A Complete Guide to Hiring an Agent - Finding the Best Deals <ul><li>Thank you for attending </li></ul><ul><li>We will beg...
Hiring an Agent – Finding Deals <ul><li>The Purpose and Goals of this Class </li></ul><ul><li>To Create and Empower Homeow...
Hiring an Agent – Finding Deals <ul><li>Topics we will cover </li></ul><ul><li>Demystifying the Home buying process </li><...
Hiring an Agent – Finding Deals <ul><li>Ask Questions throughout presentation </li></ul><ul><li>You may type questions in ...
Hiring an Agent – Finding Deals <ul><li>The Road to Home Ownership is often paved with “fear of the unknown” </li></ul><ul...
Hiring an Agent – Finding Deals <ul><li>What is a REALTOR®? </li></ul><ul><li>A real estate agent is a REALTOR® when he or...
Hiring an Agent – Finding Deals <ul><li>What is a Fiduciary? </li></ul><ul><li>Wikipedia  - A fiduciary is someone who has...
Hiring an Agent – Finding Deals <ul><li>What is “Fiduciary Duty”? </li></ul><ul><li>Utmost Care - The agent is bound to th...
Hiring an Agent – Finding Deals <ul><li>What is “Fiduciary Duty”? </li></ul><ul><li>Loyalty - An obligation to refrain fro...
Hiring an Agent – Finding Deals <ul><li>What is “Fiduciary Duty”? </li></ul><ul><li>Duty of Good Faith  -   includes total...
Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Webs...
Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Webs...
Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Webs...
Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Webs...
Hiring an Agent – Finding Deals <ul><li>Tips to Find and Hire an Agent </li></ul><ul><li>Friends and Family rule </li></ul...
Hiring an Agent – Finding Deals <ul><li>Tips to Find and Hire an Agent </li></ul><ul><li>Ask for references of recent clie...
Hiring an Agent – Finding Deals <ul><li>Educated Decision to Create Agency </li></ul><ul><li>The decision to work with a R...
Hiring an Agent – Finding Deals <ul><li>“ Red Flags” of High Pressure Agency </li></ul><ul><li>A FOR SALE sign is an adver...
Hiring an Agent – Finding Deals <ul><li>Finding Your Dream Home </li></ul><ul><li>The Search </li></ul><ul><li>Searching t...
Hiring an Agent – Finding Deals <ul><li>Finding Your Dream Home </li></ul><ul><li>The Search </li></ul><ul><li>Listing fro...
Hiring an Agent – Finding Deals <ul><li>Finding Your Dream Home </li></ul><ul><li>The Search </li></ul><ul><li>Private rem...
What’s the Next Step? <ul><li>Very First Step – Get pre-approved for financing </li></ul><ul><li>Get pre-approved for the ...
Hiring an Agent – Finding Deals <ul><li>Wrap up and Take Aways </li></ul><ul><li>We are a direct Lender that specializes i...
Hiring an Agent – Finding Deals <ul><li>Wrap up and Take Aways </li></ul><ul><li>You will receive a “Thank you” email with...
Upcoming Homebuyer Classes <ul><li>NEW CLASS:  After the Offer – 30 Days until Ownership </li></ul><ul><ul><li>A Complete ...
Thank You for Attending If you enjoyed this class – Tell a friend   <ul><li>Your input is Valuable </li></ul><ul><li>Plea...
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A Complete Guide to Hiring a Lender and Real Estate Agent

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Too often, as a home buyer, you "end up" with a Lender or real estate agent.

Because you're not giving your lender or agent a check you feel obligated to work with them, even though they are not looking out for you and your families best interest.

We show you what a Lender and Agent SHOULD be doing to earn your business and recommend you interview these professionals for the job - including asking for and calling their references!

