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© Realty3CT.co, The Buyer Counseling Session. © Realty3CT.co, Who We Are Realty3 of CT is a large independently owned multi-office firm serving most of.

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Presentation on theme: "© Realty3CT.co, The Buyer Counseling Session. © Realty3CT.co, Who We Are Realty3 of CT is a large independently owned multi-office firm serving most of."— Presentation transcript:

1 © Realty3CT.co, The Buyer Counseling Session

2 © Realty3CT.co, Who We Are Realty3 of CT is a large independently owned multi-office firm serving most of Ct and the CT- RI Shoreline with offices in Berlin, Southington, Essex and Stonington Residential Division Luxury & Second Homes, REO & Foreclosures, Commercial, Domestic & International Relocation, Auction Services and Property ManagementIn addition to our Residential Division, Realty3 has specialists providing services in our other divisions - Luxury & Second Homes, REO & Foreclosures, Commercial, Domestic & International Relocation, Auction Services and Property Management Realty3CT.com

3 © Realty3CT.co, Domestic & International Relocation Whether you are seeking a second home, vacation property, investment property or a primary residence – I can help you relocate in state, across the country or around the world

4 © Realty3CT.co,

5 Our Professionals With over 100+ service professionals, all of our Agents and Brokers are Realtors® who abide by the laws of CT, subscribe to our Realtor® Code of Ethics and have received rigorous training in client representation Most of our professionals have attained several professional designations placing them in the top 5% of all US Realtors® making them uniquely qualified to deliver results that others simply cannot

6 © Realty3CT.co, Our Legal Duties Obedience to your lawful instructions Loyalty to your interests above our own Disclosure for material and pertinent facts Confidentiality for any information provided regarding your motivation, urgency, financial position or personal situation Accounting for your $$, paperwork, dates Reasonable Skill and Due Diligence I am not in sales – I am a service provider

7 © Realty3CT.co, Representation I represent your interests when the seller is a ‘FSBO’ or represented by another agent in or out of Realty3 As your buyer agent, if you want to make an offer on a property that I have listed, I will have two clients in the same transaction and have a higher form of responsibility. Items identified by law remain confidential, equal treatment and market info is provided to both parties and I am required to disclose all material defects if they exist You will know in advance if this occurs and your informed consent will be required

8 © Realty3CT.co, Many Clients I represent many buyer and seller clients at the same time Since I also represent other buyer clients, there are times when they may be interested in viewing some of the same properties that you are targeting If you are interested in making an offer on a property I will not share that with any other clients, nor will I share their choices with you All client information is confidential and I will not betray that trust

9 © Realty3CT.co, I Can’t Make any decisions for you Guarantee to help you buy property for less than market value Hide or misrepresent any material facts or defects about your property even if I listed it Discriminate in any way or violate Federal Fair Housing Laws Collect compensation from a service provider without your full knowledge and agreement

10 © Realty3CT.co, I Can’t Choose the neighborhood or community you should live in Tell you if the area is ‘safe’ Tell you what schools are ‘better’ than others Guarantee what the town planning and zoning commission will do What I can do is provide you with sources of information so that you can make your own personal and family decisions

11 © Realty3CT.co, Impacted Properties I respect the fact that many factors are important to your buying decision CT law prohibits me from disclosing if a property has had a murder, suicide, felony, is haunted or is psychologically stigmatized – whether I have actual knowledge or not You have the right to ask the seller in writing if any circumstances have occurred The seller can choose to respond or not and you can also contact the police or speak with neighbors

12 © Realty3CT.co, Other Concerns I can research any material issues that might affect the property but if you need to know other non-material issues like Sexual Offenders Off-site considerations Other subjective issues of concern You may want to research the Sexual Offender Registry, EPA.gov & Census.gov websites for more information

13 © Realty3CT.co, Written Authorization Section a of the CT License Law states that if you want representation and client confidentiality, I must receive your written authorization to represent your interests prior to viewing any property Some agents in other firms may elect to delay or circumvent this requirement which should concern you and we want to apologize for their illegal and unprofessional behavior If an agent would avoid providing you with mutual promises in writing shouldn’t you wonder what else they might not do correctly later?

14 © Realty3CT.co, Written Agreement You will receive a thorough explanation of the terms to any agreements and I am happy to provide you blank forms so that you or any of your advisors may review them in advance If my firm charges any representation, signing or retainer fees in advance they will be fully disclosed and discussed Once I receive your written authorization to represent your interests, I will begin to work for you

15 © Realty3CT.co, How I am Paid I receive a ‘success fee’ from the proceeds of a sale – if you do not buy I am not paid I don’t care what or when you buy or how much you choose to spend. Although the market may push you to act – I will not. When you are ready to make your decision, I will help you accomplish your goal I am focused on providing excellent service so that you will recommend me to your family and friends

