Bend Oregon Central Oregon Real Estate Buyer's Guide

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  • 1. Real Estate Buyers Guide Cody Lathrop Real Estate Broker/Consultant 354 NE Greenwood Ave Ste. 100 Bend, OR 97701 541-419- Direct: 541-419-4540 Email: codylathrop@gmail.com
  • 2. Buying a Home! I’m very excited about the opportunity to help people with what may be the biggestfinancial investment they’ll ever make: buying a home. My goal is to make this process afun, exciting, professional experience for my clients, rather than a horror story like you’veheard about or even experienced. To help turn that horror story into a happy ending, I runmy business differently than most Realtors. I want to be able to assist you on your decision and in every step of this transaction.Even prior to finding a home, I will assist you with mortgage and financial information. Anastute buyer is wise to get "pre-approved" for financing in order to be in a stronger andmore credible position when it comes time to write a contract to purchase a property. Our"One Stop Shopping" program saves you time & hassle by providing referrals of the finestloan officers, real estate attorneys, home inspection engineers and home insuranceagencies. I will help you make sense of all this and will be with you to coordinate theseactivities. This guide will give you insight into the home buying process and will explain myroll as a licensed real estate broker in that process.
  • 3. AS YOUR BUYERS AGENT, I WILL…• Meet with you to determine your specific housing needs and budget.• Provide mortgage qualification assistance to facilitate the mortgage application process.• Search for homes in the Multiple Listing Service, FSBO and all other publications.• Schedule appointments and accompany you on all property showings.• Complete an extensive Market Analysis on any home selected for purchase providing factual data on recent comparable sales to assist you in the offer and negotiation process.• Assist you in structuring a Purchase Offer and represent your interest in all negotiations with the seller, maintaining absolute confidentiality.• Schedule appointments to provide access to the property for inspectors, appraisers, repairs, etc.• Constantly review progress, advising of changes in the current market climate.• Provide pertinent information about issues that affect the value of the property.• Share with you all of the information about the seller.• Present your offer promptly and assist in preparing it.• Coordinate and monitor the settlement process, such as clear title, verification of closing fees, attorney schedule, buyer & seller schedule, final walk trough, transfer of utilities, homeowner insurance and transfer of keys.• Provide representation at closing to assure a successful conclusion.
  • 4. Some Helpful SuggestionsGET PRE-APPROVED FOR A MORTGAGE!Pre-approval lets the seller know you’re serious. If you’re pre-approved, you will be morelikely to make a deal. An astute buyer is wise to get "pre-approved" for financing in order tobe in a stronger and more credible position when it comes time to write a contract topurchase a property. If you are concerned that you wont qualify for a home loan at leastgive it a chance. A loan consultation is free so you have nothing to loose and everything togain. The lender will let you know exactly where you stand and what steps are needed toqualify. Make an appointment to today and meet with a Mortgage Loan Officer as soon aspossible.PUT PEN TO PAPERMake a specific list of what you are looking for in a home. What are your priorities? A bigbackyard for the kids? A huge master bedroom? A modern kitchen? Know what you wantand go after it. Also, decide where you are willing to compromise and where you aren’t.This will help in your decision making. For your convenience Ive included a checklist onthe next page that will help you narrow down your search if you choose to use it.LOOK PAST THE DÉCORIt’s easy to get turned off by a home that is poorly decorated or dirty. Use your imaginationto picture a clean and well decorated house – it could be your dream home.BE CREDIT CONSCIOUSNow that you are preparing for homeownership, your monthly debt ratio can affect themonthly house payment the lender allows. Start saving right away so the lender sees asmuch money in the bank as possible (and as little debt)!DON’T MAKE LOW BALL OFFERSSellers get turned off when buyers make very low offers. Make fair offers. Work with yourlicensed salesperson to come up with a strategy for the negotiations.LET US WORK FOR YOUWe are a member of the Multiple Listing Service (MLS). This means we can show you anylisting available in Central Oregon, whether it is listed by us or by another company. Weare also happy to represent you with “Foreclosure” and “For Sale by Owner” transactions.This means you do not have to waste your time calling for information all over town. I can doyour legwork for you and preview the homes with the features you are looking for so youonly have to look at the “cream of the crop”.
