Guide to Buying Real Estate

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What you need to know before you start looking to buy

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  • Guide to Buying Real Estate

    1. 1. 1
    2. 2. Edna Broker   Keller Williams Realty Seattle Metro West Cell: 206-300-2735 www.westseattleviews.com www.ebishop.kellerwilliamsseattle.com Dream BIG1
    3. 3. broker2
    4. 4. WhyKeller Williams ?
    5. 5. Keller Williams National2nd largest residential real estate company in the USA & growing fast Believes in: teamwork vs. competition Offers: top~notch ongoing training cutting~edge technology Winner of Inman Innovator Award  Most Innovative Real Estate Website or Service - eEdge
    6. 6. 5
    7. 7. It’s all about YOU 5
    8. 8. Your dreamsYour concernsYour questionsYour finances Your time Your life
    9. 9. Basic InformationNamePhoneEmailNamePhoneEmail Who is the primary contact and what is the best time and way to reach that individual? What is prompting your move? When do you need to be in your new home?Are you pre-approved for a mortgage?What is your price range?✓If we found a home today that meets all of your needs and as many of your wants as possible, would you make an offer?
    10. 10. Your Lifestyle InterviewLifestyleWho will be living in the home you purchase? Will anyone else be spending more than an occasional overnight stay (e.g., parents)? Describe your lifestyle. What do you enjoy doing at home? Do you do a lot of entertaining? How do you spend your time in the evenings andon the weekends? Does your home need to accommodate any special needs? Do you have any pets? Do you have anything special that needs to be accommodated such as athletic equipment, fine art, large furniture, or a large collection? When people come to your home, what do you want your home to say about you? Is there anything I should know about your lifestyle that I have not asked?LocationTell me about your ideal location. What is your maximum commute time and distance? What is your work address? Are schools important? Is there a particular view you are seeking (e.g., skyline, lake, mountains)? What else is important about your location? 8
    11. 11. Your Home Wish ListHouse – InteriorWhat kind of style do you want the interior of your home to have (e.g., formal, casual, cozy, traditional, contemporary)? What kind of floor plan do you prefer (e.g., open vs. walls between all living spaces)? In general, what are your likes and dislikes for the interior of your home?BedroomsHow many bedrooms do you need? How will each of those rooms be used? What are your preferences for the master bedroom?Bathrooms How many bathrooms do you need? What are your needs for each of the bathrooms? 9
    12. 12. KitchenWhat features must your kitchen have (e.g., breakfast area, types of appliances, etc.)? What finishes do you want (e.g., countertops, flooring, appliances, etc.)? What are your likes and dislikes for the kitchen? Dining RoomWould you like the dining room to be part of the kitchen configuration? What about the living room? What size dining roomtable do you have?Living Room/Family RoomDescribe your likes and dislikes. Do you want a fireplace? What size room(s) do you have in mind?What other rooms do you need or want? What else should I know about the inside of the house you are looking for?
    13. 13. SummaryWhat are the top five things your home needs to have? Beyond those five things, what is something else you really want to have? If you could have something else, what would that be?
    14. 14. The Neighborhood of Your Dreams Please consider the following and record any notes or preferences: Areas you would enjoy Specific streets you like School district(s) you prefer Your work location(s) Your favorite shops/conveniences Recreational facilities you enjoy 12
    15. 15. Items that are hard to change: Location Location Location Layout & Style ViewItems that are easier to change: Paint color Counter tops Appliances Landscaping
    16. 16. Prioritizing your needs & wants: Items that are hard to change: Location Location Location Layout & Style View Items that are easier to change: Paint color Counter tops Appliances Landscaping
    17. 17. Frequently Asked QuestionsHow will you tell me about the newest homes available?The Multiple Listing Service Website provides up-to-date information for every home on the market. Iconstantly check the New on Market list so I can be on the lookout for my clients. I will get you thisinformation right away, the way that is most convenient for you; by phone and/or email.Will you inform me of homes from all real estate companies or only Keller Williams Realty?I will keep you informed of all homes. I want to help you find your dream home, which means I need to stayon top of every home thats available on the market. Signing up for listings on my website will help as well.Can you help me find new construction homes?Yes, I can work with most builders and get you the information you need to make a decision. On your firstvisit with the builder, I will accompany you. By using my services with a new construction home purchase,you will receive the services I offer, as well as those provided by the builder, at no additional cost. 14
    18. 18. Short sales, foreclosures & bank owned proprieties ✦ Usually sold as is and may require work prior to closing. Also expect longer closing times ~ so be prepared. SHORT SALE – when the home owner owes more than the home is worth and is in a hardship situation financially where a sale must happen (loss of job, divorce, etc.). Just because a seller WANTS to sell does not mean the lender(s) will approve, and a hardship must be demonstrated and documented. FORECLOSURE – once a homeowner reaches a point where s/he cannot pay the mortgage, a NOTICE OF DEFAULT (NOD) is filed by the lender. Often an owner already has the home on the market as a short sale. BANK OWNED ~ If a foreclosure property does not sell, it may be auctioned off. If it is not bought then, the house becomes an REO that is “owned by the bank” and sold BY the bank on the open market. ✓ I always recommend having an inspection ~ it’s cheap insurance.
