Rachael Wilson
Broker - ABR, CDPE, CRS, CNE, e-PRO
Buyer ’s Guide
Whatcom County 360.739.5600 - Keith Cell 360.201.9994 - Kara Cell 360.319.2234 - Rachael Cell Prepared by
Rachael Wilson
Outline: • Home Buying Process • Financing • House Hunting • Home Inspections • Disclosures & Negotiations • Market Statistics • Home Buying Strategy • Realtor/Client Relationship • An Ounce of Prevention • Availability • Client Information • Forms
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Rachael Wilson
Home Buying Process START Initial Interview Get Pre-Approved Show Property Write Offer
Negotiate Offer
Contract Approved
Earnest Money
Mortgage Company
Credit Report
Negotiate Work Orders
Appraisal
Verifications
Work Completed
Under Writing
Re-Inspect
Loan Approval
Inspection
Title Company Sign Documents Closing Possession
STOP Prepared by
Rachael Wilson
Title Search
Financing
A buyer who has made application with a lender and whose income and credit report have been verified can become a pre-approved buyer. A pre-qualified buyer has given verbal, undocumented information to a lender. A pre-approved buyer has a distinct advantage over a pre-qualified buyer. Sellers will negotiate with and compromise more for a pre-approved buyer. Because you are pre-approved, you become a “cash� buyer in the eyes of the seller.
Up-Front Costs Lender: Appraisal, Title & Credit Report
$500-600
Real-Estate Agent Retainer
$250-500
Earnest Money
$500-10,000
Home Inspector
$350-500
Here are the Names of Three Loan Officers I Highly Recommend:
Mike Gish
The Bank of the Pacific
Pennie Whitish Banner Bank
Anny Havland
Neighborhood Mortgage
913 Lakeway Drive Suite 201
2122 Barkley Boulevard
Office: 360.756.2758
432 W Bakerview Rd. Suite 101
Office: 360.752.8253
Office: 360.671.8044 Prepared by
Rachael Wilson
Financing
Items Needed for Loan Application
Employment
• Addresses for two full years • Gross monthly income • W-2’s, if applicable • Proof of pensions, retirement, disability or Social Security • Proof of income from rentals, investments, etc. • Proof of child support or alimony paid/received • Year to date pay stub • If Self-Employed: • Two years 1040 Tax Returns • Current Year profit & loss statement
CREDITORS
• Each creditor’s name, address, type of account & address • Account numbers • Monthly payments & approximate balances • Amount of child care expenses
BANKING
• Names and addresses of saving institutions • Account numbers for all accounts • Type of accounts and present balances
MISCELLANEOUS
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Rachael Wilson
• List of assets in stocks, bonds & land • Life Insurance Cash Value (documented if used as cash down payment) • If applicant is selling a home, a copy of sales contract(s) • Social security numbers for all parties • Veterans- Certificate of Eligibility & DD-214 • Cash or check to pay for application fee
House Hunting As a member of the Multiple Listing Service, I can show you any property. If you see an ad in the paper or a sign in a yard, call me to find out the information. If you want to see it, I will show it to you. Most times a homeowner will work with an agent even though the home is not listed if the agent introduces the buyer to the property. Should you see a For Sale By Owner sign or ad, give me the phone number and address and let me make the first contact with the owner to get information and to set the appointment.
The internet is a powerful way to keep up to date on current homes for sale as well as new listings. I continuously use the internet to look for your new home and recommend that you do as well, if you have the opportunity. If you see a home on the internet that interests you or you have questions about, contact me. I can gather all the neccessary information and set up a showing.
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Disclosures & Negotiations Home Inspection I cannot stress enough the importance of having an inspection... Even on a brand new home. While there may not appear to be any major problems with the home, having an inspection will give you the assurance that the house is sound and will save you from costly surprises in the future. Plan to attend the inspection to ask questions and to learn as much as you can about your new home.
I recommend the following building inspectors. They are all members of the American Society of Home Inspectors and issue a written report to you upon finalized inspection (including pest inspection). Their inspections range between $350 and $450.
