Real Estate
Manual
The Turner Team, Inc
Jennifer Turner, Principal Broker in WA & OR

503.312.4642	

jenny@TurnerRealtors....
Introduction
Thank you for the opportunity to let us represent you in the purchase of your new home. We think of our
clien...
The Turner Team

Press and
Award Highligjhts
2013
Portland Monthly 5 Star Agent
2012
Atlantic & Pacific Real Estate
Top Ag...
The Turner Team in the Community

We proudly support the Make-A-Wish Foundation of Oregon with our charitable dollars.
Cha...
Technology Streamlines your Transaction

Technolgy is constantly
moving the real estate
industry forward and we
strive to ...
Marketing Tools We Use to Sell Homes

Internet

		 • 	Digital photos of home
		 • 	Virtual tour published online
		 • 	HD ...
Automated Home Feedback System
Keeps you Informed
Our automated client Home Feedback System is just one way that we provid...
Sizing Up Your Home
My house is 2000
square feet.
How do you
know that?

A professionally measured home not
only ensures t...
Your Custom Website

For more
information
please contact:

The Turner Team Inc.
Home Warranty
Dual Agency and Buyer Due Diligence
As a buyer, you want to pay the least amount of money and have the
seller make the mos...
Finding and Buying a Home
Initial Consultation
•	 Determine your priorities and needs
•	 Review “agency” choices & select ...
Mortgage Brokers
Recommended by Past Clients
Shane Musselwhite I am a native Oregonian and started my career in lending Fe...
Questions to Ask Your Realtor
1.	 Will I receive daily updates on Real Estate
activity in my area, including price changes...
The Home Buying Process
Step 1
Is now the right time?
•	 How long are you planning on living in your next home?
•	 Conside...
What to Expect...
From this Market

When Writing an Offer

Navigating this market can be very complex at
times. In your se...
•	
•	
•	
•	

Full names of all purchasers as they are to appear on the title.
Social security numbers of all purchasers.
P...
Loan Process Dos and Don’ts
There are certain “Dos and Don’ts” which may affect the outcome of your loan request. These re...
Services You May Need
Home Inspectors
Home Team Inspection Services
Mike Huppi
5890 SW 191st Ave; Aloha, OR 97007
503-530-...
Buying a Short Sale
“Short Sale” is used to refer to those real estate transactions in which the agreed-upon
purchase pric...
Buying a Bank Owned Property
What price does the bank (seller) want for the property?
The same as if a private seller was ...
Buying a Bank Owned Property contd
Will the seller allow for an inspection period?
Typically, yes. This inspection period ...
Reviews
Client Testimonials

Peter and
Anne‘s Story
What could possibly be more nerve
wracking, ground shaking, and life
changing ...
Client Testimonials

Katherine‘s
Story
I just can’t say enough about how great
the Turners are! There are times when I
act...
Oregon Real Estate Agency
Disclosure Pamphlet page 1
Consumers: This pamphlet describes the legal obligations of real esta...
Oregon Real Estate Agency
Disclosure Pamphlet page 2
Duties and Responsibilities of an Agent
Who Represents More than One ...
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Real Estate Guide

