Valuable Home Buyers Information

Meet Karen Boos

I Look Forward to Helping Your Purchase Your Home

You are about to embark on the journey of finding your ideal home. Whether it is your first or tenth home, a retirement home, or investment property, I can help you find the ideal home with the least amount of hassle.

Purchasing a home is a very important decision and a big undertaking in your life. In fact, most people only choose a few homes in their lifetime. I will make sure that you are well-equipped and armed with up-to-date information for your big decision. This packet gives you helpful information during or after your transaction. Use its reference pages and agency explanations as an invaluable guide on your home buying journey.

Let’s take an exciting journey together! I look forward to meeting your real estate needs every step of the way!

Karen Boos, Realtor

Testimonials

What My Clients Are Saying

Nick Nettles, 2015 Buyer and Seller in Boise, ID

I met Karen at an open house and was immediately impressed by her knowledge, willingness to listen, and her truly wanting to make my family happy. I worked with Karen for a year and she found us a great house at an even better price. Her patience was unwavering and her dedication to make sure WE were happy was amazing. Karen was professional throughout the process and her communication was spot on. Once the purchase was final on the new house, we used Karen to list our vacant house. Karen came over and literally helped me scrub walls and doors because she insisted that the first impression was the most important. I’ve never had a Realtor even offer to help with getting a house read to list, let alone help me clean it. Karen had the house sold within 6 hours of listing (even when other houses in my neighborhood had been on the market for 2-3 months). Karen is what a Realtor should be: honest, ethical, great listener, and patient. I have already referred family members to her and wouldn’t hesitate to recommend her to anyone that expects a Realtor to provide outstanding service while truly looking out for the client’s best interests.

Todd Campbell, Local Builder Since 2000-2015 Buyer and Seller

Karen has sold me and sold for me hundreds of properties in my career as a local builder. She is always responsive, thorough, and very professional in her dealings. The thing that sets Karen apart from the others is that she sells many of the properties that she lists for me. She is not an agent that simply sticks a sign in the yard and waits for a sale. She does this with the best intentions for both parties involved. Over the years, Karen has been the go-to Realtor for my business because of her tenacity and character. If she says it will happen, it will! She will be the first to work hard and make sure things are done in the correct manner. She will defend what is right and make decisions based on what needs to be done for her clients and not her interests. Karen will always be one that I can count on and go to when things need to be done correctly and honestly.

Monica & Nolan, 2015 Buyer and Seller in Meridian, ID

Karen did an awesome job for us in our local move. She handled both the sale of our previous home and purchase of our new one. She listened as we processed what we wanted and where we wanted to be in the new home and provided great options. She didn’t give up until we found “the right one”. Karen recommended a price that we felt was very fair in selling our home, and we had two full price offers within three days. Karen also did a fantastic job at managing us. Things got a bit stressful at the end because of a lack of information coming from our buyer’s lender, but she kept us on track and ensured that we were able to transition directly from one house to another.

Successful Communication with Karen

Communication is the key to all successful endeavors, and buying a home is no exception. Some buyers like to be communicated with daily, some weekly. Some via phone, some email, and some in-person. When communicating with me, you can expect all of the above. Yet to achieve that success, we must be on the same page about what is necessary.

We will talk via phone weekly, and sometimes daily, when new listings come on the market, and/or about any updates to your transaction. If you do not reach me by phone immediately, please leave me a message and know that I will call you as soon as I am able. Text messaging is not my preferred method of communicating.

I will also email you listings, send you documents, and update you whenever necessary. This is the method I utilize the most.

Sometimes, it will be necessary to meet in person to sign documents or go over other specific items.

Also, keep in mind that some of the items that we will communicate about are time-sensitive and legally binding. To provide you with the best service possible, I need you to communicate responsibly and honestly with me, be willing to provide pertinent information as needed, and promptly inform me of changes in timing, requirements, or other critical information which may affect your transaction.

Together, we can make this transaction smooth and successful!

The Basics of Buying Your Next Home

To get everything started off on the right foot, please review, download, print, and complete the documents listed below.

The 7 DON'Ts When Applying for a Home Loan

DON’T buy or lease an automobile.

DON’T move assets from one bank account to another.

DON’T change jobs.

DON’T buy new furniture and/or major appliances for your new home.

DON’T run a credit report on yourself.

DON’T attempt to consolidate bills before speaking with your lender.

DON’T pack or ship information needed for the loan application.

Glossary of Terms Your Lender Will Use

Here are a few terms to help you understand loan options and mortgage terms used by lenders. Always obtain financial and mortgage advice from a qualified professional. If you would like a referral, please let me know.

Fixed Rate Mortgages: the rate stays the same for a term of 15, 30, or even 40 years. Therefore, your monthly payments stay the same.

