Mohnia Patel - Buyer's Presentation

B UYER’S GUIDE

Mohnia is a people person and enjoys the process of bringing clients to their next great home, or helping secure investment properties that bring great value to her clients. She has great respect for, and carries on many of the beautiful cultural traditions she was exposed to growing up in her Indian heritage. Multilingual in English, Hindi and Punjabi, Mohnia is able to serve her community with ease. . Mohnia lives a happy life in Jurupa Valley with her husband Ankit and dog Kobe, and loves to travel. She devotes time during her busy work week to take spin classes, read books and enjoy wonderful chef inspired food at great restaurants throughout the region.

As an entrepreneur, Mohnia established and continues to grow her wellness products business, Shanti Wellness. It has been featured in major business publications, and has been the recipient of substantial cash injection by venture capitalist groups. Prior to launching her own business and beginning her real estate career, Mohnia worked in the marketing departments at well-recognized law firms in the greater LA area after receiving a Bachelor of Science in Business Administration from Cal State Fullerton.

Buyer’s Mindset

Buyers of ten worr y about the following:

1. Paying too much

2 Something being wrong with the house

3. Losing a propert y

4. Bet ter propert y coming up

As a buyer, you are in the driver ’s seat and I’m here to guide you throughout the process. I’ll advise you on home value, help you minimize risks, and leverage your marketabilit y to sellers

Guide to the Buying Process

Each transaction is unique, so this will ser ve as a general and broad guide.

1. Get pre-approved by lender or bank.

2. Meet with Agent and discuss what you’re looking for.

3 Agent will find and send options for you to review

4. Go shopping! Look at homes with your Agent. Choose your home

5. Make an offer. Negotiate offer. Get offer accepted! Contingent on inspection.

6. Schedule inspection. Discuss results with Agent. Decide on any repairs needed.

7 . Inspection contingency removed. Bank orders the appraisal. Final financing set.

8 Closing confirmed. Agent suppor ts you at closing until the keys are in your hands.

Next Steps

1. Pre approval - quick and necessar y to stengthen your offer

2. Complete initial questionaire on what you’re looking for on your dream home

3 Establish search criteria for your Agent

4. Review matches to your criteria with your Agent and schedule showings

5. Make an offer!

Pre-Approval

As you search for a home, getting pre-approved for a mor tgage can be an impor tant step to take Consulting with a lender and obtaining a pre-approval letter provides you with the oppor tunit y to discuss loan options and budgeting with the lender; this step can ser ve to clarif y your total house-hunting budget and the monthly mor tgage payment you can afford.

As a borrower, it’s impor tant to know what a mor tgage preapproval does (and doesn’ t do), and how to boost your chances of getting one

• Going through the pre-approval process with several lenders allows a home buyer to shop interest rates and find the best deal.

• A seller of ten wants to see a mor tgage pre-approval letter and, in some cases, proof of funds to show that a buyer is serious

• The first step is filling out a mor tgage application and supplying your Social Securit y number so the lender can do a credit check on you.

• You’ll also need to provide ex tensive documentation of job histor y, assets and liabilities, income tax returns, and more Selfemployed buyers may need to provide additional documentation.

• Af ter reviewing your application, a lender will offer pre-approval or pre-approval with conditions, or deny pre-approval.

Before lenders decide to preapprove you for a mor tgage, they will look at several key factors:

• Your Credit Histor y

• Credit Score

• Debt-To-Income Ratio

• Employment histor y

• Income

• Assets and liabilities

Think of a mor tgage pre-approval as a physical exam for your finances. Lenders will likely poke and prod into all corners of your financial life as a way of tr ying to ensure you’ll repay your mor tgage.

At our first meeting, we will discuss what you’re looking for in a proper t y, your timeline and go over all questions I will then ask you to fill out an intake form that will go even deeper into questions about your home search.

