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TurnerRealtors.com	•	PortlandRealEstateBlog.com	•	liveNWpdx.com
KellerWilliams Realty Premier Partners
915 Broadway Street...
2
Buyer’s Extraordinary Service
Guarantee
Extraordinary Service Guarantee for the Home Buyer
The Extraordinary Service Gua...
3
Introduction for the Home Buyer
This guide provides an overview of our
team and of the buying process:
•	 Buyer’s Qualit...
4
The Turner Team
The Turner Team’s Realtors®
Jessica Berger, Oregon Broker • 503.703.1712 • Jessica@TurnerRealtors.com
Je...
5
Press & Award
Highlights
2014
•	 Portland Business Journal’s Top
100 Fastest Growing Private
Companies
2013
•	 Portland ...
6
We proudly support the Make-A-Wish Foundation of Oregon and Fruit & Flower
with our charitable dollars. Charles is a mem...
7
Finding and Buying a Home
Initial Consultation
•	 Determine your priorities and needs
•	 	How long are you planning on l...
8
What to Expect
From this Market
Navigating this market can be very complex at times.
In your search for a home you gener...
9
Technology Streamlines Your
Transaction with the Turner Team
Technology is
constantly moving
the real estate industry
fo...
10
Home Warranty
➢	 What is a home warranty?
A home warranty is a service contract that covers the repair or replacement o...
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 ...
12
Mortgage Brokers Recommended by
Past Clients
Kim Pentrack
Senior Mortgage Banker
Direct: 503.706.9077
Office: 503.617.3...
13
Preparing for the Lender
•	 Full names of all purchasers as they are to appear on the title.
•	 Social security numbers...
14
Loan Process Do’s and Don’ts
Will Mortgage Pre-Approval
Hurt My Credit Score?
This is a very common myth. Getting preap...
15
Moving Checklist
4 Weeks to Go
❍❍ Call moving companies for a free
estimate. Cost will vary depending
on distance, weig...
16
Services You May Need
Real Estate Lawyers
Phil Querin
121 SW Salmon St, Ste 1100, Portland, OR 97204
503-471-1334
Richa...
17
Looking for a Home Inspector
(1 of 2)
Here’s What You Need to Know:
➢	 Why should I get a home inspection?
Before purch...
18
Looking for a Home Inspector
(2 of 2)
➢	 What else should I know?
You get what you pay for: Don’t automatically contrac...
19
Buying a Short Sale
“Short Sale”is used to refer to those real estate transactions in which the agreed-upon purchase pr...
20
Buying a Bank-Owned Property
(1 of 2)
Continued on Next Page
What price does the bank (seller) want for the property?
T...
21
Buying a Bank-Owned Property
(2 of 2)
When will the seller respond to my offer?
Response times on an offer can vary fro...
22
What Our Clients Have to Say
Continued on Next Page
««««« Highly Likely to Recommend
05/08/2014 - Brian Haines
Bought a...
23
What Our Clients Have to Say
««««« Highly Likely to Recommend
01/15/2014 - audramclain
Sold a Single Family home in 201...
24
The Law of Real Estate Agency
(Page 1 of 5)
This pamphlet describes your legal rights in dealing with a real estate fir...
25
(l)	 The principal personally would not be obligated to disclose to
the other party.
(8)	 “Dual agent” means a broker w...
26
a real estate transaction handled by the broker, consents to
dual agency, or waives any rights, under RCW 18.86.020(1)
...
27
18.86.030 and the following, which may not be waived except as
expressly set forth in (e) and (f) of this subsection:
(...
28
SECTION 9: VICARIOUS LIABILITY.
(1)	 A principal is not liable for an act, error, or omission by an agent or
subagent o...
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Turner Team, Inc. Washington Buyer's Real Estate Guide

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The Turner Team Inc. at Keller Williams Realty Professionals Buyer's Real Estate Guide. The guide includes information on home buying in the SW Washington real estate market and surrounding areas.

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Turner Team, Inc. Washington Buyer's Real Estate Guide

  1. 1. TurnerRealtors.com • PortlandRealEstateBlog.com • liveNWpdx.com KellerWilliams Realty Premier Partners 915 Broadway Street #100, Vancouver, WA 98660 360.693.3336 Buyer’s Real Estate Guide 360.326.9445
  2. 2. 2 Buyer’s Extraordinary Service Guarantee Extraordinary Service Guarantee for the Home Buyer The Extraordinary Service Guarantee is your written commitment from Jenny, Charles, and the Turner Team Realtors® assuring the delivery of all of the services described below. As your Real Estate Professionals, we will: 1. Present an agency law pamphlet and explain agency relationship. 2. Gather information to identify your needs and goals and to plan a property search. 3. Offer to arrange pre-qualifying or pre-approval meeting with one of our preferred lenders to determine affordability range and improve negotiating position at the point of offer. 4. Explain home warranty services and providers such as American Home Shield Buyer Protection Plan,LandmarkHomeWarranty,andOldRepublic Home Protection. 5. Commit to priority availability for meeting your needs and schedule for property research and showings. Complete a thorough market search to identify all properties consistent with your needs and price range. 6. Prepare a written Competitive or Comparative Market Analysis for you prior to your making an offer, per your request, if possible. 7. Prepare a written offer to purchase the property of your choice reflecting your price and terms. 8. Provide advice and negotiating assistance on all offers to purchase. Monitor and communicate the status and satisfaction of contract contingencies. 9. Obtain and review with you the seller’s written property history and disclosure statement. 10. Recommend professional inspections and review findings and remedies with you. 11. Accompany you on a walk through property inspection before closing, if provided for in the contract. 12. Contact you after the closing to assure the satisfactory completion of all service details. The Turner Team RealtorsReal Estate Professionals
  3. 3. 3 Introduction for the Home Buyer This guide provides an overview of our team and of the buying process: • Buyer’s Quality Service Guarantee......................................................2 • Introduction................................................................................................3 • The Turner Team........................................................................................4 • The Turner Team in the Community...................................................6 • Finding and Buying a Home..................................................................7 • What to Expect...........................................................................................8 • Technology Streamlines Your Transaction.......................................9 • Home Warranty........................................................................................10 • Dual Agency and Buyer Due Diligence...........................................11 • Mortgage Brokers Recommended by Past Clients.....................12 • Preparing for the Lender......................................................................13 • Loan Processes Do’s and Don’ts.........................................................14 • Moving Checklist.....................................................................................15 • Services You May Need.........................................................................16 • Looking for a Home Inspector............................................................17 • Buying a Short Sale.................................................................................19 • Buying a Bank-Owned Property........................................................20 • Reviews.......................................................................................................22 • The Law of Real Estate Agency...........................................................24 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. No two real estate transactions are the same but regardless of your goals we can help you make the informed and educated decisions that best suit your situation. We, 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. In 2010 we incorporated, in part to underscore that real estate is a business, not a part time hobby. Our current business is made up of more than 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 entire Portland Metro including SWWashington. We have the tools and expertise to guide you through any residential real estate transaction. Jenny Turner Principal Broker, MBA, GRI 503.312.4642 • Jenny@TurnerRealtors.com Jenny holds an MBA from Portland State University as well as an undergraduate degree from Lewis & Clark College. Her certifications include Graduate Realtor Institute (GRI). In addition to a wealth of knowledge and experience in realestateandbeingalicensedbrokerinbothOregonand Washington, Jenny has a passion for the communities she serves. She is past President, and current member, of the Board of Directors for the Fruit and Flower Development Center - an agency for helping children. She and her husband, Charles, reside in Northwest Portland with their son, Ryan. Her passions for family, community, and helping people achieve their dreams are evident in the diligence she brings to every transaction, relationship, and engagement in her life. Charles Turner Principal Broker, MBA, e-PRO, GRI 503.936.7764 • Charles@TurnerRealtors.com Charles brings a wealth of knowledge to this team as demonstrated by the over 1000 posts he has written for our industry-respected blog, PortlandRealEstateBlog. com. He holds an MBA from the Atkinson Graduate School of Management at Willamette University and an undergraduate degree from Lewis & Clark College. His certifications include completion of NAR’s e-PRO and Graduate Realtor Institute (GRI) designations. He is also a professional coach for Realtors with the Tom Ferry Your Coach Organization. Like his wife and business partner, Jenny, Charles has a great love for his community. He serves as a member of the Ambassador Board for the Oregon Chapter of the Make-A-Wish Foundation. In addition to a love of family, community, and real estate, Charles also enjoys sailing, skiing, and cycling.
