BUYERS BOOKLET
ABOUT THE BURDETT GROUP Our team includes not only a number of experienced and professional REALTORSŽ, but also several full-time office and administration staff. We have been working together for several years, and our experience allows us to provide the utmost professionalism to our clients and partners. Working with us means that clients benefit from the unique qualities of each of our members. Our real estate professionals each excel in areas such as marketing, contract negotiations, planning, or listening to and understanding clients’ particular needs. Our associates work hard to ensure our clients benefit from the latest innovations in the real estate industry and relevant technology. In short, each one of our real estate professionals shares our commitment to providing the best customer service throughout your home purchase or listing your house for sale.
WHY THE BURDETT GROUP? We strive to be conscientious, professional and knowledgeable. Communication between the client and RealtorÂŽ is very important to us. The secret to our success is the energetic systematic approach and quality of service that we provide to our clients.
THE ADVANTAGE PROVEN RESULTS Your home will sell fast for top dollar and the least amount of hassle. WHY? We have a unique team system that leverages innovative consumer programs, leading edge technology and specialized knowledge. Our unmatched marketing plan means maximum exposure for your home. We recognize that a blend of old school & cutting edge marketing techniques are needed to reach all potential buyers. We’ve got all the bases covered!
4
FACTORS TO KEEP IN MIND WHEN LOOKING FOR AN AGENT 1. Education. The most important factor in choosing a real estate professional is their expertise in the real estate industry. Our professionals have advanced training and education, allowing them to be among the top agents in the world, earning prestigious industry designations.
2. Experience and Expertise. You want a full-time agent who is familiar with your area and with the type of property you intend to sell. Does he or she employ a diverse range of marketing and advertising strategies? How techsavvy is your agent? How many similar properties has he or she been able to sell in the past? 3. Availability and Commitment. Your agent should be capable of prompt and decisive action during the course of selling your property. Does your agent make it a point to keep in touch with you constantly? Can your agent be easily contacted in case of emergencies or even for the simplest questions? Is your agent available on the weekends or in the evenings when most buyers are out looking? 4. Rapport. Does your agent take the time to listen to your goals and clarify your needs? Can your agent understand your unique situation and be genuinely concerned about the outcome of the process? Your listing agent will be your guide and partner in this crucial decision, so it is important to find one with whom you can get along.
WHAT WE STAND FOR OUR CORE VALUES We We We We We We We We
listen, we care, and we serve. believe in people and their dreams. own the problem and we solve it. face challenges with optimism. do whatever it takes. check our egos at the door. innovate and constantly improve. practice work/life balance.
OUR PURPOSE
Dedicated to creating value for our clients. CLIENTS FIRST
OUR MISSION
To be the most widely respected Real Estate Team in the City Providing the highest level of expertise to our clients.
OUR MUTUAL OBJECTIVE
Sell your home for the most favourable price and best terms with the least inconvenience to you. To do this, we will be working as a team. Communication & Cooperation are vital to ensuring a successful sale.
6
THE RIGHT AGENTS As a buyer, you have a choice in representation. Most buyers today choose to have a Realtor® represent their interests in a real estate transaction. This is also known as Agency Representation (or fiduciary representation), which simply means that the Realtor® you hire is legally bound to represent your interests. This involves the highest standard of care and extreme loyalty to you, the “client.”Some agents will work with you as a “customer,” which carries a different level of responsibility. Most real estate professionals require a client relationship because it allows them to provide the full range of services that buyers need and deserve. Your Realtor® will discuss representation with you and will request your commitment in writing for this level of service. As a home buyer, it’s important that you find someone you feel completely comfortable with, who you can trust, and who listens to you and respects your views. Your Realtor® must have the market knowledge and expertise, but at the end of the day, it’s your home and your investment, so you must be able to work well with your agent. Experienced, professional Realtors® understand and excel at this.