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Real Estate Guide

  1. 1. Real Estate Manual The Turner Team, Inc Jennifer Turner, Principal Broker in WA & OR 503.312.4642 jenny@TurnerRealtors.com Charles Turner, Principal Broker in Oregon 503.936.7764 charles@TurnerRealtors.com Eric Landrum, Broker in Oregon 503.679.9702 eric@TurnerRealtors.com Lisa Donaldson, Broker in Oregon 951.201.1946 lisaD@TurnerRealtors.com Susan Horvat, Broker in Oregon 503.949.3899 susan@TurnerRealtors.com Lisa Carter, Broker in WA & OR 503.757.7283 lisa@TurnerRealtors.com Jessica Berger, Broker in Oregon 503.703.1712 jessica@TurnerRealtors.com Karin Johnson, Customer Care Manager 503.961.5852 TurnerRealtors.com laura@TurnerRealtors.com PortlandRealEstateBlog.com liveNWpdx.com Keller Williams Realty Professionals 9755 SW Barnes Road, Suite 530 Portland, OR 97225 503.546.9955
  2. 2. Introduction Thank you for the opportunity to let us represent you in the purchase of your new home. We think of our clients as individuals with specific needs. With this in mind, we strive to give you exceptional service. This is absolutely the best time to be a buyer. Timing is everything. No two real estate transactions are the same but regardless of your goals we can help you make the informed and educationed decisions that best suit your situations. Jenny and Charles teamed up as Realtors in 2003. Every year since then we’ve continued to grow and improve the service and expertise we are able to offer you, our clients. In 2010 we incorporated, in part to underscore that real estate is a business, not a part time hobby. Our current business is over fifty percent past clients and client referrals. Earning your repeat business and referrals is our main goal. Our unique team structure allows us to serve the Portland Metro area from SW Washington, through Portland and down to the mid-Willamette Valley. We have the tools and expertise to guide you through any residential real estate transaction. This guide provides an overview of our team and of the buying and Jennifer Turner, Principal Broker, MBA, ABR, GRI, SFR, CDPE selling processes: Jennifer’s Masters in Business Administration is from Portland State University and her undergraduate degree from Lewis & Clark College. Her certifications include the Accredited Buyer’s Representative (ABR), Graduate Realtor Institute (GRI), Short Sale & Foreclosure Resource (SFR) and Certified Distressed Property Expert (CDPE) and is trained in the short sale and foreclosure process. She is Past President of the Fruit and Flower Development Center’s Board of Directors in Northwest Portland. Jennifer is a member of both RMLS and WVMLS and is licensed in both Oregon and Washington. Charles Turner, Principal Broker, MBA, e-PRO, GRI Charles’ Masters in Business Administration is from The Atkinson Graduate School of Management at Willamette University and undergraduate degree is from Lewis & Clark College. He has completed NAR’s e-PRO and Graduate Realtor Institute (GRI) designations. He is the author of www.PortlandRealEstateBlog. com and has written over 800 posts about our local real estate market. Charles is a member of the Ambassador Board for the Oregon Chapter of the Make-A-Wish Foundation. • • • • • • • • • • • • • • • • • • • • • • • • The Turner Team Our Team in the Community Streamlining Technology Our Marketing Tools Our Home Feedback System Sizing up Your Home Your Custom Website Home Warranty Dual Agency & Due Diligence Finding and Buying a Home Suggested Morgage Brokers Questions for a Realtor Buyer Plan of Action Expect from this market Expect from writing an offer Preparing for the lender Loan Process Do’s & Don’ts Mortgage pre-approvals & your credit score Service Vendors Buying a Short Sale Buying Bank Owned Property Reviews Client Testimonials Oregon Disclosure
  3. 3. The Turner Team Press and Award Highligjhts 2013 Portland Monthly 5 Star Agent 2012 Atlantic & Pacific Real Estate Top Agents Nationwide Portland Monthly 5 Star Agent 2011 Portland Business Journal Forty Under 40 awarded to Charles 2010 Prudential Chairman’s Circle Platinum 2nd Quarter Top 3 Sales Professional in Oregon for units and GCI Oregonian Alphabet District Neighborhood Profile Article Portland Tribune Article Portland Mercury Article 2009 Prudential Chairman’s Circle Gold KOIN News TV Interview 2008 Prudential Chairman’s Circle Gold RISMedia Realtors on the Rise NuWire Investor Article 2007 Prudential Chairman’s Circle Gold New York Times Article Brainstorm NW Article 2006 Prudential President’s Circle Oregonian Article Daily Journal of Commerce Article Associated Press Article 2005 Prudential President’s Circle Portland Business Journal Article Oregonian Article 2004 Prudential Leading Edge Society Eric Landrum, Oregon Broker Eric is a buyer’s agent for the Turner Team. A native of Tennessee, he now proudly calls Oregon his home. He lives in Wilsonville with his wife and son. Lisa Donaldson, Oregon Broker Blah Blah Blah Susan Horvat, STAR, SFR, ABR Susan covers real estate in the areas served by the Willamette Valley Multiple Listing Service in Salem and the mid-Willamette Valley. She works with both buyers and sellers and is an Earth Advantage STAR certified Realtor, NAR Short Sale & Foreclosure Resource (SFR) and an Accredited Buyer Representative (ABR). Lisa Carter, Oregon and Washington Licensed Lisa works with buyers and sellers both in Oregon and Washington, where she lives. She is a graduate of Oregon State University. Jessica Berger, Oregon Broker Jessica is a buyer’s agent for the Turner Team. She is a graduate of the University of Oregon. Karin Johson, Customer Care Manager Blah Blah Blah
  4. 4. The Turner Team in the Community We proudly support the Make-A-Wish Foundation of Oregon with our charitable dollars. Charles is a member of the Ambassador Board for the Oregon chapter of the Make-A-Wish Foundation. The Make-A-Wish Foundation grants the wishes of children with life-threatening medical conditions to enrich the human experience with hope, strength and joy. KW Cares is a tax exempt 501(c)(3) public charity created to support Keller Williams Realty associates and their families in times of extreme hardship as a result of a sudden emergency. Hardship is defined as a difficult circumstance that a person or family cannot handle without outside help. This charity is the heart of the Keller Williams Realty culture in action – finding and serving the higher purpose of business through charitable giving in the communities where our agents live and work. Giving back is an important part of being members our community.