    19. 19. How does for sale by owner (FSBO) work?Homeowners trying to sell their home without agent representation are usually doing so in the hopes ofsaving the commission. If you see a FSBO and want the advantages of my services, let me contact theowner for you and make an appointment. Most times the homeowner will work with an agent, even thoughtheir home is not listed, since the agent is introducing a potential buyer to their property.Can we go back through our property again once an offer is made, but before possession?Usually, we can notify the seller and schedule a convenient time to visit the property again. Immediatelybefore the closing, we will schedule a final walk-through and inspection of your new home.Once my offer is accepted, what should I do?Celebrate and focus on moving into your new home! You will want to schedule your move, pack items andnotify businesses of your address change & ttain home owners insurance. You will also receive a HUDstatement, which will indicate the amount you will need to bring to closing.
    20. 20. The Home Buying JourneyOn the path towards home ownership, you’ll find these important landmarks: 1. Get Pre~Approved ~ Choose a lender that will help you through the steps & guarantee your loan. 2. Find a home and have the offer accepted. 3. With the offer you will need: ✦ Earnest money check which will be held by Keller Williams & deposited by Escrow once the offer is accepted. ✦ Earnest money check is usually around 2% of the sale price. ✦ Pre~approval letter stating the amount of the offer.4. Have the home inspected by the person of your choice. ✦You will want to be at the inspection ~ it is your chance to get to know your house. If you need a list of inspectors I can provide that for you.5. The lender will order a home appraisal and title.6. An underwriter will review the final loan documents and give approval.7. You and the seller sign closing documents with an escrow company8. The loan funds and title is recorded at the courthouse.9. Move in!
    21. 21. Low interest rates allows you to buy MORE house for LESS $$$
    22. 22. Lower interest rates mean MORE HOUSE for your $$$ ✓mortgage calculator
    23. 23. THE TEN COMMANDMENTS When Applying For A Home LoanHere are a few rules to live by between the time you make your loan application and the day you closeyour home purchase: 1. Thou shalt not change jobs, become self-employed, or quit your job no matter how much you may hate it, until the day after your purchase closes! 2. Thou shalt not buy a car, truck or van unless you want to be living in it. 3. Thou shalt not use charge cards excessively or let your accounts fall behind. 4. Thou shalt not spend money you have set aside for closing. 5. Thou shalt not omit debts or liabilities from your loan application. 6. Thou shalt not buy furniture until you own a home to put it in. 7. Thou shalt not originate inquiries into your credit. 8. Thou shalt not make large deposits without first checking with your loan officer. 9. Thou shalt not change bank accounts. 10.Thou shalt not co-sign a loan for anyone.
    24. 24. Besides me “your Realtor” yourMortgage Person can make aHUGE difference
    25. 25. Contact a loan officer today . . . What’s different about Don Zender Evergreen Home Loans: MLO ID: 9023 “People Helping People Buy Homes” Call: (206) 999-5390 Windy Montero‣They are a Mortgage Banker MLO ID: 211013‣They have their own underwriting Call: 245-4882‣They have the ability to broker to other companies (Banks can only offer their own rates & programs) Ginny Lee‣ Seller Guarantee: will pay the seller $1,000 (subject MLO ID: 211165 only to receipt of approved appraisal, title & inspection) Call: (206) 774-7501
    26. 26. one option to consider: Contact a loan officer today . . . What’s different about Don Zender Evergreen Home Loans: MLO ID: 9023 “People Helping People Buy Homes” Call: (206) 999-5390 Windy Montero‣They are a Mortgage Banker MLO ID: 211013‣They have their own underwriting Call: 245-4882‣They have the ability to broker to other companies (Banks can only offer their own rates & programs) Ginny Lee‣ Seller Guarantee: will pay the seller $1,000 (subject MLO ID: 211165 only to receipt of approved appraisal, title & inspection) Call: (206) 774-7501
    27. 27. Bullet proof your offer: *Pre~Inspection *Shorten inspection times *Work with the sellers *Offer an educated offer* Write a letter to the sellers
    28. 28. A Home Warranty can pay foritself if something breaks after closing . . .