  4. 4. 4 The Turner Team The Turner Team’s Realtors® Jessica Berger, Oregon Broker • 503.703.1712 • Jessica@TurnerRealtors.com Jessica joined our team as a graduate of the University of Oregon and has a passion for assisting buyers and sellers, which is evident in any interaction with her. She lives in the Hawthorne neighborhood with her husband and loves family as well as supporting children in the community. Some of her favorite activities include wine tasting, fashion, and studying architecture. Lisa Carter, Oregon and Washington Broker • 503.757.7283 • Lisa@TurnerRealtors.com Lisa is one of our dual state brokers – licensed in both Oregon and Washington. She joined the team as a graduate of Oregon State University and is now one of our top agents and Washington State specialist. Clients truly appreciate her patient, friendly, compassionate, and understanding manner. In addition to spending time with her husband and three children, Lisa also is passionate about serving her community in Brush Prairie. Tyler Degele, Oregon Broker • 503.351.6341 • Tyler@TurnerRealtors.com With a background in building and remodeling homes and an education in marketing and business, Tyler joined our team with a true passion for real estate. He loves getting to know homebuyers and the goals they have for home ownership.When not helping clients fulfill their dreams, Tyler enjoys spending time outdoors and traveling throughout the Pacific Northwest while spending time with family and friends. Tyler is also passionate about this area - from the entire Portland Metro down to the Villebios neighborhood of Wilsonville, where he resides. Jacob Fowler, Oregon Broker • 971.270.8159 • Jacob@TurnerRealtors.com With a passion for helping people find their dream home, Jacob brings a wealth of knowledge to every real estate transaction. He joined our team with two bachelor’s degrees and with extensive knowledge of the local market. Jacob enjoys volunteering at Doernbecher Children’s Hospital and Lines for Life. In his free time, Jacob likes to ride horses, travel, and explore the local area through outdoor activities. Susan Horvat, Oregon Broker • 503.949.3899 • Susan@TurnerRealtors.com Susan is a member of RMLS and WVMLS and serves both buyers and sellers in real estate transactions. She is an Accredited Buyer Representative (ABR). After living in the Salem area for many years, Susan now lives with her husband in the Tualatin area and loves to spend her spare time with her grandchildren. Mike Richardson, Oregon Broker • 503.468.6486 • Mike@TurnerRealtors.com With over five years of prior real estate prior to joining our team, Mike offers a wealth of real estate knowledge to every transaction. He also brings a passion for helping people and excellent negotiation skills that his clients truly appreciate. In his down time, Mike is a musician and home brewer. He also dedicates time to helping local animal shelters and exploring the Reed Neighborhood of SE Portland, where he lives. Heidi Schiewe, Oregon Broker • 503.347.3643 • Heidi@TurnerRealtors.com Heidi, an Oregon native, studied Communications at Portland State University. Prior to becoming a licensed Realtor, Heidi enjoyed a successful career in home furnishings providing high-level customer service. She has taken this experience into the real estate industry and takes pride in helping buyers find their “just right” property. In her spare time Heidi enjoys hiking, golfing, wine tasting, and volunteering with Meals on Wheels. She resides in West Linn with her husband where they raised their college-aged sons. Chris Speich, Oregon Broker • 503.702.4609 • Chris@TurnerRealtors.com Chris joined our team with over 15 years of experience as a licensed real estate professional. He grew up in the metro area and currently resides in Tigard. Clients love Chris’enthusiasm and appreciate his caring demeanor. When not working, Chris can often be found helping his local church or coaching Tigard youth teams. He is an avid sports enthusiast and loves watching his children’s youth sports teams as well as his favorite college and major league football teams.
  5. 5. 5 Press & Award Highlights 2014 • Portland Business Journal’s Top 100 Fastest Growing Private Companies 2013 • Portland Monthly 5 Star Agent • Keller Williams Double Platinum Award 2012 • Atlantic & Pacific Real Estate: Top Agents Nationwide • Portland Monthly 5 Star Agent 2011 • Portland Business Journal’s Forty Under 40 awarded to Charles 2010 • Prudential Chairman’s Circle Platinum • 2nd Quarter Top Three Sales Professionals in Oregon for units & 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 The Turner Team Our unique team structure allows us to serve the entire Portland Metro including SW Washington. We have the tools and expertise to guide you through any residential real estate transaction. The Turner Team’s Administrative Staff Tracy Swall, Executive Assistant - Oregon Broker 503.504.5748 • Tracy@TurnerRealtors.com Tracy has worked in the real estate industry since 2001 and has a passion for helping teams succeed. A third generation Oregonian, Tracy grew up in the Beaverton area with a great appreciation for the area’s mountains, beaches, hiking, and running opportunities. She and her husband have two adult children and a Dachshund named Penny.When not helping our team do great things, she spends time assisting the Shine Backpack Program and volunteering with the Faith Café. Jeanne Calkin, Oregon Broker & Client Care Manager 503.305.3281 • ClientCare@TurnerRealtors.com Jeanne brings knowledge from an exceptional real estate background to our team as well as a zeal for the entire Metro area. She has resided in Lake Oswego for over 30 years and loves all that this area has to offer, from the Saturday market to trips out to the coast or one of the area’s mountains. In her free time, she loves to fish and camp and also supports local area animal rescues, Greenpeace, and organizations set on protecting our forests and oceans.