Pillar to Post – Jefferson Livingston 360.392.8731 Inside N Out Inspection Services Dennis Flaherty 360.393.0274
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Home Buying Strategy Shared Expectations AGENT
CLIENT
Preliminary Market Report MLS Daily Search Fax/Email Matches Agent Network Give you hours/days to reach Arrange Showings Check on FSBO’s you ask about Review agent flyers Research “Solds” Research tax records Draft & Negotiate P&SA Review Inspection Report Negotiate work orders P&SA to lender Appraiser access Manage work order completion Review closing documents
Drive neighborhoods Attend open houses Review info – drive by ASAP Network with friends Give me your hours/days to reach Have checkbook with you Suggest FSBO’s Review newspaper/internet Consider the facts Review research Have authority to sign Attend inspection Review bids & promptly respond Promptly sign lender’s documents Promptly provide info requested Inspect work orders Accessible to sign
LOCATE RESEARCH NEGOTIATE CLOSE
RETRIEVE REVIEW RESPOND
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Rachael Wilson
Client Authorization I earn my living selling real estate. I receive no wage or salary. I am paid a commission by the seller at the time your home closes. All expenses are paid solely by me in advance. The commission reimburses me for my time and expenses. My business philosophy is:
To provide you, my clients, with friendly, knowledgeable, comfortable service. While you are looking for a home, my time is yours. I strive to provide a level of service that will make you proud to say “Rachael is my Realtor.”
In return, I ask you to agree to the following:
• To work with me as your Realtor
• To contact me about information on any property that you see or that is brought to your attention, including “for sale by owners” and “builder direct” properties
• If you visit open houses, tell the host you are working with me
• If any agent offers information on homes that may be of interest to you, please ask them to pass the information on to me
• Do not negotiate without my prescence
• Speak with me the moment a concern arises. Let me answer your questions
• The highest compliment you can give me is to recommend my services to your family, friends and associates
THANK YOU AHEAD OF TIME FOR ALLOWING ME TO HELP YOU WITH THE PURCHASE OF YOUR NEW HOME
Initials: ___________________________
___________________________
Date:
___________________________
___________________________
Rachael Wilson REALTOR 360.319.2234
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Rachael Wilson
About Us
Rachael Wilson Rachael Wilson, a long time Bellingham resident, has etched out a prosperous and rewarding career as a Realtor, working on both a residential and commercial level with Keith Cook at RE/MAX Whatcom County. Rachael is an active, full time agent working with a strong background in customer service & construction. As well as a Wife and Mom, of a very loving and devoted family. The support she receives from her family is key to her accomplishments in real estate. At an early age she was given insight into this field from her father who is an experienced Custom Home Builder as well as a Property Investor. She learned that quality houses are more than just a commodity to be bought and sold--they are homes--havens for families to grow and thrive in. Recognizing this, Rachael strives to understand the specific needs of her clientele. She takes their vision and finds it in reality. Initially Rachael worked as a Buyer’s Agent which allowed her to further hone her skills as a Realtor. She was a part of a knowledgeable team and was given the opportunity to draw from a reservoir of over thirty years of experience. Rachael contributed greatly to this dynamic and was able to build a wealth of knowledge that could take years to obtain in your own business. In an effort to continue with the growth of her business she has teamed up as a Buyer’s Agent with Keith Cook and his amazing office staff. Believing that in order to provide top notch service she must continually educate herself, her education is very important to the development of her expertise and proficiency that she strives to provide her clients. Rachael has completed courses as a Certified Negotiation Expert (CNE), Internet Professional (E-PRO), Accredited Buyer’s Representative (ABR), Certified Distressed Property Expert (CDPE), and is currently completing courses as a Certified Residential Specialist (CRS). Being well accomplished in her field has opened many doors for Rachael. One of which she is glad to have walked through are those of RE/MAX’s front office. She is here to provide excellent service to our community, strengthening it every day by helping individuals and families find their place to call home as she has found hers. Whether you’re in the market to buy or sell, give Rachael and Keith an opportunity to show you what they can do for your future.