    29. 29. OLD REPUBLIC HOME WARRANTY 275$60 Seller/Buyer $ Trade Call Fee Coverage $255 Condo/ Mobile Home $60 Trade Call Fee Check Out our NEW 400 Ultimate Protection $ Platinum Plus Plan $475 Colorado, Utah, Washington Application Ideal for Short Sale and Foreclosed HomesPeople Helping People w w w. o r h p . c o m 800.445.6999 P.O. Box 5017 San Ramon, CA 94583-0917 , Proudly Serving the Real Estate Industry Since 1974 more information 25
    30. 30. Bundled Coverage Comprehensive Plus Plan Includes: $255 Standard Plan Coverage • Plumbing System • Ceiling Fans • Plumbing Stoppages • Attic and Exhaust Fans • Toilets • DoorbellColorado/Washington/Oregon/Illinois • Sump Pump (Permanently installed) • Smoke DetectorsHome Warranty Plan • Built-in Whirlpool Bathtub Motor Pump • Recirculating Hot Water Pump • Dishwasher • Range/Oven/Cooktop • Water Heater • Built-in Microwave • Central Heating System* • Garbage Disposal 13 SEER • Ductwork • Instant Hot Water Dispenser ge Covera t NO • Electrical System • Trash Compactor da • Telephone Wiring • Central Vacuum System Include al Cost! • Garage Door Opener n Additio + Evaporative Cooler Option $60 Air Conditioning/ + $45 Comprehensive Option e. Best Valu ge. era Most Cov gs! = $360 Still $330! $30 Savin *Covered for seller only when Optional Seller’s Heating and Air Conditioning coevrage is purchased. Limits of Liability 1. FNHW’s liability is limited to failures due to normal wear and tear during the term of the contract. 2. FNHW has the right to a second opinion.The contract holder may order their own second opinion, but shall be responsible for that cost. 3. FNHW will determine whether a covered item will be repaired or replaced.Except as otherwise noted inWe’ll protect your this contract, replacements will be of similar features, capacity, and efficiency as the item being replaced. FNHW is not responsible for matching brand, color and/or dimensions.When parts are necessary for completion of service, FNHW will not be responsible for delays that may occur in obtaining those parts.FNHWinvestment… reserves the right to repair systems and appliances with non-original manufacturers’parts, including rebuilt or refurbished parts.Repairs and/or replacements that are subject to a manufacturer’s warranty are excluded from this contract.FNHW is not responsible or liable for the disposal cost(s) of appliances, systems, equipmentWhile you enjoy your home. and/or components of equipment including refrigerant,contaminants,and/or other hazardous or toxic materials. 4. When federal, state or local regulations, building and/or similar code criteria require improvements and/or additional costs to service a covered system and/or appliance, including permits, the costs to meet the proper code criteria shall be the sole responsibility of the contract holder, except where otherwise noted in this contract.FNHW will be responsible for repairs and/or replacement of covered systems and/or appliances after1-800-TOCOVER (1-800-862-6837) the proper code criteria are met, except where otherwise noted in this contract.When upgrading covered systems, parts or components to maintain compatibility with equipment manufactured to be 13 SEER*www.homewarranty.com compliant, FNHW is not responsible or liable for the cost of construction, carpentry, or other structural modifications made necessary by installing different equipment.FNHW is not responsible to perform service involving hazardous or toxic materials and/or conditions of asbestos. *Seasonal Energy Efficiency RatioA F I D E L I T Y N AT I O N A L F I N A N C I A L , I N C . C O M PA N Y more information 26
    31. 31. What is GREEN &why does it matter? 27
    32. 32. Green can mean: sustainability walking score energy efficiency nearby parks & viewsnatural resources & light rain barrels 28
    33. 33. GREEN tips eco friendly paint full spectrum light bulbs or low energy light bulbs non toxic cleaners vegetable garden recycle rain barrels seal up and repair leaks of cold air & water natural light walk score neighborhood / community
    34. 34. Why Green? Green homes create morevalue for YOU in how YOU live green home advisor | home 30
    35. 35. What folks are saying . . .
    36. 36. testimonialsJoe Schafer ~ If you want a person who is all about you in every detail of the buying or selling real estate process you not onlywant Edna Bishop, YOU NEED HER! Edna has a true eye for detail when viewing properties, she has remodeled three of her ownhomes from top to bottom. She acted as the general contractor on each remodeling project. Ednas one smart cookie, she does theresearch and always ask the right questions, theres no wool she cant see through! Having Edna Bishop in your corner doesntend at closing, she will be there for life. Anytime you need to ask questions about real estate, interior design for future resell valueor just need good honest contractor referrals, shes there to help!Nancy Haugen ~ Dear Edna: I wanted to write a big thank you for all you did to sell my house for me. The process was trulyamazing, from the full-price offer on my first open house to your sound advice. Your calm demeanor, and common sense reallyhelped me through the stressful parts. You are truly one of the hardest working individuals I have ever met, and you are alwaysupbeat, and know that everything will work out. Thank you for believing in me, and my house. Sincerely, Nancy HaugenJulie Tonkinson ~ I have had the pleasure of working with Edna as my agent as I went through the process of buying my firstcondo. Right from the beginning, she made me feel comfortable and secure in the process and in working with her. She was veryorganized and worked to educate me on the steps in the process and terminology. Even with my busy work week, she was terrificabout sending me listings, being flexible, and working with my schedule.Edna was a great fit for me because she isnt pushy or hurried. She got to know what I was looking for and found the perfectcondo for me. I couldnt be more pleased with my new home. Not only does it have everything I was looking for, but she made sureit was well-inspected and was a good investment.Even months later, I am still telling people what a great agent she is recommending her. I couldnt have asked for a better agent inhelping me buy my first home!
    37. 37. 33
    38. 38. What would makeyour experience a 10+ in buying your home? 33
    39. 39. OK guys ~ let’s go buy your new home

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