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How we help buyers at Chestermere Real Estate.

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  1. 1. Chestermere Real Estate. <ul><li>How We Help Buyers. </li></ul>
  2. 2. WE ARE CHESTERMERE REAL ESTATE . <ul><li>As 90% of our business is done right here in Chestermere, we wanted to work in an office that was as dedicated to Chestermere as we are. </li></ul><ul><li>The office is open 5 days a week with a full time broker and office administrator. </li></ul><ul><li>In the office we have other realtors that understand the Chestermere market and specialize in acreages, residential, condos, development land, and buyer’s brokerage. </li></ul>
  3. 3. Our Market Is Chestermere . <ul><li>Our vision is to continue to offer our clients a </li></ul><ul><li>distinct competitive advantage in this marketplace </li></ul><ul><li>when buying and/or selling real property in Chestermere. </li></ul><ul><li>We are service consultants who are dedicated </li></ul><ul><li>to delivering superior results for our clients by </li></ul><ul><li>knowing the Chestermere market better than any one else in the industry. </li></ul><ul><li>Clients view the quality of our work as second to </li></ul><ul><li>none and continuously recommend us to people they care about. </li></ul>
  4. 4. <ul><li>Obedience to your lawful instructions • Loyalty to your interests above our own • Disclosure for material and pertinent facts • Confidentiality for any info you provide us regarding your motivation, urgency, financial position or personal situation • Accounting for your $$, paperwork, dates • Reasonable Care according to license laws “It is not our job to sell you a home. We will help you find the right home, at the right price with the right terms and conditions that will protect you.” </li></ul>Our Legal Duties
  5. 5. We Believe: <ul><li>Buying a home should be an enjoyable experience. </li></ul><ul><li>Buyers should make their own decisions, but they will benefit from proper presentation and analysis of pertinent facts. </li></ul><ul><li>We can help you find a home that meets your needs and fits your lifestyle and budget. </li></ul><ul><li>Integrity in cooperating business relations with all parties involved in the real estate transaction is important. </li></ul>
  6. 6. We are in the top of our field . Top 200 realtors in Calgary 2008, 2009 . <ul><li>Award Category Received in </li></ul><ul><li>Master Sales Award 2002 </li></ul><ul><li>Director's Award 2003 </li></ul><ul><li>President's Award 2004 </li></ul><ul><li>Chairman's Award 2005 </li></ul><ul><li>Top 1% Pinnacle Award 2006 </li></ul><ul><li>Top 1% Pinnacle Award 2007 </li></ul><ul><li>MLS Million Dollar Club 2008 </li></ul><ul><li>MLS Million Dollar Club 2009 </li></ul>
  7. 7. Qualified to be your buyer’s agent! <ul><li>Marjorie has 17 years experience working with Chestermere buyers and sellers. </li></ul><ul><li>Doug has been working in Chestermere for 16 years. </li></ul><ul><li>We love Chestermere enough to have lived here for 18 years. </li></ul><ul><li>We have sold over 100 lakefront homes and many more homes in all of the different areas of Chestermere and surrounding acreages and farms. </li></ul>
  8. 8. How we are paid. <ul><li>We receive a ‘success fee’ from the </li></ul><ul><li>proceeds of a sale – </li></ul><ul><li>if you do not buy a </li></ul><ul><li>property, we are not paid </li></ul><ul><li>We don’t care what or when you purchase since </li></ul><ul><li>that is totally your decision to make </li></ul><ul><li>We are more concerned with providing excellent </li></ul><ul><li>service so that you will recommend us to your </li></ul><ul><li>family and friends </li></ul><ul><li>Whether the property is listed with our Firm, </li></ul><ul><li>another firm or a ‘For Sale by Owner’ – we will </li></ul><ul><li>represent your interests so that you are protected. </li></ul>