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Rachael’s Resume Real Estate Experience
Licensed Real Estate Broker ABR - Accredited Buyer Representative CRS - Certified Residential Specialist CDPE - Certified Distress Property Expert CNE - Certified Negotiation Expert e-PRO Expertise Includes: Single Family * Multi-Family * Condominiums * Vacant Land * Acreage RE/MAX Pacesetter of the Year – 2008 RE/MAX International Executive – 2008 – 2011 Real Estate Education Accredited Buyers Representative – Washington Association of Realtors Short Sales & Foreclosure – Washington REALTORS Education Current Issues in Residential Real Estate – Mykut Real Estate School/Appraisal School of Washington CDPE Certification – Distressed Property Institute Realist: Tax Data – NWMLS Real Estate School The Power of Analysis – Washington Real Estate Commission Comparative Market Analysis – NWMLS Real Estate School Prospect Management – NWMLS Real Estate School ABR Certification – Real Estate Buyer’s Agent Council Advanced 1032 Exchange Strategies – Washington REALTORS FHA Essentials – Wells Fargo Escrow E-Pro Certification – Washington REALTORS Certified Negotiation Expert (CNE) Designation – Negotiation Expertise, LLC Listing Input Authorization – Northwest Multiple Listing Service (MLS) HAFA – Short Sales – Washington Realtors
CRS 210: Building an Exceptional Customer Service Referral Business – Council of Residential Specialists (CRS) How Old is This House? Problems With Older and Newer Homes – Pillar to Post Continuing Education Program of Washington The Short Sale Transaction – First American Title School of Real Estate Current Issues in Washington Real Estate – Washington REALTORS Education Short Sale Mastery and Production – Funder’s Choice Statewide Forms Update – Washington REALTORS Education TechVantage: Stop Buying and Start Using Technology – Coaching Institute: Continuing Education in Real Estate Current Issues in Washington Real Estate – Washington REALTORS Education The New Negotiation Edge, A 5-Step Behavioral Strategy – Washington State CRS School Forms Updating – Northwest Multiple Listing Service (MLS) Code of Ethics – Washington REALTORS Education CRS 202: Effective Buyer Sales Strategies – Council of Residential Specialists (CRS) Real Estate Practices – David Hutton Real Estate School Forms Revision Course – Northwest Multiple Listing Service (MLS)
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Rachael Wilson
Rachael’s Education • Short Sales & Foreclosure - Washington REALTORS Education - July 9, 2009 • Current Issues in Residential Real Estate - Mykut Real Estate School/Appraisal School of Washington - June 10, 2009 • CDPE Certification - Distressed Property Institute - April 16, 2009 • Realist: Tax Data - NWMLS Real Estate School - April 13, 2009 • The Power of Analysis - Washington Real Estate Commision - April 2, 2009 • Comparative Market Analysis - NWMLS Real Estate School - March 18, 2009 • Prospect Management - NWMLS Real Estate School March 3, 2009
• How Old Is This House? Problems With Older and Newer Homes - Pillar to Post Continuing Education Program of Washington - May 21, 2008 • The Short Sale Transaction - First American Title School of Real Estate - April 3, 2008 • Current Issues in Washington Real Estate - Washington REALTORS Education February 1, 2008 • Short Sale Mastery and Production - Funder’s Choice January 14, 2008 • Statewide Forms Update - Washington REALTORS Education - October 1, 2007 • TechVantage: Stop Buying and Start Using Technology - Coaching Institute: Continuing Education in Real Estate June 27, 2007
• ABR Certification - Real Estate Buyer’s Agent Council (REBAC) - September 25, 2008
• Current Issues in Washington Real Estate - Washington REALTORS Education August 27, 2007
• Advanced 1031 Exchange Strategies - Washington REALTORS - December 3, 2008
• The New Negotiation Edge, A 5-Step Behavioral Strategy - Washington State CRS School - April 20, 2007
• FHA Essentials - Wells Fargo Escrow November 20, 2008
• Forms Updating - Northwest Multiple Listing Service (MLS) - May 23, 2006
• E-Pro Certification - Washington REALTORS - June 19, 2008
• Code of Ethics - Washington REALTORS Education November 19, 2006
• Certified Negotiation Expert (CNE) Designation - Negotiation Expertise, LLC. September 11, 2008