  5. 5. Technology Streamlines your Transaction Technolgy is constantly moving the real estate industry forward and we strive to adopt the tools that will make your transaction as smooth as possible. Skype allows us to keep in touch anywhere in the world with an Internet connection. We’ve helped buyers and sellers close transactions from as far away as England, Singapore and Taiwan. With DocuSign there is no need to print/sign/fax or scan a document. Our clients can digitally sign their documents from just about anywhere- even on a plane awaiting departure. Digital signatures are assembled onto one complete document so it doesn’t matter who signs first or in what order. Sign from your computer, smartphone or iPad. The real estate transaction is getting closer and closer to being paperless. Electronic signatures are widely accepted and allow you to sign without printing, scanning or faxing. It doesn’t matter if one signer is home and the other is on a business trip. All signatures are collected by the system and placed into one document no matter who signs first. One client signed his accepted offer from 30,000 feet on a cross country flight with WiFi from his mobile phone!
  6. 6. Marketing Tools We Use to Sell Homes Internet • Digital photos of home • Virtual tour published online • HD video posted to YouTube and linked to other social media and real estate sites • Rotating featured listing on TurnerRealtors.com. • Premium placement on Zillow. • Your home’s own website with its own domain: www.youradddress.com and dedicated text message number with the listing’s details. At Your Home • Install electronic RMLS & WRMLS lockboxes for easy access • Install a traditional Keller WIlliams “For Sale” sign • Broker’s Tour – Open House for Realtors • Open House(s) – if you want them • Paperless Permanent Flyer with property’s details outside and full color flyers inside Print Media • Portland Business Journal ad (if applicable) • Recyclable “Just Listed” postcards mailed to neighbors Other Benefits of Listing with Us • No obligation AHS Warranty during the listing period and optional buyer coverage • Realtor feedback from ShowingSuite.com; know what the agents that show your home think about your home • Professionally measured floor plan • “For Sale” sign phone number rings multiple numbers to help capture buyers *Not all services are appropriate to all listings. We will discuss which tools are best for your situation.
  7. 7. Automated Home Feedback System Keeps you Informed Our automated client Home Feedback System is just one way that we provide you a much better home selling experience ending with the results you need. 1.  Each time your property is shown to a prospective buyer, the details of the showing are entered into our Home Feedback System. Here’s how it works: 2.  Our system then automatically follows up with each showing agent up to three times to solicit his buyer’s comments on your home (Most agents don’t have time to follow-up even once, let alone three times).  Once received, these comments are automatically entered into the system. As our client, you’ll receive private, online access to the Home Feedback System to view: • Comments posted on activity that we’ve done to help sell your home • All feedback responses to-date • Statistics summarizing all feedback to-date • The status of pending feedback What does this mean to you? • You’ll get immediate direct feedback from prospective buyers of your home allowing us to correct any misconceptions about your home or improve on problems with the way your home shows BEFORE they impact negatively on the sale of your home. • Our system logs all the agents of prospective buyers that have seen your property. We use this to instantly email every agent that has shown your home to let them know when we are about to receive an offer. This often leads to multiple offers or a bidding war on your home. • We also use the system to let other agents know about any changes in your listing. After all, what good is a marketing change if nobody knows about it? • Feedback is always available to you (24 hours a day). You’ll never feel like you are “out of the loop”. Not only will you get far superior customer service, but your home will sell faster and at a higher price.
  8. 8. Sizing Up Your Home My house is 2000 square feet. How do you know that? A professionally measured home not only ensures the information is accurate, it gives buyer’s another opportunity to imagine themselves in your home before they walk through the door. When it is appropriate to your property, this service is included in your listing. That’s what I was told. Square footage is one of the most important statistics of your home.
  9. 9. Your Custom Website For more information please contact: The Turner Team Inc.
  10. 10. Home Warranty
  11. 11. Dual Agency and Buyer Due Diligence As a buyer, you want to pay the least amount of money and have the seller make the most amount of repairs. As the seller you the most amount of money and to complete the fewest number of repairs. The back pages of this guide contain the State of Oregon’s Agency Disclosure Pamphlet. Disclosed dual agency is a real estate transaction where both the buyer and seller agree to be represented by the listing agent. WE WON’T DO THAT. The Turner Team will only participate on behalf of one party to the transaction in all non-institutional sales. Representing both sides is a conflict of interest. If you hire us as your Realtors you know that we have your best interests in mind. The only time we will participate in a dual agency transactions is if the seller is a bank. Banks are also exempt from property disclosures and their offer acceptance is “as-is”. In the bank owned sales that we list, we are the conduit for the flow of information. Your decision whether to buy or not is based on the bank’s terms and the due diligence that is performed during the inspection period and other contingencies. The Earnest Money Agreement [the offer] paperwork contains contingencies that are mostly in favor of the buyer. Most contingences expire after a set time frame and are considered accepted unless action is taken to reject them. Each contingency allows you to review the information provided from the seller, the title company, inspections and other sources of due diligence during that contingency’s time frame. Rather than “Buyer Beware” we strive to make it “Buyer Be Aware” so that you know you are making the best decisions for your situation. If you back out of a transaction based on a contingency you would be entitled to have your earnest money returned. If you simply change your mind and don’t want to buy the property your earnest money could be forfeited to the seller. In all instances, both the buyer and seller must agree to what happens to the earnest money in writing. As a seller, you are obligated to sell under the terms agreed upon but do not have to make any concessions or repairs. In Portland, PortlandMaps.com is one of the best sources of public information about a specific property or address. You can find everything from crime reports, building permits and oil tank records to your garbage collection schedule. The “Resources” page of our TurnerRealtor.com website provides the links for other county’s websites and also to public school links.
