Let Us Work With You!
Let Us Work With You!
Let Us Work With You!
IF YOU SEE:
Any REALTOR For Sale Sign or Advertisement
• Financing options
• Brokerage/agency relationships
• Title insurance
We will be present, if you like, at your loan application with the lender or any other
occasions mentioned above to help you with questions or concerns that you may have. Feel
free to call us at anytime, since it is extremely important that we understand your personal
needs and objectives.
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THE COMMUNICATION AND
NEGOTIATION PROCESS
SELLER
L IS T IN G
A G EN T
S E L L IN G
A G EN T
BU YER
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SELECTING NEIGHBORHOODS
&
VIEWING PROSPECTIVE HOMES
Once we find out what price home you qualify for, we’ll go out and
start looking for homes. The primary way we do this is through using
the MLS computer system. This is the system that all Realtors
throughout the New Castle County Area use to list all of the homes that
Are currently up for sale. We can pull up properties by a specific area,
or give the computer north/south and east/west locations to search by.
By including all of your specific needs, we will ensure that we only look
at properties that meet your particular criteria.
Once we have determined the type and area for your new home, we’ll
go out and start looking! We will set showings with the listing agent, usually
within a one-hour block of time. The owner will be notified that we
are coming. Many times, the owners will try to be gone during the period
of time that we have scheduled the showing so that we can feel free to look
more thoroughly at the home.
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LOAN APPLICATION
Prior to looking for a new home, the first step is to talk with a lender in order to obtain a “Pre-
Qualification” Letter. This letter is a commitment by the lender (given the information they
received from you over the phone), to provide funding for you in a certain amount. Since the
Delaware market is one of the “hottest” real estate markets in the country, most Realtors who have
homes listed will not accept a contract without first having the “Pre-Qual” letter to substantiate that
you can afford the home.
The full loan application can be completed either prior to or after contracting on a home. When
applying for a loan, a preliminary information form is first completed with the loan originator. The
loan originator’s goal is to expedite all necessary paperwork and information as quickly as possible,
including ordering a credit report and appraisal of the property. You will need to furnish the lender
with the following information:
The information you provide the lender is strictly confidential. All people who will be on the title as
new owners should be present. The application normally takes about one hour and you may be
required to pay in advance for your credit report and the appraisal. The credit report is ordered
through a credit reporting agency and will cost between $40 and $80. The appraisal is required by
the lender to determine that the amount of the loan and down payment does not exceed the appraised
value of the property and normally ranges from $300 to $350. These are the only charges required
by the lender prior to the closing. Payment for home inspection, engineer inspection and radon
testing may be required at the time they are completed.
Your loan originator understands your concerns and is there to help with the approval of your loan.
Feel free to ask any questions at the loan application about anything that you do not understand.
Also, you will receive an “estimate of closing costs” at this time, so you won’t have any “surprises”
at the time of closing.
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LENDER OPTIONS
When choosing a lender, make sure you are comparing “apples-to-apples.”
The rate that the lender will give you over the phone will be the rate on your
loan, however, every lender has different up-front costs which may cause
you to have to bring more money to close on your home than you expected.
A 1% loan origination fee is standard, as well as underwriting and processing
fees. -- To get an “apples-to-apples” comparison, you will need to call all of
the lenders you are interested in on the same day (as rates change daily) and
ask them what their APR is with 0 and 1. This is the annual percentage rate,
which includes all up-front fees, with 0 discount points and a 1% loan
origination fee . This will not be the rate on your loan, but will give you a
good comparison.
1. John Thomas
Primary Residential Mortgage, Inc.
302-368-7132
2. Nick Natale
Superior Home Mortgage
302-299-1129
3. Sharon Hughes
Wells Fargo Home Loans
(302)235-4207
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WRITING THE CONTRACT
Once we find the “perfect” home, we will write the contract together.
The contracts are legal and binding documents, just like a lawyer would
write; that is why as Realtors we must be licensed. The Delaware
Association of Realtors and the New Castle County Board of realtors has
provided to Realtors standard contracts which just need to be completed
with specifics on names, property information and dates. Some of the
specific information that we will need to include in the contract is:
•Your legal name (or how you want the property titled)
•The items which will be considered included with the
property and those which will be excluded.
•Agreed-upon purchase price
•Amount of earnest money
•Inspections deadlines, Appraisal deadlines & Closing date
We will make sure to go over all of the documents with you before you sign
anything!
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BROKERAGE/AGENCY RELATIONSHIPS
Since, as Realtors, we are licensed, there are a couple of different
ways we can interact in a transaction with a buyer or a seller. We’ve
listed the definitions below:
SELLER AGENCY: The Seller's broker, any cooperating broker, and any salesperson
working with either, are representing the Seller's interest and have fiduciary responsibilities
to the Seller, but are obligated to treat all parties with honesty. The Seller's broker, any
cooperating broker, and any salesperson working with either, without breaching the fiduciary
responsibilities to the Seller, may, among other services, provide a potential buyer with
information about the attributes of properties and available financing, show properties, and
assist in preparing an offer to purchase. The Seller's broker, any cooperating broker, and any
salesperson working with either, also have the duty to respond accurately and honestly to a
potential buyer's questions and disclose material facts about properties, submit promptly all
offers to purchase and offer properties without unlawful discrimination.
