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Debbie
Taylor
"I
have the Keys to your real estate needs"
Below are some helpful hints for buying
and selling your home
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Buying a Home...
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Selling a Home...
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As a trained,
professional Realtor®, I offer these advantages as your
Certified Buyer Agent.
Access to Thousands of
Homes For Sale
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I can save you time by locating the
ones that suit your needs. |
Correctly Written Contracts
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I am a skilled technical writer of
real estate contracts. |
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A poorly written contract wastes time
and is not enforceable. |
Skilled Negotiations on Your Behalf
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I am a trained and skilled negotiator
and will apply my experience on your behalf to get the
best possible transaction based your needs. |
Advice and Counseling to Protect Your Interests
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Price |
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Deposits |
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Financing Terms, loan contingencies |
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Personal property |
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Condition of property inspections,
termite, environmental Title Insurance |
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Drafting counter offers |
Explaining the Seller's Counter Offer
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Disclosure for Agency |
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Time for acceptance and method of
acceptance |
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Special requirements |
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As-is claims |
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Possession |
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Damages |
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Settlement |
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Surveys |
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Home Warranty |
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Fair Housing Compliance |
From Sale to Settlement
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Selecting the inspector |
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The inspection process |
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Selecting an attorney |
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Selecting the lender |
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Making application and following up |
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All the other details as they arise |
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Negotiating any problems |
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Going to settlement! |
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As part of a
mutual agreement, you can elect to create a buyer agency
relationship that will entitle you to personal client
level services, including:
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Loyalty |
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Obedience |
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Disclosure |
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Confidentiality |
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Accounting in dealings |
A buyer's agent will represent you and
your interests in the purchase of your home. This is
different from a typical sub-agency transaction where the
buyer is not technically represented.
The selling agent has the duty to
exercise reasonable skill and care in the performance of
the Broker's duties. This is the duty of honest and fair
dealing--to disclose all facts known to the broker which
may affect considerations to be paid for the property.
A dual agency situation can arise if
previously entered into an agency relationship and
subsequently look at a property listed with our company.
This is potentially a challenging situation because it is
difficult to afford both parties full client level
services.
Dual agency should only be entered into
with the written agreement of both buyer and seller.
Agency is a legal relationship and a
written agreement should be completed to explain all the
duties and responsibilities. |
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Agent comes to
understand your particular needs
You develop rapport necessary to
communicate easily
You become familiar with how the agent
works
You can place confidence in that
agent's ability
Agent can afford to make a commitment
in time and effort because she can feel assured of
making a sale
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Comparative Market Analysis
A written report of the transactions in
the neighborhood to identify similar proper ties that have
sold recently and are currently on the market in an effort
to deter mine a realistic price for the subject property.
Financing Proposals
Written Proposals such as Buyer
Qualifications, Financing Plans, 15 year vs. 30 year
mortgages, Adjustable vs. Fixed rate mortgages, Rent vs.
Buy, Repurchase Analysis, and Amortization schedules that
will help buyers and sellers in the decision making
process.
Homeowner's Tax Worksheet
A detailed and organized method of
tracing the basis in a personal residence in order to keep
the gain as low as possible. This is especially important
if the homeowner is considering the $250.00 or $500.00
exemption.
Marketing Preparation Guide
A report designed to help the homeowner
maximize the marketing efforts by improving the condition
of the home, "setting the stage" before
showings, and knowing what to do when the property is
being shown.
Homeowner's Analysis
A simple and easy to understand form
that shows the tax advantages of owning a home and the net
cost of housing after applying them. It also illustrates
the investment potential of home ownership.