  6. 6. 6 We proudly support the Make-A-Wish Foundation of Oregon and Fruit & Flower with our charitable dollars. Charles is a member of the Ambassador Board for the Oregon chapter of the Make-A-Wish Foundation and Jenny is a member of the Board of Directors for Fruit & Flower. Giving back is an important part of being members of our community. The Turner Team in the Community 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. FRUIT & FLOWER provides a play- based childcare program that supports creative thinking, respect for diversity, and social awareness in each child. 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.
  7. 7. 7 Finding and Buying a Home Initial Consultation • Determine your priorities and needs • How long are you planning on living in your next home? • Consider the benefits / drawbacks to owning a home • Review“agency”choices & select appropriate working relationship • Discuss financing options 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 Realtor® • Provide balance of down payment and closing costs • Sign documents • Loan funding • Recording of title • Receive keys from Realtor® • Move in! • Property appraisal • Loan processing • Final loan approval Finding the Right Home • Realtor® to show you properties based on your criteria • What kind of home do you want? (Detached, Attached, etc.) • How many bedrooms and bathrooms? • Are school districts important? • Evaluate each property with sales associate • Choose the right home Obtaining Financing • Select a mortgage company • Consult with a loan officer • What are the different loan programs available (FHA, VA, Conv, etc.) • Make sure your credit is in good shape • Pre-qualification • Complete loan application • Obtain pre-approval • How much can you afford?
  8. 8. 8 What to Expect From this Market 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. Withoutknowingthedifferentcharacteristicsof the different types of sellers it can be very frustrating to a buyer. Traditional Sales: These are sellers who have equity intheirhomesandareusuallylookingtocloseescrow 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 process with the bank can take four to six 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 price, these can still be a great value. When Writing an Offer Here are some things to consider to ensure your offer gets accepted: What type of sale is it? • Traditional sale, short sale, foreclosure? 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 price driven or are there other terms that are more important to them? • 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 around two to three percent of the sales price. Are there multiple offers on the property? • This is not uncommon for homes priced right for the market, in great condition, and in a good location. • 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?
  9. 9. 9 Technology Streamlines Your Transaction with the Turner Team Technology is constantly moving the real estate industry forward. We strive to adopt the tools that will make your transaction as smooth as possible. Therealestatetransactionisgettingcloser 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 of our clients signed his accepted offer from 30,000 feet on a cross country flight with WiFi and his mobile phone! 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. We use Dropbox to manage all of our paperless files to ensure we can quickly access them wherever we are.
  10. 10. 10 Home Warranty ➢ What is a home warranty? A home warranty is a service contract that covers the repair or replacement of many of the most frequently occurring breakdowns of home system components and appliances. ➢ Why do I need a home warranty? While a home warranty is optional, it is highly recommended. Unexpected repair or replacement costs can easily strain your budget. Plus, finding a qualified professional to solve your problem can be stressful and inconvenient. A home warranty cannot prevent systems or appliances from breaking down, but it can help make handling covered repairs or replacements easier and less costly. ➢ Types of coverage Because all plans differ, you will need to ask specifically what is covered. We are happy to discuss with you the different options and what best fits your needs. ➢ How do I acquire a home warranty? A home warranty can be purchased by the buyer on your own, purchased by the seller while their home is on the market, or negotiated during the sales agreement. ➢ Recommended Home Warranty Providers American Home Shield www.ahs.com 800.735.4663 Landmark Home Warranty www.landmarkhw.com 866.306.2999 Old Republic Home Protection www.orhp.com 800.445.6999
  11. 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 Law of Real Estate Agency for Washington State. 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, Inc. will only participate on behalf of one party 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 transaction is if the seller is a bank or other entity. 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 contingencies expire after a set time and are considered accepted unless action is taken to reject them. Each contingency allows you to review the information provided by 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. One of the best sources of public information in Clark County is the Property Information Center: gis.clark.wa.gov/gishome/property. You can find everything from crime reports, building permits, and oil tank records to your garbage collection schedule.
  12. 12. 12 Mortgage Brokers Recommended by Past Clients Kim Pentrack Senior Mortgage Banker Direct: 503.706.9077 Office: 503.617.3467 Kim.A.Pentrack@wellsfargo.com www.wfhm.com/loans/kimberly-pentrack I’m a native Oregonian and graduated from the University of Oregon’s business school. I have been a Branch Manager for Wells Fargo Home Mortgage since 2001. My team can help clients with a variety of home financing needs including condo’s, renovation, investment, first time, move up, and second homes. In addition, we specialize in new construction with long term locks, and Corporate Relocations. Our goal is to offer you multiple options so you can make a well informed decision that best meets your short and long term financial goals. I am a native Oregonian and started my career in lending February 2, 1980. I learned early 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. Shane Musselwhite Loan Officer - NMLS 249862 Office: 503.908.7116 Mobile: 503.705.8111 shanem@guildmortgage.net www.guildmortgage.net/officers/ shanemusselwhite Evan takes great pride in working individually with every customer that the team serves. He brings his expertise as a Certified Financial Planner™ to every loan application, educating all customers on how the choices they make surrounding their mortgage will affect the rest of their financial lives. Evan is a proud husband and father; he married Tina in 2006, and they welcomed daughter Addie in 2010 and son Bennett in 2012. When Evan can find time away from work, he enjoys being with his family, teeing it up on the golf course, and listening to his vinyl record collection. Evan Swanson, CFP ® Mortgage Professional NMLS #120856 Office: 503.282.5626 x4012 Mobile: 503.314.9959 evan@mortgage-trust.com www.evanswanson.com Hiring a great mortgage professional means access to a variety of lenders and finding the right loan options for your specific needs.
  13. 13. 13 Preparing for the Lender • 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. • Present Employer: Name, address and a contact person to send employment verification form. • Explanation for any gap during two year employment 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. • 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.):Nameofinstitution,address,accountnumbers,outstandingbalances, 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. • 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 the service, you will need an Authorization to Live Off Base (DD-1717 from the housing office) andTransfer Order (if applicable). PersonalEmploymentOtherIncomeAssetsLiabilitiesVALoans
  14. 14. 14 Loan Process Do’s and Don’ts 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. 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: 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 our 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. Do! • Keep all accounts current, including mortgages, car loans, credit cards, etc. • Contact both your lender and your Realtor® 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.
