Buying Process

Prequalify for a home loan

Why get prequalified

One of the first things you need to do is get prequalified. Here are some of the benefits:

  • Serious Buyer - Sellers will take an offer more seriously when you are prequalified.
  • Maximum Price Point - Your lender can help you understand how much you can spend on the house.
  • Easy and Quick - Once you find the house you want to buy if you are prequalified it makes the process much easier and quicker.

How much should you spend?

Goal: Amount I can comfortably afford and still meet my goals. NOT how much will the lender give me.

Loan Principle
+ Loan Interest
+ Private Mortgage Insurance (PMI)*
+ Property Tax
+ Hazard Insurance
+ Home Owner’s Association Dues
Monthly Payment

*PMI is typically required when putting less than 20% down. Your lender can help you understand these costs.

Know Your Credit Score

If you know your credit score than great it will help, otherwise, let the first lender you contact pull it so you can find out what it is. Once you know your score you can get other lenders to give you quotes much quicker. I’m less concerned about the number of lenders pulling my score than I am about the time it takes for me to stay on the phone while they pull it.

Know Your Down Payment

To get quick quotes from lenders you will need to know how much you want to put down. Lenders can help you determine this. If you don’t have a set amount ask them to quote you for a few different down payment amounts.

Jumbo Loan = Typically a loan of $417,000 or more. This will cost you more in rate or required down payment.

How to find a lender

Trusted Lender - Find a lender you can trust. We have several great lenders in our Provider Marketplace or you can find many online. Check out their reviews. Rate and low fees. Often times you can save money using an online lender but many still prefer someone local.

What to say to prospective lenders: Lenders are like car salesmen. When you call to get a quote, some lenders will try to get you to go through the long application process so they get you invested in their process. Don’t let them. It’s not worth your time.

For example, if you know you want a conventional loan you can tell the lender:

Hi I’m looking for just a quick quote on a $400,000, 30-year mortgage. I have a 720-median credit score and I plan to put 3% down. Could you tell me:

  • Interest Rate (APY includes the fees so it’s good for comparing lenders)
  • All your lender fees and charges. (You want to know any lender fees, like the origination fee and if their rate includes any buy down costs.)
  • Appraisal cost (This tends to be paid once you have an accepted offer to buy and is non-refundable if the sale falls through)

Once you find the lender you like then have them prequalify you.

In order to be pre-qualified, you will typically need to provide the lender with the following:

  • Your residence history for the past two years
  • Your employment history with dates and business addresses
  • Two years of tax returns and W-2s (or profit and loss statements if self-employed)
  • Copies of three months of statements for all bank and brokerage accounts, loans, credit cards, pensions, etc.
  • Details of any real estate, vehicles, or other personal property you own, including loan balances and market value

Find a home to buy

With Turbo you can search for your next home on any site or by driving around. When agents list properties for sale in the MLS (Multiple Listing Service) they almost always will choose to allow it to be shared with 3rd party sites. This is how you can see pretty much any house for sale on your favorite site.

Call or text the seller - Once you find a house you want to see simply call or text the seller’s real estate agent or the seller directly to setup a time to tour the house.

Give seller time to get ready - You usually want to give at least a few hours or even a day’s notice when possible. Don’t be demanding. It’s not nice.

You can let the seller know that you are not using an agent and that you have a Turbo Homes attorney to help with contracts and the buying process. They should be more than happy to show you the property.

Example text to setup a time to tour a house:

Hi Mark (Seller’s name), I would like to view the house you have listed for sale at 555 S. Main St. in Chandler. Would today between 4-5pm or tomorrow between 2-4pm work? I am not using an agent so I would need a way to access the house. Thanks!

{[{fullname}]}

Make an offer on a home

It is not just about price – Sellers want to know the deal will go through and on time. Here are some things that can entice them.