Relocation Package
A complete portfolio of information
about the city you are moving to. This can be very helpful
in orienting you to the local housing market as well as
schools, shopping, transportation, entertainment, and many
other things. |
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Your
answers to these questions will help me to determine your
specific needs
How Can I Help You Best
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Tell me
about your past buying and selling experiences |
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Have you
used the services of a REALTOR before? What was your
experience? |
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How would
you describe your present home? |
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What
features do you have in your present home that you
would like to have in your future home? |
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Have you
seen any homes that you like? Why didn't you buy it? |
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If we found
you a home today, are you ready, willing & able to
buy and decide today? |
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Why did you
decide to move now? |
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What could
you do without, if you had to? |
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Why did you
buy your last home, and what didn't you like about it? |
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What
REALTOR services are important to you now? |
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When do you
need to move? |
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What are
the features of an area or subdivision that are
important to you? |
Other Items
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Buyer's
remorse |
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Other
people's opinions |
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The
"hot button" - What is the one thing you
want in a home, realistic or otherwise? |
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How many
homes do you expect to see before making a decision to
purchase? |
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Income
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Addresses for two full years |
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Gross monthly income |
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W-2s, if available |
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Proof of pensions, retirement,
disability or Social Security |
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Proof of income from rentals,
investments, etc. |
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Proof of child support or alimony
paid/received |
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Year to date pay stub |
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If self-employed: |
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Two years 1040 Tax Returns |
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Current year profit and loss
statement |
Creditors
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Each creditor's name, address and
type of account |
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Account numbers |
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Monthly payments and approximate
balances |
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Amount of child care expenses |
Banking
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Names and addresses of saving
institutions |
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Account numbers for all accounts |
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Type of accounts and present
balances |
Miscellaneous
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List of assets in stocks, bonds,
land |
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Life insurance cash value
(documented if used as cash down payment) |
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If applicant is selling a home, a
copy of sales contracts |
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Social Security numbers for all
parties |
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Veterans - Certificate of
Eligibility & DD-214 |
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Cash or check to pay for application
fee |
Realtors®
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Copy of sales agreement |
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Copy of listing on property |
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Instructions on how appraiser is to
gain entrance |
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1.
Make a Decision to Purchase
2.
Select a Sales Associate / Buyer Agent
3.
Choose Form of Agency
4.
Determine Needs and Desires
5.
Determine Purchasing Power
6.
Get Pre-Approved For Loan
7.
Preview Homes
8.
Making Offer to Purchase
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Home Inspection, Financing, Other Contingencies
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Contract Acceptance
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Mortgage Application (Credit & Appraisal)
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Accompany Home Inspector (if required)
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Select Settlement Attorney
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Mortgage Approval
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Arrange Termite Inspection
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Contact Utility Company
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Obtain Hazard Insurance
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Pre-Settlement Walk-Thru
19.
Settlement
20.
Moving!
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You will be
required to bring several items to the settlement or
closing, including a copy of a homeowner's insurance
policy (for fire, theft, and other contingencies) and a
paid receipt representing one year's coverage. In some
cases the lender will require delivery of this and the
termite documentation prior to settlement. You must also
have a cashier's or certified check for the balance of the
down payment and closing costs.
Although the lender will have provided
you, the purchaser, with a Good Faith Estimate of Closing
as part of the loan application process, your settlement
attorney will also calculate for you approximately what
you will owe. The following checklist includes some of the
items in the closing costs. Some of them are
tax-deductible, and certain of them may not be applicable
in your situation:
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Loan Origination Fee |
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Loan Discounts or points |
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Appraisal Fee (due with mortgage
application) |
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Credit Report (due with mortgage
application) |
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Underwriting and Document
Preparation Fees |
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Mortgage Insurance Fee |
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Assumption Fee |
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Settlement of Closing Fee |
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Abstract or Title Search |
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Title Examination |
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Survey Fee |
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Termite Inspection Fee |
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Tax Service Fee |
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Transfer tax |
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Recordation Tax |
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Escrow for Taxes and Insurance |
After the contract has been ratified,
and your loan has been approved, you and the Seller will
attend settlement, you will sign your loan documents, and
pay the Seller. The Seller, in turn, will deed the
property to you.
When your title attorney receives your
contract from your agent, they will:
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Order title abstract and survey; |
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Review title abstract and survey to
determine marketability and insurability; |
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Contact your lender to schedule
settlement, and prepare any required documents; |
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Contact the Seller's lender to
obtain payoff information on the existing loan; |
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Prepare title insurance commitment
pursuant to your lenders requirements; |
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Contact the local taxing authority
to verify the amount of property taxes, and determine
the prorations between Buyer and Seller; |
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Contact the Homeowners' Association
to verify the amount of dues and determine the
prorations between Buyer and Seller; |
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Obtain the lender's loan documents
and proceeds check;: |
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Prepare the settlement sheet and any
other required documents. |
On the day prior to settlement, you
should contact your settlement attorney to determine the
amount of money you will need for the closing. Your
contract requires that the funds be in the form of a
cashier's check, or a certified check. The check should be
made payable to your settlement attorney. Your lender will
also require you to provide evidence of homeowner's
insurance prior to settlement. Check with your loan
processor to see if you are required to bring any other
documents to settlement.
