Withdrawn – The listing was removed from the market. (Various reasons.)

Showing Options:
Vacant - We may visit the property at any time the lockbox is active; no appointment
necessary.
Call First – Requires us giving the listing agent a “head’s up” and make contact in
advance.
Appointment with Listor - We must schedule and receive confirmation for a viewing at a
specific time with the listing agent.
Appointment with Owner/Occupant – We must schedule and receive confirmation for a
viewing at a specific time with those living in the property.

Other – We need further details from the listing agent

Property Fact Sheet

Making an Offer!

There is a lot more to an offer than just the price:
Price—Almost always the single most important factor to
both buyer and seller.
Earnest Money—The check you write when we submit the
offer. Typically between 1%-2% of the Sales Price.
Type of Financing and Lender—Not all loans are created
equal, nor are all lenders.
Dates—Inspection, contingency, closing dates, etc.
Terms—Anything extra that we are negotiating within the
agreement of sale.
Contingencies—Protective clauses for either buyer or
seller.

Necessary Vendors

Mortgage Companies – Lend the money to the Buyer.

Home Inspectors – Compliance with regulations on habitability.

Appraisers – Prepare report on value to protect the lender and Buyer.

Insurance Companies – Protect you against flood, injury, claims, theft, etc.

Home Warranty Companies – Protect both the Seller and Buyer from major

defects such as roof, furnace, appliances, etc.

Title Companies – Research and prepare clear title to the property.

Termite Companies – Inspect home for presence of pests and damage.

Repair Contractors – General repairs, painting, glazing, furnace, A/C, plumbing,

etc



Find Your Answers to Home Inspection Cost
and Home Inspection Service Questions

Frequently Asked Questions on Home Inspections

What is a home inspection?
What does a home inspection include?
Why do I need a home inspection?
How much will it cost?
Why can't I do it myself?
Can a house fail inspection?
How do I find a home inspector?
What is ASHI?
Who belongs to ASHI?
When do I call a home inspector?
Do I have to be there?
What if the report reveals problems?
If the house proves to be in good condition, did I really need an inspection?

What is a home inspection?
A home inspection is an objective visual examination of the physical structure and systems of a house, from the
roof to the foundation.

What does a home inspection include?
The standard home inspector’s report will cover the condition of the home’s heating system; central air
conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible
insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.
The American Society of Home Inspectors (ASHI) publishes a Standards of Practice and Code of Ethics that
outlines what you should expect to be covered in your home inspection report.

Why do I need a home inspection?
Buying a home could be the largest single investment you will ever make. To minimize unpleasant surprises and
unexpected difficulties, you’ll want to learn as much as you can about the newly constructed or existing house
before you buy it. A home inspection may identify the need for major repairs or builder oversights, as well as the
need for maintenance to keep it in good shape. After the inspection, you will know more about the house, which
will allow you to make decisions with confidence.
If you already are a homeowner, a home inspection can identify problems in the making and suggest preventive
measures that might help you avoid costly future repairs.
If you are planning to sell your home, a home inspection can give you the opportunity to make repairs that will
put the house in better selling condition.

What will it cost?
The inspection fee for a typical one-family house varies geographically, as does the cost of housing. Similarly,
within a given area, the inspection fee may vary depending on a number of factors such as the size of the house,
its age and possible optional services such as septic, well or radon testing.

Do not let cost be a factor in deciding whether or not to have a home inspection or in the selection of your home
inspector. The sense of security and knowledge gained from an inspection is well worth the cost, and the
lowest-priced inspection is not necessarily a bargain. Use the inspector’s qualifications, including experience,
training, compliance with your state’s regulations, if any, and professional affiliations as a guide.

Why can't I do it myself?
Even the most experienced homeowner lacks the knowledge and expertise of a professional home inspector. An
inspector is familiar with the elements of home construction, proper installation, maintenance and home safety.
He or she knows how the home’s systems and components are intended to function together, as well as why
they fail.

Above all, most buyers find it difficult to remain completely objective and unemotional about the house they
really want, and this may have an effect on their judgment. For accurate information, it is best to obtain an
impartial, third-party opinion by a professional in the field of home inspection.

Can a house fail a home inspection?
No. A professional home inspection is an examination of the current condition of a house. It is not an appraisal,
which determines market value. It is not a municipal inspection, which verifies local code compliance. A home
inspector, therefore, will not pass or fail a house, but rather describe its physical condition and indicate what
components and systems may need major repair or replacement.

How do I find a home inspector?
You can ask friends or business acquaintances to recommend a home inspector they have used. Or, you can use
the Find An Inspector search tool for a list of home inspectors in your area who belong to the non-profit
professional organization. To have a list mailed to you, call 1-800-743-ASHI (2744). Also, real estate agents and
brokers are familiar with the service and may be able to provide you with a list of names from which to choose.