  • High down payment, all cash offer, or not contingent on getting financing
  • Not contingent on the sale of your house
  • A quick close or flexible to the seller’s timing

Price – Determine the value of the home based on market comparable properties.

  • Property Value Report - Go to the Property Value tab to get a value report
  • Best Comparable Properties – Select the homes that have recently sold that are most like this home. Here are some key factors:
    • Sold Date - The more recently sold the better, typically within 3 to 6 months
    • Square Feet – Typically within 500 square feet is a good rule of thumb
    • # of Stories – One-story houses tend to have higher value per square foot than similar two-story houses. Only compare one-story houses with one-story houses.
    • # of Bathrooms – More is better.
    • Lot Size – Only if it is significantly different otherwise you can ignore this.
    • Location – For example, if one of the houses backs a busy street then it should be valued lower.
    • General Quality – Only pick homes that have similar level of quality. Typically if you have comparable properties within the same neighborhood by the same builder then you are off to a good start. Kitchens can be the best place to see the difference.
    • Pool – Appraisers often give limited value for a pool. Sometimes 50% of the cost.
  • Adjust the Value - Adjust the value of the comparable properties to fit your property. For example, if the comparable property is a little bigger than you would reduce its value to better fit the home you are valuing using price per square foot. You don’t need to go crazy with this. Make sure you get similar homes to compare to and then make small adjustments.
  • Ceiling Price – This is simple. Don’t pay more for a house that you can buy across the street for less. If a comparable house is currently listed for sale then you should not pay significantly more than that price.

Making an offer with Turbo is easy. Turbo will handle all the contracts and negotiations for you.

Step 1. Navigate to the Make an Offer Tool - The tool will take you step by step through creating the offer and send you the offer via email for final review

Step 2. Ask Questions - If you have questions about the offer or want to discuss it with a Turbo attorney then we are here. You can request help within the Make an Offer Tool or can just call us directly.

Step 3. Sign Electronically – Upon your final review of the offer you will be prompted to sign it electronically. This is every bit as valid as your actual signature but much more convenient.

Step 4. Negotiate and Send Offer Automatically to Seller – Upon your final review and signature of the offer it will be automatically sent to the seller. If desired, a Turbo attorney will call the seller to present and negotiate your offer.

If the seller replies with a counteroffer Turbo can help you understand the terms and will create the response on your behalf. It is easy when Turbo has your back.

Offer Accepted

We have some great title companies to choose from in the Provider Marketplace or you can pick your own. Select one that seems easy to work with and has a good reputation. Their fees tend to be very competitive but don’t be afraid to compare.

  • Easy to work with and helpful
  • Location of office or will they come to your house for doc signings
  • Cost of title insurance
  • Other fees (document, processing, recording fees)

You can select any title agency you would like. It does not have to be the same agency that the seller uses but you and the seller can typically save some on fees if you both use the same agency.

The title agency provides:

  • Title insurance to help ensure the seller has the legal right to sell you the property
  • Assurance all necessary documents are provided and signed by both buyer and seller
  • Answers to questions about closing documents and settlement/funding process
  • Assurance the money has been exchanged appropriately
  • Deed recording

As soon as you have an agreed upon contract to purchase the house you should open escrow at the title company of your choice. This means you submit to the title company:

  • The signed contract
  • Earnest money

Then the title company gets to work. There should be no upfront fees for this service. They are paid at closing.

Once your offer to buy is accepted then submit your final loan application right away and provide your lender a copy of your signed contract and addenda. If you were prequalified it will make this step much easier. They will walk you through the rest of the loan process.

The purchase contract also requires that you provide periodic updates on the loan to the seller. The Turbo automated reminders will help you stay on top of all the details.

Lenders require that a professional appraisal is performed on the property. If the appraisal is too low then it could reduce how much the lender is willing to lend against the property. If the appraisal comes in lower than the sales price, you and the seller will still need to abide by the purchase contract.

If your contract is contingent on an appraisal, one option you have is to withdraw your offer and have your earnest money deposit returned. The appraisal can save you from paying too much for the home.