An attorney or settlement officer will
conduct the settlement. They will go through all of the
documents as you sign them, explaining the purpose of
each. After all parties have signed, you will give the
officer your check, and receive the keys to your new home.
This process usually takes 45 minutes to one hour. If any
problems arise during settlement, the attorney can assist
the parties in reaching an agreement.
Unless you are assuming a loan, or
paying cash, you will be signing many documents at
settlement. The following are examples and explanations of
the documents you will typically see.
This form details all of the charges and
credits to Buyer and Seller. Buyer's figures are on the
left hand side, Seller's on the right. A sample is
attached for your review.
The Note is your agreement to repay the
borrowed funds to your lender. This document will detail
the terms and conditions of your loan and the manner of
repayment of the borrowed funds.
This document is a standardized security
instrument filed at the courthouse to establish the
lender's lien on the property for the original principal
amount of the loan. The deed of trust secures the home as
collateral for the repayment of the loan. This document
provides that in the event of default or non-payment, the
lender may foreclose on the property in order to recoup
the loan proceeds.
This document states the total amount of
your monthly payment. The total monthly payment will
typically include principal and interest as well as any
escrow for taxes, hazard insurance or mortgage insurance.
This is a letter from the lender that
explains that your loan has been approved on certain terms
and is subject to certain requirements. This letter will
state the terms of the loan (loan amount, interest rate,
length of the loan, etc.) The lender will also list any
additional requirements, such as hazard insurance policy
naming the lender as mortgagee, a survey or termite
report.
You may be asked to sign a typed copy of
the loan application. This typed form is a confirmation of
the form the loan officer filled out when you applied for
the loan. The lender is asking you to verify that the
information is correct, and that there have been no
material changes in your employment, marital or financial
status.
The document will inform you whether
your home is located in a flood zone as determined by the
Department of Housing and Urban Development. If it is, the
lender will require you to obtain flood insurance on the
property. If it is not, as is usually the case, the
document states that if the Federal Government ever deems
your property to be within a flood zone, the lender will
require you to obtain flood insurance.
Some lenders have you sign written
instructions to the local real estate taxing authority.
This authorizes them to send the tax bill directly to the
lender who is holding money in escrow for payment of that
bill. |
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The buyer should try all lights and
switches; turn all faucets on and off, run the shower,
flush the toilets; turn on the furnace and central air
conditioning (in the off season, buyer should hire a
professional to certify proper functioning on both heating
and air conditioning). Test all stove burners, oven at
bake and broil, run some ice cubes through the disposal to
test blades; run dishwasher, washer, dryer through
complete cycle, open and close all windows and doors.
In short, try everything, even keys and
fireplace flue.
All deficiencies should be notes, and
funds may be withheld from the home seller by the
settlement attorney for repairs, if seller does not
correct problems prior to settlement. The selling broker
will coordinate with the listing broker and seller to make
repairs before settlement, if possible. Upon receipt of
bills and notification that repairs are complete, the
attorney will release balance of funds to the seller, if
money is escrowed for needed repairs.
This offer is subject to an inspection
by a private inspector of Buyer(s) choice at Buyer(s)
expense. Said inspection must be done within 5 business
days of acceptance of this offer. In the event Buyer(s).
at Buyer(s) sole discretion. are not completely satisfied,
seller(s) hereby agrees that Buyer(s) shall have the right
to terminate this agreement and to have the earnest monies
paid herein returned forthwith. If Buyer(s) decide to
exercise this option to terminate this agreement, Buyer(s)
shall do so by serving written notice thereof to Seller(s)
or Seller's agent in person or by registered or certified
mail on or before the expiration of said 5 business days
period, where upon all earnest money herein paid shall be
returned forthwith to Buyer(s). If said 5 day period
should expire without notice of Buyer(s) intention to
terminate this agreement, then this agreement shall be
considered in full force and all parts shall be binding.
Buyer and Seller agree that a facsimile
transmission of any original document shall have the same
effect as an original. Any signature required on an
original shall be completed when a facsimile Copy has been
signed. The parties agree that signed facsimile copies of
documents shall be appended to the original thereof,
integrated therewith and give full effect as if an
original.
