The document outlines a webinar presented by Broadview Mortgage Corporation on hiring a real estate agent and finding the best deals in homeownership. It emphasizes the importance of understanding agency relationships, fiduciary duties, and various steps in the home buying process. The presentation also includes tips for finding and hiring a real estate agent and navigating the complexities of purchasing a home.

1. Hiring a Real Estate Agent and finding the Best Deals Updated and Presented on February 5 th 2009 Presented By: Broadview Mortgage Corporation Presenter: Scott Schang Contact Information: Phone: 866-667-6724 [email_address]

2. Hiring a Real Estate Agent and finding the Best Deals You should be able to hear me now If you chose the VOIP option, check your speakers If you are still having trouble hearing, call in: Phone: 000-000-0000 Access: 000-000-000 Webinar ID: 000-000-000 Presented By: Broadview Mortgage Corporation Presenter: Scott Schang Contact Information: Phone: 866-667-6724 [email_address]

3. Hiring a Real Estate Agent and finding the Best Deals Topics We Will Cover In This Class Road Map to Home Ownership Hiring a Buyer’s Real Estate Agent Searching for Homes – Finding the best Deals Demystifying the home buying process Wrap up and Take Aways

4. Hiring a Real Estate Agent and finding the Best Deals The Purpose and Goals of this Class To Create and Empower Home Owners Introduce you to the buying process and demystify steps to buying a home Educate you about importance of making an educated and informed choice about working with a Real Estate Agent Empower you with the ability to get the most accurate information available while searching for homes that are for sale

5. Hiring a Real Estate Agent and finding the Best Deals Ask Questions throughout presentation You may type questions in at any time during the presentation – Questions box on your screen Homeownership experts are standing by to answer your questions during the presentation This is an interactive learning environment. You will get the most value by having your specific questions answered The only dumb question is the one you don’t ask Write number down now in case you get disconnected 1-866-667-6724

6. Hiring a Real Estate Agent and finding the Best Deals The Road Map to Home Ownership is often paved with “fear of the unknown” The unlearned can be learned Misinformation can avoided if you ask enough of the right questions A Simplified Overview of the Process Get approved for financing Hire a Real Estate Agent Find your dream home Make an offer on your dream home Offer accepted, what’s next? Time line for the buying process

7. Hiring a Real Estate Agent and finding the Best Deals What is a REALTOR®? A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS® REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. The Role of a Real Estate Agent Negotiates and facilitates the purchase of Real Estate on behalf of a “principle” – Buyer/Seller Agency relationship / Fiduciary duties Seller’s Agent – Fiduciary duty to seller Buyer’s Agent – Fiduciary duty to buyer

8. Hiring a Real Estate Agent and finding the Best Deals What does a Fiduciary do? Wikipedia - A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence

9. Hiring a Real Estate Agent and finding the Best Deals What is “Fiduciary Duty”? Utmost Care - The agent is bound to the higher standard of a professional in the field which extends the standard of duty to investigate within the means of the profession, to ensure the maximum protection and information be provided the principal. Integrity - Defined as the soundness of moral principle and character. It means the agent must act with fidelity and honesty " Honesty and Duty of Full Disclosure " of all material facts, either known, within the knowledge of or reasonably discoverable by the agent which could influence in any way the principal's decisions, actions or willingness to enter into a transaction

10. Hiring a Real Estate Agent and finding the Best Deals What is “Fiduciary Duty”? Loyalty - An obligation to refrain from acquiring any interest adverse to that of a principal without full and complete disclosure of all material facts and obtaining the principal's informed consent. This precludes the agent from personally benefitting from secret profits, competing with the principal or obtaining an advantage from the agency for personal benefit of any kind.

11. Hiring a Real Estate Agent and finding the Best Deals What is “Fiduciary Duty”? Duty of Good Faith - includes total truthfulness, absolute integrity and total fidelity to the principal's interest. The duty of good faith prohibits any advantage over the principal obtained by the slightest misrepresentation, concealment, threat or adverse pressure of any kind.

12. Hiring a Real Estate Agent and finding the Best Deals Understanding Agency Relationships From Realtor.com Website – Link provided It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company.

13. Hiring a Real Estate Agent and finding the Best Deals Understanding Agency Relationships From Realtor.com Website – Link provided Seller's representative (also known as a listing agent or seller's agent). A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.

14. Hiring a Real Estate Agent and finding the Best Deals Understanding Agency Relationships From Realtor.com Website – Link provided Buyer's representative (also known as a buyer’s agent).A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer's rep may be paid by the seller or by a commission split with the listing broker.

15. Hiring a Real Estate Agent and finding the Best Deals Understanding Agency Relationships From Realtor.com Website – Link provided Disclosed dual agent . Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties.