  9. 9. Professional Fees You do not owe us any money from your pocket <ul><li>Your offer funds all fees – our fee; the listing agent’s fee and all other transactional fees. </li></ul><ul><li>The seller deducts all service fees, settles all outstanding debts and then keeps the rest. </li></ul><ul><li>Chestermere Real Estate expects a professional service fee of 3.5% on the first 100k and 1.5% on the balance of the purchase price, but we are willing to provide our buyer services at no charge to you until the purchase of your home closes. </li></ul><ul><li>You instruct us to collect this fee from the seller, the buyer broker fee offered in the MLS or from the proceeds of the sale structured within an offer. </li></ul><ul><li>If the amount offered does not cover the amount in our agreement, you will know this before the showing occurs. </li></ul>
  10. 10. Optional Services <ul><li>Loan Pre-Qualification or Pre-Approval </li></ul><ul><li>Access to peripheral service providers </li></ul><ul><li>Service oriented Real Estate Attorneys </li></ul><ul><li>Licensed Home Inspectors </li></ul><ul><li>Home repair professionals including roofers, </li></ul><ul><li>electricians, plumbers, heating contractors, </li></ul><ul><li>handymen, junk haulers, housekeepers, </li></ul><ul><li>painters, landscapers, etc. </li></ul>
  11. 11. Loan Process <ul><li>Prior to showings, you must be prequalified, pre-approved or committed for a loan. If you will paying cash you will need to provide us with a verification of those assets . </li></ul><ul><li>We currently have a third party business relationships with mortgage brokers who are happy to quote your loan options for you if you would like an additional opinion and preferred rates. We refer you to these professionals based upon their skills we receive no referral fees from them. </li></ul><ul><li>If you are pre-qualified or pre-approved, we will need to know who your lender is and be provided with full verifying documentation. </li></ul>
  12. 12. Loan Verifications <ul><li>Two letters of financial qualification needed </li></ul><ul><li>The first letter is our ‘blueprint’ to correctly structure your offer detailing the loan type, structure, rate, terms, points, loan to value, mortgage amount and maximum monthly (PIT) principle, interest, and taxes. </li></ul><ul><li>The second letter is a generic statement from the lender on their letterhead stating that “Your credit report and financials have been reviewed and the lender deems you worthy for the amount you are seeking.” </li></ul><ul><li>No amounts or property address should be stated in this letter since this is attached to any offer you may make. </li></ul>
  13. 13. Loan Terms <ul><li>Pre-Qualification </li></ul><ul><li>– Basic credit report pulled </li></ul><ul><li>– General Income and debts discussed </li></ul><ul><li>– Lender gives you a verbal or written ‘ball-park’ </li></ul><ul><li>Pre-Approval </li></ul><ul><li>– Loan application made </li></ul><ul><li>– Full credit report pulled </li></ul><ul><li> – Income and Debt statements collected/reviewed </li></ul><ul><li> – Lender submits details in automatic underwriting </li></ul><ul><li>Loan Commitment </li></ul><ul><li>– All pre-approval steps taken, application paid for </li></ul><ul><li>– Financial details and employment have been verified </li></ul><ul><li>– You are now ready to close on the property. </li></ul>
  14. 14. We’re Ready <ul><li>Once your financing is in order, we are ready to go shopping! </li></ul><ul><li>We will respect your budget rather than push you </li></ul><ul><li>to the higher range that you can afford. </li></ul><ul><li>Your needs, wants and wishes are identified, </li></ul><ul><li>programmed into our Multiple Listing System </li></ul><ul><li>and calibrated so that you will receive automatic updates based on your criteria. </li></ul><ul><li>You determine the method delivery – email, </li></ul><ul><li>pick up, fax or snail mail. </li></ul>
  15. 15. Selection Process <ul><li>You may also be receiving property updates from a </li></ul><ul><li>variety of other general websites – the info you </li></ul><ul><li>receive from our MLS system is far more detailed </li></ul><ul><li>and tailored to your specific criteria. </li></ul><ul><li>Upon receipt of your property lists, please review </li></ul><ul><li>and drive by the possibilities. </li></ul><ul><li>Select the properties you wish to view and contact </li></ul><ul><li>us so that we can book your viewing appointments. </li></ul><ul><li>If you do not see anything you like within your </li></ul><ul><li>budget range, you may need to re-assess that price </li></ul><ul><li>range. </li></ul>