The real estate industry has been on the
forefront on consumer protection. For instance, many new
homes are now covered by HOW (Homeowners' Warranties), an
insurance program established by the National Association
of Home Builders to protect new home buyers against
construction defects for ten years after purchase.
Most lenders require a home buyer to
provide at settlement a one year paid receipt for a fire
and hazard insurance policy, often called homeowner's
insurance. The minimum coverage must equal the mortgage
amount. These policies are available from several leading
insurance companies throughout your area. Fire and hazard
insurance provides protection for fire and other perils to
your home and its contents.
Real estate law rulings now make it
incumbent upon the seller to tell the buyer of any defects
they know of which would not be apparent in a routine
inspection, or be liable for appropriate restitution,
thereby providing the buyer with additional protection.
Expect proof of membership in the
American Society of Home Inspectors, as well as a quickly
delivered (one or two days) written report. The cost can
run from $50-$200 depending on the size of the property
and/or the complexity of the inspector's report. Expect
practical returns. While you can see for yourself many
flaws in a house, the practiced eye of a professional
inspector can probably spot more, especially in the areas
not easily accessible to a home buyer. Specific
information could even reduce the price of a house if the
seller will agree the price has not already been
discounted for defects.
Serious problems (Heating, roofing,
plumbing)- $2,000-$5,000
Medium problems( insulation, paint) -
$500- $2,000
Minor problems (electrical outlets,
kitchen sink) $100 - $500
If no serious problems are found,
inspection can pay off indirectly by providing the
assurance that you are making a sound investment.
The purpose of the walk-through
inspection several days prior to settlement is to
determine if all conditions in the contract are satisfied.
The time for the buyer to inspect and note defects for
correction by the seller is during the contract
negotiations and prior to signing the sales agreement.
Repair or replacement items should be noted in the
contract or be made contingent on a house inspection,
otherwise, most resale homes are sold in "as is"
condition. It is up to the buyer to perform the
walk-inspection, not the seller, who may or may not be
present. The buyer should be accompanied by the selling
agent and the listing agent. The home seller should be
sure utilities are on so that the equipment can be
operated. |
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To ensure that
the rights of Home Buyers and Home Sellers are protected,
each and every sales associate subscribes to the Equal
Opportunity Program developed by the National Association
of REALTORS r and conduct their business and activities in
accordance with a strict Code of Ethics.
Equal Opportunity in Housing is an
ethical principle to which REALTORS® and
REALTORS® ASSOCIATES subscribe: moreover it is
the law of the land and the right of all who reside on it,
The Civil Rights Act of 1866 provides
that "All citizens of the United States shall have
the same right, in every State and Territory, as is
enjoyed by white citizens thereof to inherit, purchase,
lease, sell, hold and convey real and personal property.
In the case of Jones vs. Mayer decided
on June 17, 1968, the U.S. Supreme court held that the
1866 law prohibits 'all racial discrimination, private as
well as public, in the sale or rental or property.'
In Title VIII of the 1968 Civil Rights
Act known as the Federal Fair Housing Law, Congress
declared a national policy of fair housing throughout the
United States.
The law made illegal any discrimination
in the sale, lease or rental of real property based on
race, color, religion, sex, or national origin. The law
required that all people be treated equally with respect
to the terms or conditions of sale, purchase, lease or
rental and with no denial of equal housing Opportunity
based on race, color, religion, sex or national origin.
This was enacted to strengthen the
administrative enforcement provision of the Title VIII of
the Civil Rights Act of 1968, to add prohibitions against
discrimination in housing on the basis of handicap (mental
and physical) and familial status (families with children
under age 18) and to provide stiffer penalties for
violations relating to discriminatory housing practices.
The Fair Housing Act as amended provides
any complainant, aggrieved person, or respondent with any
opportunity to elect not to proceed before an
administrative law judge, but to move the case to an
appropriate federal district court.
The National Association of REALTORS®
has developed an Equal Opportunity Program to provide
resources and guidance to REALTORS® and
REALTORS® ASSOCIATES in ensuring equal
professional service for all people.
Article 10 of the National Association
of REALTORS® Code of Ethics requires the
"The REALTOR® shall not deny equal
professional services to any person for reasons of race,
color, religion, sex, handicap, familial status or
national origin. The REALTOR® shall not be a
party to any plan or agreement to discriminate against a
person or persons on the basis of race, color, religion,
sex, handicap or familial status or national origin."