Here are some additional options if you still want to buy the home, despite the low appraisal.

  • Challenge the appraisal with supporting documentation like better comparable property sales
  • Pay for a second appraisal, which may or may not come in higher (get lender approval prior to doing this)
  • Come up with extra cash to make up the difference between the appraised value and your purchase price
  • Renegotiate the contract, if the seller is willing
  • Ask the seller to finance the gap between the appraisal and the sales price

If you want to discuss your options Turbo is here to help.

Due Diligence

Key Contract Dates

Now that you are under contract to buy there are various deadline dates within the contract that you must adhere to. Turbo’s Contract Dashboard and Automated Reminders will help you know what to do at each stage.

Contract DashboardContract Dashboard – The dashboard is a great reference for you. It includes important things you need to do and what you should expect from the seller. You can check off the steps as you go.

Automated RemindersAutomated Reminders – We will send you automated emails to remind you of upcoming requirements.

Seller Property Disclosures

Within a few days of going under contract the seller should typically provide you the Seller Property Disclosures. Review this closely. Ask to see receipts for repairs to the home. The purchase contract will indicate the deadline for challenging the seller’s disclosure report or for having your own inspections conducted.

Deed Restrictions

Read the deed restrictions, also called CC&Rs (covenants, conditions and restrictions). You might find some of the CC&Rs are very strict, especially those addressing landscaping, RV parking, play equipment, satellite antennas, and other common amenities - particularly if the subdivision is governed by a homeowner’s association.

Home Inspection

Most contracts will allow you a period of time (usually 10-14 days) to inspect the home and back out of the deal or request repairs if it is not to your satisfaction.

We always recommend you hire a professional to perform a home inspection and to consider additional inspections. Our favorite inspectors can be found in the Provider Marketplace. Common inspections include:

  • General
  • Structural Pest Control (termite)
  • Chimney
  • Hazardous Materials
  • HVAC
  • Well & Septic

Here are some simple things you can do to make sure the house is in good shape.

  • Check all appliances to confirm that they work including the stove burners, oven, garbage disposal, dishwasher, washer and dryer and the water heater
  • Run water in all sinks and tubs
  • Flush the toilets to make sure they drain properly
  • Check to see if the irrigation system works and landscaping drains properly
  • Look behind large pictures on the wall and behind anything on the floor which conceals large areas of the wall
  • Look for stains on the ceilings or carpets that might indicate water damage

Homeowner’s Insurance

If you have decided to get homeowner’s insurance you will want to set that up during the inspection period to ensure you can get insurance for a reasonable price. You can also then set it up so you have coverage on day one with your new house. Make sure you understand what your insurance covers and does not cover and any deductible requirements.

Closing & Settlement

ALTA Statement - Typically, three days before closing the sale you should receive an ALTA Statement that lays out how all the monies will be dispersed. This will show you exactly what fees, expenses and incoming or outgoing funds are for or required of you. Review this in detail and don’t be afraid to ask questions.

If You Owe Money – Discuss with the Title Agency your options to pay. Typically, a wire to the Title Agency or a cashier’s check drawn on a local FDIC insured bank

The Closing Meeting and Settlement – This typically takes place at the title agency but can be done remotely with a notary. This is when you get to sign a lot of documents! The bulk of the papers are your loan documents if you’re getting a loan. The title agent will walk you through all the paperwork and help answer questions you may have. The same or another title agency will work with the seller as well to have their part of the documents signed and that monies are transferred.

If you are unsure about closing procedures, ask questions. The Title Agency is very helpful.

Once all the documents are signed the deal is still not done. You must wait until you receive confirmation of settlement or in other words that the funds have been exchanged. Then you will receive your keys!

On the ALTA Statement your closing costs will be detailed out for you. Review these and question any that seem strange. Here is a list of typical closing costs and what they are.