Published in: Real Estate, Technology, Business
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A Complete Guide to Hiring a Lender and Real Estate Agent

  1. 1. A Complete Guide to Hiring an Agent - Finding the Best Deals <ul><li>Thank you for attending </li></ul><ul><li>We will begin in a moment </li></ul><ul><li>Class Scheduled to begin at 5:00pm </li></ul><ul><li>Homeownership Educator </li></ul><ul><li>Scott Schang </li></ul><ul><li>Branch Manager </li></ul><ul><li>Broadview Mortgage Corporation </li></ul><ul><li>1-866-667-6724 </li></ul>
  2. 2. Hiring an Agent – Finding Deals <ul><li>The Purpose and Goals of this Class </li></ul><ul><li>To Create and Empower Homeowners </li></ul><ul><li>Introduce you to the buying process and demystify steps to buying a home </li></ul><ul><li>Educate you about importance of making an educated and informed choice about working with a Real Estate Agent </li></ul><ul><li>Empower you with the ability to get the most accurate information available while searching for homes that are for sale </li></ul>
  3. 3. Hiring an Agent – Finding Deals <ul><li>Topics we will cover </li></ul><ul><li>Demystifying the Home buying process </li></ul><ul><li>What you need to know about hiring an Agent </li></ul><ul><li>What you need to know about looking for homes </li></ul><ul><li>What’s the next step </li></ul><ul><li>Wrap up and take aways – Upcoming classes </li></ul>
  4. 4. Hiring an Agent – Finding Deals <ul><li>Ask Questions throughout presentation </li></ul><ul><li>You may type questions in at any time during the presentation – Questions box on your screen </li></ul><ul><li>Homeownership experts are standing by to answer your questions during the presentation </li></ul><ul><li>This is an interactive learning environment. You will get the most value by having your specific questions answered </li></ul><ul><li>The only dumb question is the one you don’t ask </li></ul><ul><li>Write this number down in case of technical difficulty </li></ul><ul><li>1-866-667-6724 </li></ul>
  5. 5. Hiring an Agent – Finding Deals <ul><li>The Road to Home Ownership is often paved with “fear of the unknown” </li></ul><ul><li>The unlearned can be learned </li></ul><ul><li>Misinformation can avoided if you ask enough of the right questions </li></ul><ul><li>A Simplified Overview of the Process </li></ul><ul><ul><li>Get approved for financing </li></ul></ul><ul><ul><li>Hire a Real Estate Agent </li></ul></ul><ul><ul><li>Find your dream home </li></ul></ul><ul><ul><li>Make an offer on your dream home </li></ul></ul><ul><ul><li>Offer accepted, what happens next? </li></ul></ul><ul><ul><li>Time line for the buying process </li></ul></ul>
  6. 6. Hiring an Agent – Finding Deals <ul><li>What is a REALTOR®? </li></ul><ul><li>A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS® </li></ul><ul><li>REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. </li></ul><ul><li>The Role of a Real Estate Agent </li></ul><ul><li>Negotiates and facilitates the purchase of Real Estate on behalf of a “principle” – Buyer/Seller </li></ul><ul><li>Agency relationship / Fiduciary duties </li></ul><ul><ul><li>Seller’s Agent – Fiduciary duty to seller </li></ul></ul><ul><ul><li>Buyer’s Agent – Fiduciary duty to buyer </li></ul></ul>
  7. 7. Hiring an Agent – Finding Deals <ul><li>What is a Fiduciary? </li></ul><ul><li>Wikipedia - A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence </li></ul>
  8. 8. Hiring an Agent – Finding Deals <ul><li>What is “Fiduciary Duty”? </li></ul><ul><li>Utmost Care - The agent is bound to the higher standard of a professional in the field which extends the standard of duty to investigate within the means of the profession, to ensure the maximum protection and information be provided the principal. </li></ul><ul><li>Integrity - Defined as the soundness of moral principle and character. It means the agent must act with fidelity and honesty </li></ul><ul><li>&quot; Honesty and Duty of Full Disclosure &quot; of all material facts, either known, within the knowledge of or reasonably discoverable by the agent which could influence in any way the principal's decisions, actions or willingness to enter into a transaction </li></ul>
  9. 9. Hiring an Agent – Finding Deals <ul><li>What is “Fiduciary Duty”? </li></ul><ul><li>Loyalty - An obligation to refrain from acquiring any interest adverse to that of a principal without full and complete disclosure of all material facts and obtaining the principal's informed consent. </li></ul><ul><li>This precludes the agent from personally benefitting from secret profits, competing with the principal or obtaining an advantage from the agency for personal benefit of any kind. </li></ul>