STEPS TO BUYING A HOME STEP ONE Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you’d like and where you would like to be. Be specific. Separate the “must haves” from the “want to haves.” Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work. Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home. LOAN PRE-QUALIFICATION Once you have addressed the above needs, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes. 8
HOW YOUR AGENT WILL HELP YOU WE WILL FIND THE RIGHT HOMES FOR YOU Once you’ve been pre-qualified and know what price range you want to stay in, your Realtor® can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them. Your Realtor® has the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search our listings on our website. WE WILL HELP YOU EVERY STEP OF THE WAY Your Realtor® will help you complete your financing and inspections, and close on the transaction. His/Her top priority is to make sure that your home buying experience is pleasant, costefficient, and successful. The buying process can be a stressful one, but your Realtor® can assure you, he/she will be by your side every step of the way. Your Realtor® wants to make the process as easy and seamless as possible and ensure you reach your real estate goals.
9
COST OF OWNERSHIP Determining how much you can truly afford involves meeting with a mortgage representative at a financial institution. Most financial institutions, as well as Canadian Mortgage Housing Corporation, have online mortgage affordability calculators that allow you to plug in your basic numbers to see how much of a loan you might qualify for. Consider these calculations an estimate — a mortgage representative will take your preliminary calculations and see if they hold up to further scrutiny. It’s important to be honest with yourself when you do your own financial review. If you underestimated your household expenses to make your financial picture look brighter than it actually is, your mortgage representative will probably expose a more realistic view. The mortgage representative will then come up with some close-to-final numbers, presenting you with a preliminary figure for pre-approval. Now you should prepare a thorough and realistic checklist of your current household budget, say, if you’re renting an apartment and your expected budget in your prospective new home. You’d be surprised how some new items — such as additional insurance or costs for general repairs — can add to your expenditures as a homeowner. Make sure you take all of these items into consideration when calculating your mortgage affordability.
10
THE IMPORTANCE OF NOT OVERSPENDING Real estate experts cite overbuying as one of the most common mistakes firsttime home buyers make. Whether they got caught up in a bidding war or fell in love with a home they just had to have, many people spend more on their new home than they can afford. Months later they may realize that their purchase has left them “house poor� with no money left to contribute to savings, other necessities, or even rainy day funds. This further underscores the need to be honest and realistic with your mortgage calculations, as well as the importance of getting pre-approved for a mortgage, since it can actually protect you from going overboard.
MORTGAGES AND BUYER’S PREP DIFFERENT TYPES OF MORTGAGES Getting a mortgage is one thing. Getting a mortgage that best suits your situation is another. Some mortgage have less strings attached but have more strict stipulations, while others may be harder to get, but have more flexibility. It is important to have all the information about mortgages available to you before you decide to move forward in the purchase of a your home. Different types of mortgages can help you find the mortgage that best suits you. INCOME & ASSETS Most loan programs require the lender to verify all of your income sources. Typically you will need to provide pay stubs, your T-4 and copies of your tax returns. Lenders will also want to go through your assets and how much of a down payment you will have when determining your loan approval. CREDIT HISTORY All lenders review a borrower’s credit history to determine the type of credit used, the amount owed, and the borrower’s repayment history..
12
DETERMINE YOUR PRICE RANGE The best place to start when buying a home is to find out how much house you can afford. Your Realtor® can refer you to a mortgage broker who can assist you with determining how much of a down payment you can afford, comfortable monthly payment, and the type of loan that fits your needs best. Serious buyers who are highly motivated should go through the effort of getting pre-approved; not only will this allow you to focus your home search, but it will also position you as a serious buyer in the eyes of sellers when the time comes to make an offer. MAKE A LIST AND PRIORITIZE Imagine your ideal home and location. Now make a list of everything you envisioned, take that list and break it down from high to low priority. Highpriority items are the things you cannot live without in your new home. (Large Bedrooms, Large Closets, High-end appliances, proximity to amenities and schools, etc.). Lower-priority items are those that are an added bonus, but not necessary. (Jettedtub, landscaped yard). TOUR HOMES IN PERSON AND ONLINE Some people look at several homes before finding just the right one. And others find “the one” immediately. Thanks to the internet, you can streamline your search process significantly by checking out homes for sale online. You can visit open houses and preview everything that’s for sale in your market on one of our websites.