• CRS 202: Effective Buyer Sales Strategies - Council of Residential Specialists (CRS) October 17, 2006
• Listing Input Authorization - Northwest Multiple Listing Service (MLS) - July 24, 2008
• Real Estate Practices - David Hutton Real Estate School - May 12, 2006
• CRS 210: Building An Exceptional Customer Service Referral Business Council of Residential Specialists (CRS) - May 28, 2008
• Forms Revision Course - Northwest Multiple Listing Service (MLS) May 23, 2006
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Rachael Wilson
About Us RACHAEL’S REFERENCES Frank Goss & Virginia Lange 360.393.4371 Buyers
Anny Havland 360.815.3916 Business Associate
Carolyn Dium 360.714.0510 Buyer
Dennis & Jennifer Coleman 360.739.0701 Sellers
Gretchen & James Anderson 425.736.7777 Buyers/Past Clients
Dr. David Fall 307.689.1939 Investor
Dr. Rob & Jamie Phillips 360.305.8591 Buyers
Bruce Brown 360.927.3234 Investor
Bob & Cheryl Summerer 406.443.0403 Investors
CLIENT FEEDBACK “Great Job, Rachael!! You’re a wonderful agent, we’re lucky to have you.” -Lori “No words or gift can ‘Thank You’ enough for all you’ve done. Whether it be with encouraging words or hug when needed, soft tone or pitbull attitude - you are an awesome gal. So glad I was able to find you. You will be highly recommended to anyone looking for a realtor.” -Judy “I just wanted to tell you how much we appreciate all that you have done and continue to do. We are lucky to have you in our lives.” - Trevor & Steph “Thanks again for all your hard work & dedication, we really appreciate you” - Katy, Elvin & Family “I received my info for my taxes!! Talk about going above and beyond what you need to do! Thank you so much - it really helped.” - Judy “Thank you for all your hard work and dedication. We are really loving our new home. You really did find us everything we wanted in our first home. We look forward to working with you again in the future and will be more than happy to refer you to others.” -Loren & Erica “Thanks for being such an awesome Real Estate Agent. It’s been a pleasure working with you[...] You’ve gone above and beyond.” -Justin, Lorainne & Kaitlynne “Thank you for all the time you spent on us - You really did a great job and we totally appreciate all your efforts.” -Carol & Jim “We appreciate all the time and energy spent on our search for a home. There is no way we could thank you enough.” -The Zoltons “You listened and responded, not just in words, but also in timely action[...] This was very unnerving for our family and you eased our experience into a positive one.” -Chet & Michelle Lilly “You are responsive, honest and have a great sense of humor! Thank you again - we LOVE our home!” -Denovellis & Kennedy Prepared by
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About Us KEITH COOK
Well… I grew up in Bellingham. Graduate of Silver Beach Elementary, Shuksan Middle School and Bellingham High School – class of 1986. During my school years I worked for a Property Management Company and a variety of restaurants in the Seattle and Bellingham areas. I joined the US Army in 1986 with the intent to check out the world and get some money for college. The summer after I graduated, I was off to basic training… Fort Bliss - El Paso, Texas... it was 113 degrees the first day I arrived. Wow, I really don’t miss that place. After Advanced Individual Training, I was stationed at Ramstein Air Force Base, West Germany. My job classification was 16-H, Air Defense Artillery –Operations and Intelligence Assistant. Call me crazy… I really enjoyed the Army. Living in Germany was an awesome experience. It was a completely care free time of my life and the military structure was great. Back then the Army offered a two year enlistment and if you didn’t re-enlist , they let you out three months early. So after receiving my Honorable Discharge from the Army at the ripe old age of 20, I was headed for a pitstop back home. Which was now in Brier, WA, as my parents moved from Bellingham while I was in the service. My Grandfather landed me a job working in a fish cannery in Port Graham, Alaska. Port Graham is a beautiful small town (population 200), very friendly people - located on the tip of the Kenai peninsula. Port Graham can only be accessed by boat or small plane from Homer, AK. For