Adjustable Rate Mortgages (ARM): The rate starts at an attractive, lower fixed rate and then after an initial period, they adjust according to a specified index. For example, a 3/1 ARM will have a fixed interest rate for 3 years, than adjust every year after that, up to a cap that you and your lender agree on.

Interest-Only Mortgages: You pay interest only on your mortgage for a fixed period of time. At the end of this period, you can refinance, pay off the mortgage in a lump sum, or start paying off principal (in addition to your interest payments).

Balloon Mortgages: You get a low initial interest rate, but after a set number of years, the mortgage ends and you have to either pay off the remainder (with a “balloon” payment), or reset the mortgage at current interest rates.

Low-Doc/No-Doc Mortgages: If you are self-employed or have bad credit, but lots of cash, this may be an option. Lender will generally look at two of three requirements: assets, income, and credit. Interest rate may be higher due to not having to provide lengthy financial history.

Annual Percentage Rate (APR): A number the Federal government calculates to show the total yearly cost of a mortgage expressed by the actual rate of interest paid.

Conventional Loan: Any non-governmental loan program is a conventional loan.

Federal Housing Administration (FHA): An agency of HUD that guarantees certain loan programs for all americans, insures loans that are made by approved lenders to qualified borrowers, and allows low-income/low down payment opportunities to purchase a home.

Good Faith Estimate (GFE): Within 72 hours of signing a residential loan application, the federal government requires that a good faith estimate be sent to the borrower outlining the costs and charges a borrower is likely to incur in connection with the loan closing.

Mortgage Insurance Premium (MIP): The amount that the FHA charges up front when they insure a loan under one of their programs.

Private Mortgage Insurance (PMI): If a mortgage loan exceeds 80% of the sales price of a home, lenders require insurance coverage that will protect them in the event that a buyer defaults on their loan.

Points: An upfront cash payment required by the lender as apart of the charge for a loan, expressed as a percent of the loan charge equal to 3% of the loan balance.

Pre-Approved: A general term that means that a borrower has completed a loan application and provided their debt, income, and savings information that an underwriter has reviewed and approved.

Prequalification: A preliminary step in the loan application process, and is a lender’s written opinion of the ability of a borrower to qualify for a particular loan amount. The amount pre-qualified by the lender is determined based on inquiries into the borrower’s debt, income, savings, and credit check.

Ratios: Ratios are cused in the lending industry to determine the probability of a borrower being able to repay a loan - usually the ratio compares fixed monthly expenses to gross monthly income.

Truth-in-Lending Statement (TLS): A federal law that requires lenders to fully disclose, in writing, the fees, terms, and conditions associated with the loan, including the annual percentage rate (APR) and other charges.

Veterans Administration (VA): The department of the Federal government that handles all programs associated with veterans of the U.S. military.

The 4 Basic Steps of the Home Loan Process

Loan Application
Loan Processing (Contact Escrow, Credit Report, Appraisal, Verifications, Loan Documents).
Underwriting (Order Mortgage Insurance, Analyze Credit, Analyze Property, Assign Conditions).
Closing Department/Funding (Order Docs, Docs Signed).

Making an Offer

Once you have found the home that you wish to purchase, you will need to determine what offer you are willing to make for the home. It is important to remember that the more competition there is for the home, the higher the offer should be - sometimes even exceeding the asking price. Remember, be realistic. Make offers you want the other party to sign.

To communicate your interest in purchasing a home, I will present the listing agent with a written offer. When the seller accepts an offer, it becomes a legal contract. When you write an offer, you should be prepared to pay an earnest money deposit. This is to guarantee that your intention is to purchase the property.

After we present your offer to the listing agent, it will either be accepted, rejected, or the seller will make a counter offer. This is when I will help negotiate terms of the contract if necessary.

The step-by-step contract procedure for most single-family home purchases is standard. The purchase agreement used is a standard document approved by our local Board of Realtors. The purchase agreement or contract constitutes your offer to buy, and once accepted by the seller, becomes a valid, legal contract. For this reason, it is important to understand what is written on the contract offer.

Get a Home Inspection for Your Protection

Common Home Concerns

Find out what type of systems and components exist in your new home.
Determine the condition of the systems and major components of the home.
Understand how the systems and structural components of your new home function.
Learn how to maintain your new home to improve the enjoyment and value of your home.

Final Words from Karen Boos

Whether You Find a Home By…

...Seeing an ad in the paper

...Driving by a For Sale sign

...Visiting an Open House

...Hearing about a home from family, friends, or co-workers

...Searching the Internet

...For Sale By Owner

...Zillow, Trulia, and other home websites

...Websites that belong to other agents

I can sell all of them to you!

Protect your contractual rights, and get the best possible price and terms on the home you choose. Contact me today.