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LAUREL EMPLOYER ASSISTED HOUSING

LAUREL EMPLOYER ASSISTED HOUSING. Achieving Homeownership. Presenter: Ron Windham Magnolia Real Estate. At the end of this workshop, you will understand:. Factors to consider when evaluating your readiness for homeownership The home-buying process How to obtain financing

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LAUREL EMPLOYER ASSISTED HOUSING

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  1. LAUREL EMPLOYER ASSISTED HOUSING

  2. Achieving Homeownership Presenter: Ron Windham Magnolia Real Estate

  3. At the end of this workshop, you will understand: • Factors to consider when evaluating your readiness for homeownership • The home-buying process • How to obtain financing • How to conduct your search • Ways to avoid unforeseen problems

  4. Advantages of Homeownership A place of your own Financial Incentives Equity Stability Increase in Value Tax Deduction

  5. Possible Disadvantages of Homeownership Additional costs - Property Taxes - Homeowner’s Insurance - Utilities and Maintenance Decreased Mobility

  6. The Process • How to obtain financing -Prepare a realistic budget and determine how much you can afford - Consult your local Bank-Mortgage Company for pre-approval letter - Don’t try to buy more house than you can afford

  7. How to conduct your search - Work with a Realtor - Questions to ask: • Experience representing buyers • Market/service area • Full or part-time • Communication Style—text, e-mail, phone - Choose one and work with them exclusively

  8. Define the search parameters - Use a worksheet—price , style, location schools, etc. - Agree on timetable for purchase - Schedule showings in manageable bites - Use evaluation forms, notes and additional photos to narrow the field

  9. The Offer • Rely on your Realtor • Price opinion and negotiations • Condition disclosures • Contingencies • Inspections • Home Warranty • Earnest money deposits • Closing costs • Appraisals

  10. The Contract • Price and terms approved by buyer and seller • Signed contract goes to bank and closing attorney-title company • Bank proceeds with appraisal, loan approval • Attorney starts title search, deed preparation

  11. The Closing Where It All Comes Together • Final walk-through, visual inspection, buyer and Realtor. • Homeowners Insurance • Title insurance, lender and owner • Utilities Transfer • Seller signs deed, buyer signs mortgage • Buyer gets the keys

  12. Some Helpful Websites • National Association of Realtors www.realtor.org • Mississippi Association of Realtors www.msrealtors.org • Laurel Board of Realtors www.laurelmsrealestate.com • Property search websites www.realtor.com www.magnoliarealtors.com

  13. Ron Windham Magnolia Real Estate (601) 498-8109

  14. Mortgage Lending and Pre-Qualification Presenter: Elaine Hill The First Bank of Laurel

  15. Elaine Hill Assistant Vice President of Lending, First Bank of Laurel 601-425-4000

  16. REAL ESTATE CONTRACTS Presenter: J Mark Tucker Century 21

  17. Making an Offer • Once you have found your dream home, it is time to prepare an offer to purchase. • Your agent can provide guidance to you on the price you should offer to pay for the property. • Have your agent compare prices for similar homes that have sold in the area recently (called a Market Analysis). This will help you to determine a reasonable price to offer.

  18. Making an Offer • In addition to the selling price, the other items to include in the terms of the Offer to Purchase include: 1. Concessions that you want the seller to make, such as a carpet or paint allowance(all allowances must be given in the form of a credit at a particular retail outlet), or payment towards the closing costs. 2. Home inspection contingencies 3. Financing contingencies 4. A clear definition as to what is to be included with the home, such as appliances or window treatments. 5. A closing date.

  19. A Valid Real Estate Contract MUST Contain: • Mutual Agreement • Consideration • Legally Competent Parties • Legal Purpose • Legal Form

  20. Mutual Agreement • All parties to the contract must realize that an offer has been made and accepted • Both parties to the contract must agree to the other’s requirements

  21. Consideration • Refers to the benefit received by the parties • Can be in the form of: money, transfer of ownership, transfer of rights, exchange of services, or anything of value.

  22. Legally Competent Parties • Refers to parties whom the law allows to enter into contractual arrangements. • They may be people or business entities such as corporations.

  23. Legal Purpose • A contract requiring any of its parties to violate the law is usually void. • Example: A contract to murder a 3rd party individual is legally void.

  24. Legal Form • Some contracts must follow a certain form or be drawn in a certain way. • Deeds and, in some jurisdictions contracts of sale, for example, are not valid unless they include a legal description of the property. • ALL contracts involving real property should be in writing.