  12. 12. Finding and Buying a Home Initial Consultation • Determine your priorities and needs • Review “agency” choices & select appropriate working relationship • Discuss financing options Finding the Right Home • Sales associate to show you properties based on your criteria • Evaluate each property with sales associate • Choose the right home Obtaining Financing • Select a mortgage company • Consult with a loan officer • Pre-qualification • Complete loan application • Obtain pre-approval Preparing an Offer • Review comparable sales to determine offer price • Review progress of loan pre-approval; decide on financing • Decide on other terms (inspections, possession date, personal property, etc.) Completing the Settlement Process • Deposit of earnest money • Review seller’s property disclosures • Review preliminary title report • Roof, termite and other inspections • Remove any remaining contingencies • Arrange for homeowners insurance • Arrange for home warranty • Arrange for movers • Final walk-through of property with sales associate • Provide balance of down payment and closing costs • Sign documents • Loan funding • Recording of title • Receive keys from sales associate • Move in! • • • Property appraisal Loan processing Final loan approval
  13. 13. Mortgage Brokers Recommended by Past Clients Shane Musselwhite I am a native Oregonian and started my career in lending February 2, 1980. I learned earMortgage Professional Office: 503.467.7955 Fax: 503.802.7764 ly on that what clients want and certainly deserve is straight forward honesty about the products that fit their needs and the process they are entering into. Beyond that I am committed to ensure that everyone I deal with has price clarity about the cost of doing business with me and I gladly take the time to help borrowers compare offering from other lenders. While this may sound simple, our rapidly changing business demands full attention and you can depend on my full time commitment to overseeing all the details of your next real estate transaction. Jeri Maher Real Estate Loan Officer Direct # 503‐785‐2486 jmaher@advantiscu.org http://jmaher.advantiscu.org I have been with Advantis Credit Union for over 29 years and have been a part of many exciting changes that have occurred here. I am originally from Nebraska and have lived in Oregon since 1980. I have three daughters, and live in the Portland area. I am a huge sports fan and especially love college football; notably Oregon State. (Go Beavs!). I will also work with Duck fans. Amada Niles Senior Mortgage Banker Office: 503.810.4873 Drew Lovern Mortgage Loan Officer Office: 971.544.3873 www.umpquabank.com/dlovern Annette Sieverson Senior Mortgage Banker Office: 503.905.4957 http://www.pacresmortgage.com/ Having worked in lending for over four years, my passion is to help you finance your dream home. By taking time with you, I explain the home lending process and program options so you can make the best decision for your long term financial goals. I will be thorough and attentive to your needs. Outside of helping people obtain their homes, I enjoy playing drums, brewing beer, and spending ample time with family and friends. I have been in the mortgage industry since 1993 and 100% of my business is by referral or for repeat clients. I ask questions, listen and then offer options to best fit my clients’ needs. My promise is a closing that is on time and accurate for a lending experience that is as pleasant as it is successful. Outside of work, I love spending time with my husband, our three daughters and my little grandson, Kingston. I enjoy camping and boating and I love college football!
  14. 14. Questions to Ask Your Realtor 1. Will I receive daily updates on Real Estate activity in my area, including price changes, new listings on the market and houses that have come back on the market? 2. Will I be able to adjust my search criteria on my own through your website? 3. Are you a full-time realtor or part-time? 4. Are you a single agent or do you work with a team? 5. Do you specialize in working with buyers or sellers? 6. Besides the MLS, what other sources do you use to find homes for sale? 7. Do you have a call center marketing for potential sellers in the area I want to live in? 8. How many homes have you sold this year, in the last 5 years, 10 years, 15 years? 9. Do you have a dedicated transaction manager to watch over my file during escrow? 10. What is your availability to show me homes? 11. Do you have experience working with short sales and foreclosures? 12. Do you have a list of vendors that can help me with repairs? 13. Will you keep in touch with me after the sale or will I have to search for another Realtor when it comes time to sell my home? Our Plan of Action In this market it takes a proactive and aggressive approach to find you the best home at the best price. Every buyer has access to the homes for sale in the Multiple Listing Service through various free websites such as Zillow or Trulia. The reason why more buyers choose to work with us than any other agent is what we do above and beyond the multiple listing service to find our clients the best deals. Door Knocking - One of the best ways we find our clients a great home not yet on the market is we constantly door knock through the specific area you as the buyer would like to live. We come across many potential sellers this way or a neighbor who knows someone that would like to sell their home. Telemarket - Similar to door knocking, once you as the buyer identify the area you want to live in we will also call through those neighborhoods looking for potential sellers who are not yet on the market. Expired, Cancelled, Withdrawn Listings - These are homes that were on the market at some point in the past three years and for whatever reason did not sell. Often times these sellers would still like to sell their home without having to go through the hassle of fully marketing their home. Database - We have a database of over 3,000 clients who we actively keep in communication with and have many clients who with the right buyer would be happy to sell their home without having to go through the hassle of having their home on the market.