A REALTOR® pledges to
conduct his or her business and activities in keeping with
the spirit and letter of the code of Ethics. Article 10
imposes obligations upon REALTORS® and REALTOR®
ASSOCIATES, but is also a firm statement of position and
philosophy on housing opportunity for all people. The
National Association has also established a positive
public position for its members by providing Fair Housing
Posters to comply with HUD regulations for public notice.
This thorough and complete program
established voluntary compliance within the industry.
REALTOR® agree to acquaint the community with
equal housing opportunity and to establish office
procedures to ensure there is no denial of equal service.
REALTOR® also agree to provide materials
explaining this commitment. |
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Number |
Controlled By |
Factor |
Description |
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1 |
Seller |
Condition |
The vast majority of prospective buyers are
looking for a home that is neat, clean, uncluttered,
and well maintained. Purchasers are seldom willing
to buy problems of repair and deferred maintenance
that should be solved by the Sellers. Therefore, to
enhance the possibility of a quick sale at the
highest possible price, Sellers should perform all
needed repairs and maintenance. |
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2 |
Seller |
Terms |
The offering terms are the financial conditions
under which the Seller will sell. The greatest
possible number of financial options available to
prospective purchasers will produce the highest
probability of a sale. Therefore, the terms offered
by a Seller should include all feasible financial
options for prospective buyers. This includes points
paid by the Seller. During periods of high interest
rates, this includes the terms of owner financing. |
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3 |
Seller |
Availability |
The greatest possible exposure to potential
purchasers enhances the probability of sale.
Properties which are fully available to be shown by
real estate agents have increased probability of
being sold. Also, homes which are available for
settlement on the dates preferred by potential
purchasers have increased probability of sale.
Therefore, to maximize the probability of sale,
Sellers should make their homes fully available for
showing and settlement. |
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4 |
Seller |
Size/Extras |
In most situations the major differences in a
home and the other properties in the neighborhood
can make a significant impact. Extras such as
updated kitchens, updated bathrooms, sun porch
additions, swimming pool, and extra room additions
have definite impacts. Leaving the extras can
enhance the emotional appeal. Leave the drapes,
carpeting, fireplace equipment, light fixtures,
washer and dryer, etc. This makes the home more
livable when the purchasers move in. However,
over-improvement is usually a negative factor in the
sale of a property when the Seller wants the return
of the extra investments. |
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5 |
Seller |
Price |
The asking price is the most important and
controlling factor that affects the sale of a
property. It should be strongly influenced by arid
reflective of all of the other factors that affect
the sale of a property. Over-pricing will only
result in a delayed sale, and in many cases, a lower
sale price than could have been otherwise achieved.
If adjustments should be made in other factors, and
such adjustments are not feasible, then price must
be adjusted to compensate for these other factors
arid thereby increase the relative value of the
property. Also, if the property is seen by a
reasonable number of potential purchasers, and these
purchasers buy another property, the price must be
adjusted to increase the relative value. Price is
usually the final determinant in how fast a property
will sell or whether it will sell at any time. |
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6 |
No one |
Condition of the Real Estate Market |
Conditions of the real estate market which
generally determine the length of time required to
sell a property and the relative price at which it
will sell are referred to as market conditions.