  10. 10. Hiring an Agent – Finding Deals <ul><li>What is “Fiduciary Duty”? </li></ul><ul><li>Duty of Good Faith - includes total truthfulness, absolute integrity and total fidelity to the principal's interest. </li></ul><ul><li>The duty of good faith prohibits any advantage over the principal obtained by the slightest misrepresentation, concealment, threat or adverse pressure of any kind. </li></ul>
  11. 11. Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Website – Link provided </li></ul></ul></ul><ul><li>It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. </li></ul><ul><li>Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company. </li></ul>
  12. 12. Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Website – Link provided </li></ul></ul></ul><ul><li>Seller's representative (also known as a listing agent or seller's agent). A seller's agent is hired by and represents the seller. </li></ul><ul><li>All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract. </li></ul>
  13. 13. Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Website – Link provided </li></ul></ul></ul><ul><li>Buyer's representative (also known as a buyer’s agent).A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. </li></ul><ul><li>The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. </li></ul><ul><li>The buyer can pay the licensee directly through a negotiated fee, or the buyer's rep may be paid by the seller or by a commission split with the listing broker. </li></ul>
  14. 14. Hiring an Agent – Finding Deals <ul><li>Understanding Agency Relationships </li></ul><ul><ul><ul><li>From Realtor.com Website – Link provided </li></ul></ul></ul><ul><li>Disclosed dual agent . Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. </li></ul><ul><li>Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties. </li></ul>
  15. 15. Hiring an Agent – Finding Deals <ul><li>Tips to Find and Hire an Agent </li></ul><ul><li>Friends and Family rule </li></ul><ul><ul><li>Firing a friend or family is not an option </li></ul></ul><ul><li>Business referrals are a good place to start </li></ul><ul><ul><li>Lender – experience working through sale </li></ul></ul><ul><ul><li>Escrow companies </li></ul></ul><ul><ul><li>Insurance Agents </li></ul></ul><ul><li>Looking for and Agent on the Internet </li></ul><ul><ul><li>Accessibility and communication </li></ul></ul><ul><ul><ul><li>Text, chat, email, cell phone, IM </li></ul></ul></ul><ul><ul><li>Websites vs. Blogs </li></ul></ul><ul><ul><ul><li>The social media phenomenon </li></ul></ul></ul><ul><ul><ul><li>Who are they as opposed to What they do </li></ul></ul></ul>
  16. 16. Hiring an Agent – Finding Deals <ul><li>Tips to Find and Hire an Agent </li></ul><ul><li>Ask for references of recent clients </li></ul><ul><ul><li>Call one to threes of their most recent clients </li></ul></ul><ul><ul><ul><li>Were they easy to reach / communicate </li></ul></ul></ul><ul><ul><ul><li>Did they give good advice during process </li></ul></ul></ul><ul><ul><ul><li>Were there any challenges during sale </li></ul></ul></ul><ul><ul><ul><li>Would you use them again </li></ul></ul></ul><ul><li>Real Estate Agents work for YOU </li></ul><ul><ul><li>Don’t be afraid to expect a high level of service </li></ul></ul><ul><ul><li>You are not obligated to stay with one buyer’s agent – avoid Buyer’s Agent Contracts </li></ul></ul><ul><ul><li>Stick with an Agent that does a great job for you </li></ul></ul><ul><ul><ul><li>Do not allow anyone else to write up offer </li></ul></ul></ul>
  17. 17. Hiring an Agent – Finding Deals <ul><li>Educated Decision to Create Agency </li></ul><ul><li>The decision to work with a Real Estate Agent is a decision to hire a professional to work for you </li></ul><ul><li>This decision should be as the result of your research, a lengthy interview, talk to references and make an educated decision </li></ul><ul><li>A quality Real Estate Agent is looking out for your family’s best interest – they will earn your business </li></ul><ul><li>Avoid pressure tactics and implied urgency </li></ul>
  18. 18. Hiring an Agent – Finding Deals <ul><li>“ Red Flags” of High Pressure Agency </li></ul><ul><li>A FOR SALE sign is an advertisement paid for and placed by the Seller’s Agent </li></ul><ul><li>Placing an offer with this Agent creates Dual Agency </li></ul><ul><li>Agents at Open Houses are most often Seller’s Agents </li></ul><ul><li>Avoid high pressure tactics by ALWAYS taking your agent with you when you look at homes </li></ul><ul><ul><li>Get the address and make arrangements to view home later </li></ul></ul>