  15. 15. The Home Buying Process Step 1 Is now the right time? • How long are you planning on living in your next home? • Consider the benefits/drawbacks to owning a home. Step 2 Get preapproved for a mortgage • How much can you afford? • What are the different loan programs available? (FHA, VA, Conv) • Make sure your credit is in good shape. Step 3 Find your dream home • What kind of home do you want? (Detached, Attached, etc.) • How many bedrooms and bathrooms? • Are school districts important? Step 4 The escrow process • The home inspection • Reviewing disclosures • Ordering the appraisal • Securing financing Step 5 Closing • The final walk through • Schedule the move • Changing over utilities
  16. 16. What to Expect... From this Market When Writing an Offer Navigating this market can be very complex at times. In your search for a home you generally come across three different types of sellers. Each one will have different escrow timeframes, negotiation styles, pricing strategies, and timeframes for accepting your offer. Without knowing the different characteristics of the different types of sellers it can be very frustrating as a buyer. Here are some things to consider to ensure your offer gets accepted: Traditional Sales - These are sellers who have equity in their homes and are usually looking to close escrow in 30-45 days. When writing an offer on a traditional sale you will usually negotiate directly with the seller through their agent. Short Sales - These are sellers who owe more than what they can sell their home for and therefore have to negotiate with their bank to receive a lesser amount. Typically the negotiation proce3ss with the bank can take 4-6 months to get an offer approved and the price is subject to change during this time. There is also a chance that the bank will reject the seller’s request for a short sale and instead foreclose on it. Foreclosures - These are the homes which have been foreclosed on and taken back by the bank, also known as Real Estate Owned (REO) or bank owned. Like the traditional sale the bank will want to close escrow within 30 days upon accepting your offer. The banks are motivated to sell these homes quickly and will typically price them slightly below market value to get multiple offers and create a bidding war to drive the price up. Even though you may pay over the asking prices, these can still be great values. What type of sale is it? • Foreclosure, short sale, traditional sale Is it priced right for the market? • What is the buyer activity? • Are there offers on the home? • What other homes are for sale in the neighborhood? • What has sold recently in the area? • How long has it been on the market? What is the seller’s motivation? • Are they priced driven or are there other terms that are more important to them such as a lease after sale? • How long of an escrow are they looking for? Do you need concessions for closing costs? • Closing costs such as title, escrow, and lender fees usually cost between 1-3% of the sales price. Are there multiple offers on the property? • This is not uncommon for homes priced right for the market and in great condition. • Often times the seller will ask for your “highest & best” offer. In other words, what is the highest price you will offer, considering someone else might out bid you, you would not have any regrets because you gave it your best shot?
  17. 17. • • • • Full names of all purchasers as they are to appear on the title. Social security numbers of all purchasers. Present residence address for all purchasers and previous address for all purchasers going back two years. Home, office, cell phone numbers. • Rental Income: Copy of lease which is current and at least one year in length. • Alimony and Child Support (only if used for qualification): Copy of divorce decree and property settlement (ratified) setting out terms. Proof of payment will also be requested at application. • Income from notes held: A copy of the ratified note. • Retirement, Social Security, and Disability Income: Copy of award letter and latest check showing amount of present payment. Copy of end of year statement if applicable. • Bank Accounts: Name of bank, address, account numbers, types of accounts, and present balances. With checking, use average balances. • Copy of two most recent statements of all accounts. • Stocks and Bonds: Copy of certificates or copy of recent (within 30 days) broker statement listing holdings. • Life Insurance: Cash value, only if being used for down payment. • Vehicles: Year, make, and value. Copy of title if under four years old with no outstanding lien. • Real Estate: Address and market value. If free and clear, deed of release, deed or mortgage payoff. • Present Home: Copy of sales contract, settlement sheet and/or lease. • Gift Letter: Form will be provided by financial representative. Donor capacity must be verified. Receipt of funds must be shown in account. • Credit Cards: Account numbers and outstanding balances. • Loans (Auto, Mortgage, Personal, Student, etc.): Name of institution, address, account numbers, outstanding balances, monthly payments, and months left on loan. Copy of next payment coupon. 12 months of statements or canceled checks for present mortgage. • Alimony and Child Support: Copy of ratified decree and property settlement setting out terms. VA Loans Other Income Present Employer: Name, address and a contact person to send employment verification form. Explanation for any gap during two year history. Relocation letter for any transferees - giving date, salary, new location, and any relocation benefits. Previous Employer: Name, address, and a contact person, going back two years. Present Salary: Year-to-date pay stub and W-2s for last two years. If any variable income, commission, part-time income, bonus, overtime, interest income, etc., is being used to qualify: Two years signed federal tax returns and W-2s and/or 1099s. • If self-employed: Two years signed federal individual and corporate returns (if applicable). Also a profit and loss statement and balance sheet. • Diploma or transcript if student during two year period. Assets • • • • • • Liabilities Employment Personal Preparing for the Lender • Certificate of Eligibility: To obtain, you will need a DD-214 (Separation of Service) or if in the service, you will need a Statement of Service signed by a Commanding Officer or Personnel Officer (certificate must be updated prior to application). • If in service, you will need Authorization to Live Off Base (DD-1717 from housing office) and Transfer Order (if applicable).