  15. 15. 15 Moving Checklist 4 Weeks to Go ❍❍ Call moving companies for a free estimate. Cost will vary depending on distance, weight, and optional services. ❍❍ Look through your house to determine items to be discarded or donated to charity. Have a garage sale! ❍❍ Inform schools of transfer. Make arrangements for enrollment/ registrationinnewschoolsifnecessary. ❍❍ Most homeowner’s policies do not provideadequatecoverageformoving. Check with your agent and consider purchasing additional coverage from a moving company. ❍❍ Begin collecting boxes with covers if you plan to pack your belongings. You can purchase packing materials through moving companies or contact local grocery stores for extra boxes. Be sure to stock up on packing tape! ❍❍ Begin consuming perishable and frozen food items to minimize waste. 3 Weeks to Go ❍❍ Begin packing! ❍❍ Notify the post office of your new address and send change of address cards to friends, family, subscriptions, and any billing companies/credit cards. ❍❍ Make necessary travel arrangements including interim housing and car rental. Be sure to record confirmation numbers. ❍❍ Collect medical records and prescriptions from physicians. Ask for recommendations for doctors in your new area. ❍❍ Place legal medical and insurance records in a safe and accessible place. 2 Weeks to Go ❍❍ Arrange to disconnect utilities/ services in your current residence and coordinate installation of utilities/services in your new home: ❑❑ Electric/Gas ❑❑ Water/Sewer/Trash ❑❑ Phone ❑❑ Cable ❑❑ Internet ❑❑ Other: __________________ ❍❍ Close/transfer bank accounts and open accounts in your new city. ❍❍ Take pets to the vet for immunizations. Ask for advice on moving animals. ❍❍ Draw a map of your new home and where the furniture will be arranged. ❍❍ Return library books and any borrowed items. ❍❍ Be sure to cancel newspaper subscriptions and/or special services you have (i.e. landscaping/lawn service, snow plow, etc.) ❍❍ Change your address with the DMV for your vehicle registration and your license. 1 Week to Go ❍❍ Prepare car for the trip. Check the oil, tires, brakes, etc. ❍❍ Drain water from household hoses. ❍❍ Drain gasoline and oil from any lawn or power equipment. ❍❍ Remember to pick up items sent to the cleaners or for repairs. Final Days ❍❍ Defrostandcleanoutrefrigerator. ❍❍ Pack your luggage and separate any items you will need in the first days in your new home. Label these boxes“Load Last”. ❍❍ Reconfirm travel arrangements. ❍❍ Reserve ample parking space for the movers and provide clear paths inside the house. The Big Day! ❍❍ Be on hand to answer any questions. ❍❍ Go over your inventory with the driver. ❍❍ Be sure to point out all FRAGILE items to the movers. ❍❍ Check, double check and triple check to see if anything is left behind! ❍❍ Do not leave the house until the movers are gone.
  16. 16. 16 Services You May Need Real Estate 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 Home Inspectors Home Team Inspection Services » Mike Huppi 5890 SW 191st Ave, Aloha, OR 97007 503-530-8306 www.hometeam.com Nickelsen Home Inspections, LLC » Kurt Nickelsen 7314 NE 58th Ave, Vancouver, WA 98661 360-907-9648 www.nickelsenhomeinspections.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 Walton 12611 NE 7th Ave, Vancouver, WA 98685 360-571-4142 www.a-shi.com Sewer Inspectors Pipe Repair Services » Bill Schroeder 971-570-5452 Pest Management Evergreen Pest Management 503-925-9752 www.nobugs4u.com Home Stagers Chancellor Designs » Ruth Chancellor 503-807-8167 www.chancellordesigns.com Synergy Staging 503-557-2244 www.synergystaging.com Electricians Precision NW Electrical Contractors » Mike McDonald 503-413-9870 Insurance Farmers Insurance » Paul Rilatt 8196 SW Hall Blvd, Ste 217, Beaverton, OR 97008 503-646-2300 www.farmersagent.com/prilatt Pentrack Allstate Agency » Todd Pentrack 4855 SE TV Highway Hillsboro, OR. 97123 Radon / Oil / Mold / Lead Alpha Environmental 11080 SW Allen Blvd, Ste 100, Beaverton, OR 97005 503-292-5346 www.alphaenvironmental.com Handyman Services Kyle Kuhlman 503-989-7517
  17. 17. 17 Looking for a Home Inspector (1 of 2) Here’s What You Need to Know: ➢ Why should I get a home inspection? Before purchasing a house, many people contract with a home inspector to objectively evaluate important aspects of the home’s condition. A professional home inspector can spot existing defects and conditions that the seller may be unaware of. ➢ What is a home inspection? A home inspection is a general, visual examination of the current condition of the house. An inspection report should cover the mechanical systems of the house: interior plumbing, electric, heating and cooling, general interior, attic and visible insulation, ventilation, siding, windows, doors, roofs, attached garages, foundation, and visible structure. Features that are not part of the main structure such as septic systems, wells, underground piping, and swimming pools are usually not included. A Wood Destroying Organism Report (WDO), sometimes called“a pest and dry rot”, may also be included. Home inspectors will not move furniture, rugs, or other obstacles, nor will they inspect areas which are inaccessible such as wall interiors, wet crawl spaces, and steep or wet roofs. ➢ How do I find a qualified home inspector? Consider finding your own home inspector. Don’t rely solely on the recommendation of the real estate agents involved in your house purchase. Ask friends, co-workers, neighbors, or lender for recommendations. ➢ How do I check a home inspector’s qualifications? Before signing a contract with a home inspector, check with the Washington State Department of Licensing (DOL) to make sure the business is properly licensed, and has a certified home inspector employed. Anyone who performs home inspections of two or more components: roof, plumbing system, electrical system, etc. must be licensed with the DOL. A licensed business is also insured and bonded, providing some financial protection if problems occur. To check a license, certification, and complaint history, visit the DOL at www.dol.wa.gov/business/checkstatus.html or call the DOL at 360- 664-6487. Ask the home inspector if he/she belongs to a trade association. Trade associations require members to adhere to standards of practice, a code of ethics, and industry-specific training. Continued on Next Page Keep in mind that a home inspection is an educated opinion, not a warranty or guarantee that the house is sound or that there will never be any problems.