13
INSPECTIONS & OFFER THE INSPECTION PROCESS Hiring an experienced home inspector will help you discover it’s true condition and help you discover what may lie behind closed doors that you can not see. We have a group of trusted inspectors who can assist you in making sure your potential purchase is a safe one. Some of the things home inspectors investigate are:
> > > > > > > >
Structural (Cracks in walls, concrete floor or foundation) Electrical (Over-wiring, over-lamping, or lights flickering) Interior (Poorly maintained/falling apart, mold issues) Exterior (Grade sloping, eavesthrough, siding/stucco) Roof (Damaged or worn shingles, water penetration) Heating (Poor ventilation/circulation or older furnace) Plumbing (Drippy faucets, runny toilets, leaky pipes) Insulation (Heat loss, poorly blown attic insulation)
The inspection is vitally important if you want to learn about your new home and determine its condition. Being an informed buyer means you should always be aware of the potential pitfalls of the buying process and understand what to expect throughout the process. Home inspections can give you details of the home that help you make an informed decision.
14
MAKING AN OFFER This is where the rubber meets the road — and where your Realtor® earns his or her stripes. After weeks or months of planning, preparing and searching, you’ve finally found a home on which you’re ready to make an offer. It’s an exciting time, to be sure, but also one where emotions can easily come into play, particularly if you’ve found a home you love and really want. Your Realtor® will help you keep your emotions in check, balancing against the realities of the market. Think of it as a game of poker — you don’t want to be so excited that you tip your hand to the seller. Nor do you want to be too conservative and bid so low that you lose out. If you’ve done your research, received mortgage pre-approval, and looked at a good selection of houses with your Realtor®, you’re going to feel well prepared and in control. Sure, you may really love this one house and desperately want it, but you should also remember that there are likely others out there just like it or better. And if that voice of reason doesn’t pop into your head at negotiation time, your Realtor® will help caution you against getting carried away. Of course, the interest and potential competition for a property depends on market conditions. If it’s a buyer’s market,
you hold the cards and you’ll be confident in knowing there are other options out there. If, however, it’s a seller’s market, acting fast to make an offer that you can afford and is acceptable to the seller is a combination of instinct, preparation, and the experience of your Realtor®. 15
CHECKLIST 2 WEEKS BEFORE YOUR MOVE Notify these professional services of your move. These services include: Accountant Attorney Doctor Dentist Financial Planner Health Insurance Provider Insurance Agent Schools Notify other services/accounts of your move. Examples of these may be auto companies, credit card companies, banks, health club memberships, subscription services (e.g. magazines, newspapers), etc. 1 WEEK BEFORE YOUR MOVE Review your moving plans with your moving consultant. Figure out budget to accommodate moving. Pay for move and print two copies of your moving bill. Notify friends and family of your new address and phone number with a free Moving Notice. Pack an essentials box to keep with you during the move. Drain gas and oil from lawn equipment, gas grills heaters, etc. Drain water hoses and waterbeds. Empty and defrost refrigerator at least 24 hours before the move. MOVING DAY Place carpet, floor and door frame protectors throughout your home. Load goods in a pre-designated order, saving “last load” items for the rear of your shipment. Check every room and closet one last time to make sure nothing is left behind. Plan first night’s dinner (pizza always works). Leave a note with your new address so that future residents can forward stray mail. 16
BUYING TIP AVOIDING BIDDING WARS Several factors are at play come offer time: price, which speaks for itself; inclusions, which cover exactly what is included in the deal, such as appliances; and other conditions such as closing date. You want the best combination of those items that suit you, as does the seller.
17
THANK YOU FOR THE OPPORTUNITY Real estate can be complicated... We make it real simple.
Rosselle Realty Services, Inc.
Cell: 202.369.5183 Office: 301.570.9300
17810 Meeting House Rd #325 Sandy Spring, MD 20860 www.dcmarylandrealestate.com