  • 5. “THE PERFECT HOME” PROFILE Feature Negotiability#of Bedrooms _________________________________ 1 2 3 4 5# of Bathrooms _________________________________ 1 2 3 4 5Dining room _________________________________ 1 2 3 4 5Family Room _________________________________ 1 2 3 4 5Kitchen _________________________________ 1 2 3 4 5Kitchen _________________________________ 1 2 3 4 5Basement _________________________________ 1 2 3 4 5Fireplace _________________________________ 1 2 3 4 5Garage/Size _________________________________ 1 2 3 4 5Lot Size _________________________________ 1 2 3 4 5Fenced Yard _________________________________ 1 2 3 4 5Pool/Spa _________________________________ 1 2 3 4 5Building Style _________________________________ 1 2 3 4 5Street Location _________________________________ 1 2 3 4 5School District _________________________________ 1 2 3 4 5Additional _________________________________ 1 2 3 4 5Additional _________________________________ 1 2 3 4 5Additional _________________________________ 1 2 3 4 5
  • 6. WHAT ARE HOME SALE CLOSING COSTS?Closing costs are simply the fees, costs and taxes associated with the purchasing of a home,the borrowing of money and the preparation of necessary paperwork to finalize the sale.The total amount of your closing costs will vary depending on where your new home will belocated, what type of property you are buying, the price of the home and the complexity ofthe transaction. It is extremely important that you work closely with your Realtor and lenderin the early stages of the home buying process to determine what these costs could be,since closing costs can easily represent thousands of dollars. The main categories are:1. Discounts Points to Buying Down the Mortgage This fee is optional and can vary significantly from 0.5 to 3 points on the total of the mortgage. It is a one-time charge that is calculated based on the amount of the mortgage loan. A buyer would pay this amount up front to reduce the ongoing cost of the mortgage over the life of the loan. This charge is fully deductible as mortgage interest.2. The Costs of Originating the Mortgage These generally include a variety of fees such as the loan origination fee, the appraisal fee and the cost of credit reports. There are also other fees that you will be expected to pay at closing such as hazard and mortgage insurance and interest accrued on the mortgage between closing date and the end of the month.3. Taxes and other Local Fees These charges will vary according to the requirements of local governments. Some may demand that your property taxes be pro-rated according to when you will officially become the owner of the house. There can also be personal property taxes, homeowners association dues, and other assessments that are specific to the area that you are moving into.4. The Cost of Documentation You will have to pay for any research involving public records and the title history on the property you are buying. This insures that the title on your property is unencumbered by other ownership or liens and can be delivered to you at closing. Other costs include recording and transfer fees that cover the legal recording of the deed to your name. It is critical that you have a clear understanding of the total cost of your closing. Your real estate agent or the attorney/escrow company should supply you with a detailed estimate well in advance of the actual closing.
  • 7. WHAT IS A REAL ESTATE BUYERS REPRESENTATIVE? A real estate buyers representative represents the buyer who is purchasing propertyin a real estate transaction. The buyers representative works for, and owes fiduciaryresponsibilities to, the real estate buyer and has buyers best interests in mind throughoutthe process. It is important for the buyer to discuss the buyers representativescompensation in the initial interview. In many cases it is recommended that the buyer andthe buyers representative agree to the terms of compensation prior to viewing properties,and sign a written agreement based on those terms. The agreement should spell out theresponsibilities of both parties throughout the process. WHY USE A REAL ESTATE BUYERS REPRESENTATIVE? Purchasing real estate is a complex and major transaction with many details to behandled. A buyers representative is responsible for protecting the buyers best interestsand will be the buyers eyes and ears in the market. A buyers representative will: • Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications. • Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale. • Assist in viewing properties - accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met. • Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property. • Advise the buyer on structuring an appropriate offer to purchase the selected property. • Present the offer to the sellers agent and the seller on the buyers behalf. • Negotiate on behalf of the buyer to help obtain the identified property - keeping the buyers best interests in mind. • Assist in securing appropriate financing for the selected property. • Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed. • Most importantly, fully-represent the buyer throughout their real estate transaction.