salmon season, I was hired on as a deck hand on a 32 foot local Native fishing boat, the Tianna Lynn. What a summer - I worked with a great crew, saw a lot more than I expected and saved some more money. Alaska is incredible. Later in life, I went on to work on a few other fishing boats - the Northern Glacier in the Bearing Sea, the Mary Jo, in Bristol Bay, and the Nancy Anne, out of Bellingham. So there I was, 20 years old… Retired Military... Commercial Alaskan Fisherman... Freshman at Shoreline Community College... and that’s when I met my wife, Kara. We worked together at an Italian/Mexican/American restaurant – What a menu, a little something for everyone! We were looking for career changes so Kara went into banking and I got into construction. At 23 we were married and bought our first house - in Bellingham, a little one bedroom on St. Paul Street for $42,000. We did okay with it… sold it 9 months and a coat of paint later for $57,000…We were hooked! We have moved several times since then and seem to enjoy change. Life completely changed a few years ago with the birth of our son Leo. We definitely enjoy parenting and family time. He is a full-time job and Kara takes care of him beautifully. Wow – how life changes. While not at work I enjoy playing, woodworking, yard work, travel, camping, quading and skiing. Real Estate seemed interesting to me so I decided to get my Real Estate license in 1991. I received my Brokers License in 1994, and joined RE/MAX in Bellingham in 1996. As far as real estate success goes...I have been very lucky. I have been a consistent top producer in Whatcom County and definitely enjoy my profession. I worked with RE/MAX in Seattle before joining the RE/MAX Whatcom County – Bellingham office in 1996. During this time, I have repeatedly been the #1 Real Estate Agent for my office based on production & sales volume. RE/MAX is head and shoulders above the competition and is the #1 Real Estate Company in the World. Nobody out-sells RE/MAX. As a RE/MAX real estate agent, I have access to a wide variety of resources to assist you in your home buying or selling process. I can help provide you with information on homes, land, acreage, condos, commercial, development, business opportunities, listings, sold comparables, rentals, leases, options to purchase or just about anything else real estate related. Real Estate has been a very rewarding profession. No two sales are ever the same, every Buyer’s and every Seller’s needs are different. You learn from each and every one. The contracts are similar, the details are not... different Buyers, Sellers, locations, circumstances, backgrounds, understandings, culture, motivation, expectations, history, lenders, attorneys, inspectors, families, advisors, and realtors. Why not put my 17+ years of experience to work for you… You will be FULLY REPRESENTED by a proven Real Estate Expert. As a real estate professional, I enjoy just about every aspect of helping buyers and sellers with their real estate needs. It is my goal to provide excellent Real Estate advice and customer service, which is why I work with a team that consists of a full-time Buyer’s Agent, a full-time Office Administrator/Marketing Director, and a Listing Specialist.
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Rachael Wilson
Keith Cook Real Estate Experience
Managing Broker ABR CDPE CRS FSP SRES
Accredited Buyer Representative Certified Distress Property Expert Certified Residential Specialist Five Star Professional Senior Real Estate Specialist
Twenty+ years full time Real Estate experience Greater Puget Sound Area Expertise Includes: Single Family * Multi- Family * Condominiums * Commercial * Lots * Acreage Seller, Lender and Creative Financing * Real Estate Options * Deeds of Trust Title Insurance * Escrow * Property Management RE/MAX International, Presidents Club – 1993 – 1994, 1997 – 2011 The Roanoke Group - Seattle, WA, Salesman of the Year – 1995 – 1996 RE/MAX International, Executive – 1997 – 2011 RE/MAX International, 100% - 1998 – 2011 RE/MAX International, Platinum – 2002 – 2011 RE/MAX Whatcom County, Top-Producing Broker – 1995 – 2011 RE/MAX International, Hall of Fame RE/MAX International, Lifetime Achievement
