|
|
The Buyer Counseling Session |
|
|
|
The Buyer Counseling Session |
|
|
Moving To A New Area? For Free Information on that New Area Call Call Now! 203-546-8127 |
|
Get Prequalified: Let us provide you with the best mortgage rates from hundreds of local mortgage companies.
|
National
Home Search
Change
Your Address
How Does An Exclusive Buyer Broker Get Paid Why
use an
Need
Advice On A Real Estate Problem?
|
The Counseling Session is a free Consultation
with a professional so that you can get an overview of the process and
a detailed description of what a Buyer Agent can, or cannot do for you.
If yes, discuss it.
Agency Choices In most states all Realtors can act as buyer agents (with a signed agreement) until they show one of their firms listings, then they are acting as a dual agent, and must treat both parties equally. That's like asking you to ask your boss to negotiate your next raise for you. Or you asking a car salesman to negotiate the best deal on a car he is selling you. So why would you hire a listing agent to negotiate the best deal on a property their firm is selling? There is only one way to absolutely avoid dual agency and that is by hiring an Exclusive Buyer Agent (EBA) who represent Buyers and only Buyers 100% of the time. EBA's must treat seller's fairly, however, they owe no loyalty to any seller. EBA's work for you the Buyer and apply their experience to get the best results for the Buyer all the time. Our Client Fiduciary Duties Representation gives you benefits… Obedience: to Lawful Instruction Loyalty: Your Best Interests above my own Disclosure: What I know, You know Confidentiality: Our Highest Responsibility Accountability: for your money & paperwork Reasonable Skill & Care
We Can’t Make your decisions for you or take responsibility for any of your bad decisions . Guarantee to help you buy property below market value. Take advantage of you or your situation. Violate State, Federal or Fair Housing Laws when we help you buy or rent a property. It is also our obligation to report any Acts of Discrimination. Hide or Misrepresent any Material Facts or Defects about a property or pretend they don’t exist Choose the Neighborhood or Community you should be living in Tell you if the area is Safe Tell you what School Systems are better than others Be sure what planning and zoning will really do Tell you if anyone who lived at the property died there from a murder, suicide, had HIV or if it’s haunted Collect any Kickbacks or Rebates from any professionals that we may recommend Buyer Agreement When you are ready to select me as your Buyer Agent, and our firm to represent your interests, written authorization is required by Connecticut Law before I can begin to do any work on your behalf The contract will be described in detail so that you understand what is expected of all parties involved If you have an Attorney, all blank forms can be forwarded in advance for a comprehensive review Our agreement doesn’t have to be a long-term arrangement unless you
prefer that.
Who Pays the Fee? Agents are usually paid from the Listing Broker who offers the property for sale on behalf of their Listed Seller Clients. When no other Broker is involved and you buy a property directly from an owner, our fee will be included in your offer amount. It is paid to us at the closing from the proceeds of the sale just like
the bank, the attorneys & all other professionals involved in the transaction.
This is our Highest Obligation to a Client Always remember that anything you say to us, as your Exclusive Buyer Agent, will always remain completely confidential Dual Representation Since Buyer's Trust takes no listings we can only be in dual agency if 2 of our buyer clients are negotiating on the same property. We do not treat either client any differently than before since we are required to maintain confidentiality for all our clients. Our objective is to have all Clients satisfied with our service so we continue to receive client referrals from everyone. Pre-Qualification We will assist you in getting Pre-Qualified or Pre-Approved, with Lenders, for the type of mortgage you desire Being pre-qualified will strengthen your negotiating position with sellers. By getting pre - qualified first, you will be in a better position to have your offer accepted. It will also prevent the disappointment of finding that perfect home, then discovering it is beyond your financial reach.
Qualification Letters Your Lender will issue one of two types of letters regarding your financial qualification The first may be a pre-qualification letter based upon an interview with a loan officer The other would be a credit pre-approval based upon evaluation of your credit report and financial details of your loan, interest rate, terms & mortgage request by a loan officer and/or an underwriter. In the eyes of the seller a buyer that has taken the time to get pre-approved
is a cash buyer.