  • 8. ABOUT EXIT REALTY AND MY PRINCIPAL BROKER Just a little over 12 years ago EXIT was introduced in Toronto, Canada. The vision ofthis company came from one of the most successful agents/recruiters in Canada, SteveMorris. His goal was to build a company to unlock the opportunities for agents with EXITRealty’s Formula of Sponsoring and commitment to providing it’s agents with world classtraining. In just 10 years EXIT has become the #7 largest real estate franchise in NorthAmerica and the FASTEST growing real estate franchise in the history of real estate! Withnearly 1500 franchises now open and close to 50,000 agents recruited, EXIT is poised tocontinue its extraordinary growth and outflank the competition in every aspect of the realestate business. Please visit www.exitrealty.com if you would like to learn more. The EXIT Realty Bend office opened in July of 2006 and has quickly become one ofthe most active offices in Central Oregon. With more than 20 agents and a TEAMatmosphere dedicated to getting the job done professionally for our clients, EXIT RealtyBend has quickly received national attention as a leader in real estate, not only in ourCentral Oregon, but a leader in the United States! Jim Mazziotti is the Owner/Principal Broker of EXIT Realty Bend. Jim and his familyrelocated to Central Oregon in 2002 after operating a successful real estate office in theMidwest. Jim has served as a City Councilman, President of the Chamber, President of TheOAED Development Group and has been a community leader for many years. He has aBachelor of Arts from Upper Iowa University and is a graduate of Leadership Bend. Jim hasbeen a Realtor for 16 years and has experience in residential, commercial and resortproperty. While a resort specialist at Eagle Crest Resort he was a top producer for thetownhomes and resort properties represented by Eagle Crest Properties. His EXIT RealtyBend office was awarded the 2009 "Exit Franchise Office of The Year" for both the Northwestand Midwest Regions of EXIT Realty Corp. Jim was also awarded with the 2009 "Franchiseeof The Year," again, for both the Northwest and Midwest Regions of EXIT. Jim holds theprestigious Accredited Buyers Representative (ABR) Designation awarded by The NationalAssociation of Realtors and is a certified John Maxwell coach, trainer and speaker. Jim is anexceptionally precise and comprehensive thinker, strong team leader and creative andinnovative spokesman.
  • 9. MY REAL ESTATE BIOGRAPHY A 24 year resident of Bend, Cody Lathrop sells residential and commercialproperties not just in Bend, but in the entire surrounding Central Oregon area. Hehas nearly 10 years experience in sales, customer service and retail marketing withoutstanding sales records and many happy repeat customers throughout the years.Cody enjoys taking a direct, hands on approach with his clients and is well supportedby his superb office support staff and team at Exit Realty Bend. His business partnerand principal broker at Exit Realty Bend have a combined 30 years experience in thereal estate industry and are there at the drop of a dime to support him in every aspectof the business. Cody Lathrop’s extensive knowledge and experience in sales andbusiness provides him a unique view of the real estate market and market trends thathe is able to share with his clients to help them make the best decisions for theirneeds and desires. He has worked with and learned from some of the industry’s topagents and coaches to enhance his understanding of the market and all aspects ofreal estate. Cody Lathrop has earned an Associate of Arts degree from Central OregonCommunity College and a Masters degree in Business Administration from OregonState University. This education provides the solid background on which his careerhas been built. Cody’s work ethic didn’t start in the real estate business but hasfollowed him into the industry. He has been extensively involved in High School,PNSA, USSA, Collegic and MBSEF ski racing where he has achieved many topfinishes and has earned the designation of Oregon Scholar athlete and lead NastarPacesetter. Cody Lathrop consistently retained above a 3.5 G.P.A in both HighSchool and College and was a top sales producer for Clearwire High Speed Internet.He is a member in good standing of the Local Association of REALTORS, StateAssociation of REALTORS, and the National Association of REALTORS in addition tothe Central Oregon Multiple Listing Service. Cody feels that being a Realtor is aboutmore than joining professional associations, he believes REALTORS should beinvolved in the communities where they work as well. He has served his communityin many capacities which include I Heart Bend, MBSEF Junior Ski Coaching, andOperation Turkey Basket. Cody Lathrop and Exit Realty also support Habitat forHumanity and to date they have donated over $2 Million to the charity and built morethan 15 Habitat Homes. Through these activities and more he has obtained manystrong references that will attest to his outstanding character and integrity. Cody Lathrop understands the stresses and hassles involved in the buying,selling, and relocation process and he strives to alleviate these concerns for hisclients as much as possible. Whether buying or selling, be it your first home, yourlast home, or building your investment portfolio, Cody has the knowledge andexperience to deliver the unsurpassed service you deserve. His goal is always toprovide trusted professional service and friendship to people from a position ofstrength and he can’t wait to help you achieve your dreams.
