Guide
buyer's
812-701-2431
zach@atpropertiesind.com
Zach Canada
REALTOR
Hello!
I'M ZACH CANADA
Zach grew up on a farm in Madison, Indiana, where he was a 10-year 4-H member. He has always been a proud Hoosier and completed his Business Management degree at IU. Zach moved to downtown Indy in 2014 and currently resides in Fountain Square with his wife Katie. His hobbies include cheering on the Colts and Pacers, traveling, attending concerts, and sampling new restaurants around town. He enjoys donating his time to the YMCA because of the impact the organization is able to make in the city. Zach likes to share his passion for flipping and renovating rental properties with clients, as well as working with them to find and understand investment property potential.
Real Estate
Terms
pre-approval
A pre-approval is the first step to obtaining a mortgage to purchase your home. The lender will perform an analysis on your income, debt, and credit-worthiness. You will need one in order to be ready to put in an offer on a house.
Offer
An offer is a preliminary agreement to purchase a home, and is set between a buyer and a seller.
title search
A title search will confirm that the property that is being sold in fact belongs to the seller.
appraisal
An appraisal is the value that is assigned to the real estate asset based on an assessment of the asset, neighborhood, market condition, and more.
contingency
A contingency related to a property is when the preliminary offer is accepted, pending certain conditions set out by the seller.
closing cost
The closing cost is the amount that is paid, in addition to the sale price. This can include: taxes, insurance and lender expenses.
Earnest money
Earnest money is the balance of funds that are set aside into a trust or an escrow account to show the buyer is serious about the purchase. It is applied towards Buyer's closing costs at closing.
home inspection
A home inspection is an official review of the real estate asset's current condition. They will help to determine if there is any work needed to be done to the property to bring it to normal working order.
disclosures
The disclosures related to a property will include everything that the sellers know about the property, including any areas that need repairs.
closing
The closing part of the real estate sale is when the money and keys are exchanged.
HOMEBUYERS
Road Map
2
1
Get Pre-approved
find agent
Determine your purchase power with a mortgage pre-approval from a financial institution.
Meet with and hire an agent that you feel comfortable with.
5
6
Due Dilligance
APPRAISAL
Your lender will order an appraisal to assess if the home value meets the purchase price.
Zach will help coordinate inspection, appraisal, title work & home insurance.
8
7
Closing Day
Celebrate
Money & title are exchanged to finalize the transaction. You will sign in person at the title company's office.
Once you take possession of the property the work is done, so you can just go HOME!
3
search
Begin your search with the help of your agent.
4
OFFER
Make an offer, negotiate, go under contract, and submit earnest money.
Note: This is only a high level overview of a buy-side process. For more detailed steps, please refer to your real estate agent.
Zach Canada
INDY RUNNING REALTOR
812-701-2431
zach@atpropertiesind.com
01
FIND
A Great Agent
A real estate agent is a huge asset to you as you go through the home-buying process. This is one of the biggest decisions of your life and you need a skilled professional guiding you through the process.
Your agent will be working with your best interests in mind and can help guide you through all the stages of home buying.
Why Choose @propertieS?
@properties Indy is the fastest-growing brokerage firm in Indianapolis. Established in 2011 as Plat Collective, today @properties Indy maintains the same local ownership but now offers the cutting-edge technology and marketing resources of a leading national brokerage. With unparalleled knowledge of Indy and its unique neighborhoods, we are passionate about the city and committed to helping our clients find the right home and community for their lifestyle.
Why Choose ZACH?
Zach has done has done over $18 million in transaction volume since becoming an agent. His real estate experience and knowledge of the Indianapolis market makes him a valuable advocate for buyers, sellers, and investors alike.
customer service
Zach is a member of the Indy Urban Advisors Team of @properties. Indy Urban Advisors works with Zach to provide the highest level of service to you throughout the home buying process. Specialized transaction coordinators will assist Zach to ensure all communication between parties occurs efficiently.
02
FINANCES
PRE-APPROVAL & BUDGET
The first step in determining your budget is to get pre-approved with a recommended lender. It is important not to make any significant changes to your income after you obtain pre-approval.
Ask Zach for lender recommendations. Having the right lender goes a long way in submitting a competitive offer and getting to the closing table.
