january 2013 first time home buyer class
Post on 30-Apr-2015
615 Views
Preview:
DESCRIPTION
TRANSCRIPT
WHO am I and WHY am I here?
Realtor® since 1992
REALTOR®ABR, ASP, E-PRO
Jamie L. WallaceJamie L. Wallace
My name is
Realtor Special Achievement 1994 & 2005
REALTOR® of Year 2006
President NCWAR 2007, Member PATH – Committee of Columbia Valley Housing
Association.
Chairperson for City of Wenatchee Affordable
Housing Task Force
ANNNND...
REALTOR® VS. License AgentREALTOR® VS. License Agent
Code of Ethics
MembershipProfessional DevelopmentResearch, & exchange of information.•National Association of Realtors® - largest professional association in world.•NCWAR®- Douglas, Chelan, & Okanogan Counties.•MLS (Multiple Listing service)to share information.
(link)
OK now, OK now, whichwhich REALTOR REALTOR ®? ®?
Attitude, perspiration and perseverance
They aren’t all the same... They aren’t all the same... Seek an
approachable, knowledgable advocate Know his/her strengths: residential? New construction? First-time homebuyers? Income properties? Foreclosures?
Make sure you have compatible communication styles Full time vs. part time
Professionalism, knowledge and attention to detail Comprehensive knowledge of loan products and requirements
LAW OF LAW OF AGENCY:AGENCY:
Duties of a Licensee –
Exercise reasonable skill & care
Deal honestly and in good faith
Present all written offers, notices and communicationsDisclose all material facts known by licensee not apparent or ascertainable
To account for all monies and property received
To provide a pamphlet on Law of Real Estate Agency – before any agreements, or offers are signed
To disclose in writing to all parties who the licensee represents
Seller’s Agent Seller’s Agent pledges pledges toto......
• Be loyal to the seller by taking no adverse action
• Timely disclose any conflicts of interest
• Advise the seller to seek expert advice
• Not disclose any confidential information, except under subpoena or after termination of the agency agreement
• Make good faith and continuous effort to find a buyer for the property (except when under contract)
Buyer’s Agent Buyer’s Agent pledges to...pledges to...• Be loyal to the buyer by taking no adverse actions
• Disclose any conflicts of interest to the buyer in a timely manner
• Advise the buyer to seek expert advice on matters relating to the transaction
• Not disclose ANY confidential information – even after the agency relationship is terminated
• Make a good faith and continuous effort to find a property for the buyer (except if under contract unless agreed upon)
Other Issues in Agency Other Issues in Agency LawLaw
Duration of Agency – in writing or until transaction or performance is complete Compensation – In any real estate transaction broker can be compensated by the seller, the buyer, a third party or sharing between co-op brokers
Vicarious Liability – principle is not liable for an act, error, or omission by an agent
Give information on new listings and/or market conditions to advise you on negotiating strategies
Provide the buyer with a market analysis on a property
Present written offers to the seller in person
Assist buyer in finding financing and insurance suitable for you
Schedule inspections, inform buyer of all events, deadlines and closing progress
Attend inspections and closing with the buyer
Agent agrees to look for suitable properties not currently on the market.
The agent agrees to research properties in certain market areas suitable to buyers needs.
Things a buyer’s agent may do for Things a buyer’s agent may do for youyou
The Buying The Buying Process:Process:
1. Affordability: location, utilities, maintenance costs.2. Location: Neighbors, proximity, best value in neighborhood?
3. Cost: Is it a fixer-upper or well maintained and updated?
Where to start?Where to start?
Here’s a link to paperwork examples
We are a TEAM! We are a TEAM!
Hot Sheet & automatic searches
Check the interwebs: realtor.com, zillow, etc. – not craigslist!MLS searches: new, expired, withdrawn
Networking with other agents and others
Unrepresented Sellers - FSBO
Newspapers & Magazines – sometimes dated
Looking for a particular community?
Important factors to Important factors to considerconsider
Proximity to your life circle
Remember: you can’t change your neighbors...
Check out the home in morning, afternoon & night.
Get Information on the Neighborhood!Appreciation Rates, Crime, Schools & More...
Do the numbers work? Fixer Asking Price $119,900. Estimate Cost of repairs $18,000. Costs for overages/risk $10,000. Equity Closing Costs/finance $2500. Final Costs $32,500.
Value of comparable repaired homes $129,900.
The actual acquisition price should range
$92,500-$97,500.
Repair should not be more than 20% of purchase price.
Get Smart Get Smart about Real about Real
Estate Estate and Realityand Reality
Return on investments: Time, labor, hard costs
Be realistic – Talents, concerns, pitfalls, procrastination, opportunities,
real cost, etc.Look beyond cosmetics: good structural condition, location, site, etc.
Obstacles: Can the home be changed to meet your needs, does the neighborhood support values, will there still be function problems?
Purchase and SalePurchase and Sale
The Sword
Tools that you have to assure the seller lives up to the agreements
The Shield
Contingencies that protect you during the
purchase process.
Interest Rates at 3.25%
Home loan $150,000.
Your estimated monthly payments are $652.81 and you will pay $85,011.41 in interest over the life of the loan
Interest Rates at 4.5%
Home loan $150,000.
Your estimated monthly payments are $760.03 and you will pay $123,610.07 in interest over the life of the loan.
Why we say it’s the best time to buy in years:
Interest rates and prices
Any Any questions?questions?
CLICK CLICK HERE!HERE!
Congratulations!Congratulations!And good luck! And good luck!
top related