Real Estate Education REO A-Z – Five Star Institute Short Sales A-Z – Five Star Institute Mortgage Underwriting – Real Estate Resource Group Comparative Market Analysis – NWMLS Short Sales Mastery – Funders Choice Current Issues in Commercial Real Estate – CBA Problems with Older and Newer Homes – Pillar to Post Realist Tax Data - NWMLS Real Estate Broker Management - WA Association of Realtors Commercial Real Estate - CCIM Property Management - WA Association of Realtors Real Estate Law - Washington Association of Realtors Real Estate Essentials - Shoreline Community College License Law – C/21 Real Estate Center Fair Housing Update – C/21 Real Estate Center Cooperation & Compensation Agency Law - NWMLS Residential Quickstart - W. C. Association of Realtors Fundamentals of Real Estate Finance,Continental Mortgage Co Title Insurance - Chicago Title Insurance Escrow Essentials - Chicago Title Insurance Commercial Real Estate - CCIM Statewide Listing Agreement - NWMLS The Agency Reform Act of 1996 -WA Association of Realtors Broker Relationships: Rights & Responsibilities -WAR IRC 1031 Exchanging - Old Republic Exchange Facilitator Co Federal & State Taxation - Washington Association of Realtors Short Sale Transaction - First American Title and Escrow Code of Ethics - Washington Association of Realtors Best of Legal Hotline - Washington Association of Realtors
1998 Revisions to Forms - Washington Association of Realtors Home Inspections - Premier Real Estate School 1031 Exchanging - Old Republic Exchange Facilitator Co. Home Inspection, First Choice - Premier Real Estate School Financing, Country Wide Home Loans - Premier RE School Buyer & Seller Agency – W. C. Association of Realtors Federal Lead Base Paint – W. C. Association of Realtors Today’s Tax Laws – Washington Association of Realtors High Tech Tools – Washington Association of Realtors 1031 Advanced – Old Republic Exchange Facilitator Company Business Development – Council of Residential Specialists New Home Sales – Council of Residential Specialists Water Rights – Island Title Company Trends in Real Estate Agency – WA Association of Realtors Legal Issues Update – Washington Association of Realtors NWMLS Forms Basics – Washington Association of Realtors Title Insurance – David Hutton Real Estate School 2005 Best of the Legal Hotline – WA Association of Realtors CORE Curriculum, Current Issues in Washington Residential Real Estate – Mykut Real Estate School Drinking Water, Sewage and Development – WSU Advertising Photography for Real Estate - Huckaby, BTC Statewide Forms Update - Washington Association of Realtors Comparative Market Analysis-NWMLS FHA Essentials –WA Association of Realtors Advanced Exchange Strategies-WA Association of Realtors Short Sale Mastery & Production-WA Association of Realtors FHA Essentials-Wells Fargo Exchange Agent-Starker Services
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Keith’s References
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David Bernstein 4973 Cottonwood Ct #3 Blaine, WA 98230 (360) 739-4748
Chris & Judy Dunn 1104 Winterstorm Dr Henderson, NV 89052 (702) 614-5334
Winston & Kelly Renoud 9132 Wigeon Court Blaine, WA 98230 (360) 371-9980
Barbara Bernstein 11202 204th Ave NE Redmond, WA 98053 (425) 868-8184
Lynn & Mike Giulani 7142 Bartlett Lane Lynden, WA 98264 (360) 733-6557
Keijo & Sirpa Halmekangas 405 E Holly Street Bellingham, WA 98225 (360) 455-3020
Mike & Judy Davis 5529 Maple Way Blaine, WA 98230 (360) 371-0175
Pat Griffin 4256 Van Horn Lane Bellingham, WA 98226 (360) 671-5152
Rich Davis/Kathy Kraynak 414 Fieldston Road Bellingham, WA 98229 (360) 676-8321
Rachael Wilson
About Us
BuyerMax.com is your real estate connection to the entire Whatcom County community. We hope you’ll find everything you need to make your next Whatcom County real estate transaction a rewarding experience. As successful and experienced professionals in our community, we are dedicated to providing the best services available. Our goal is to help our clients reach their property buying or selling objectives, and we go the extra mile to make this happen. We keep up to date on current northwest Washington (Bellingham, Lynden, Birch Bay, Blaine, and others) real estate property values by continually researching the market. We also utilize our marketing techniques to provide optimum exposure of your property and the property of others.