  18. 18. 18 Looking for a Home Inspector (2 of 2) ➢ What else should I know? You get what you pay for: Don’t automatically contract with the lowest-priced home inspection company. Consider aspects such as cost, services provided, experience, and qualifications of the home inspector before deciding which company meets your needs. Ask questions: How does the company handle disputes–do they have an arbitration clause in their contract? What items will the home inspection report include? (Reports must be written, but there is no standard format.) A written contract is required for all home inspections: If there are problems later, a written contract will protect you. Don’t sign the contract until you have read and understood everything in it. The Washington State Legislature has enacted Standards of Practice which list what a home inspector must do and cannot do. If you and your home inspection company agree that the home inspection will deviate from those standards, the changes must be written into your contract. Liability Clauses: Read the contract carefully. Home inspection businesses often include a clause in their contracts which limits their liability amount to the cost of the inspection. This is a common practice that underscores the need for buyers and sellers to find skilled, competent home inspectors. Beclearaboutwhatisandisnotincludedinthehomeinspection: Youmayneedtocontractforaspecializedinspection to check details such as asbestos, radon, lead-based paint, code compliance, mold, low-voltage wiring, etc. It is important to be present at the home inspection: To discuss the home inspector’s findings, the current condition of the house, and any minor or major repairs that may be needed. Any business that does an inspection of two or more components of a house cannot, by law, perform repairs on the house within twelve months of the home inspection. However, home inspectors who inspect only one detail of a home (for example, the roof), may contract to perform repairs on the house. Consider getting a second opinion: If the home inspector’s findings indicate needed repairs, get an opinion and an estimate from another properly licensed contractor before deciding to buy the home. Home inspectors should not give estimates of the home’s market value:Washington certified home inspectors cannot provide an opinion on or appraisal of the value of a house that he/she has inspected. ➢ What should I do if I have problems? If you experience problems with the business you hired to complete your home inspection, try to resolve the problem with the home inspection business first. If you cannot come to an agreement, download a complaint form from the DOL’s website at www.dol.wa.gov/business/homeinspectors/hicomplaint.html You can also call the DOL at 360-664-6487 to obtain a complaint packet or to ask further questions.
  19. 19. 19 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.
  20. 20. 20 Buying a Bank-Owned Property (1 of 2) Continued on Next Page 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.
  21. 21. 21 Buying a Bank-Owned Property (2 of 2) When will the seller respond to my offer? Response times on an offer can vary from just a few days, to much longer. Will the seller accept contingencies or a Lease/Purchase? No. Contingency and lease/purchase offers are generally not accepted on foreclosed properties. 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. Should I get a home inspection? Yes. A thorough home inspector can provide the buyer with valuable information. 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. 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.
  22. 22. 22 What Our Clients Have to Say Continued on Next Page ««««« Highly Likely to Recommend 05/08/2014 - Brian Haines Bought a Single Family home in 2014 for approximately $250K in Hillsboro, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We had a two year relationship with the turners (Jenny). When our first home fell through on our end, Jenny picked us up and kept us moving. When we were finally able to work it out, she was there with the perfect home - the first one she took us to! We cannot recommend the Turners highly enough. Brian & Wendi ««««« Highly Likely to Recommend 04/27/2014 - aaliyar Bought a home in 2014. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is amazing. She is personable, knowledgeable, and trust worthy. She never wasted our time and was very patient with us. There were several bids for our house and she helped us be the chosen ones, without us exceeding our comfort zone with price. She would get back to us quickly with any concerns and more on top of everything than we could ever be. This is the third time we’ve bought a home and definitely the best experience we’ve had. ««««« Highly Likely to Recommend 01/14/2014 - widmer Sold a home in 2013. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny Turner is absolutely fantastic at her job. All you would ever ask for in a realtor is for someone to be on your side and to help you uncover the questions you may not know, work with complete transparency and integrity but most of all be a team player. We have worked with Jenny several times for many different transactions and will continue to do so and will refer her on to those we trust. ««««« Highly Likely to Recommend 04/25/2014 - user02520706 Bought a home in 2014. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny and Charles (and the rest of their team) are wonderful to work with. Jenny was great at digging in and advising us throughout the process. She seemed knowledgeable of the market and candid and honest when we needed her to be. Jenny, Charles and the rest of the team were flexible and timely through out the process. ««««« Highly Likely to Recommend 04/25/2014 - westphal1738 Bought a Single Family Home in 2014 in Tualatin, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny was a super star! She was very knowledgeable, narrowed down our choices and facilitated and advised all along the way. She was punctual, organized and very personable. I would recommend Jenny highly. ««««« Highly Likely to Recommend 01/15/2014 - cwhite6 Sold a home in 2013. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Our lake front home had been listed for about a year with another agent who was unsuccessful in selling it. We listed with the Turner team and they had our home sold in just a couple of months. They are professional, positive, and a pleasure to work with. Our phone calls were always quickly returned and they were open to any and all questions. We would definitely work with them again and recommend them to friends. Rick and Cheryl White ««««« Highly Likely to Recommend 01/15/2014 - jidabug Sold a home in 2013. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny made every step of the process smooth and easy. When it came to looking at properties, she listened to our requirements and dreams, and encouraged us to look at an area we hadn’t considered...and wound up buying in. We bought our new house before putting our old one on the market, which was pretty daunting, but Jenny marketed it wonderfully, and it sold in a week with two offers! We couldn’t be happier with the service we received. ««««« Highly Likely to Recommend 01/14/2014 - marascojj Sold a Single Family Home in 2013 for approximately $400K in Wilsonville, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is fantastic at what she does. I have used her services to both purchase and sell my homes and she never disappoints. It seems like she is available 24-7 and she does everything with a smile. Jenny is knowledgeable, professional, fun, understanding and precise. She has a ton of connections and all of them love her! I will always refer her to friends and family. If you need an agent, pick up your phone and enjoy the ride. Thanks Jenny!