16 © Realty3CT.co, Professional Service Fees You do not owe me any money from your pocket Your offer pays all fees – my fee; my firm’s fee, the listing agent’s fee and all other transactional fees which the seller deducts from the offer to settle all outstanding debts and then keeps the rest My firm expects a professional service fee of 3% to represent you which is collected from the transaction When the property is listed in the MLS an amount is “offered” to us which is credited against the amount in our agreement If the amount offered does not cover the amount in our agreement, the difference will be wrapped into your offer as a seller concession

17 © Realty3CT.co, Loan Process Prior to showings, you will be pre-approved or committed for a loan. If you are paying cash you will provide proof of assets Not all loan originators are good and all are in ‘sales’ since they owe no fiduciary duties to the borrower My firm has extensive experience with loan originators that can give you options and get the job done so ask me for recommendations I will need to be provided with full written documentation verifying your ability to purchase

18 © Realty3CT.co, Loan Verifications Two letters of financial qualification needed The first letter is our ‘blueprint’ to structure your offer detailing the loan type, rate, terms, points, % of seller concessions, loan to value, mortgage amount and maximum monthly (PITI) principle, interest, taxes and insurance The second is a generic statement from the lender stating that “Your tri-merged credit report, financials have been reviewed and you are deemed worthy for the amount sought” No maximum qualifying amount is stated in this letter since it is attached to any offer you may make

19 © Realty3CT.co, Loan Terms Pre-Qualification –Basic credit report pulled –General Income and debts discussed –Lender gives you a verbal or written ‘ball-park’ Pre-Approval –Loan application made –Tri-Merged credit report pulled –Income and Debt statements collected/reviewed –Lender submits details in automatic underwriting Loan Commitment –All pre-approval steps taken, application paid for –Financial details and employment have been verified –You are now ready to close on the property

20 © Realty3CT.co, We’re ready Once your financing is in order, we are ready to go shopping! I respect your budget rather than push you to the high range that you can afford Your needs, wants and wishes are identified, programmed into our Multiple Listing System and calibrated so that you will receive automatic updates based on your criteria You determine the method delivery – , pick up, fax or snail mail

21 © Realty3CT.co, Selection Process You may searching a variety of websites but it is not necessary since the info you receive from the MLS system is far more detailed and tailored to your specific criteria Upon receipt of your lists, please review the inclusions and drive by the properties to determine what neighborhoods suit you best If you don’t see anything you like within your budget range, you may need to re-assess that price range or change your criteria

22 © Realty3CT.co, Showing Appointments Select the properties you wish to view, let me know what days/times you are available so appointments can be scheduled Most sellers require advance notice so I need time to book showings and get confirmations Reserve my time in advance since I want to provide you the attention that you deserve If you have a last minute need and I have already been committed to assist another client, I will attempt to secure another agent within my firm to assist you in showings

23 © Realty3CT.co, Open Houses Our Realtor® Code of Ethics and state law requires agents to ask if you are contractually represented which most agents do If the agent does not ask, this is a concern since it is a legal obligation not to interfere with another agent’s client level relationship Inform the agent that you are represented and sign my name to register Agents can’t prevent you from entering, nor can they say that they will write your offer Please collect their business card and call me immediately since this is a serious legal breach

24 © Realty3CT.co, New Construction The same process applies if the builder is an agent or represented by an agent There is no process if they aren’t represented but a builder can’t prevent you from having an agent, nor can they interfere with the relationship Requesting information from their website does not prevent you from being represented Some Builders may lead you to believe that you can deal direct and save. Our experience with past clients demonstrates that this is not even remotely true

25 © Realty3CT.co, For Sale by Owner FSBOs can be overpriced and usually have other financial or material issues that need to be addressed but are often not disclosed This seller is representing their own interests and has little regard for yours but they cannot tell you that you cant’ have an agent and if they do, this should concern you I do not need the seller to pay my fee since your offer includes it anyway We can still view the property and determine if you want to make an offer

26 © Realty3CT.co, Feedback After a seller’s property has been shown, many listing agents will call for ‘feedback’ This custom originated when all agents worked for the seller and were obligated to betray the ‘confidential’ conversations they had with the buyer No good buyer agents gives feedback but I will thank the agent for the opportunity to show the property and let them know if you have interest, I will contact them

27 © Realty3CT.co, Market Analysis When you have made a final choice, you can request a general market analysis identifying the comparable sold property. Usually you will see sufficient property to know a good value when you see it but it is your choice The price you pay will depend on many variables – market conditions, amount of available inventory, seller’s personal and financial situation, etc. If you really want the property, bid seriously

28 © Realty3CT.co, Legal Representation You are entitled to consult with your lawyer at any time during the process for advice Please remember that a timely response is important and we cannot accept responsibility if the seller accepts another offer before you receive a response It is important to select a real estate lawyer to minimize the occurrence of potential problems within the process

29 © Realty3CT.co, Offer Process When you are ready I will write an offer to include terms that are agreeable to you All components and contingencies of the offer, along with the process will be explained providing you with options, alternatives and ramifications to choices Remember that all decisions are yours to make and I can’t be responsible if things don’t work the way you had hoped they would Your lawyer can provide us with additional protective language for insertion if desired