  • APPRAISAL FEE - This is a one-time fee that pays for an appraisal, a statement of property value required on most loans. The appraisal is made by an independent appraiser.
  • CREDIT REPORT FEE - This one-time fee covers the cost of a credit report processed by an independent credit reporting agency.
  • DOCUMENT PREPARATION FEE - There may be a separate, one-time fee that covers preparation of the final legal papers, including the note and deed of trust.
  • LOAN DISCOUNT - Often called "Points", a loan discount is a one-time charge used to adjust the yield on the loan to what market conditions demand. One point is equal to 1% of the loan amount.
  • LOAN ORIGINATION FEE - This fee covers the Lender’s administrative costs in processing the loan. It is a one-time fee and is generally expressed as a percentage of the loan amount.
  • MISCELLANEOUS TITLE CHARGES - The title company may charge fees for a title search, title examination, document preparation, notary fees, recording fees, and a settlement or closing fee. These are all one-time charges.
  • MORTGAGE INSURANCE PREMIUM - Depending on the amount of your down payment, you may be required to pay a fee or mortgage insurance (which protects the Lender against loss due to foreclosure). You may also be required to put a certain amount for mortgage insurance into a special reserve account (called an impound account) held by the Lender.
  • PREPAID INTEREST - Depending on the day of the month your loan closes, this charge may vary from a full month to just a few days interest. If your loan closes at the beginning of the month, you will probably have to pay the maximum amount. If your loan closes near the end of the month, you will only have to pay a few days interest. Your first payment will usually be 30 days after the date pre-paid interest is paid through.
  • TAXES AND HAZARD INSURANCE - Based on the month you close, property taxes will be prorated between you and the Seller. You will also need to pay an entire year’s hazard insurance premium upfront (Homeowner’s Insurance). In addition, you may be required to put a certain amount for taxes and insurance into a special reserve account (impound account) held by the Lender.
  • TITLE INSURANCE FEES - There are two title policies; a Buyer’s title policy (which protects the new homeowner) and a Lender’s title policy (which protects the Lender against loss due to a defect in the title). These are both one-time fees.

Step 1

Property's Address is required

Step 2

Seller's Name is required
Seller's Email is required
Realtor's Name is required
Realtor's Email is required
Brokerage Name is required
Seller's Name is required
Seller's Email is required

Step 1

Buyer's Name is required
Buyer's Email is required
Buyer {[{ $index + 1 }]}

Step 2

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Realtor's Name is required
Real Estate Brokerage is required
Other Description is required
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Step 1

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Step 2

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Company Name is required
Officer Name is required
Telephone is required

Step 3

Earnest Money is required
Cash/Down Payment is required

Step 4

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Step 5

Closing Costs

Amount is required

Step 6

Home Warranty

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These dates create the timeline leading to the closing of your house.

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You are almost done. Let us know if you would like to discuss this offer with a Turbo Attorney before moving forward.


Your offer has been submitted.

Congratulations! You have completed the initial information needed to create the offer. The Turbo Attorneys will complete the rest and email you a copy for review and signature.

Congratulations! You have completed the initial information needed to create the offer. A Turbo Attorney will contact you to discuss your questions and then the Turbo Attorneys will complete the rest and email you a copy for review and signature.

Buyer Dashboard

Buyer Dashboard

Check off items as they are completed and see what's coming up next.

Once the seller has accepted your offer to buy their home then you are under contract. This is a legally binding contract. You need to be aware of important dates in the contract and take appropriate action. This table summarizes some of the key dates. Turbo will also send you reminders for these.