Lending Process The Lender will inform you what financial documents to bring to the meeting and provide you with a list of any other additional items you will need to provide An appraiser will inspect the property and determine it's market value With the application filed & the loan in process, you may not hear from the lender for some time until another need arises for information or a disposition is issued We will monitor the situation and if problems arise, we will work with
your Loan Originator and Attorney to resolve them for you
Once the Inspection process has been fully explored, the mortgage process begins with the application The application can be taken in any location that is convenient for you and the Loan Originator Property Search Once you've selected the right mortgage program, you will need to determine your target purchase price range As EBA's we will not try to sell you the most expensive home you can afford, instead, we follow your instructions for price range limits We will help you assess your property needs, wants and wishes so that a strategy can be implemented to match those needs with housing inventory Search Process We will provide you with an inventory of properties in your price range and ask you to drive by them Make note of all properties which may interest you even if they are not for sale Keep a log with your notes for reference purposes If the selections within your Price Range are not satisfactory you may have to re-assess your purchase timetable or your town preference or both. We will not ask you to expand your price range, you must decide on that.
Once you have made your property selections, we will make the appointments at times that are mutually convenient You need to reserve our time in advance so that we can give you the undivided attention that your home search deserves Touring Property Together we will tour all of the properties on your selection list until you find the right one Finding the property is the easy part! As your Agent, our job starts
when you find the right property for you and your family
Determining Range of Value When you've made a final choice, we will demonstrate to you a property's probable range of value by preparing a Market Analysis for you Comparable property will be analyzed & many variables will be considered
Supply & Demand The price you pay will depend on many things You will probably pay market value and sometimes more depending on the Market's Conditions, amount of available inventory and buyers in the marketplace Offer Process When you are ready, we will help you make a written offer on the property you have decided is right for you The offer will contain all terms, conditions and contingencies to protect your interests in addition to all required disclosures and pre-qualification letters which accompany an offer One of these disclosures is a signed property condition disclosure completed
by the seller which you review and sign. This form is not a warranty and
is no substitute for thorough property inspections
Writing the Offer For your protection, your offer should include Environmental, Building Inspection and Mortgage Contingencies If you must sell your current house in order to purchase the new one, a Hubbard clause will be a part of the offer Any additional or specific concerns can be addressed in advance with
language provided by your Attorney
Understanding the Offer to Purchase All terms will be discussed with you in detail so that you will understand all of the components of the Offer to Purchase, Lead Paint Disclosure, Agency Disclosure, Property Condition Disclosure, etc.
- Purchase price
Decision Support Possible negotiating strategies will be fully discussed with you What to Offer, How to Counter, What & How Much to ask for, terms that are flexible or fixed Every decision is yours to make and generally, you the Buyer determine the price Nothing has every been sold without a Buyer! We follow your instructions but can't control the outcome of negotiations We will present offers directly to a seller if it is warranted Lost Properties If the Negotiation is not successful, you continue reviewing all available properties meeting your criteria Our process of showing you the available inventory will continue even after a successful negotiation to insure you are informed of all properties meeting your needs Securing Signatures If your offer was successful, our job is to ensure that all parties signatures & initials are complete on the offer to purchase and that contracts are to go to your attorney Copies will then be given to you, your attorney, your Lender, and anyone else you deem appropriate
Inspection Process
Inspections are to be performed in a short window of time, usually 5 days You may select any Home Inspector (s) you wish or ask for recommendations This is your opportunity to have an objective professional opinion and we will supervise the inspection itself with you present if possible The Seller's Agent may also be present for inspections but they aren't allowed to interfere with the process If structural or mechanical deficiencies are discovered, the inspector will note that in the report Copies of the report need to be given to you and us We will review the report with you, help you assess your options & prepare an appropriate written response
Survey
Condominium
Re-Sale Certificate
Finalizing Repairs A written list of required or desired repairs will be forwarded to the Seller and their Listing Agent, along with a copy of the pertinent section of the report detailing the deficient items When all parties agree on the repair items, that addendum will be signed
Title Search
Final Phases We will assist you in making sure that all of your deadline dates are
either met or extended in a timely manner
Closing Process When your mortgage has been formally committed, you will receive written verification The closing process will then begin The Attorneys for both clients will make arrangements for a closing 'on or about' the date in the contract. Outstanding loan documents must be forwarded Homeowners insurance is provided to the lender Utilities will need to be called to setup accounts for you as the new owner Utilities
Homeowner’s Insurance (sometimes called Hazard Insurance)
Pre- Closing Inspection Prior to the closing, we will guide you through a Pre-Closing Inspection of the property It verifies that all fixtures detailed in the contract are still there and that the property is in relatively clean condition subject to normal wear and tear FINAL INSPECTION
The Closing
ADJUSTMENTS TO PURCHASE PRICE AT CLOSING:
POST CLOSING
|
This document was compiled from information provided by
|
LIAM DAVIS GLYNN
|
Dynamic Directions
|
|
|