THINGS TO AVOID WHEN
BUYING A HOUSE
Any changes to your income or debt can affect your lendability. It is important to avoid these things when purchasing a home:
- Changing jobs
- Buying a vehicle
- Adding more debt
- Spending your downpayment
- Making unusually large deposits
- Co-signing a loan
- Changing your bank account
- Omitting debt from your application
02
YOUR MORTGAGE
Application
2 YEARS OF W-2 TAX RETURNS
2 MONTHS OF PAY STUBS
ACCOUNT INFORMATION
BANK STATEMENTS
PERSONAL IDENTIFICATION
PAST ADDRESSES
BROKERAGE ACCOUNT STATEMENTS
401(K) ACCOUNT STATEMENTS
MSC DOCS
812-701-2431
zach@atpropertiesind.com
www.atpropertiesind.com
02
OTHER EXPENSES
to Expect
EARNEST MONEY
How much earnest money you pay varies, but it is typically 1% of the sale price of the home. You'll pay earnest money by cashier's check, personal check, or wire transfer. Once the sale of the home has been completed, the earnest money you paid will be applied toward your closing costs. If you back out of the sale for reasons not covered by contingencies, you will lose this money.
HOME INSPECTION
Home inspections happen after you make an offer on a home. Home inspector fees typically range from $400-$600. Your cost will vary depending on location, the size of your property, and whether you order any special evaluations in addition to the standard inspection.
APPRAISAL
Your lender will order an appraisal throughout the home buying process. You will pay for your lender for this directly. While appraisal prices vary, they usually land in the $400 range.
CLOSING COSTS
Closing costs cover fees associated with the purchase of a home. Along with your downpayment (3-20%), these fees include items such as title and settlement services, title insurance, appraisal fees, lender fees including credit checks, loan initiation fees, and other services carried out during closing.
812-701-2431
zach@atpropertiesind.com
www.atpropertiesind.com
Finding a Home
03
TOUR
Homes
HOME SEARCHING TIPS
- Zach can set you up with a search that will alert you to homes that fit your price and preferences as soon as they come on the market.
- Ask Zach if he knows the age of the HVAC system, roof, and house. Pay attention to features of the property that may not work correctly. Don't pay too much attention to the colors of the walls or the furniture - those things can change.
- Take pictures as you walk through to help you remember the specifics of each property.
Once you find a house you love, you can make an official offer to the seller.
Be sure to make a list of your must haves, wants, and don't cares. As you go through the viewings, make sure you check off all your must haves.
04
MAKE
an Offer
Your offer will include details such as offer price, possession, inspection contingencies, and closing cost allocation. You will also sign several disclosures from the Sellers stating any known defects.
NEGOTIATE
an Offer
Be prepared to receive a counter-offer, and trust Zach to guide you through this complicated process.
05
INSPECTION
You will have a set period of time to have a home inspection and negotiate repairs with the Seller.
Zach will have recommendations for inspectors and will navigate you through the negotiation and repair process.
You can feel free to attend the inspection and ask the inspector to run through their report with you. You will receive a PDF report of the findings following the inspection as well.
Once the inspection is complete, you will submit a document to the Seller requesting repairs or credits. They can then accept or counter that response.
Final Steps
06
APPRAISAL
Other checks that will be run prior to finalizing the purchase of your new home: 1. Appraisal
2. Property title search
You will also need to finalize home insurance for your new property
and Loan
APPROVAL
The lender will review any and all financial related forms and information prior to granting the loan.
They will review details like:
- Your income
- Credit check
- Employment status
Closing & Moving
SCHEDULE
Your Move
Some things you will want to keep in mind closer to your move date:
- Movers
- Renovators/ contractors
- Utilities
- Cleaners
- Move out details
07
CLOSING
Closing is the final step for you to become the legal owner of your home. You will take a final walk-through just before closing to assure that negotiated work has been completed and everything is in working order.
The closing process itself requires a lot of paperwork and patience. Be prepared with your government issued photo ID, cashier's check or wire, and any other documents required by the title company or loan officer.
Congratulations on your new home!
08
RESOURCES
Marion County UTILITIES
Home Insurance
Mike Koehler - michael.koehler@infarmbureau.com.
AES (Electric)
www.aesindiana.com
CITIZENS (Gas/Sewer)
www.citizensenergygroup.com
Trash
www.indy.gov/activity/trash-pickup
Changing Addresses
(RENTAL) Property Management
INSPECTORS
Indy Sewer Scopes
HomeTeam Inspection Service
IronGate Home Inspections
Code Papa - Jon Roberson
Indy Urban Advisors
www.indyurbanadvisors.com
