Step One: Getting to know you.

Finding the perfect home always begins with a conversation.

As a buyer’s agent my job is to find exactly what you’re looking for. My goal is to provide you with ALL of your options with enough space and comfort for you to be able to make the best decision for you.

I don’t want to sell you the perfect house for me. I want to sell you the perfect house for you. The best way for me to be able to do my job is to get to know who are, what you’re looking for and what makes you happy.

Getting to know people is maybe my favorite part of my job.

Where do we meet?

ANYWHERE!

I like to meet clients wherever is most convenient and comfortable for them. Life’s crazy enough at times. I don’t expect anyone to take time off of work to meet me. I’m happy to meet you on your schedule.

To give you some options on where to meet I have available office space at any Coldwell Banker branch, I have access to all Lifetime Work spaces, and coffee shops are great, too, because I love good coffee and the coffee is always on me.

During the pandemic a phone call is often where we begin. Then finally we can meet in-person at our first showing. So much can be done over speaker phone. Zoom is cool, too, but a good speaker phone is all I need.

Beginning an Auto-Search

There are a number of internet data display (IDX or IDD) sites like Zillow and Trulia that many people use all the time and they’re great for familiarizing yourself with different markets and price points.

However, those sites are not updated to the minute and most times you’ll see a house you absolutely love only to find that it went under contract weeks ago.

With the information I gather from our initial meeting I will be able to build a custom home search for you through a link to my multiple listing service (MLS) portal, which is updated to the minute so you’ll know what’s available right now.

I’ll set you up so you’ll receive notifications of new listings either once a day (usually in the morning) or immediately as new properties become available. Your choice! I guess it all depends on how aggressive you want to be. Making adjustments to your search is simple and can be done right away. Just text me, as I often say.

Getting Pre-Approved

This is an important step and one to get right.

I always recommend working with someone local, someone who’s good at their job and someone who’s been doing it a long time. Big Bank Lenders are notorious for dropping the ball. This is common knowledge to most agents around the city so getting the right lender makes ALL the difference. It can make or break a deal. Seriously. In this seller’s market we have to do everything we can to make your offer as strong and as attractive as possible.

I certainly have a number of lenders that I work with all the time and whom I would be happy to recommend. However, with that said I’m happy to work closely with anyone you choose.

Remember CASH is KING. If you do have to finance, more money down is more attractive to sellers, and five percent down is usually a minimum with conventional financing.

Once you’re pre-approved, it’s time to go shopping!

House Shopping

The first time we go out I like to show you homes that are above, below, and in-between your price range if we can. The first showing tour we go on we might see six to seven homes just to give you a better feel for the market and what your money can buy. From there we can certainly narrow things down a little more.

My mission as a buyer’s agent is to find you the right home at the right price.

It can happen that the first house we see is the right house for you and it’s the house we write an offer on and your offer is accepted and it goes through inspection just fine and it appraises and you get the keys on closing day… but that’s rare. Very rare.

More money does NOT mean better.

House prices are usually dictated by a set of very basic parameters: Number of bedrooms, number of bathrooms, total number of finished square feet, number of garage stalls, and lot size. And then price per square foot varies for each neighborhoodd. But there’s so much that can vary from one home to another; even if they’re the same size on the same street. So, so much.

My aim is to find you a QUALITY home. Not something that was thrown together quickly and cheaply or beaten on or poorly maintained.

If I didn’t feel my role as a real estate agent was value-added for all of my clients, I would find something else to do. My top priority is act in my clients’ best interest. Always.

Projects and Updating

No matter what your budget is my mission is to find you something that is going to be manageable for you so that you will be able to garner the most use and enjoyment from your property as possible for a long, long time to come.

If something isn’t perfect and needs a little work, we’ll talk about your comfort level and how much you’re willing to take on. With my background in building and remodeling I’ve pretty much done everything there is to do to on a home. Sometimes I surprise myself at how much knowledge I’ve gained over the years in the trades. I’ve been inside and outside of everything from hundred-year-old homes to new construction and it’s not all the same.

If we do find something that needs amelioration to better fit your needs, I will do my best to to paint you an accurate picture of how much time it will take and how much money it will cost. Some things are easier than you’d expect. Other times not so the case. One example is sagging floors. Not that bad to correct. Stripping cabinets, doors, and trim is a nightmare. You might’ve thought the opposite on that.

When You’re Ready to Write.