  23. 23. 23 What Our Clients Have to Say ««««« Highly Likely to Recommend 01/15/2014 - audramclain Sold a Single Family home in 2013 for approximatley $550K in Grant Park, Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is very knowledgeable and so helpful at guiding us through the selling and negotiating process. She was always there to talk through options and help get needed tasks done. ««««« Highly Likely to Recommend 01/14/2014 - mmikeb182 Sold a Single Family home in 2013 for approximately $475K in Oregon City, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We were so pleased with the support we got from Jenny throughout our selling and purchasing process! With her insight, we had 5 great offers in the first 2 days. With staging help, pricing advice and fantastic marketing, we ended up with a bidding war. When it came time to buy a new house, Jenny was great about helping us think through what we needed and was so quick at responding to questions and requests. Our favorite line throughout the process was,“Jenny will know!”and she always did! ««««« Highly Likely to Recommend 01/14/2014 - allie lorenzen Bought a Single Family home in 2013 for approximately $325K in West Linn, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We bought our home in Oregon while living out of state.TheTurnerTeam was very accommodating to our less-than-ideal time frames. When we flew to OR, The Turner Team had developed a time-saving driving route of all the homes we had requested to see (along with other new listings that fell under our pricing and priorities). Because we have two small children, schools were an important part of our decision-making process. They were knowledgeable about local schools. As we were relatively new to the home-buying process, they were informative then hands-off so we could rank our must-haves in a home as a couple. I really appreciated their helpful, yet non-pushy approach. They were quick to move documents along to meet our move-in goals.We would recommend theTurnerTeam to anyone and already have! ««««« Highly Likely to Recommend 01/14/2014 - Ryan Ferris Sold a home in 2013. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« I’ve worked with Jenny twice now when buying a home and once in selling a home. She is very responsive and detail oriented. I can’t say enough about how good she is at making you feel like you’re her only customer when that’s far from the case. I recommend her to anyone buying or selling a home in the Portland area! ««««« Highly Likely to Recommend 12/17/2013 - kerryltong Bought a Single Family home in 2013 for approximately $325K in Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We were purchasing a house from overseas and Charles and Jenny helped us as we processed through multiple homes until we found the right one for us. They were accessible at our odd hours, sent us videos as well as information and were very easy to work with. If we buy another home in the area I would definitely use them again!! ««««« Highly Likely to Recommend 07/26/2013 - user0329862 Bought a home in 2013. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We have worked with Charles and Jenny on two property acquisitions. Both properties had some unique challenges, and in both cases the navigation and assistance provided by Charles and Jenny were superb. I highly recommend this team and hope I have the chance to work with them again! ««««« Highly Likely to Recommend 05/23/2013 - user50568 Sold a Single Family home in 2012 in Silverton, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny Turner is by far the best realtor we have ever worked with. She represented us in selling our home as well as purchasing our new home. With her experience and knowledge she had our house sold to the first family that walked through it! We never dreamed our house would sell that fast since our neighbors house had been for sale for a year and was very similar to ours. Needless to say we were very happy. Jenny also spent several months going from house to house looking for our dream home. With her patience and dedication she found us the perfect home for our family. With her negotiation skills she got us a great price as well as the extras we wanted! We couldn’t be happier with the Turner Team! ««««« Highly Likely to Recommend 05/22/2013 - user7400373 Sold a Single Family home in 2013 for approximately $150K in Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny met our four “P’s” of an outstanding broker; punctuality, professionalism, price, and piece of mind. Jenny and her team are a 12 and above on a scale of 1-10. She worked with us on finding the best selling price for our home. As a result, our home sold in one day. We obviously had a great experience working with Jenny, and would highly recommend her. See all of our reviews at www.zillow.com/profile/TurnerRealtors/Reviews
  24. 24. 24 The Law of Real Estate Agency (Page 1 of 5) This pamphlet describes your legal rights in dealing with a real estate firm or broker. Please read it carefully before signing any documents. The following is only a brief summary of the attached law. SEC. 1. Definitions. Defines the specific terms used in the law. SEC. 2. Relationships between Brokers and the Public. Prescribes that a broker who works with a buyer or tenant represents that buyer or tenant — unless the broker is the listing agent, a seller’s subagent, a dual agent, the seller personally or the parties agree otherwise. Also prescribes that in a transaction involving two different brokers licensed to the same real estate firm, the firm’s designated broker and any managing broker responsible for the supervision of both brokers, are dual agents and each broker solely represents his or her client — unless the parties agree in writing that both brokers are dual agents. SEC. 3. Duties of a Broker Generally. Prescribes the duties that are owed by all brokers, regardless of who the broker represents. Requires disclosure of the broker’s agency relationship in a specific transaction. SEC. 4. Duties of a Seller’s Agent. Prescribes the additional duties of a broker representing the seller or landlord only. SEC. 5. Duties of a Buyer’s Agent. Prescribes the additional duties of a broker representing the buyer or tenant only. SEC. 6. Duties of a Dual Agent. Prescribes the additional duties of a broker representing both parties in the same transaction, and requires the written consent of both parties to the broker acting as a dual agent. SEC. 7. Duration of Agency Relationship. Describes when an agency relationship begins and ends. Provides that the duties of accounting and confidentiality continue after the termination of an agency relationship. SEC. 8. Compensation. Allows real estate firms to share compensation with cooperating real estate firms. States that payment of compensation does not necessarily establish an agency relationship. Allows brokers to receive compensation from more than one party in a transaction with the parties’consent. SEC. 9. Vicarious Liability. Eliminates the liability of a party for the conduct of the party’s agent or subagent, unless the principal participated in or benefited from the conduct or the agent or subagent is insolvent. Also limits the liability of a broker for the conduct of a subagent. SEC. 10. Imputed Knowledge and Notice. Eliminates the common law rule that notice to or knowledge of an agent constitutes notice to or knowledge of the principal. SEC. 11. Interpretation. This law establishes statutory duties which replace common law fiduciary duties owed by an agent to a principal. SEC. 12. Short Sale. Prescribes an additional duty of a firm representing the seller of owner-occupied real property in a short sale. Continued on Next Page SECTION 1: DEFINITIONS. Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) “Agency relationship” means the agency relationship created under this chapter or by written agreement between a real estate firm and a buyer and/or seller relating to the performance of real estate brokerage services. (2) “Agent”means a broker who has entered into an agency relationship with a buyer or seller. (3) “Broker” means broker, managing broker, and designated broker, collectively, as defined in chapter 18.85 RCW, unless the context requires the terms to be considered separately. (4) “Business opportunity” means and includes a business, business opportunity, and goodwill of an existing business, or any one or combination thereof when the transaction or business includes an interest in real property. (5) “Buyer” means an actual or prospective purchaser in a real estate transaction, or an actual or prospective tenant in a real estate rental or lease transaction, as applicable. (6) “Buyer’s agent” means a broker who has entered into an agency relationship with only the buyer in a real estate transaction, and includes sub-agents engaged by a buyer’s agent. (7) “Confidential information” means information from or concerning a principal of a broker that: (h) Was acquired by the broker during the course of an agency relationship with the principal; (i) The principal reasonably expects to be kept confidential; (j) The principal has not disclosed or authorized to be disclosed to third parties; (k) Would, if disclosed, operate to the detriment of the principal; and