  16. 16. Showings <ul><li>Once you have selected the property you wish to view, contact us to schedule showing appointments. Feel free to reserve our time in advance since we want to provide you the attention that you deserve </li></ul><ul><li>Most sellers require advance notice so we need time to book showings, wait for confirmations and route your tour </li></ul><ul><li>If you have a last minute need and we have already been committed to assist another client, we may be able to secure another licensed agent within our firm to assist you in viewing the properties on your list </li></ul><ul><li>When you determine which property you want to buy - our professional abilities really come into play at that time </li></ul>
  17. 17. Open Houses <ul><li>The realtor hosting the open house is representing the seller. Anything you say to them can be used by the seller’s agent for the seller’s advantage. </li></ul><ul><li>Open house agents should ask if you are currently, represented and most agents respect the process and clients of others. </li></ul><ul><li>If the agent does not ask, this should concern you since it is a legal obligation not to interfere with another agent’s client level relationship. </li></ul><ul><li>Inform the agent that you are represented and sign our name if asked to register. </li></ul><ul><li>No agent can prevent you from entering, nor can they say that if you do enter, they must represent you or write your offer if interested. If this should happen please collect their business card and call us immediately since this is a serious legal breach . </li></ul>
  18. 18. New Construction <ul><ul><li>The builders salesperson works for the builder! Any information you give them is not held confidential. They are hired to sell the builder’s homes, they are not looking for the best home for you! However; </li></ul></ul><ul><li>The builder can’t prevent you from having a buyer’s agent, nor can they interfere in any way with the relationship. </li></ul><ul><li>Requesting information from their website does not preclude you from having a buyer agent. </li></ul><ul><li>Some Builders may lead you to believe that you can deal direct and save. Our experience with past clients demonstrates that this is not true. </li></ul><ul><li>Representation can save you much more since someone is truly watching out for your interests </li></ul>
  19. 19. For Sale by Owner <ul><li>There is no legal process and can pose problems at times. The seller has made a choice to not be represented but they can’t make that choice for you. </li></ul><ul><li>FSBOs can be overpriced, have heavy financial debt, possess some type of material defect that they prefer not to disclose, see little value in representation or don’t want to pay an agent </li></ul><ul><li>Whatever their reasons, representation is your right. We do not need the seller to pay our fee since your offer includes it anyway. </li></ul><ul><li>View the property or ask us to join you so you can </li></ul><ul><li>determine if you want to make an offer. </li></ul>
  20. 20. Feedback <ul><li>After a seller’s property has been shown, some listing agents will call for ‘feedback’. </li></ul><ul><li>Since feedback can potentially divulge your confidential impressions or intentions, our buyer agents will thank the agent for the opportunity to show but won’t provide any additional comments. </li></ul><ul><li>Should you wish us to provide comments to the </li></ul><ul><li>listing agent we will secure your written permission. </li></ul><ul><li>Any information we receive regarding the property </li></ul><ul><li>or seller - positive or negative – will be immediately </li></ul><ul><li>told to you. </li></ul>
  21. 21. <ul><li>When you have made a final choice, we will provide you with a general market and property analysis identifying the comparable sold properties, feature for feature in similar locations. </li></ul><ul><li>The price you pay will depend on many variables – market conditions, amount of available inventory, seller’s personal and financial situation, etc. </li></ul><ul><li>If you really want the property, bid seriously. Because we have done our homework, and we can prove you have the financial capacity to buy, your offer will be taken seriously. </li></ul>Market Analysis- What is it worth?