Before writing any offers I always make sure to perform a custom comparative market analysis (CMA) on the subject property you’re interested in. This will tell us many things.

One, it will show me where the sellers are at with their pricing strategy. Are they middle of the road? Are they priced low to attract more buyers? Are they priced aggressively anticipating greater demand or are they way off base? This information is integral when determining how much we offer. The last thing I want is for my clients to pay too much for a home. I don’t want to pay too much for anything.

Price is all relative, of course, and can change greatly with demand, hot markets, and multiple offer scenarios. Thankfully I’ve developed a process for that and you’re always in the driver’s seat.

What Can the Listing Agent Tell Us?

I get asked all the time, “Can the listing agent tell us what the other offers are?” Unfortunately no, they can not.

However, they can tell us how many they currently have in-hand and/or if they have offers on-the-way. The number of offers in-hand or on-the-way will suggest what we need to do to be the winning offer. It’s certainly different in every case scenario and I will discuss all of your options with you when the time comes. Again you are steering the ship. I’m simply the guide.

Multiple Offers

Most quality homes in this market will go into multiple offers. Don’t worry! It does not mean game over. If you feel it’s the house for you, I will work as hard as I can to collect the most information I can to come up with a strategy with you and get the offer sent off as soon as possible. In my opinion it’s always worth the effort. I can’t tell you many deals I’ve sent through at the last minute that got accepted. I work well under pressure.

My recommendation with multiple offer scenarios is this: Offer what you’re comfortable offering to the point were that if your offer isn’t accepted you won’t have any regrets.

Purchase Price

This all depends on days on the market, what we found out from the CMA, and how many offers they have in-hand or on-the-way.

We will certainly discuss strategy and land wherever you feel the most comfortable after being presented with as much information as possible.

Earnest Money

Typically one percent of the purchase price will suffice. Some believe a higher amount can be more convincing to sellers and it certainly can in some cases. However most buyers put down one percent.

This money is due within two days of the fully executed purchase agreement once all terms have been accepted and agreed upon by both the buyers and the sellers.

In most cases the earnest money will be transferred with an ACH payment from you to the listing agent’s brokerage escrow account where it will be later be applied to your down payment and/or closing costs.

Date of Close

Most deals take between 30 and 45 days to close. Anything sooner than that is cutting it a little close for a traditional deal. That is because a lot needs to happen in the interim; the inspection, the appraisal, and underwriting.

One thing I like to stress with my buyers is that they have every right to choose the close date that works best for them. Closing on a Friday is nice for most buyers to be able to move over the weekend.

One thing to note is that in a hot market, in a multiple offer situation a seller may choose an offer that works best with their schedule sometimes even over the purchase price. I still recommend choosing a close date that works best for you. However, I will let the seller know that you will remain flexible to avoid losing the deal because of a scheduling conflict.

Financing

On the purchase agreement we have to disclose what type of financing you’ll be using to purchase the home. It’s not uncommon for a deal to fall apart because of financing. If a buyer is right on the edge with their debt-to-income ratio and something happens, the bank could reject the loan; even in the final hour. To avoid this hassle and loss of time and money sellers will look very closely at the financing section of the purchase agreement when deciding what offer to choose.

The more cash you’re able to put down the stronger your offer is. If it’s a 100 percent cash offer, you’re lucky and that’s the most attractive possible offer you can make.

Why? Because there’s no appraisal involved and deals can usually get done a lot faster. If there’s also no inspection and a 100 percent cash offer, the purchase price amount is almost always guaranteed and a done deal for the seller. Very attractive.

The next best thing is a twenty percent down, conventional loan. The more money you put down the better. However its a diminishing return eventually.

It’s in most buyer’s best interest to put at least twenty percent down to avoid paying the bank private mortgage insurance (PMI), which can be over $200 a month until you have over twenty percent equity. That’s a lot.

Inspection

If you choose to make your offer contingent upon inspection, you have the right to cancel the purchase agreement within the amount of specified time (usually not greater than 10 days) for any reason at all. Actually you won’t even need to give a reason.

Inspections are excellent for peace of mind. Buying a house is usually the biggest purchase any person will make in their lives. It’s comforting to have an expert go through the property to ensure the home is everything it seems to be.

Home inspections generally cost between $500-700 depending on the size of the home and what inspections you choose to perform. Along with a home inspection it’s advisable to check for radon and to perform a sewer scope.

