HOME BUYERS WORKSHOP PARTICIPANTS: Lynn Bell, Barbara Klein, George Garcia, Lauren Baxter
INTRODUCTION HOME BUYERS WORKSHOP PURCHASE FACULTY STAFF CONSULTANT ROLE HOUSING ROLE HOME BUYERS WORKSHOP
PRE-QUALIFICATION NOTES NOTES: Complete the Prequalification Form provided by FSH • (Faculty Staff Housing) so that they can begin reviewing your financials and provide you with NOTES: 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 Appointments begin on September 19 th • 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. HOME BUYERS WORKSHOP
HOME SELECTION APPOINTMENT NOTES: Home Selection Appointments begin on September 19 th • and continue through November 2 nd . 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 HOME BUYERS WORKSHOP
PURCHASE AGREEMENT & DISCLOSURE 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. § HOME BUYERS WORKSHOP
CLOSING PROCESS 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 § of this process it will reduce your overall debt picture. HOME BUYERS WORKSHOP
MISCELLANEOUS 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 of closing. Refrigerator, Washers and Dryers are not included • in the purchase of the homes at University Terrace. HOME BUYERS WORKSHOP
Q&A 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. HOME BUYERS WORKSHOP
Recommend
More recommend
