• I can help you obtain financing:
• Recommend a lender
• Supply quotes on interest rates and points
• Inform you of your ability to lock rates
• Set appointments for loan application in a timely manner
• I will help you coordinate with the other professionals involved in your purchases:
• Lender
• Inspector
• Appraiser
• Insurance Agent
• Title Company
• Attorney
• I can help you obtain for your protection:
• Seller’s Property Disclosures
• Inspection reports
• Warranties for new and resale homes
• These are the things YOU will need to do:
• Furnish all the documents required by the lender
• Pay for lender fees at application, typically, appraisal and credit report
• Set up a homeowners insurance policy prior to closing
• Transfer the utilities (except water) into your name effective the date of closing
• Bring good funds and identification to the closing -
ie: cash, cashier’s check or certified funds.
How to Work with your Realtorâ
Need information? Ask your agent!
In our market area, your agent can sell almost all properties offered for sale. Therefore, let your agent do the work for you. You may need additional information regarding:
• Yard Sign of any Company
• Yard Sign of For Sale by Owners
• New Homes
• Newspaper Ads
• Homes Illustrated magazine
• Other home advertising magazines
• The Internet
Call your agent with the pertinent information and let your agent do the research for you. Your agent knows neighborhoods and property values and can be of great help in sorting through the many properties on the market to eliminate the ones that don’t fit your requirements. The result is the best possible use of your time and energy.
Convey Feedback to your agent
It is important that agents and buyers communicate freely with each other during the home buying process. Be specific in letting your agent know from the beginning what your home needs are. Then as the house hunting continues, make sure to let your agent know what you do and don’t like about the homes and neighborhoods you see. This feedback is most helpful to your agent in finding just the right home for you.
Open Houses & New Home Sales Centers
If you do happen to go into an open house or new home sales center, inform the open house agent or new home sales person that you are working with an agent and identify your agent by name. If you have some of your agent’s cards, leave one. Tell them you would like to look around and that if you are interested in the home you will have your agent get in touch with them. Allow your agent to do the work for you.
MY COMMITTMENT TO YOU
The success of our relationship begins with my pledge to help you find the home of your dreams and your commitment to choose me to represent you from the beginning of your search to the day you take possession of your new home.
• Professional Real Estate Counseling
• An extensive property search
• Skillful Negotiations
• Continuous follow-up
• Ongoing assistance and support
FREQUENTLY ASKED QUESTIONS
1. Should I work with many REALTORSâ at the same time?
NO! All REALTORSâ have access to the Multiple Listing Service (MLS) and all of the available listings, so working with one agent with whom you feel trust and feel comfortable will save you time.
2. How long should it take for us to find the right home?
Because my job is to consider your needs and match them with the best house, you may be surprised to find your new home the very first time we look.
3. What am I supposed to do as I look at the prospective homes to buy?
Make a list of everything you like and don’t like as we go through each home. We can review this information as we continue loooking at homes to narrow down the possibilities.
4. What specific things should I look for in a home?
Look for features that you really would enjoy. Don’t be surprised if the home you select is somewhat different from what you had originally envisioned.
5. What questions should I ask about schools?
You may want to know how the state ranks the schools, test scores, sports programs, gifted and special programs. You may even want to arrange a visit to potential schools.
6. Is it possible to find our dream home?
YES...however no house is perfect in every way. There will always be something that is not exactly right or in accordance with your criteria. If you are able to find a home with most of the features you need, this may be the home for you.
7. Can I add extra inclusions into the offer to purchase that are not advertised as included?
You should consider the possibility that the sellers had personal or financial reasons to exclude these items. However, we can try to negotiate these inclusions into the offer to purchase.
AGENCY
Buyer’s Agent
A buyer’s agent works solely on behalf of the buyer and owes duties to the buyer, which includes the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the buyer. The buyer is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to potential sellers all adverse material facts concerning the buyer’s financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the parties.
Seller’s Agent
A seller’s agent works solely on behalf of the seller and owes duties to the seller, which include the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf and act as an advocate of the seller. The agent must disclose to potential buyers or tenants all adverse material facts about the property actually known by the broker. A separate written agreement is required which sets forth the duties and obligations of the parties.