BUYER AGENCY: The Buyer's broker, and any salesperson working for this broker, is
representing the buyer's interests and has fiduciary responsibilities to the Buyer, but is
obligated to treat all parties with honesty. The Buyer's broker, and any salesperson working
for this broker, without breaching the fiduciary responsibilities to the Buyer, may, among
other services, provide a seller with information about the transaction. The Buyer's broker,
and any salesperson working for this broker, also has the duty to respond accurately and
honestly to Seller's questions and disclose material facts about the transaction, submit
promptly all offers to purchase through proper procedures, and serve without unlawful
discrimination.
DUAL AGENCY: A real estate broker when acting for one principal has fiduciary duties
that include undivided loyalty, confidentiality and full disclosure, but only to one principal.
Dual Agency creates a conflict of interest because the broker's fiduciary duties
confidentiality, full disclosure, and loyalty to one party conflict with those same duties to the
other party. A real estate broker can however be the dual agent of both seller and buyer in the
same transaction, but only with the knowledge and written consent of seller and buyer. Seller
and buyer understand that dual agency can create conflicts of interest; therefore, the broker
will not represent the interest of one party to the exclusion or detriment of the interests of the
other party.
Do you want the agent that works for the seller representing you? The
“bottom-line” to all of this is that as a Buyer’s Agent, we will be looking out
for your best interests.
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EARNEST MONEY DEPOSIT
So you will not be placed in an uncomfortable position when you purchase a property, an
understanding of the earnest money deposit is of the utmost importance. At the time a written offer is
initiated, you will be required by the seller to include a personal check, cashier's check or cash. (A
good “Rule-of-Thumb” is about 1% to 2% of the purchase price of the home.) The amount is
deposited into the listing broker’s escrow account upon acceptance and will remain in escrow until the
time of closing. This amount is credited to the buyer as partial down payment and represents your
intent to purchase the property. If the offer is not accepted, this amount is returned to you. Also, in
the event that you do not qualify with the lender for a new loan, the earnest money is refunded to you,
provided the sellers are given notice regarding the lenders’ disapproval.
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HOME AND TERMITE INSPECTION
STRUCTURAL INSPECTION
If there is damage, you may also want to consider having a structural and/or
engineer’s inspection. This inspection will determine the condition of the
structure and foundation and any defects that may need to be corrected. The
cost of this service generally runs from $75 to $300, depending on the size of
the house.
WARRANTY SERVICE
Either the purchasers or the sellers may buy a home warranty policy that will
protect against repairs or replacement of certain appliances, heating,
plumbing or electrical items for the first year you own the home. As with
most insurance companies, the coverage can vary and you may want to
consult with a warranty services company to determine exactly what is
covered and the cost of the policy. Normal costs range from $300 to $400.
RADON TESTING
Radon is a radio active gas which occurs in nature. You cannot see, smell,
or taste it. Exposure to radon increases the risk of developing lung cancer.
Special equipment is needed to detect radon and normally runs an additional
$125 or so, if done with an inspection.
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INSPECTOR OPTIONS
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HOME HAZARD INSURANCE
PROVIDERS
When buying a home, you will need to provide the lender with the
insurance company that you will use to provide hazard insurance on
the home. (If you are buying a condo, you probably will want to
have coverage for the internal property, however, this information
does not need to be provided to the lender, since the external building is
usually covered by insurance provided by the Homeowner’s Association.)
You might want to check to see if your insurance provider on your auto
will also cover your home (giving you a discount for multiple coverage).
Call us directly for any recommendations.
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CLOSING ON YOUR HOME
The actual “Closing” on your home will take place on the day
specified in the contract.
Usually the day before the closing we will receive the “Final
Figures” from the attorney. You will need to bring this
amount to closing in the form of a Cashier’s Check or
Certified Check made out to your attorney.
POSSESSION OF YOUR
NEW PROPERTY
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Your Personal Realtors for
Life...
Being your Personal Realtors for Life is not only our business
philosophy, but a life-long commitment to providing you with
exemplary personalized service beyond your expectations. It is
also our philosophy to listen, hear and truly understand your
needs, a quality of business conduct that seems to have been
forgotten in today’s highly automated society.
Mia Burch
Keller Williams Realty
Your Keller Williams Choice!
Your Personal Realtors for Life!
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Here’s how KELLER WILLIAMS and I can be
of service to YOU!
• Because we will become familiar with your financial position, basic needs and desires,
we will not waste your time on properties that you can’t afford or would not be
interested in.
• We know the tax structure of the communities and can answer questions regarding
cost of maintenance and utilities.
• Once you select the home you want, we will help guide you through the complex maze
of title evidence and other legal documents to help protect your interest and
investment.
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