16. Hiring a Real Estate Agent and finding the Best Deals Understanding Agency Relationships From Realtor.com Website – Link provided Disclosed dual agent . Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent. In many states, this consent must be in writing. Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them is legal in most states. An ethical and professional Agent will explain this relationship with you and ask you to execute a Disclosure Regarding Real Estate Agency Relationship form prior to working with them

17. Hiring a Real Estate Agent and finding the Best Deals Tips to Find and Hire a Real Estate Agent Friends and Family rule Firing a friend or family is not an option Business referrals are a good place to start Lender – experience working through sale Escrow companies Insurance Agents Looking for and Agent on the Internet Accessibility and communication Text, chat, email, cell phone, IM Websites vs. Blogs The social media phenomenon Who are they as opposed to What they do

18. Hiring a Real Estate Agent and finding the Best Deals Tips to Find and Hire a Real Estate Agent Ask for references of recent clients Call one to threes of their most recent clients Were they easy to reach / communicate Did they give good advice during process Were there any challenges during sale Would you use them again Real Estate Agents work for YOU Don’t be afraid to expect a high level of service You are not obligated to stay with one buyer’s agent – avoid Buyer’s Agent Contracts Stick with an Agent that does a great job for you Do not allow anyone else to write up offer

19. Hiring a Real Estate Agent and finding the Best Deals Educated Decision to Create Agency The decision to work with a Real Estate Agent is a decision to hire a professional to work for you This decision should be as the result of your research, a lengthy interview, talk to references and make an educated decision A quality Real Estate Agent is looking out for your family’s best interest – they will earn your business Avoid pressure tactics and implied urgency

20. Hiring a Real Estate Agent and finding the Best Deals “ Red Flags” of High Pressure Agency A FOR SALE sign is an advertisement paid for and placed by the Seller’s Agent Placing an offer with this Agent creates Dual Agency Agents at Open Houses are most often Seller’s Agents Avoid high pressure tactics by ALWAYS taking your agent with you when you look at homes Get the address and make arrangements to view home later

21. Hiring a Real Estate Agent and finding the Best Deals Finding Your Dream Home – The Search Searching the Internet for Home Listings Most “internet sites” are advertisements for Real Estate Agents Very little information is provided and you must “register” to get details You are now a “lead” generated from someone’s marketing dollar As long as you understand this – you have the ability to avoid any action that may inadvertently bring an inconvenience to you

22. Hiring a Real Estate Agent and finding the Best Deals Finding Your Dream Home – The Search Listing from the MLS – Real Time Realtor.com Listingbook.com RealSeekr.com Agent supplied site Agent updated sites – Updated manually Zillow.com Trulia.com Most others…..

23. Hiring a Real Estate Agent and finding the Best Deals Finding Your Dream Home – The Search Private remarks can contain important information that would be important to you in the decision making process Only your Agent can see private remarks Tips for finding the best deals Know what you’re looking for – Wish list Communicate with your Agent often Actively search the MLS on your own This will help Agent understand your “likes” Ask your Agent to actively search homes for you

24. Hiring a Real Estate Agent and finding the Best Deals Making an Offer on Your Dream Home Residential Purchase Agreement California Association of Realtors – 8 pgs Addendum to Purchase Agreement common with short sales and foreclosures Good Faith Deposit – Earnest Money Deposit Held by Agent until 3 days after acceptance $1,000 is usually acceptable Some sellers may require 1% of sales price Higher deposit will strengthen offer

25. Hiring a Real Estate Agent and finding the Best Deals Making an Offer on Your Dream Home Seller Concessions Credit from seller to be used to cover closing costs only – not down payment Based on sales price not loan amounts Net (actual offer) is less concessions Highest and Best offer is Net offer Common to ask Seller to pay Home Warranty Common for Seller to choose closing services Common for Buyer and Seller to split closing services Some say 50/50 – Each pay own

26. Hiring a Real Estate Agent and finding the Best Deals Offer is Accepted, What’s Next? Counter Offer Seller accepts offer with conditions Fully executed purchase contract Both seller and buyer agree on terms Escrow Company Third party that mediates entire transaction and the transferring of all monies involved Title Company Insures title against pre-existing liens Appraisal and Home Inspection Appraisal required by lender Home Inspection is optional (Get One!)

27. Hiring a Real Estate Agent and finding the Best Deals Time Line for the Buying Process Escrow Period Establishes closing date 30 days is normal Contingency Period 17 days for financing / 10 day for inspections Can cancel if financing or inspections fail Have good faith deposit returned if cancelled Close of Escrow – Transaction Complete Sign loan documents Fund loan – 24-48 hours Record loan – Next day usually

28. Wrap up and Take Aways We are the Lender for all CalSTRS, CalPERS, CalHFA, FHA & VA, Conventional and Jumbo Loans. We can Refer you to a qualified Real Estate Agent in your area We are more than happy to be your “second opinion” if you are already working with someone We are committed to educating and empowering homeowners

29. Wrap up and Take Aways You will receive a “Thank You” email that will include all of our contact information for questions Valuable links to get you started and in this market, fully prepared with a good team Secure online application for loan approval Qualified Real Estate Agent referral request Dream home finder Links to tools and resources we covered YouTube and link to IRS about Tax Credit Breaking News : Federal Tax Credit may be increased to $15,000!

30. Upcoming Home Buyer Classes A Complete Guide to Buying Foreclosures and Short Sales A Complete Guide to Closing Costs and the Good Faith Estimate A Complete Guide to the CalSTRS 80/17 Home Purchase Program A First Time Home buyer’s Complete Guide to Credit and Qualifying A Complete Guide to the CalPERS Home Loan Program – No down option A Complete Guide to FHA Purchase Loan Options Check back often for upcoming classes

31. Thank you for Attending You input is Valuable Please complete 2 question survey when you log off Presented By: Broadview Mortgage Corp. Presenter: Scott Schang Contact Information: Phone: 866-667-6724 [email_address]