  • Get prequalified. You will look like a more serious buyer. Prequal form is attached. Find a Lender >
  • Get searching. You can find your house any way you wish and then we help with the rest.
  • To tour a house you're interested in contact the selling agent or owner directly and they should be happy to show it.
  • When ready to make an offer navigate to the Make an Offer Tool > and Turbo will help you through it.
  • Deliver Earnest Money to your Escrow Company immediately and ask for a receipt.
  •  Apply for home loan within 3 days. Get them all the info right away.
  • Ensure your lender provides a Loan Status Update to the seller within 10 days of the contract.
  • Inspect the home then request repairs or back out. We recommend hiring a professional inspector right away. See Provicer Market
  • Confirm ability to obtain insurance on the property. Seller to deliver a 5-year insurance claims history within 5 days of the contract.
  • Seller to deliver notice of leased items (e.g. solar panels) within 3 days of the contract. Decide if you are okay with the lease terms.
  • Seller to provide Seller Disclosures within 5 days of contract. Review these in detail. Ask seller questions if needed.
  • Review Title commitment, CC&R's and other governing documents(HOA) provided by Escrow Company and cancel contract in writing within 5 days of receipt if needed.
  • You have 5 days after notice of appraised value to cancel the Contract and receive refund of Earnest Money.
  • Decision Point! If you want repairs done or to cancel the contract due to your inspections we must give the seller written notice within the inspection period to get your Earnest Money back.
  • If you want a Home Warranty Plan set it up now. Give the invoice to the Escrow Company if the seller is to pay for it.
  • If you can't get the loan you must deliver notice to Seller at least 3 days before closing to get the Earnest Money back.
  • Schedule a final walkthrough before closing. Confirm items are in good working order.
  • Escrow company will provide a HUD 1 that shows who pays what and who gets what. Review this in detail.
  • Schedule a time for your closing and to sign final docs with the Escrow Company. Loan docs must be signed at least 3 days before closing. Get the KEYS!

Selling Process

Overview

Prepare to Sell

Congratulations!
You are on your way to saving lots of mullah.

You have signed up with Turbo
but now it's time to list your home for sale.

Property value is driven by comparable properties.

What should be my price?

Your listing price should be justified by comparable properties. You want to price it competitively with similar homes currently for sale and, in a rising market, at or a little above the price of similar recently sold houses.

Go to List Your Home > to provide some basic info. It just takes a few minutes.

Turbo will pull the rest of the info needed from country records and other public sources.

The required paperwork will then be sent to you for review and e-signature.

Turbo attorneys handle the paperwork
and answer your questions. It's all included

Marketing

We list your home for sale on all the leading real estate sites.

It’s up to you if you want us to list your home for sale on the MLS (Multiple Listing Service). It is all included in our price. However, we recommend that you have us list your home on the MLS because it still will get you much more exposure to your home.

Here are some of the pros and cons of using the MLS.

(+) A lot more exposure to potential buyers

(-) You will likely pay a buyer’s agent a commission

(+) Less likely to have to pay thousands to a buyer’s agent

(-) Much less exposure to potential buyers

Already listed? Add MLS >

Potential buyers share your photos with friends and family.
Let's make them look greate.

Once you sign up to list your home with Turbo a professional photographer will schedule an appointment with you.

Prepare your home for the photos. Clean, declutter...follow the same recommendations as House Staging >

The basics. As soon as you signup to list:

  • A Turbo sign will go up in your front yard
  • Turbo will send you flyers to distribute
  • Turbo will provide online flyers for you to share on social media

You get a site dedicated to showcasing your house.

Showings

  • A Turbo sign will go up in your front yard
  • Turbo will send you flyers to distribute
  • Turbo will provide online flyers for you to share on social media

Offers and Negotiation

When you receive offers everything is time sensitive.

Forward offers to offers@turbohomes.com.

Turbo attorneys will discuss the offer with you and negotiate for you. It's all included!

Under Contract

Confirm earnest money is deposited into an escrow account. Your Title/Escrow Company can confirm this for you.

Earnest money makes sure that the buyer has skin in the game.

As soon as you have a signed contract to buy your house you need to provide the buyer a form in which you disclose any known issues with the home. Turbo provides the form and can help answer questions.