From this information, I will set up a personalized proper t y list based on your criteria. I’ll funnel all proper ties and pick the best to view From this list, you can select homes that you like so we can narrow down the search! I will be sure to notif y you daily of any new proper ties that become active on the MLS that fit your search criteria. With this fast-paced market, it will be impor tant for both of us to keep an eye out for new listings and go see them in person as soon as possible!

It’s a good idea to make a list of 3-6 homes to see at one time in order to make the most of your time during each day of showings It is my job to be ex tremely available to you and flexible when it comes to scheduling showings Your Agent needs to be quick, flexible, available and communicate well in order to find you the per fect home

The Offer

In this market, any offers that you make have to be power ful. More times than not, a winning offer will t ypically be at asking or over asking depending on the number of offers you are up against in today ’s competit ve marketplace The most impor tant factors to get you under contract are having a competitive offer, a good lender to call on your behalf and to have the agent representing you build a good relationship with the listing agent.

Prior to submitting an offer, it’s impor tant to find out how many offers are currently on the table, what it will take to be competitive

If we find a home that you want to make an offer on, I will t ypically review the comparable proper ties in that area to help you determine a solid offer on the home I will then call the agent to find out what I can about the home and any current offers From there, I will send you the following paper work that you will need to review and sign:

1 ‘Exclusive Right to Buy ’ - allows me to represent and advocate for you as your agent.

2 ‘Contract to Buy and Sell” - official offer that will be submitted to the listing agent.

Under Contract

Once an offer is submitted, it t ypically takes around 24 hours to hear back on whether your offer will be accepted. When both par ties have signed the contract, you are then considered ‘under contract’ or pending. You will have about 48 hours from this point to deposit your earnest money. Typically, the initial deposit is no more than 3% of the offer price (maximum amount allowed under Liquidated Damage Provision in California). These funds are held in escrow at the title company and then used towards the buyer ’s closing costs or purchase price at closing.

During this time, it is ex tremely impor tant to be in contact with your lender. Make sure to provide them with any documents they need as quickly as possible This will ensure we stay on track and can close on the agreed upon date In order to make sure your loan is approved, we have to make sure your credit is protected and does not change. During this time, it is impor tant to tr y your best to postpone any large purchases and make sure to not open any new lines or credit until we have closed.

Title work is also ordered and the due dilligence process begins

Due Diligence

One of the most impor tant steps in the purchase of a home is the inspection. This will cover all major systems of the home including HVAC, plumbing and electrical. The inspector will also inspect the windows, utilities, water pressure, foundation, and so much more. The inspection t ypically takes about 3-4 hours and will be scheduled a few days once you’re under contract. If you would like to attend the inspection, I t ypically tell my clients to show up for the last hour of the inspection. This way, the inspection has time to do their job and can then explain to you what they have found when you arrive Some clients of mine prefer to be present throughout the duration of the inspection so they can wak around the home with the inspector If you would like to schedule any additional inspections, please let me know so I can get ever y thing scheduled close to one another. Other due diligence items to consider include radon testing, sewer scope, roof inspection, chimney inspection, termite inspection.

The inspection cost is generally calculated by square footage, age of home and distance Inspections t ypically range from $300 and up depending on the size of the home.

Congratulations... Your Offer Has Been Accepted!

Your agent will let you know all of the details, but in a nutshell, here is what will happen nex t:

Deposit: Once the Buyer and Seller have signed off on the Purchase Contract, the home is conditionally sold; this means the Seller must sell to you, however, the sale is not final until you (the buyer) satisf y all applicable conditions. The escrow deposit is usually held by the escrow company and will be applied to the purchase price at closing. If contingencies are not removed, the initial deposit is not subject to the Liquidated Damage Provision and per the contact is to be returned to you, the Buyer

Satisf y Conditions:

Depending on your situation you will likely have some or all of the following conditions to your purchase:

1. Financing

2. Home Inspection

3. Condo Document Review

4. Approved Title Repor t