  18. 18. Loan Process Dos and Don’ts There are certain “Dos and Don’ts” which may affect the outcome of your loan request. These remain in effect before, during , and after loan approval up until the time of settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour you have signed your final loan documents. Here is a list you should comply with: Do! Don’t! • Do anything that may alter your credit and risk you obtaining your loan. Also, these things may put you in default of your Sales Contract, put your Escrow deposit at risk, and put you at risk of being sued. • Quit your job or change jobs. If this is likely, consult your loan officer and call this office. • Allow anyone to make an inquiry on your credit report except your lender. • Apply for credit anywhere else except with your lender. This causes more “hits” on your credit rating which can reduce your credit score. • Change bank accounts or transfer money within your existing accounts. • Co-sign for anyone, for any reason, for anything • Purchase or attempt to purchase anything on credit such as another car, truck, boat, furniture, etc. • Charge any abnormal amounts to your current credit cards or credit lines. • Send in late payments or incur late fees for anything. • Wait longer than the time-frame given per your contract to provide all necessary paperwork and information to your lender when requested. • Keep all accounts current, including mortgages, car loans, credit cards, etc. • Contact both your lender and your sales associates anytime a question arises. • Make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan. • Have any lender-required money or funds to your loan officer within seventy-two hours after home inspection is complete. • Return phone calls from your agent, loan officer, settlement company or anyone else involved in your transaction within two hours of a message. Will Mortgage Pre-Approval Hurt My Credit Score? This is a very common myth. Getting preapproved is 100% beneficial to you because it gives you the confidence to write offers and prevent any heart ache down the road. Good agents and smart sellers will not even consider looking at a financed offer without a preapproval letter. All of the credit bureaus understand the complex timing of getting a mortgage. Therefore, they have instituted measures to avoid reflecting pre-approval inquiries on credit reports.
  19. 19. Services You May Need Home Inspectors Home Team Inspection Services Mike Huppi 5890 SW 191st Ave; Aloha, OR 97007 503-530-8306 www.hometeam.com Pillar to Post Scott Saari 1118 Lancaster Dr #316, Salem, OR 97301 503-856-8775 www.scottsaari.pillartopost.com Pillar to Post Chris Livingston 10258 SW Stuart Ct, Portland, OR 97224 503-682-3053 www.portlandwestside.pillartopost.com Superior Home Inspection Troy Watson 12611 NE 7th Ave, Vancouver, WA 98685 360-571-4142 www.a-shi.com Home Stager Chancellor Designs Ruth Chancellor 503-807-8167 www.chancellordesigns.com Electrician Precision Electric Mike McDonald 503-348-9606 Pest Management Evergreen Pest Management 503-925-9752 www.nobugs4u.com Construction G&S Building Oleg PO Box 6015, Salem, OR 97304 503-551-8855 www.gsbuildinginc.com Atterbury Brothers Construction LLC 9317 N Macrum Ave, Portland, OR 97209 503-816-4905 Lawyers Phil Querin 121 SW Salmon St, Ste 1100, Portland, OR 97204 503-471-1334 Richard A. Mario 5300 Meadows Rd, Ste 200, Lake Oswego, OR 97035 503-620-8900 Plumber Precision Plumbing Gary Harper 503-348-9606 www.myportlandplumber.com Sewer Inspector Pipe Repair Services Bill Schroeder 971-570-5452
  20. 20. Buying a Short Sale “Short Sale” is used to refer to those real estate transactions in which the agreed-upon purchase price is insufficient to pay off all of the secured debt on the property (such as mortgages, trust deeds, state/federal income taxes, liens, property taxes or other local assessments) including the costs of closing, such as escrow and recording fees, title insurance premiums, real estate commissions, etc. As the buyer of a short sale, patience is often the most important component to a successful sale. When the seller accepts your offer it is sent to the bank(s) for approval. That process can take months and still does not guarantee the transaction will close. The contingencies in your offer begin with notification of short sale approval. That’s when your earnest money must be deposited and the inspection period and other contingency time frames begin. Do you want to fall in love? If you do, a short sale may not be the best home for you. The process can take months and there are lots of things that can go wrong during the transaction that you have no control over. Short sales are best for those that have no time contraints on making a purchase and that will not be crushed if the transaction falls apart. When you are looking at property online, short sales that are awaiting bank approval are catagorized as “Short Sale Pending” (SSP) and will show as available. When bank approval is received the property goes “Sale Pending” and will drop off of property search results.
  21. 21. Buying a Bank Owned Property What price does the bank (seller) want for the property? The same as if a private seller was listing their home. They want the listing price or better. How did the seller come up with their listing price? The sellers typically try to determine fair market value through a combination of Broker Price Opinions and appraisals on the property. The condition of the property was also taken into consideration. How do I place an offer for the property? All offers must have either a pre-qualification letter or proof of funds attached to them. A pre-qualification letter can be obtained by going to a direct lender. Proof of funds can be a bank statement showing the balance in the account exceeds the offer amount or a statement from a securities company. A prequalification letter must be current and contain the following information: * Borrower’s name * Borrower’s lending limit * Lender’s name * Lender’s address * Loan Officer’s name * Loan officer’s direct phone and fax numbers. Once you have obtained proof of funds or a pre-qualification letter, then you should begin looking at houses. What should I offer for the property? You should make an offer that feels comfortable to you. However, if you are going to submit an offer substantially below the list price, be prepared that you may: (1) be outbid by other prospective buyers (2) need to wait an extended amount of time for a seller’s answer; or (3) be forced to look for a different property if your offer is not accepted. Will the seller look at more than one offer? YES. And the seller will not consider a property under contract until the seller has signed all contract forms and addendums. (They will not do this until the buyer has signed all of these forms first). Therefore, if you make an offer on a property and receive seller addendums back, you need to review and (if you agree to the terms) sign them immediately and return them. (Never cross out or make changes on the seller addendums unless you are willing to have the seller treat such changes as a counter offer that can result in your offer subsequently being rejected by the seller.) Will the seller make repairs? Most foreclosures are sold “AS IS, NO DISCLOSURES.” This means the property is offered “as is,” without repairs or upgrades. The seller has already reduced the price of the property for any damages or needed repairs, which are reflected in the listing price. As for “No Disclosures,” the seller cannot provide disclosures because typically the seller has not personally seen the home to have knowledge of its condition. Foreclosure sellers generally rely on what the listing agent and appraiser have seen. Continued on next page