  • 10. Frequently Asked QuestionsMany buyers do not fully understand the home buying process and what role a realestate agent plays. The following are some of the most frequently asked questionsthat buyers ask or don’t fully understand.What does it cost as a buyer to use an agent?The compensation that a sales agent receives typically comes from the seller’sproceeds. In other words, there is not cost for a buyer to use an agent in a traditionalagent/buyer relationship. In a buyer agency agreement, there may be some cost tothe buyer, but even these agreements are usually worded so that the agent iscompensated from the seller.Can my agent give me information regarding properties from other companies?Yes, if that other company is a member of Multiple Listing Service (MLS) – which mostreal estate companies are. For Sale By Owner (FSBO) properties are not listed in MLSso an agent likely wouldn’t not be able to provide information regarding them.However with a buyer agency agreement, your agent may be able to help youpurchase a FSBO.What if I find a property on my own?You should contact your agent and not the property owner or the agent listing theproperty. Having the address or the MLS number is a very helpful and will assistyour agent in gathering information regarding the property.What type of information will my agent need?An agent will need any type of information regarding the property you are lookingfor that is important to you. For example, number of bedrooms, garage size, price,location and number of bathrooms are common criteria. Other considerationsinclude the school district, type of home (ranch, tri-level, etc) and room sizes. Keepin mind that a search that is too specific may narrow your list of properties too muchwhile one that is too broad may give you more properties to look at than you havetime to go through! An agent may also ask you for other information such as hobbiesor activities you enjoy, children’s names, birthdays, etc. This type of informationfosters more of a “friend” relationship than a “business” one and makes the homebuying process much less stressful.Can I go to open houses without my agent?You can go to open houses without your agent. However, you need to make sure thatyou indicate you are working with an agent already. If you don’t, your agent mightnot be able to help you write an offer on that property in the future.
  • 11. How can I find out about new properties?You’re agent should be able to accommodate your particular situation whether it bevia e-mail, phone calls, etc. Clients with e-mail capability can receive automaticupdates from the MLS system as soon as new listings are entered.What if I am unhappy and want to switch agents?Let the first agent know that you are unhappy and the reasons why. See if you canwork out the issues with them. If not, tell the agent you no longer want to work withthem and find another agent.SummaryWhen purchasing real estate, a sales agent can be an invaluable resource if youremember your responsibilities: • Work with just one agent. • Make sure you tell your agent everything. • Always tell other agents you are already working with an agent. • Consider your agent your friend.If you have any questions regarding purchasing a home or would like me to be youragent, please give me a call. I want your home buying experience to be as easy andenjoyable as possible and will do everything I can to ensure you find the home that isright for you. Cody Lathrop Broker/Consultant Real Estate Broker/Consultant 354 NE Greenwood Ave Ste. 100 Bend, OR 97701 541-419- Direct: 541-419-4540 Email: codylathrop@gmail.com