Disclose.Disclose.Disclose

After you get a signed contract the deal is not done. The contract can allow for several contingencies. Here are some of the big ones. Turbo attorneys can help you understand those that apply to you.

  • Ability to obtain a loan
  • Buyer's inspection of the property
  • Property appraisal

Buyer Due Diligence

Be ready to allow buyers the ability to do contractually allowed due diligence. This typically includes:

  • Home inspection
  • Appraisal
  • Final walkthrough

Seller Due Diligence

Buyers have most of the due diligence but sellers still have some important things to do:

  • Review Loan Status Updateds to ensure the buyer's loan will go thru
  • Keep the home in same condition

Don't forget to pack!

It's not fun but it feels good when it's done.

Closing

Earnest money makes sure that the buyer has skin in the game.

The escrow company will provide you a ALTA Statement before you sign the final closing documents.

Don't forget to schedule time with the escrow company to sign the many papers. They can help you understand the paperwork but Turbo is here to help also.

ALTA Statement
Report that shows where all expenses and money distribution

House is SOLD!

When you sign papers the sale is not complet.
You must wait until the sale funds.
The escrow company will let you know when it's done.

Need to update your home listing or have a question about your listing? Fill out the applicable details below and we will quickly respond.

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Success!

We received your update request.
A turbo attorney will be contacting you shortly for your change requests.

Property: {[{ success.address }]}
Changes to be made:
Price: {[{ success.price }]}
Other Changes: {[{ success.other }]}

Congratulations on getting an offer! Now it is time to evaluate the offer and decide whether to accept, reject or counteroffer.

Typically you will receive the offer in an email. Here is what to do:

  1. Forward the offer to offer@turbohomes.com
  2. Turbo will contact you by phone shortly (during business hours).

Seller Dashboard

Check off items as they are completed and see what's coming up next.

Once you have accepted an offer to buy your home then you under contract. This is a legally binding document. You need to be aware of important dates in the contract and take appropriate action. This table summarizes some of the key dates. Turbo will also send automated reminders for these.

  • Complete initial paperwork and e-sign.
  • Complete Seller Disclosure form and e-sign.
  • Turbo provides temporary phone # and email.
  • Turbo puts up 'For Sale' sign in your yard.
  • Professional photographs taken by Turbo.
  • If needed, setup a key lockbox so potential buyers can access a key to see your house.

  • Reminder!

    • Stage your house for every showing.
    • Make it easy to see. Try to accommodate times.
    • Be friendly. Make them want to work with you.
  • Receive an offer: If an offer goes directly to you please forward immediately.
  • Turbo Attorneys will help you negotiate the deal and complete the paperwork.
  • Confirm receipt of Earnest Money. Ask Escrow Company for this.
  • Review the buyer's Loan Status Update to ensure loan is on track. Buyer to send within 10 days of contract.
  • Buyer has a set time period to inspect the home and request repairs or back out (typically 10 days). Your response to any request for repairs is time sensitive.
  • Buyer has a set time period after the appraisal to cancel the contract (typically 5 days).
  • 3 days before close, buyer must sign all loan docs or cancel.
  • Buyer final walkthrough if they want.
  • Schedule with Escrow company to sign final docs and get the KEYS!

Enter the address of the property you want to value.

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Turbo homes Zillow Real Estate Search

Property Value Report

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Property Details
Finished Sq Ft
Bedrooms
Bathrooms
Year Built
Lot Size SqFt
Last Sold Date
Last Sold Price
Tax Assessment Year
Tax Assessment

Zestimate Valuation
Low Zestimate High

Last Updated: {[{ $variable.property_details.zestimate['last-updated'] }]}

Valuation Estimate Based on $/SqFt
Low Average High

Calculation based on comparable properties

Change in Zestimate Values

Comparable Properties

# Comp Score Street Address SqFt Bedroom Bathroom No. Of Rooms Year Built Lot Size Last Sold Date Last Sold Price $/SqFt
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