BUYER'S INFORMATION - WHERE DO WE BEGIN???

ACTION PLAN TO FIND YOUR HOME

First Appointment

• I will explain representation.

• You need to complete the Homefinder's Profile.

• You need to complete the Real Estate III Qualifying Sheet

• You need to pick the areas/neighborhoods that appeal to you

• I will review the mortgage qualification list and help you contact a lender for pre-approval.

• We will review your wish list and reconcile that with your budget.

Market Research

• I will search the MLS and other sources available to me in order to prepare a list of possible properties.

• I will preview listings

• I will set up appointments to see selected homes.

HOME FINDERS' PROFILE

The home you want...

• Desired areas:

• Possible styles:

• # of Bedrooms:

• # of bathrooms:

• Minimum square footage:

• Lot size:

• Other requirements:

The home you have...

• Address:

• Phone:

• Approximate square footage:

• # of bedrooms:

• # of bathrooms:

• Lot size:

• Other features:

If you own:

• Approximate value:

• Approximate equity:

• Do you need help selling your present home?

• I can refer you to a top producer in your area to help with your sale.

Be prepared to discuss these critical questions with your lender:

• How long do you expect to stay in the house?

• How long do you expect to keep this mortgage?

• How much cash do you want to commit to this purchase?

• What size mortgage payment would be comfortable for you?

• Do you anticipate any changes in your income or cash flow?

• How does your mortgage fit into your overall financial goals?

Things to bring to the lender

1. Social security number
    

2. Address for past 2 years, with name and phone number of landlord or mortgage holder(s)
    

3. Employer's name, address, phone number for last 2 years
    

4. W-2 forms for the past 2 years
    

5. Pay stub to cover the most recent 30-day pay period
    

6. If commissioned or self employed, 2 years of complete Federal tax returns, personal and business, plus a year to date profit and loss statement and balance sheet
    

7. Bank/securities statements (all pages) for last 60 days; for all accounts with funds to be used for closing
    

8. Account names, numbers, and payments/balances for all open installment and revolving credit card accounts
    

9. A copy of your purchase contract, signed by all parties
    

10. A check to cover up front fees (appraisal and credit report)

Agency

Now that you've made the decision to look for a home, one of the first things your Real Estate III agent will discuss with you is Agency. As a consumer, you may choose to be represented by Real Estate III. If you choose that you are considered to be a client. Your agent:

• Will fully represent your best interests

• Will pledge his first allegiance to you the client

• Will seek a transaction acceptable to you the client

• Will provide financial accounting

• Will disclose material facts about the property or transaction

• Will exercise ordinary care

• Will maintain client confidentiality, unless the information is required by law to be disclosed

Ask me to explain Dual Agency and Designated Agency.

If you do not want to form a Brokerage relationship with your Real Estate III agent, by signing a contract, you will be considered a customer. Your Real Estate III agent must:

• Treat all parties fairly and honestly

• Inform all parties of the nature of their brokerage relationships

• Disclose material facts pertaining to the physical condition of the property of which they are aware

• Comply with the law, including the Fair Housing Act

Ask me to review and explain all of the Agency forms.

Previewing Property

Address:

Price:

Highlights:

Things I liked the Best::

Things I could change:

I rate this house: ________ (scale: 1 (worst)...10 (best))

YOU FOUND A HOME! WHAT'S NEXT?

Preparing the Offer

• I will research comparable sales

• I will educate and advise you on comparable sales, neighborhood data, neighborhood association, schools, market conditions, legal requirements

• We will consult with the lender to determine best financing options

• I will explain and write the contract to purchase.

Contract Presentation and Negotiation

• I will meet with Listing Agent to discuss contract and include pre-approval

• I will communicate and advise buyer of all counter-offers

• I will get all signatures and initials required.

• I will coordinate as required with listing agent, buyer, seller, lender, settlement agents, etc.

From Contract to Closing

• If applicable, I will obtain the HOA Package

• We will pick an inspector(s) and make arrangements for any inspections. Possible inspections could include: radon, lead based paint, building contractor. We will share the results of the inspections with the Listing Agent. We will remove inspection contingencies.

• Be sure I have earnest money/ deposit as appropriate

• You will get a copy of the signed contract. I will distribute other copies of the contract to the lender

• You need to apply for financing

• I will send contract and a summary sheet to the settlement agent.

• We will confirm any address changes.

• You need to call any utilities and have them in your name as of the closing date.

• You need to arrange for homeowner's insurance and provide settlement agent with receipt.

• I will notify all parties when loan is approved.

• I will notify settlement agent that survey, title work, etc. needs to be completed. I will verify time and date of closing.

• I will verify that all repairs are completed and get copies of the receipts.

The Closing

• We will schedule the final walkthrough inspection

• You need to be in contact with the settlement agent for the "final figure". The lender provides the settlement agent with a loan package that calculates the down payment plus closing costs.

• You will need all funds in the form of a certified check or cash at closing.

• I will attend closing with you.

After Closing

• I am always available with professional advice or service as needed.

• I will update your market analysis annually upon request.

• I may request you to "grade me" on my performance so that I can improve my services .

• Please keep me in mind as you have friends and family needing the services of a Realtor. Your recommendation is the greatest honor I can receive.

Questions? Please e-mail or call us at 540-213-4602.