Transaction Broker
A transaction broker assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of a transaction broker and a transaction broker does not owe those parties the duties of an agent. However, a transaction broker does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any written agreement. A transaction broker must also make the same disclosures as agents about adverse material facts concerning a property or a buyer's financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.
The Process of Home Loan
Pre-approval
Items and information needed for loan application:
· Fully executed sales contract
· Addresses for past 2 years’ residences
· Name, addresses & phone numbers for all employers for the past 2 years
· Most recent paystub
· W-2’s for last 2 years
· Self-employed applicants must provide 2 years tax returns (business & personal, all schedules & K-1’s) and current year income statement & balance sheet.
· Commissioned applicants - 2 years tax returns & current paystub reflecting year-to-date earnings and expenses
· Most recent statements for checking, savings, brokerage accounts, etc., showing balances, addresses, & account numbers
· Copy of complete separation agreement & divorce decree, if appplicable
· Copy of bankruptcy discharge & schedule of creditors, if applicable
· Evidence of satisfaction of any judgements, collections, or public records
· Copy of leases on any rental properties
· Check to pay for credit report & appraisal
***Start compiling the necessary paperwork now! If you need a replacement copy you’ll have time to have it sent to you. By utilizing this checklist you will be well prepared for the application interview and also save your valuable time!
ACTIONS THAT CAN ALTER YOUR LOAN
Making a large purchase or obtaining a large lease amount
This is not the time to buy or lease a new car or truck or purchase new furniture for your home. The lender looks carefully at your debt-to-income ratio and a large payment could impact the ratio and actually prevent you from qualifying for a home loan, as well as reducing the amount of funds you might have available for closing. Please talk to your loan officer before making any major purchase that will require large payments for a number of years.
Bill consolidation
Speak to your loan officer about doing this and how it would change your ability to qualify for a loan; sometimes it is not the best thing to do.
Changing banks or transferring financial assets
Transfers will often show as a new account and may complicate the loan process. A new account may require documentation and disclosure of the source of funds, thus adding time to the processing of your loan. It can often help speed the transaction along if you wait to consolidate your accounts until after closing.
Job Changes
A job with a new company may involve a probationary period. The probation period must often be satisfied before your income can be considered on the loan.
Your credit report
You have the ability to run a credit report on yourself at any time you choose via the three main credit bureaus. Each time a credit report is run, it can lower your credit rating or require a written explanation. This could increase the amount of time to process your loan as well as lower your rating. Your loan officer will obtain your credit report and will provide it to you.
Personal and financial information
Please have available all important papers that might be necessary for processing your loan. These papers could include W-2 forms, divorce decrees, form DD214, tax returns for the last three years, etc. If you pack and ship the information, it may take many weeks to obtain copies from official sources.
LOOKING AT HOMES
• Following your consultation, we will search the Multiple Listing Service computer to find the homes available that fit your specific criteria.
• If you wish to look at new homes, we will prepare a list of new homes that fit your needs, and we will visit new home subdivisions and register together with the builder. It is imperative that you go with your agent to the new homebuilder in order for your agent to be able to represent you if you decide to purchase a new home.
• The tour of properties will take approximately 2-4 hours and we will view between 4-8 homes. Remember to take notes about the homes so you will remember the features you liked about each home.
• The first home you see might be your dream home! Or conversely you may not like any of the homes we view. Your feedback will help us select the future homes that we will view.
• If we don’t find your home the first time out we will continue searching until we find the one that suits your needs the best.
• When we locate your dream home we will work quickly to make a competitive offer.
• Following is an example of the “Purchase Agreement” we will be using when making an offer on the home of your choice....
WHAT VS WHY
The best way to select a home that suits your needs is to think about the reason that you want a particular feature. Think about how will you really use each room and area that is on your list? Can other spaces or features be substituted equally as well?
We have found that the vast majority of buyers tell us what they think they want without telling us why. After showing homes that seem to fit their needs, they buy the house with a particular feature that answers why.
For example: a family that says that they must have four bedrooms end up buying a three-bedroom house with a finished basement because they needed the extra room for a hobby room! Or the family that needs a three-car garage really desires extra space for a workshop.
Communication is the key to
finding your ideal home!
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