  22. 22. Buying a Bank Owned Property contd Will the seller allow for an inspection period? Typically, yes. This inspection period is normally 10 days long. It is designed so that the buyer can have a home inspection, termite inspection, septic inspection, survey (if desired) and appraisal completed. An appraisal is part of the inspection period. The inspection is not designed to allow the contract to be re-negotiated. Generally this will kill the transaction if the buyer attempts this. The seller will not activate utilities if the condition of the property is deemed unsafe. Ask the listing agent for more information. Does the seller have any special forms? Most sellers do have what they call “special addendums.” These forms vary from lender to lender. The addendums supersede the original purchase and sale agreement and become part of the purchase and sale agreement. Most of these forms have a few items that the buyer must pay close attention to, such as per diem charges, inspection periods, closing costs, and earnest money requirements. When will the seller respond to my offer? Response times on an offer can vary from just a few days, to much longer. Should I get a home inspection? Yes. A thorough home inspector can provide the buyer with valuable information. Can my agent provide me a home inspection? No. A home inspection can only be performed by someone associated with ASHI (American Society of Home Inspectors) or NACHI (National Association of Certified Home Inspectors). Will the seller pay my loan closing costs? Closing costs, along with other aspects of the transaction, are subject to negotiation. Does the seller accept FHA? This depends on the seller and the condition of the property. Will the seller finance the property? This depends on the lender. If they do, it will be advertised as such. Will the seller accept contingencies or a Lease/Purchase? No. Contingency and lease/purchase offers are generally not accepted on foreclosed properties.
  23. 23. Reviews
  24. 24. Client Testimonials Peter and Anne‘s Story What could possibly be more nerve wracking, ground shaking, and life changing than moving? In our case, it was from Phoenix, Arizona to Portland, Oregon! My husband, Peter, works for Intel and we had the option of choosing our own Realtor® to work with. I went online and started looking at houses, myself, rather than connecting with an agent first. When I saw an interesting property, I’d contact the Realtor® listing it. poor match for us. My husband needed to direct her as she drove us around. She made reference to the fact that “house-hunting with children” wasn’t a great idea and decided, without discussing it with us, to eliminate potential properties for viewing. Needless to say, we eliminated her immediately. However, we never felt distanced from Charles, by miles or technology. Peter was very impressed that Charles was so “techno-savvy”! If Charles didn’t have an immediate answer to a question---which was rare---he’d find the information and get back to us quickly. How we mustered our morale to go back online, when we got home to Phoenix, and start searching all over again, is a story in itself. But, it would become the best part of our story and our search…because it led us to Charles Turner of TurnerRealtors®. Charles’ friendly, helpful know-how made the major hurdles of relocating less stressful. Driving cross-country with two vehicles and an RV and having just one hour to arrange financial access to an out-of-state account, were huge factors. Charles was there throughout to support us by getting information we needed or requested back to us without delay. He diligently focused on our transactions; maintained a professional standard, was cheerful and upbeat and even came to the house to let the carpet cleaner in! My husband’s new position with Intel required him to travel to the Portland area about every other week, so it made complete sense that we would eventually relocate. Fortunately, the trips there allowed him to become more familiar with the city, a little bit at a time. We took our first “house-hunting” trip to Portland one weekend, planning to meet a particular Realtor®, whom we had previously contacted. We took our fourteen-year-old son, Brampton, with us to “see what he was getting into.” We wanted him to know that we understood how tough it would be starting high school in a new place. We met the agent on a gray, rainy day. If weather could portend an outcome, this day certainly did. This agent was a My husband sent Charles a casual email requesting information about a house we had seen online and liked. Charles got right back to us, sending a million different things for us to peruse; things about schools, neighborhoods, everything. What began as a simple email indicating our interest in a home---which is now our home ---took off like wildfire. In fact, the majority of our communication with Charles was by email! I’ve heard people say you can buy anything online! We are proof of it! Here in Portland, we now experience the wonder of changing seasons and temperatures. We can enjoy them indoors in our four- bedroom, three-and-a-half bath, 4400 square feet home, or outdoors on our deck or beautiful wrap-around porch. We know we’ve made the best decision for our sons (Brampton, Ben and Gavin), and our new lifestyles. Thank you, Charles. Anne Brandenburger