  19. 19. Hiring an Agent – Finding Deals <ul><li>Finding Your Dream Home </li></ul><ul><li>The Search </li></ul><ul><li>Searching the Internet for Home Listings </li></ul><ul><ul><li>Most “internet sites” are advertisements for Real Estate Agents </li></ul></ul><ul><ul><li>Very little information is provided and you must “register” to get details </li></ul></ul><ul><ul><ul><li>You are now a “lead” generated from someone’s marketing dollar </li></ul></ul></ul><ul><ul><li>As long as you understand this – you have the ability to avoid any action that may inadvertently bring an inconvenience to you </li></ul></ul>
  20. 20. Hiring an Agent – Finding Deals <ul><li>Finding Your Dream Home </li></ul><ul><li>The Search </li></ul><ul><li>Listing from the MLS – Real Time </li></ul><ul><ul><li>Realtor.com </li></ul></ul><ul><ul><li>Listingbook.com </li></ul></ul><ul><ul><li>RealSeekr.com </li></ul></ul><ul><ul><li>Agent supplied site </li></ul></ul><ul><li>Agent updated sites – Updated manually </li></ul><ul><ul><li>Zillow.com </li></ul></ul><ul><ul><li>Trulia.com </li></ul></ul><ul><ul><li>Most others….. </li></ul></ul>
  21. 21. Hiring an Agent – Finding Deals <ul><li>Finding Your Dream Home </li></ul><ul><li>The Search </li></ul><ul><li>Private remarks can contain important information that would be important to you in the decision making process </li></ul><ul><ul><li>Only your Agent can see private remarks </li></ul></ul><ul><li>Tips for finding the best deals </li></ul><ul><ul><li>Know what you’re looking for – Wish list </li></ul></ul><ul><ul><li>Communicate with your Agent often </li></ul></ul><ul><ul><li>Actively search the MLS on your own </li></ul></ul><ul><ul><ul><li>This will help Agent understand your “likes” </li></ul></ul></ul><ul><ul><li>Ask your Agent to actively search homes for you </li></ul></ul>
  22. 22. What’s the Next Step? <ul><li>Very First Step – Get pre-approved for financing </li></ul><ul><li>Get pre-approved for the maximum you can qualify for – Be prepared for competition </li></ul><ul><li>Start interviewing Buyer’s Agents – We can refer someone to you that shares our values </li></ul><ul><li>Work with a Real Estate Agent that is experienced with this market and your loan </li></ul>
  23. 23. Hiring an Agent – Finding Deals <ul><li>Wrap up and Take Aways </li></ul><ul><li>We are a direct Lender that specializes in CalSTRS, CalPERS, CalHFA, FHA, VA, USDA and Community based down payment assistance programs </li></ul><ul><li>We are more than happy to be your “second opinion” if you are already working with someone </li></ul><ul><li>We are more than happy to refer you to a qualified Real Estate Agent that we have interviewed and worked with – Shares our values </li></ul><ul><li>Finding the best deals is knowing where to look for homes, knowing what you want and working with an experienced Agent that understands all of the above! </li></ul>
  24. 24. Hiring an Agent – Finding Deals <ul><li>Wrap up and Take Aways </li></ul><ul><li>You will receive a “Thank you” email with links to the information we’ve talked about here today including </li></ul><ul><ul><li>Copy of power point presentation </li></ul></ul><ul><ul><li>Secure on-line loan application </li></ul></ul><ul><ul><li>Links to all the topics we discussed in class </li></ul></ul><ul><ul><li>Dream Home Finder request </li></ul></ul><ul><ul><li>Link to more information about Tax Credit </li></ul></ul><ul><ul><li>A schedule of all upcoming classes </li></ul></ul>
  25. 25. Upcoming Homebuyer Classes <ul><li>NEW CLASS: After the Offer – 30 Days until Ownership </li></ul><ul><ul><li>A Complete guide to What Happens after the offer is accepted </li></ul></ul><ul><li>A First Time Home buyer’s Complete Guide to Credit, Qualifying and Completing the Loan Application </li></ul><ul><li>A Complete Guide to Buying Foreclosures and Short Sales </li></ul><ul><li>A Complete Guide to Closing Costs and the Good Faith Estimate </li></ul><ul><li>Working to record and archive all classes for viewing anytime – I will keep you updated </li></ul><ul><li>Check back often for upcoming classes </li></ul>
  26. 26. Thank You for Attending If you enjoyed this class – Tell a friend  <ul><li>Your input is Valuable </li></ul><ul><li>Please complete 2 question survey when you log off </li></ul><ul><li>For more information </li></ul><ul><li>1-866-667-6724 </li></ul><ul><li>Homeownership Educator </li></ul><ul><li>Scott Schang </li></ul><ul><li>Branch Manager </li></ul><ul><li>Broadview Mortgage Corporation </li></ul>
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