Market conditions are generally determined by supply
and demand, the overall economy in the specific
area, and the financial markets. |
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7 |
No one |
Condition of the Financial Market |
The availability of mortgage money and the terms
under which it is available from commercial and/or
owner sources are referred to as the financial
market. It is affected by supply and demand, local
and national economic conditions, the international
economy, and government policy. |
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8 |
No one |
Location |
The location of real estate relative to and
within population centers has a major impact on the
price a purchaser will pay. The location relative to
public facilities such as schools, transportation,
parks, recreation centers, shopping, churches,
roads, etc., also has a major impact. The location
within a community and even the location sitting on
a specific lot affects the ultimate value of a
property. |
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9 |
Realtor |
Promotion |
Promotion is the presentation of the property by
various means to attract and nurture interest in the
property to the maximum possible number of potential
buyers, individuals who may know and refer potential
buyers, and to real estate agents with the object of
bringing about the sale of the property. Promotion
is the only factor controlled by the real estate
agent and broker. Proper promotion will hopefully
result in the sale. However, if the property is
properly promoted and no sale occurs, this is a
clear signal that the Seller should increase the
relative value through factors under his/her
control. A clear signal is evident when the
promotion results in the personal inspection of the
property by a significant number of potential
purchasers and no offer to purchase is made. If none
of these purchasers buy other properties, this is an
indication that the market is weak for this
particular type and location of property. If some of
these purchasers buy other properties, this is a
clear signal that they are finding a better relative
value elsewhere, and that the relative value of this
property should be increased by the Seller through
factors under his/her control. This could be several
things ranging from cosmetic work of cleaning or
painting to remodeling or landscaping. It could also
be a significant reduction in price. |
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Staging the Property
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Market the Property
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Negotiate the Agreements
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Process to Settlement
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Keep Seller Informed
As your Realtor, I will:
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Attend all contract presentation
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Review Purchaser's financial
qualifications
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Review contract
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Advise on any contingencies
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Advise net proceeds
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Advise on accept/counter/reject the
contract offer
As your Realtor, I will:
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Assist and monitor the loan process
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Follow up with property appraisal
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Coordinate termite inspection
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Coordinate well and septic
inspection
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Advise on transfer of utilities
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Coordinate walk-though inspection
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Follow up on settlement coordination
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The property must be the
best competitor in the following categories:
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Terms fully acceptable to potential
buyers
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Top condition - with
paint./decoration appealing to the highest possible
percentage of buyers
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Priced to be the best relative value
in its price range
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Aggressively marketed to the
broadest range of potential purchasers
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Obtain the highest possible price
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Sell in the shortest possible time
frame
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Experience the fewest number of
problems and the least inconvenience
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Competition impact on sale
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Competition impact on appraisal
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Competitive market analysis
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Include 2% to 5% negotiating room
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Seller Selects Listing Price
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Highest possible sale price
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Moderate price and time on market
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Reasonable quick sale
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Price Seller would like
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Price that reflects value. (The
price on which the Buyer and Seller agree)
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Price Buyer would like
The objective of the Sales Associate is
to find the price and terms on which the Seller and
Purchaser can agree.
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Agents will show to validate a
better price for a comparable property other than
yours.
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The property has a historical longer
"time on the market" and, therefore, lower
"net" to the seller due to accrued holding
costs.
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On sales involving a high loan to
value ratio the financing could be in serious jeopardy
due to appraisal.
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It increases the property's chances
for lower exposure because most agents in preparing
showing itineraries want to present only the very best
options to their customers.
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The Brokerage Company has a tendency
to be less likely to offer maximum advertising support
because the same dollars could be spent on properly
priced properties that very clearly would generate
sales.
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The property can become lost in what
is called the "computer shun." Buyers
qualify for price ranges. If you are above the upper
limit on the computer run, you don't even get
considered.
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The same principle of the
"computer shun" can be applied to the
multiple listing book. The upper limit cuts off at a
certain page.
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Due to the increased term the
property runs the risk of becoming "shop
worn." Hence, any offers that do come in are well
below what they could have been if proper pricing ere
initiated from the start.
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Remodel or Sell? 
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PROJECT |
ESTIMATED COST |
% RECOVERABLE |
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Add a full bath:
to a 1-1/2 bath home |
$5,000 - $10,000 |
80% |
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Add a full bath:
to a 2 bath home |
50% |
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Add a half bath:
to 1 1/2 bath home |
$2,000 - $3,000 |
60% |
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Add a bedroom:
to a 3 bedroom house |
$6,000 - $8,000
(In existing space)
$10,000 - $12,000
(Add on space) |
75%-85% |
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Add a bedroom:
to a 4 bedroom |
65% |
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Add a garage: |
$3,500 - $6,000 |
Up to 50% |
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Add a fireplace: |
$1,500 - $3,000 |
Up to 75% |
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Turn a basement into a rec room: |
$3,000 - $6,500 |
Up to 15% |
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Enclose a porch: |
$5,000 - $6,000 |
50%-60% |
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Install central air: |
$2,500 - $4,500 |
Up to75% |
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Install new heating plant: |
$1,200 - $2,000 |
0%-50% |
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Install new exterior siding: |
$3,000 - $8,000 |
Up to 75% |
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Landscape: |
$500 - $2,000 |
40%-60% |
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Add a pool: |
$10,000+ |
0%-40% |
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Add a patio: |
$2,000 - $4,000 |
35%-60% |
(Source: Institute of Real Estate
Appraisers)
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