  25. 25. 25 (l) The principal personally would not be obligated to disclose to the other party. (8) “Dual agent” means a broker who has entered into an agency relationship with both the buyer and seller in the same transaction. (9) “Material fact” means information that substantially adversely affects the value of the property or a party’s ability to perform its obligations in a real estate transaction, or operates to materially impair or defeat the purpose of the transaction. The fact or suspicion that the property, or any neighboring property, is or was the site of a murder, suicide or other death, rape or other sex crime, assault or other violent crime, robbery or burglary, illegal drug activity, gang- related activity, political or religious activity, or other act, occurrence, or use not adversely affecting the physical condition of or title to the property is not a material fact. (10) “Owner-occupied real property” means real property consisting solely of a single-family residence, a residential condominium unit, or a residential cooperative unit that is the principal residence of the borrower. (11) “Principal”means a buyer or a seller who has entered into an agency relationship with a broker. (12) “Real estate brokerage services” means the rendering of services for which a real estate license is required under chapter 18.85 RCW . (13) “Real estate firm” or “firm” have the same meaning as defined in chapter 18.85 RCW. (14) “Real estate transaction” or “transaction” means an actual or prospective transaction involving a purchase, sale, option, or exchange of any interest in real property or a business opportunity, or a lease or rental of real property. For purposes of this chapter, a prospective transaction does not exist until a written offer has been signed by at least one of the parties. (15) “Seller” means an actual or prospective seller in a real estate transaction, or an actual or prospective landlord in a real estate rental or lease transaction, as applicable. (16) “Seller’s agent” means a broker who has entered into an agency relationship with only the seller in a real estate transaction, and includes subagents engaged by a seller’s agent. (17) “Subagent” means a broker who is engaged to act on behalf of a principal by the principal’s agent where the principal has authorized the broker in writing to appoint subagents. The Law of Real Estate Agency (Page 2 of 5) SECTION 2: RELATIONSHIPS BETWEEN BROKERS & THE PUBLIC. (1) A broker who performs real estate brokerage services for a buyer is a buyer’s agent unless the: (a) Broker’s firm has appointed the broker to represent the seller pursuant to a written agency agreement between the firm and the seller, in which case the broker is a seller’s agent; (b) Broker has entered into a subagency agreement with the seller’s agent’s firm, in which case the broker is a seller’s agent; (c) Broker’s firm has appointed the broker to represent the seller pursuant to a written agency agreement between the firm and the seller, and the broker’s firm has appointed the broker to represent the buyer pursuant to a written agency agreement between the firm and the buyer, in which case the broker is a dual agent; (d) Broker is the seller or one of the sellers; or (e) Parties agree otherwise in writing after the broker has complied with RCW 18.86.030(1)(f). (2) In a transaction in which different brokers affiliated with the same firm represent different parties, the firm’s designated broker and any managing broker responsible for the supervision of both brokers, is a dual agent, and must obtain the written consent of both parties as required under RCW 18.86.060. In such case, each of the brokers shall solely represent the party with whom the broker has an agency relationship, unless all parties agree in writing that the broker is a dual agent. (3) A broker may work with a party in separate transactions pursuant to different relationships, including, but not limited to, representing a party in one transaction and at the same time not representing that party in a different transaction involving that party, if the broker complies with this chapter in establishing the relationships for each transaction. SECTION 3: DUTIES OF A BROKER GENERALLY. (1) Regardless of whether a broker is an agent, the broker owes to all parties to whom the broker renders real estate brokerage services the following duties, which may not be waived: (a) To exercise reasonable skill and care; (b) To deal honestly and in good faith; (c) To present all written offers, written notices and other written communications to and from either party in a timely manner, regardless of whether the property is subject to an existing contract for sale or the buyer is already a party to an existing contract to purchase; (d) To disclose all existing material facts known by the broker and not apparent or readily ascertainable to a party; provided that this subsection shall not be construed to imply any duty to investigatemattersthatthebrokerhasnotagreedtoinvestigate; (e) To account in a timely manner for all money and property received from or on behalf of either party; (f) To provide a pamphlet on the law of real estate agency in the form prescribed in RCW 18.86.120 to all parties to whom the broker renders real estate brokerage services, before the party signs an agency agreement with the broker, signs an offer in
  26. 26. 26 a real estate transaction handled by the broker, consents to dual agency, or waives any rights, under RCW 18.86.020(1) (e), 18.86.040(1)(e), 18.86.050(1)(e), or 18.86.060(2) (e) or (f), whichever occurs earliest; and (g) To disclose in writing to all parties to whom the broker renders real estate brokerage services, before the party signs an offer in a real estate transaction handled by the broker, whether the broker represents the buyer, the seller, both parties, or neither party. The disclosure shall be set forth in a separate paragraph entitled “Agency Disclosure” in the agreement between the buyer and seller or in a separate writing entitled “Agency Disclosure.” (2) Unless otherwise agreed, a broker owes no duty to conduct an independent inspection of the property or to conduct an independent investigation of either party’s financial condition, and owes no duty to independently verify the accuracy or completeness of any statement made by either party or by any source reasonably believed by the broker to be reliable. SECTION 4: DUTIES OF A SELLER’S AGENT. (1) Unless additional duties are agreed to in writing signed by a seller’ s agent, the duties of a seller’ s agent are limited to those set forth in RCW 18.86.030 and the following, which may not be waived except as expressly set forth in (e) of this subsection: (a) To be loyal to the seller by taking no action that is adverse or detrimental to the seller’s interest in a transaction; (b) To timely disclose to the seller any conflicts of interest; (c) To advise the seller to seek expert advice on matters relating to the transaction that are beyond the agent’s expertise; (d) Not to disclose any confidential information from or about the seller, except under subpoena or court order, even after termination of the agency relationship; and (e) Unless otherwise agreed to in writing after the seller’s agent has complied with RCW 18.86.030(1)(f), to make a good faith and continuous effort to find a buyer for the property; except that a seller’s agent is not obligated to seek additional offers to purchase the property while the property is subject to an existing contract for sale. (2) (a) Theshowingofpropertiesnotownedbythesellertoprospective buyers or the listing of competing properties for sale by a seller’s agent does not in and of itself breach the duty of loyalty to the seller or create a conflict of interest. (b) The representation of more than one seller by different brokers affiliated with the same firm in competing transactions involving the same buyer does not in and of itself breach the duty of loyalty to the sellers or create a conflict of interest. SECTION 5: DUTIES OF A BUYER’S AGENT. (1) Unless additional duties are agreed to in writing signed by a buyer’s agent, the duties of a buyer’ s agent are limited to those set forth in RCW 18.86.030 and the following, which may not be waived except as expressly set forth in (e) of this subsection: (a) To be loyal to the buyer by taking no action that is adverse or detrimental to the buyer’s interest