  25. 25. Client Testimonials Katherine‘s Story I just can’t say enough about how great the Turners are! There are times when I actually toy with the idea of selling the house I’ve just bought and buy a new one, just to work with Jenny and Charles again! Prior to buying my home, I was a seasoned apartment dweller, often moving from place to place without actually unpacking boxes! Now, I’m a first time home owner. The biggest adjustment I had to make was to stop pinching myself. I still can’t believe I actually own a house. I’ll go to my back yard and think, “This is mine This little piece of land is mine.” I’m really looking forward to my first summer in the house. On clear days, I can see Mt. Hood down the street. Portland really has some breathtaking scenes. I’m originally from Rochester, New York, and visited Portland on a road trip, some years ago. It was so beautiful that I stayed. One of Jenny’s most important and welcomed skills is being on top of things during the whole buying process, which in my case, was fraught with unforeseen glitches. Take the sewer problem, for example. Talk about opening up a can or worms or sewer pipes, for that matter. The owners/sellers of the house were living out of the country in the British West Indies, but included a stipulation in the sale of their Portland home, that they would not be responsible for any repairs needed. Gulp! Where did this leave me? I got a crash course in “party sewers” (homes adjacent to each other sharing the same sewer line), what “negotiations” I could garner with the current owner regarding the repair to broken sewer pipes, who pays for what and what repair services were available to do the work. To say I felt mired in these decisions is an understatement. The aspects of searching for and buying a house suddenly seemed so simple! Finding the house didn’t take long; financing the house didn’t take long; the final closing didn’t take long. But this sewer thing loomed larger than life every day. Jenny was tenacious as ever in hounding the people who did the “sewer scope” to determine if my house was, in fact, on a “party sewer line”. When we discovered that it was, Jenny managed to get the city of Portland to allow me to use the very sewer line that runs right in front of my house and she also made sure that I was locked into a fixed price with the sewer repair people. She just kept on it, giving me progress reports every step of the way. By that time, I felt confidant that Jenny was taking care of everything, so it was a stressfree process for me. I didn’t worry about a thing, She left no stone (or sewer pipe) unturned. For first-time home owners like me, the prospect of making this huge move can be scary and very intimidating. Jenny and Charles made me feel so secure and comfortable. They are focused, accessible, knowledgeable and just terrific people. You don’t have to worry about a thing! Sewer scopes were almost considered a novelty a few years back in real estate transactions. Now we consider them close to mandatory, even on new construction. We’ve seen instances where new ABS pipe has been laid and then cracked under compaction by heavy machinery. Portland code no longer allows for party sewers. If any part of a party sewer needs repair, the city mandates that all owners separate (and pay for) their own sewer taps to the main line. A homeowner is responsible for their sewer to the curb. Portland’s sewer system is over 100 years old and is showing its age in many neighborhoods. The aproxomate $100 investment in a sewer scope seems like the smartest money a buyer or proactive seller could spend on their home. ~ Charles & Jennifer
  26. 26. Oregon Real Estate Agency Disclosure Pamphlet page 1 Consumers: This pamphlet describes the legal obligations of real estate licensees in Oregon. Real estate brokers and principal real estate brokers are required to provide this information to you when they first meet you. This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an agency relationship between you and a broker or a principal broker. Real Estate Agency Relationships An “agency” relationship is a voluntary legal relationship in which a real estate licensee (the “agent”) agrees to act on behalf of a buyer or a seller (the “client”) in a real estate transaction. Oregon law provides for three types of agency relationships between real estate agents and their clients: * Seller’s Agent: Represents the seller only; * Buyer’s Agent: Represents the buyer only; * Disclosed Limited Agent: Represents both the buyer and seller, or multiple buyers who want to purchase the same property. This can be done only with the written permission of both clients. The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent.
  27. 27. Oregon Real Estate Agency Disclosure Pamphlet page 2 Duties and Responsibilities of an Agent Who Represents More than One Client in a Transaction One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same property only under a written “Disclosed Limited Agency” agreement, signed by the seller, buyer(s) and their agent. When different agents associated with the same real estate firm establish agency relationships with different parties to the same transaction, only the principal broker (the broker who supervises the other agents) will act as a Disclosed Limited Agent for both the buyer and seller. The other agents continue to represent only the party with whom the agent already has an established agency relationship unless all parties agree otherwise in writing. The supervising principal broker and the agents representing either the seller or the buyer have the following duties to their clients: 1. To disclose a conflict of interest in writing to all parties; 2. To take no action that is adverse or detrimental to either party’s interest in the transaction; and 3. To obey the lawful instruction of both parties. An agent acting under a Disclosed Limited Agency agreement has the same duties to the client as when representing only a seller or only a buyer, except that the agent may not, without written permission, disclose any of the following: 1. That the seller will accept a lower price or less favorable terms than the listing price or terms; 2. That the buyer will pay a greater price or more favorable terms than the offering price or terms; or 3. In transactions involving one-to-four residential units only, information regarding the real property transaction including, but not limited to, price, terms, financial qualifications or motivation to buy or sell. No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would constitute fraudulent misrepresentation. Unless agreed to in writing, an agent acting under a Disclosed Limited Agency agreement has no duty to investigate matters that are outside the scope of the agent’s expertise. You are encouraged to discuss the above information with the agent delivering this pamphlet. If you intend for that agent, or any other Oregon real estate agent, to represent you as a Seller’s Agent, Buyer’s Agent, or Disclosed Limited Agent, you should have a specific discussion with him/her about the nature and scope of the agency relationship. Whether you are a buyer or seller, you cannot make a licensee your agent without their knowledge and consent, and an agent cannot make you their client without your knowledge and consent.

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