Radon is a naturally occurring gas which can come up through your basement slab and has been linked to lung cancer. A radon mitigation system is a simple system that sucks air from below your basement slab up through a vent which terminates at the top of your home. Typically the cost of a radon mitigation system is anywhere from $1,500-2000.

A home owner is responsible for the sewer line to where it terminates into the city sewer line in the middle of the street. Today sewer lines are generally made of pvc pipe, but back in the day they were made with clay tile. Over the years the earth moves and shifts and those clay tiles can open up and tree roots can get in there blocking the flow. This is usually what causes sewer back ups. Repairing a sewer line is not cheap. Repairs can range from $8-15k.

Every house standing today will have a number of deficiencies that will come up in any home inspection. The thing to keep in mind is that some deficiencies are more serious than others. There’s no such thing as a flawless home. Not even for millions of dollars.

I am at every inspection and do my best to walk you through all of the findings while we’re there and after we’ve received the inspection report. If serious deficiencies are discovered we will certainly ask for the proper concessions.

For example if we discover that the water heater is in really bad shape we could either ask the sellers to replace it or better yet ask for $1,000 in seller paid closing costs.

A 40 gallon water heater typically costs about $400 new and it’s another $500-600 to have it installed by a professional and have the old one carried away. You’re better off to ask for the $1,000 in closing costs, because most sellers won’t have the time to arrange for the replacement and if they do they will likely chose the cheapest option, which most likely will not be the best option for you.

Closing Costs

If a buyer finances a home closing costs are typically up to three percent of the purchase price. This is a combination of title costs, title insurance, and finance origination fees.

In many situations closing costs can be used as a bargaining chip. If the house has been on the market a relatively longer amount of time you may decide to include seller paid closing costs as part of the offer. They sellers can either pay for a percentage or all of the closing costs.

Sometimes you can structure a deal where all three percent of the closing costs are asked for upfront yet you can offset that with a higher purchase price if you don’t have a lot to put down.

Also, as mentioned before, closing costs can be used as concessions after discoveries post inspection.

Dual Agency

Dual agency occurs when an agent represents both the buyer and the seller or when both agents work under the same brokerage.

If the agent is representing both the buyer and the seller there are certain restrictions the agent must follow to avoid any conflicts of interest. The agent can do most things except for advising on price and motivation. He or she must keep the confidence of both the buyers and the sellers at the same time while, as always, disclosing any material facts they know about the home. Material facts are anything which could significantly impact the use of and enjoyment of the property. Example mold, structural, and water issues, etc.

If the buyer’s agent has no relationship with the seller and it’s only dual agency because they both work under the same brokerage then it’s pretty much business as usual. However, the dual agency must be disclosed.

Appraisal

If you are financing the purchase of your home your lender will require that an appraisal be performed on the property by a third party company to establish value. The cost of this is anywhere from $400-600.

If the appraisal comes back lower than the purchase price it is the buyer’s responsibility to cover the difference in cash. This is why it is so important your realtor do his or her due diligence and perform the CMA before writing any offers.

Underwriting

After the appraisal the loan goes to underwriting where your lender will verify your employment, income, assets, and property details before finalizing the loan.

Once everything is verified the lender must provide you with a closing disclosure (CD), formerly referred to as a good faith estimate, which includes all of the details of your loan; the loan amount, the interest rate, a breakdown of your monthly payment, the PMI, if there is any, closing costs, origination fees, and the amount you need to bring to the closing table to close. Federal law mandates that you must be given at least three days to look over this document before the lender can fund your loan and you can close on the deal.

Final Walk-Through

The property should be in the same or better condition as when you first saw it on the day you take possession. If anything happens between that time the risk of loss is always on the seller. That’s why a final walk through the day you take possession or the day before is always a good idea. If anything is discovered, you have the right to postpone the close date until the problem has been resolved.

Title Person/Closer

The title person, often referred to as the closer, is the person who brings everything together at the end. They ensure that the title is clean, provide you with title insurance, apply the earnest money to the the loan, collect the remainder of the down payment and walk you through all of the documents that you will be signing at the closing table.

Possession

Once you’re done signing, CONGRATULATIONS! In most cases you take possession immediately after closing.

In some cases sellers will request request possession a few days after closing so that they can use the proceeds of the sale of their home to purchase their new home and also have time to move out.

In other cases a seller’s rent back agreement can be arranged where the sellers will pay you rent so that they can stay in the home for longer duration of time.