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Rachael Wilson
Keith’s Education • CDPE Certification - Distressed Property Institute • Accredited Buyers Representative WA Association of Realtors • Council of Residential Specialists - NAR Seniors Real Estate Specialist - WA Association of Realtors • Real Estate Broker Management - WA Association of Realtors • Commercial Real Estate - CCIM • Property Management - WA Association of Realtors • Real Estate Law - WA Association of Realtors • Real Estate Essentials - Shoreline Community College • License Law – C/21 Real Estate Center • Fair Housing Update – C/21 Real Estate Center • Financing Homes in the 90’s – C/21 Real Estate Center • Cooperation & Compensation Agency Law NWMLS • Residential Quickstart - W. C. Association of Realtors • Fundamentals of Real Estate Finance - Continental Mortgage Co • Title Insurance - Chicago Title Insurance • Escrow Essentials - Chicago Title Insurance • Commercial Real Estate - CCIM • Statewide Listing Agreement - NWMLS • The Agency Reform Act of 1996 -WA Association of Realtors • Broker Relationships: Rights & Responsibilities -WA Association of Realtors • IRC 1031 Exchanging - Old Republic Exchange Facilitator Co • Federal & State Taxation - WA Association of Realtors • Short Sale Transaction - First American Title and Escrow • Code of Ethics - WA Association of Realtors • Best of Legal Hotline - WA Association of Realtors • 1998 Revisions to Forms - WA Association of Realtors
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• Home Inspections - Premier Real Estate School • 1031 Exchanging - Old Republic Exchange Facilitator Co. • Home Inspection, First Choice - Premier Real Estate School • Financing, Country Wide Home Loans - Premier Real Estate School • Buyer & Seller Agency – W. C. Association of Realtors • Federal Lead Base Paint – W. C. Association of Realtors • Today’s Tax Laws – WA Association of Realtors • High Tech Tools – WA Association of Realtors • 1031 Advanced – Old Republic Exchange Facilitator Company • Business Development – Council of Residential Specialists • New Home Sales – Council of Residential Specialists • Water Rights – Island Title Company • Trends in Real Estate Agency – WA Association of Realtors • Legal Issues Update – WA Association of Realtors • NWMLS Forms Basics – WA Association of Realtors • Title Insurance – David Hutton Real Estate School • 2005 Best of the Legal Hotline – WA Association of Realtors • CORE Curriculum, Current Issues in Washington Residential Real Estate – Mykut Real Estate School • Drinking Water, Sewage and Development – WSU • Advertising Photography for Real Estate - Huckaby, BTC • Statewide Forms Update - WA Association of Realtors • Comparative Market Analysis - NWMLS • FHA Essentials –WA Association of Realtors • Advanced Exchange Strategies - WA Association of Realtors • Short Sale Mastery & Production - WA Association of Realtors • FHA Essentials - Wells Fargo • Exchange Agent - Starker Services
Utilities To Contact Your escrow agent will prorate any utility bills on your new property. However, it is always wise to contact these utilities to make sure they have your name on file for any future billings after you move in. Sellers do not take kindly to receiving bills after they have moved! And, you do not want to have service inexplicably cut off when you least expect it. Here are the utility companies to contact when you move to Whatcom County. For Electric Service- Puget Sound Energy – 1-888-225-5773 (if inside Washington State) 1-425-452-1234 (if outside Washington State) If you need to locate underground lines before you dig, call 1-800-424-5555
For Garbage Service- Blaine- Bay Refuse, Inc. – 1-360-332-5443
For Natural Gas Service--
Check the local phone directory for service from different dealers
For Telephone Service, you have several to choose from, including--
Cascade Natural Gas – 360-733-5980 (after 5PM, 1-800-553-4344) If you need to locate underground lines before you dig, call 1-800-553-4344
For Propane Gas Service--
Nooksack Valley Disposal, Inc. (Lynden) – 360-354-3400 Recycling & Disposal Services (Ferndale) – 360-384-8011 Sanitary Service Company (Bellingham) – 360-734-3490 (elsewhere in country) 360-398-2025
Qwest Residential 1-800-244-1111 (for business service, call 1-800-603-6000) Verizon Residential 1-800-483-4100 (for business service, call 1-800-483-5100) Check the Yellow Pages of the local phone directory for cable TV services, high speed cable and internet lines, and the like.
