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

ACTION PLAN TO FIND YOUR HOME

First Appointment

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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

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Social security number
Address for past 2 years, with name and phone number of landlord or mortgage holder(s)
Employer's name, address, phone number for last 2 years
W-2 forms for the past 2 years
Pay stub to cover the most recent 30-day pay period
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
Bank/securities statements (all pages) for last 60 days; for all accounts with funds to be used for closing
Account names, numbers, and payments/balances for all open installment and revolving credit card accounts
A copy of your purchase contract, signed by all parties
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

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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.

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Shenandoah Valley Homes for Sale
17 Parkway Lane · Fisherville, Virginia 22939
540-213-4602 · gail@shenandoahvalleyhomesforsale.com

Equal Housing Opportunity

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