  22. 22. Negotiations <ul><li>We know this market. Any realtor can find out how many homes are on the market, but how many are too many? </li></ul><ul><li>Sometimes things don’t work out – no matter how much you were willing to bend – each seller has a personal situation that can often interfere. </li></ul><ul><li>Take the time you need and start again. </li></ul><ul><li>If negotiations are successful, we will secure </li></ul><ul><li>all necessary initials and signatures </li></ul><ul><li>All parties and others authorized by you, will </li></ul><ul><li>receive complete documents. </li></ul>
  23. 23. Legal Representation <ul><li>You are entitled to consult with a legal representative at any time during the process </li></ul><ul><li>Please remember that a timely response is important and we cannot accept responsibility if the seller accepts another offer before your attorney responds </li></ul><ul><li>It is important to select an attorney that </li></ul><ul><li>specializes in real estate to minimize the </li></ul><ul><li>occurrence of potential problems within the </li></ul><ul><li>process. </li></ul>
  24. 24. The Offer Process <ul><li>When you are ready we will write an offer on your behalf including terms and conditions that protect your interests </li></ul><ul><li>All components and contingencies of the offer, along with the process will be explained providing you with options, alternatives and ramifications </li></ul><ul><li>Remember that all decisions are yours to make and </li></ul><ul><li>we can’t be responsible if things don’t work the way </li></ul><ul><li>you had hoped they would. </li></ul><ul><li>Your attorney can provide us with additional protective language for insertion if specific concerns need to be addressed. We do have specific clauses that we use to address current issues in Chestermere. </li></ul>
  25. 25. Purchase Contracts <ul><li>If both the buyer and seller are working with industry members, their representatives cannot make or accept an offer on their behalf unless he or she has been clearly authorized to do so in writing. However, industry members must communicate the progress of the negotiation to their respective parties. You should also be aware that in general: </li></ul><ul><li>An offer or counter offer may be withdrawn at any time before acceptance; </li></ul><ul><li>Withdrawal or acceptance of an offer or counter offer is only effective once either situation is communicated to the other party or to the other party’s industry member; </li></ul><ul><li>When an offer or counter offer has been accepted there is a binding contract between buyer and seller, even if it may be subject to certain conditions having to be satisfied. </li></ul>
  26. 26. Terms and Conditions. <ul><li>Buyers commonly insert conditions to meet their needs. For example: </li></ul><ul><li>obtaining satisfactory financing </li></ul><ul><li>satisfactory inspection reports for the condition of the property </li></ul><ul><li>sale of the buyer’s current home </li></ul><ul><li>third party approval of transaction (e.g. parent, employer, etc.) </li></ul><ul><li>confirmation of tenancy information </li></ul><ul><li>confirmation of renovation costs </li></ul><ul><li>Other terms of the Purchase Contract include the possession date and the inclusion or exclusion of attached goods (affixed to the home) and unattached goods (not affixed to the home). </li></ul>
  27. 27. Mortgage Conditions. <ul><li>Within a predetermined time frame, a written commitment can be expected from the buyer’s lender. </li></ul><ul><li>If extra time is required, a written extension may be requested. The seller can decide whether to grant the additional time or not depending on your current circumstance. This is where the ground work in getting your mortgage information together before the offer is vital. </li></ul><ul><li>We will advise you of your options </li></ul>
  28. 28. Contract Extensions or Amendments. <ul><li>All conditions require written notice of satisfactory completion. </li></ul><ul><li>If we have not received notification, or if we require additional time to satisfy a condition a a written extension may be requested. All parties must agree. </li></ul><ul><li>The agents must insure that it is signed by all parties prior to the expiration of the condition date. </li></ul><ul><li>If not the sale may fall through. </li></ul>
  29. 29. The Home Inspection . <ul><li>The inspection phase is a mutually agreed timeframe that allows the buyer a third party assessment of the structure and mechanical components even if the property is “As Is” </li></ul><ul><li>You may select any inspector that you choose but if </li></ul><ul><li>any of our past clients have had a bad experience </li></ul><ul><li>we are obligated to disclose that to you and may </li></ul><ul><li>require you to hold us harmless from that decision </li></ul><ul><li>The buyer agent accompanies the buyer and </li></ul><ul><li>inspector to the home inspection. If the listing agent or seller remain, they may not interfere. </li></ul>
  30. 30. <ul><li>Inspectors will submit a written report to the buyer and buyer’s agent. Should the home inspection not be satisfactory you can decide to: </li></ul><ul><li>- Walk away , your full deposit will be returned. (depending on how the condition is written.) </li></ul><ul><li>- Negotiate with the seller to make repairs to the property </li></ul><ul><li>-Have us renegotiate the price offered. </li></ul><ul><li>Should we decide to walk away we have to have a valid reason and provide them with a copy of the home inspection. </li></ul><ul><li>We will review the repair requests with you and help you assess your options. </li></ul><ul><li>We will then formulate a written response based on your instructions and attempt to arrive at a mutually agreeable solution. </li></ul>Not Satisfied With The Home Inspection?