Whatever your referral source, you can be assured of your home inspector’s commitment to professional
standards and business ethics by choosing one who has membership in ASHI.

What is ASHI?
Since 1976, ASHI has worked to build consumer awareness of home inspection and to enhance the
professionalism of its membership. The ASHI Standards of Practice and Code of Ethics serves as a performance
guideline for home inspectors, and is universally recognized and accepted by many professional and
governmental bodies.

Who belongs to ASHI?
ASHI is an organization of independent, professional home inspectors who are required to make a commitment,
from the day they join as ASHI Associates, to conduct inspections in accordance with the ASHI Standards of
Practice and Code of Ethics, which prohibits engaging in conflict-of-interest activities that might compromise
their objectivity. ASHI Associates work their way to ASHI Certified Inspector status as they meet rigorous
requirements, including passing a comprehensive, written technical exam and performing a minimum of 250
professional, fee-paid home inspections conducted in accordance with the ASHI Standards of Practice and Code
of Ethics. Mandatory continuing education helps the membership stay current with the latest in technology,
materials and professional skills.

When do I call a home inspector?
Typically, a home inspector is contacted immediately after the contract or purchase agreement has been signed.
Before you sign, be sure there is an inspection clause in the sales contract, making your final purchase obligation
contingent on the findings of a professional home inspection. This clause should specify the terms and
conditions to which both the buyer and seller are obligated.

Do I have to be there?
While it’s not required that you be present for the inspection, it is highly recommended. You will be able to
observe the inspector and ask questions as you learn about the condition of the home and how to maintain it.

What if the report reveals problems?
No house is perfect. If the inspector identifies problems, it doesn’t mean you should or shouldn’t buy the house,
only that you will know in advance what to expect. If your budget is tight, or if you don’t want to become
involved in future repair work, this information will be important to you. If major problems are found, a seller
may agree to make repairs.

If the house proves to be in good condition, did I really need an inspection?
Definitely. Now you can complete your home purchase with confidence. You’ll have learned many things about
your new home from the inspector’s written report, and will have that information for future reference.

Source: http://www.homeinspector.org/FAQs-on-Inspection

Closing Calendar

List Price: _____________________
Contract Price: ________________
Seller Assist: __________________
Hand Money: __________________
Home Warranty: ______________________________

Seller(s): __________________________________ Buyer(s): ________________________________

Important Dates

Contract is Executed Due Date: Home Inspection Due Date:
Mortgage Application Insurance Contingency

Due Date: Due Date: Due Date: Due Date:
BUYER’s Inspection Reply SELLER’s Inspection HOA Documents Appraisal Contingency

Reply

Due Date: Due Date: Final Walk Thru Closing
Home Sale Contingency Mortgage Commitment

Lender / Loan Officer Home Inspector

Insurance Company / Settlement Company /
Agent Closing Coordinator

The Nick Bova Team

Berkshire Hathaway Home Services

The Preferred Realty

5301 Clairton Blvd

Pittsburgh, PA 15236

Office: 412-885-8530 Cell: 412-953-4035

A Few Points to Consider:

✓ Find a real estate agent you can connect with!
✓ Remember: There is no “right” time to buy, just as there is no “perfect” time to sell.
✓ Accept that no house is perfect.
✓ Don’t try to be a killer negotiator.
✓ Plan ahead!
✓ Don’t ask for too many opinions – yours is the most important!
✓ Choose a home first because you love it; then think about appreciation second.
✓ Accept that buyer’s remorse is inevitable and will probably pass.
✓ What type of property are you going to buy?

o Traditional, Estate, Foreclosure, or Short Sale
✓ How will you be paying for your home?

o Cash? Financing?
o If financing, what type of loan? FHA, VA, Conventional, USDA etc..
✓ If the property has been on the market much longer than the average property in the
area—there is a reason why.

Important Factors:

✓ Cost of Home
✓ Taxes
✓ Insurance
✓ HOA Fees
✓ Other Expenses

The Benefits of Buyer Agency:

First and foremost, we represent your interests, not the
seller’s.

We point out the weaknesses and strengths of a property.

We tell you if we think the house is overpriced.

We analyze market data to determine an appropriate offering
price.

We apply out negotiating skills for your benefit to get you the
lowest price.

We keep our negotiating strategy in strict confidence.

We prepare the sales documents with your best interests in
mind.

Our goal is to develop an ongoing professional relationship
with our clients based on successfully representing your best
interests.

Our role is not to “sell” you a house, our job is to provide
advice, expertise, and counseling, to assist you in your
selection of a house.

THANK YOU

I hope you’ve enjoyed the insights and information in this presentation. We look forward to working with you.

THE NICK BOVA TEAM

NICK BOVA NICOLE MUELLER VALENE MCMONAGLE

REALTOR® REALTOR® REALTOR®

The Nick Bova Team Truck

BUYER CLIENT REVIEWS