For Buyers
I hope to provide you with confidence in finding the home you are looking for in a price range you can manage. Once we find a home I will negotiate an acceptable purchase contract and guide you through the steps of home inspection, title transfer, obtaining mortgage and insurance and other legalities of transferring the home into your name.
Here are the basic steps to getting started: Feel free to contact me at any step along the way.
1. Price Range: If you don’t know what your spending limit is, talk with your lender to determine your comfort level of a monthly payment and establish a price range for the homes to search. Let me connect you with local lenders to prequalify you or contact your financial advisor/lender. Visit the Mortgage Center for more information. Write down your price range.
2. Location: Identify the location of your next home by considering general characteristics such as school district, ability to re-sell, driving distance (to work, or to primary home), lake features, etc. Identify 5 key location features that are important.
3. Needs: Identify key characteristics of the home you are looking for such as number of bedrooms, bathrooms, square footage, lake frontage or lot size, etc. These should be the essentials of a home. Identify 5 - 10 key Needs.
4. Wants: Identify key features of the home that you would desire in a home but if the home didn’t have the feature you would still be interested. Such as office space, main floor laundry, 2 car garage, fireplace, pool, etc. Identify 5 – 10 key Wants.
5. Search for Homes: With the information above you are ready to start searching for homes. You can search the current listings (MLS), you can search our featured listings, you can search This Months Picks, fill out a property request, or you can e-mail me your information from steps 1-4 and let me do the searching!
6. Schedule a Private Tour: When you have selected a few homes to look at contact me to schedule a private tour that works for both you and the sellers’ schedule. Give yourself 30 minutes to an hour for each home you want to tour and limit the number of homes on a given date to no more than 8. Three to five homes is more realistic and you will have a better impression of each home at the end of the day.
Some common questions that may be appropriate to answer here are:
A. Why work with a REALTOR?
B. Wouldn’t I get a better ‘deal’ if I call the sellers broker and work with them direct?
C. I found THE home, now what?
7. Review the real estate tips for helpful information.
Buying a home is an exciting time in one's life. Many people will spend hours (sometimes months) on the internet just browsing. But you may be ready to ask for help. Finding a trusting person who can represent you and your best interest cannot be taken for granted. Your financial situation, investment interest, and personal information are held in confidence when you work with me. I pride myself on customer service above all. I will take as much time or as little time you can afford to develop the confidence and communication needed to move forward in securing the property you desire.
In this technology age many people prefer to see homes first on the computer before they do a drive by. For your convenience sign up to have homes that meet your description provided by e-mail. Some people take months or years 'looking' at homes and this is the best and unfortunately the most economical I can offer. For those motivated buyers that are interested in moving in the next month to 3 months I recommend the listings by e-mail but also CALL ME! If I know your time frame I will focus my efforts helping you in a more direct way. I pride myself on repeat business and hope you'll come to understand why.
Ask Leslee to contact you or call her direct at (269) 420-4487.
This article is provided by the Greater Kalamazoo Association of REALTORS®
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "R" logo on their business card or other marketing and sales literature. REALTORS® are committed to treat all parties in a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.
But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:
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Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices. |
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Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. |
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Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning, schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? |
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Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required. |
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Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date. |
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Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders. |
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Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly. |
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When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle |
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Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients. |
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Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property. |
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Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process. |
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Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement). |
Ask Leslee to contact you or call her direct at (269) 420-4487.
Myth: I will get a better ‘deal’ if I contact the sellers’ broker direct.
What is a Buyer Representative?
A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer's representative.
The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. A buyer's representative will:
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Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
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Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
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Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
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Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
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Advise the buyer on structuring an appropriate offer to purchase the selected property.
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Present the offer to the seller's agent and the seller on the buyer's behalf.
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Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
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Assist in securing appropriate financing for the selected property.
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Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
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Most importantly, fully-represent the buyer throughout the real estate transaction.
The Buyer Representation Agreement
It is important for the buyer to discuss the buyer's representative's compensation in the initial interview. In many cases it is recommended that the buyer and the buyer's representative agree to the terms of compensation prior to viewing properties, and sign a written agreement based on those terms. The agreement should spell out the responsibilities of both parties throughout the real estate process.
In some states, legislation has been enacted to protect the buyer to the point that, absent a written agreement, the buyer's representative represents the buyer throughout the real estate transaction. Consult your REALTOR for complete details when you begin the purchase process.
Source: Real Estate Buyers Agent Council
Ask Leslee to contact you or call her direct at (269) 420-4487.
Beyond finding THE home there are many steps in securing the home and transferring the title into your name or trust.
1. Negotiate initial contract. This may include price and terms, appliances or additional features, who will pay for the water / septic inspections, signing of the disclosure statements, etc. There is not a contract till both parties have signed in agreement. Many times a pre-qualifying letter from your lender or financial institution is sent with the contract to show the offer has merit.
2. Collect Deposit. This amount is set in the contract and shows that you have good faith to fulfill the contract. The deposit is only refunded if both parties sign a release form and good reason is given to cancel the contract. The deposit is collected within 24 hours of the signed contract.
3. Home inspection period. Typically from the date of the signed contract there is 10 days for the buyer to initiate home inspections. Typical inspections should include: structural and roof, mechanical, mold, radon, water and septic. As your real estate consultant I will provide you with a list of qualified individuals or companies to work with and make the arrangements if needed.
4. Re-negotiate contract. ONLY if something is found in your home inspection that would make you not want the home.
5. Contact Title Agency. As your consultant I will contact the title agency of your choice and together we will initiate the title insurance and transfer of title. Title insurance is important to purchase to protect you from a third party coming forward to claim the property as theirs. Most lenders require title insurance.
6. Complete financial paperwork. If taking a loan on the home I will send the signed contract and terms to your lender to complete the paperwork. If you are paying cash or using invested moneys you will need to start the paperwork with your financial institution. Many times they will need advance notice to release funds and prepare the money order or certified check.
7. Home Insurance: You will need to contact your insurance company to start the home insurance. Lenders are required to have proof of insurance.
8. Once the title paperwork is complete and the financial obligations on both the sellers and buyers side are arranged the date and time of the ‘closing’ will be scheduled. This is simply the time of transfer and can take from 2 weeks to 6 weeks to complete.
Ask Leslee to contact you or call her direct at (269) 420-4487.