  31. 31. All Changes To The Purchase Contract Must Be In Writing Signed By The Sellers and Buyers. <ul><li>Prior to removing conditions if repairs are to be made there must be an amendment to the contract. </li></ul><ul><li>All changes and negotiations must be in writing and signed by both buyer and seller in order for your lawyer to have the power to protect you. </li></ul><ul><li>Your lawyer can request paid written receipts from licensed professionals at closing to verify that work was done, providing that this has been written into an amendment to the purchase contract. Any holdbacks have to be agreed to in writing by both parties before your lawyer can hold back funds. Otherwise you are in court with the seller after closing. </li></ul>
  32. 32. Closing Count-Down . <ul><li>All documents will be sent to your lawyer by the seller’s agent. </li></ul><ul><li>Verify all required repairs have been made. </li></ul><ul><li>Organize packing & movers </li></ul><ul><li>You must contact utility companies for final readings </li></ul><ul><li>Transfer utility services into the buyer’s names </li></ul><ul><li>Agent will schedule a pre-closing inspection if negotiated into the contract to ensure that contractually requested items are left. </li></ul><ul><li>You cannot occupy before the day of closing, unless advance contractual arrangements have been made. </li></ul>
  33. 33. Property Insurance. <ul><li>Through no fault of the seller, a home can suffer damage from accidental causes (fire, flooding, high winds, etc.) between the date the contract is entered into by a buyer and a seller and the completion date of the transaction. </li></ul><ul><li>In Alberta, the risk of loss or damage to the property lies with the seller until the purchase price is paid. If loss or damage to the property occurs before the seller is paid the purchase price, then any insurance proceeds shall be held in trust for the buyer and the seller according to their interests in the property. </li></ul><ul><li>As a buyer you will need to arrange your own property insurance prior to the possession date. Failure to do so will delay your possession! </li></ul>
  34. 34. Closing Date . <ul><li>Unless an amendment has been make the closing date is what is on your offer. </li></ul><ul><li>Most closings proceed without incident since all details have been handled and agreed upon prior to this event. Most closings are scheduled to happen around noon, however it is best to give yourself a cushion with movers and appointments for cable etc. If the funds are delayed we will not get key release right at noon, frequently funds can be held up several hours. </li></ul><ul><li>We are on hand to receive notification from the seller’s lawyer through their agent that keys are releasable. </li></ul>
  35. 35. Post-Closing <ul><li>Post-Closing </li></ul><ul><li>We are always here to help if we can However, if you need general information or </li></ul><ul><li>assistance – please contact us! </li></ul><ul><li>Also, please keep us in mind when your </li></ul><ul><li>friends, family and co-workers want to buy or </li></ul><ul><li>sell property. </li></ul><ul><li>Thank you for choosing us to represent you. </li></ul><ul><li>WE HAVE THE POWER TO MOVE YOU! </li></ul>
  36. 36. Thank you for letting us share with you how we help buyers.