in a transaction; (b) To timely disclose to the buyer any conflicts of interest; (c) To advise the buyer to seek expert advice on matters relating to the transaction that are beyond the agent’s expertise; (d) Not to disclose any confidential information from or about the buyer, except under subpoena or court order, even after termination of the agency relationship; and (e) Unless otherwise agreed to in writing after the buyer’s agent has complied with RCW 18.86.030(1)(f), to make a good faith and continuous effort to find a property for the buyer; except that a buyer’s agent is not obligated to: (I) seek additional properties to purchase while the buyer is a party to an existing contract to purchase; or (II) show properties as to which there is no written agreement to pay compensation to the buyer’s agent. (2) (a) The showing of property in which a buyer is interested to other prospective buyers by a buyer’s agent does not in and of itself breach the duty of loyalty to the buyer or create a conflict of interest. (b) The representation of more than one buyer by different brokers affiliated with the same firm in competing transactions involving the same property does not in and of itself breach the duty of loyalty to the buyer or create a conflict of interest. SECTION 6: DUTIES OF A DUAL AGENT. (1) Notwithstanding any other provision of this chapter, a licensee may act as a dual agent only with the written consent of both parties to the transaction after the dual agent has complied with RCW 18.86.030(1)(f), which consent must include a statement of the terms of compensation. (2) Unless additional duties are agreed to in writing signed by a dual agent, the duties of a dual agent are limited to those set forth in RCW The Law of Real Estate Agency (Page 3 of 5)
  27. 27. 27 18.86.030 and the following, which may not be waived except as expressly set forth in (e) and (f) of this subsection: (a) To take no action that is adverse or detrimental to either party’s interest in a transaction; (b) To timely disclose to both parties any conflicts of interest; (c) To advise both parties to seek expert advice on matters relating to the transaction that are beyond the dual agent’s expertise; (d) Not to disclose any confidential information from or about either party, except under subpoena or court order, even after termination of the agency relationship; (e) Unless otherwise agreed to in writing after the dual agent has complied with RCW 18.86.030(1) (f), to make a good faith and continuous effort to find a buyer for the property; except that a dual agent is not obligated to seek additional offers to purchase the property while the property is subject to an existing contract for sale; and (f) Unless otherwise agreed to in writing after the dual agent has complied with RCW 18.86.030(1) (f), to make a good faith and continuous effort to find a property for the buyer; except that a dual agent is not obligated to: (I) seek additional properties to purchase while the buyer is a party to an existing contract to purchase; or (II) show properties as to which there is no written agreement to pay compensation to the dual agent. (3) (a) Theshowingofpropertiesnotownedbythesellertoprospective buyers or the listing of competing properties for sale by a dual agent does not in and of itself constitute action that is adverse or detrimental to the seller or create a conflict of interest. (b) The representation of more than one seller by different brokers licensed to the same firm in competing transactions involving the same buyer does not in and of itself constitute action that is adverse or detrimental to the sellers or create a conflict of interest. (4) (a) The showing of property in which a buyer is interested to other prospective buyers or the presentation of additional offers to purchase property while the property is subject to a transaction by a dual agent does not in and of itself constitute action that is adverse or detrimental to the buyer or create a conflict of interest. (b) The representation of more than one buyer by different brokers licensed to the same firm in competing transactions involving the same property does not in and of itself constitute action that is adverse or detrimental to the buyer or create a conflict of interest. SECTION 7: DURATION OF AGENCY RELATIONSHIP . (1) The agency relationships set forth in this chapter commence at the time that the broker undertakes to provide real estate brokerage services to a principal and continue until the earliest of the following: (a) Completion of performance by the broker; (b) Expiration of the term agreed upon by the parties; (c) Termination of the relationship by mutual agreement of the parties; or (d) Termination of the relationship by notice from either party to the other. However, such a termination does not affect the contractual rights of either party. (2) Except as otherwise agreed to in writing, a broker owes no further duty after termination of the agency relationship, other than the duties of: (a) Accounting for all moneys and property received during the relationship; and (b) Not disclosing confidential information. SECTION 8: COMPENSATION. (1) In any real estate transaction, a firm’s compensation may be paid by the seller, the buyer, a third party, or by sharing the compensation between firms. (2) An agreement to pay or payment of compensation does not establish an agency relationship between the party who paid the compensation and the broker. (3) A seller may agree that a seller’s agent’s firm may share with another firm the compensation paid by the seller. (4) A buyer may agree that a buyer’s agent’s firm may share with another firm the compensation paid by the buyer. (5) A firm may be compensated by more than one party for real estate brokerageservicesinarealestatetransaction,ifthosepartiesconsent in writing at or before the time of signing an offer in the transaction. (6) A firm may receive compensation based on the purchase price without breaching any duty to the buyer or seller. (7) Nothing contained in this chapter negates the requirement that an agreement authorizing or employing a broker to sell or purchase real estate for compensation or a commission be in writing and signed by the seller or buyer. The Law of Real Estate Agency (Page 4 of 5)
  28. 28. 28 SECTION 9: VICARIOUS LIABILITY. (1) A principal is not liable for an act, error, or omission by an agent or subagent of the principal arising out of an agency relationship: (a) Unless the principal participated in or authorized the act, error, or omission; or (b) Except to the extent that: (I) the principal benefited from the act, error, or omission; and (II) the court determines that it is highly probable that the claimant would be unable to enforce a judgment against the agent or subagent. (2) A broker is not liable for an act, error, or omission of a subagent under this chapter, unless that broker participated in or authorized the act, error, or omission. This subsection does not limit the liability of a firm for an act, error, or omission by a broker licensed to the firm. SECTION 10: IMPUTED KNOWLEDGE AND NOTICE. (1) Unless otherwise agreed to in writing, a principal does not have knowledge or notice of any facts known by an agent or subagent of the principal that are not actually known by the principal. (2) Unless otherwise agreed to in writing, a broker does not have knowledge or notice of any facts known by a subagent that are not actually known by the broker. This subsection does not limit the knowledge imputed to the designated broker or any managing broker responsible for the supervision of the broker of any facts known by the broker. SECTION 11: INTERPRETATION. The duties under this chapter are statutory duties and not fiduciary duties. This chapter supersedes the fiduciary duties of an agent to a principal under the common law. The common law continues to apply to the parties in all other respects. This chapter does not affect the duties of a broker while engaging in the authorized or unauthorized practice of law as determined by the courts of this state. This chapter shall be construed broadly. SECTION 12: SHORT SALE. When the seller of owner-occupied residential real property enters into a listing agreement with a real estate firm where the proceeds from the sale may be insufficient to cover the costs at closing, it is the responsibility of the real estate firm to disclose to the seller in writing that the decision by any beneficiary or mortgagee, or its assignees, to release its interest in the real property, for less than the amount the borrower owes, does not automatically relieve the seller of the obligation to pay any debt or costs remaining at closing, including fees such as the real estate firm’s commission. The Law of Real Estate Agency (Page 5 of 5)

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