30 © Realty3CT.co, Customary Contingencies Initial and additional deposits Mortgage Contingency Insurance Contingency Inspection Contingency Seller-funded rebates for points, repairs, closing costs, additional buyer agent fees Hubbard Clauses Hold-over or Rent-back Contingencies Closing Dates

31 © Realty3CT.co, Cautions In most cases the property you select will provide a property condition form This is neither a guarantee nor warranty but a statement of ‘actual’ knowledge If a seller does not provide the form prior to the contract being signed by all parties, you are entitled to $300 at closing In a FSBO transaction, I will ask you if you want us to secure a property condition form or prefer to have the $300 credit at closing

32 © Realty3CT.co, Confidentiality of Offers Once your offer is written/delivered, there is no guarantee that the terms will stay confidential You can have the seller sign a confidentiality statement prior to presenting the offer but you will hold my firm harmless for your decision In a seller’s marketplace when multiple offers may arrive or exist – there may be little that you can do without potentially losing out In a buyer’s market you may have more time but there is still no guarantee that other offers may come in before you get your statement returned.

33 © Realty3CT.co, Presentation of Offers CT Law requires that all offers, including verbal offers, are presented until closing There are a variety of ways to reassure you that your offer was presented and depending on the market environment, you may have different options that I will discuss with you If there are no other offers, the process is usually straightforward but if multiple offers exist, I will discuss the process, your options and the ramifications of your choices

34 © Realty3CT.co, Negotiations Sometimes things don’t work out – no matter how much you were willing to bend Each scenario has a personal backdrop that can often interfere with the result Take the time you need and start again If negotiations are successful, I will secure all necessary initials and signatures All parties and others authorized by you, will receive complete documents

35 © Realty3CT.co, Contract Extensions All performance dates require evidence of written satisfactory completion If I have not received notification, a written extension may be requested by either party The objective is to insure that it is signed by all parties prior to the expiration of the date If not, it may result in someone incurring a financial penalty or loss of rights

36 © Realty3CT.co, Inspection Process The inspection phase is a mutually agreed timeframe that allows the buyer a third party assessment of the structure and mechanical components even if the property is “As Is” You may select any inspector you choose but if any of my clients had a bad experience I am obligated to disclose that to you and require you to hold us harmless from that decision If the listing agent or seller remain, they may not interfere

37 © Realty3CT.co, Repair Requests Inspectors will submit a written report and it may be necessary to secure experts to validate and quote the repair of noted issues Any requested repairs will be made in writing with that page of the inspector’s report and/or the expert’s quote I will then formulate a written response based on your instructions and attempt to arrive at a mutually agreeable solution in re-negotiating with the seller’s agent

38 © Realty3CT.co, Finalizing Repair Phase Once agreed, repair items will be addressed after receipt of the written mortgage commitment and prior to closing Sometimes a lender will send an inspector to the property to verify that repairs have been made or we will provide paid written receipts from licensed professionals at closing to verify that work was done

39 © Realty3CT.co, Mortgage Contingency Within a predetermined timeframe, a written commitment can be expected from the lender If extra time is required, a written extension may be requested The seller can decide whether to grant the additional time or not depending on your current circumstance I will advise you of your options

40 © Realty3CT.co, Closing Count-Down Emotions tend to run high as everyone starts to get ready to close All required repairs need to be verified, movers and packing gets organized, utility companies take final reading and transfer service plus many other odds and ends Agent will schedule a pre-closing inspection You get occupancy on the day of closing unless advance contractual arrangements have been made

41 © Realty3CT.co, Closing The closing date is a ‘ball-park’ date that is determined by the closing agents and their respective clients Most closings proceed without incident since all details have been handled and agreed upon prior to this event One of our professionals, usually your buyer agent or their transaction coordinator will be present to insure that everything that was agreed upon stays that way!

42 © Realty3CT.co, Post-Closing Thank you for choosing me to represent you I am always here to help if I can Don’t hesitate to contact me if you need general information or assistance Also, please keep me in mind when your friends, family and co-workers want to buy or sell property

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47 Realty3’s Mission Realty3 currently has three offices in the Essex, Berlin and Southington, CT We are a local business with a national and international presence through our elite affiliation with Leading Real Estate Companies of the World and Luxury Home Division Our mission is to provide superior representational services, legally and ethically, to consumers who are interested in the buying and/or selling of real property

48 © Realty3CT.co, Realty3’s Vision Our vision is to continue to offer our clients a distinct competitive advantage in the marketplace when buying and/or selling real property Our professional service consultants are dedicated to delivering superior results for our clients by achieving specialized professional designations that separate them from our competition Clients view the quality of our work as second to none and continuously recommend our representational services to people they care about

49 © Realty3CT.co, Relocation Division Realty3 is an elite member of Leading Real Estate Companies of the World, as well as their Luxury Home Division! Whether you are moving in town, in the state, across the country or around the globe our professionals have the power to move you!


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