  25. Helpful Websites • www.houselogic.com • Please “Like” us on Facebook. Search for Laurel Employer Assisted Housing

  26. Mark Tucker Century 21 Real Estate (601) 498-1744

  27. Appraisals, Surveys, and Mold,OH MY! Presenter: Terri Sue Stroud Jerry Ford Real Estate

  28. Appraisals • What is an appraisal?

  29. Wood Destroying Insect Report (WDIR) • The WDIR is the last contingency to meet on a real estate sales contract.

  30. Survey • Why should you get a survey? • When should you get a survey?

  31. Mold Inspection • For Homeowners: • For Buyers:

  32. Septic Inspection • Location • Working properly

  33. Lead Base Paint • Homes built before 1978

  34. Terri Sue Stroud Jerry Ford Real Estate (601) 498-7013

  35. Home Inspection:What You Don’t Know Can Hurt You Presenter: Patrick Carmical Carmical Services

  36. Why Do I Need a Home Inspection? • A home inspection summarizes the condition of property, points out the need for major repairs and identifies areas that may need attention in the near future. Buyers and sellers depend on an accurate home inspection to maximize their knowledge of the property in order to make intelligent decisions before executing an agreement for sale or purchase. • A home inspection points out the positive aspects of a home, as well as the maintenance that will be necessary to keep it in good shape. After an inspection, both parties have a much clearer understanding of the value and needs of the property.

  37. Why Do I Need a Home Inspection? • For homeowners, an inspection may be used to identify problems in the making and to learn about preventive measures, which might avoid costly future repairs. If you are planning to sell your home, an inspection prior to placing your home on the market provides a better understanding of conditions which may be discovered by the buyer’s inspector, and provides you an opportunity to make repairs that will make your home more desirable to potential buyers.

  38. Hidden Home Defects You Can Observe • Water leaks - Look for stains on ceilings and near the baseboards, especially in basements or attics. • Shifting Foundations - Look for large cracks along the home’s foundation, cracks in walls, and doors and windows that do not close properly. • Drainage - Look for standing water, either around the foundation of the home or in the yard.

  39. Hidden Home Defects You Can Observe • Termites - Look for weakened or grooved wood, especially near ground level. • Worn Roofs - Look for broken or missing copings and buckled shingles as well as water spots on ceilings. • Inadequate Wiring - Look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to plug in the grounding prong. • Plumbing Problems - Very low water pressure, banging in pipes.

  40. Patrick Carmical Carmical Services 601-580-4128

  41. There is Light at the End of the Tunnel Options for Relief When Faced with Home Foreclosure

  42. Foreclosure in Mississippi • Mississippi is typically a Non-Judicial Foreclosure State. But, Lenders can also use Judicial Foreclosures. • What is the difference between Judicial and Non-Judicial? - Judicial: Requires that foreclosure proceedings be initiated before a state court. - Non-Judicial: Foreclosure proceedings are not initiated before a state court. Instead, a Trustee on behalf of the Lender MUST comply with state law regarding notice and process.

  43. How Non-Judicial Foreclosure Works • Most Non-Judicial Foreclosures follow this sequence of events: 1. Notice of Default from Lender: A default means that you, as the homeowner, have failed to comply with the terms of your mortgage. The most common reason for non-compliance is failure to pay the monthly mortgage payments. Another reason can be failure to keep the home insured (the Bank wants to make sure their asset is protected from loss). - Typically, your lender will mail you a Notice of Default. - DO NOT IGNORE THIS NOTICE!!! Consult an Attorney to determine if your mortgage contains a “power of sale” clause. Most mortgages do.

  44. How Non-Judicial Foreclosure Works • Most Non-Judicial Foreclosures follow this sequence of events: 2. Recordation of Notice of Default: At the same time the Bank sends you a Notice of Default, they record a Notice of Default in the County land records to comply with state laws. - At this juncture, you are given the opportunity to cure the default. Most mortgages advance the amount due to the full amount owed for the home. Others do not. It depends on the mortgage. - Ex 1 Acceleration Clause: Your monthly payments are $950 on a $125,000 mortgage note, with $123,000 still owed. If you default, and your mortgage contains an acceleration clause, the only way to cure is to pay the Bank $123,000. - Ex 2 Redemption: MS Law allows a homeowner to pay all past-due payments, late charges, sale expenses, attorneys’ fees and trustee’s fees and prevent the sale, so long as paid in full before sale.

  45. How Non-Judicial Foreclosure Works • Most Non-Judicial Foreclosures follow this sequence of events: 3. Notice of Sale: If you are unable to cure the default (which 99.9% of homeowners cannot), you will likely receive a copy of the Notice of Sale that the Trustee has filed in the County Land Records. - The Trustee must post the Notice of Sale at the courthouse of the county in which the property lies. - The Trustee must advertise the sale in a local newspaper for 3 consecutive weeks.

  46. How Non-Judicial Foreclosure Works • Most Non-Judicial Foreclosures follow this sequence of events: 4. Sale- in most cases, must take place on the courthouse steps between the hours of 11 a.m. and 4 p.m. on the date advertised for sale. - Property is sold to the highest bidder present at the sale, and the Lender can bid on the property.

  47. I Am in Default, What Do I Do? • First and foremost, consult an attorney. Jones County has many great attorneys that can help you. - The clock is ticking once you default. If you wish to take measures to keep your property, seek help from an attorney as soon as possible - A typical Non-Judicial Foreclosure can take fewer than 115 days before the homeowner finds themselves homeless.

  48. I Am in Default, What Do I Do? • Options: 1. Short Sale 2. Loan Modification 3. Deed in Lieu of Foreclosure 4. Chapter 13 Bankruptcy

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