For Water and Sewer Service, contact the city in which you will be living
Bellingham 360-676-6900 Blaine 360-332-8311 Ferndale 360-384-4302 Lynden 360-354-2829
If you are purchasing a condo, it is possible that your Homeowner Dues will cover some or all of these services. If you are purchasing a lot of acreage on which there is not yet a home, other services may need to be contacted, such as a septic installer and/or a well driller. Please ask for this information and I’ll be happy to supply the contact names/numbers you need. Prepared by
Rachael Wilson
Useful Phone Numbers & Information RE/MAX Whatcom County Information Front Desk 360-647-1313 Front Desk (Toll Free) 800-723-1313 Fax: 360-671-8022 Office Address: 913 Lakeway Drive Bellingham, WA 98229 Emergency Information Police & Fire Emergencies Posion Center
911 800-222-1222
Local Telephone Services Comcast Qwest Verizon
877-824-2288 800-244-1111 800-483-4100
Cable Television Comcast
877-824-2288
High Speed Internet Comcast Qwest AT&T
800-266-2278 800-996-2516 800-967-5363
Utilities Puget Sound Energy Cascade Natural Gas
888-255-5773 360-733-5980
Government DSHS 360-714-4000 Unemployment Security 800-318-6022 Social Security 800-772-1213
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School Information Whatcom Community College 360-676-2170 www.whatcom.ctc.edu Western Washington University 360-650-3000 www.wwu.edu Bellingham Tech 360-752-7000 www.btc.ctc.edu Bellingham School District 360-676-6400 Local Border Crossings Blaine I-5 360-332-8511 Blaine Pacific Highway 360-332-7237 Lynden 360-354-2183 Sumas 360-988-2971 www.wsdot.wa.gov/traffic/border Miscellaneous Information Bus Information 360-676-RIDE www.ridewta.com Amtrak 800-USA-RAIL www.amtrakcascades.com Voter Registration 360-676-6742 Bellingham Herald 360-676-2600 Animal Control 360-733-2080 Auto Plates & Tabs 360-676-6740 Bellingham Library 360-778-7323 WalMart 360-647-1400 Costco 360-685-0420
the
LAW of REAL ESTATE AGENCY
This pamphlet describes your legal rights in dealing with a real estate broker or salesperson. Please read it carefully before signing any documents.
THE FOLLOWING IS ONLY A BRIEF SUMMARY OF THE ATTACHED LAW Section 1. Definitions. Defines the specific terms used in the law. Section 2. Relationships between Licensees and the Public. States that a
licensee who works with a buyer or tenant represents that buyer or tenant — unless the licensee is the listing agent, a seller’s subagent, a dual agent, the seller personally or the parties agree otherwise. Also states that in a transaction involving two different licensees affiliated with the same broker, the broker is a dual agent and each licensee solely represents his or her client — unless the parties agree in writing that both licensees are dual agents.
Section 3. Duties of a Licensee Generally. Prescribes the duties that are owed
by all licensees, regardless of who the licensee represents. Requires disclosure of the licensee’s agency relationship in a specific transaction.
Section 4. Duties of a Seller’s Agent. Prescribes the additional duties of a licensee representing the seller or landlord only.
Section 5. Duties of a Buyer’s Agent. Prescribes the additional duties of a licensee representing the buyer or tenant only.
Section 6. Duties of a Dual Agent. Prescribes the additional duties of a
licensee representing both parties in the same transaction, and requires the written consent of both parties to the licensee acting as a dual agent.
Section 7. Duration of Agency Relationship. Describes when an agency
relationship begins and ends. Provides that the duties of accounting and confidentiality continue after the termination of an agency relationship.
Section 8. Compensation. Allows brokers to share compensation with cooperating brokers. States that payment of compensation does not necessarily establish an agency relationship. Allows brokers to receive compensation from more than one party in a transaction with the parties’ consent.
Section 9. Vicarious Liability. Eliminates the common law liability of a party
for the conduct of the party’s agent or subagent, unless the agent or subagent is insolvent. Also limits the liability of a broker for the conduct of a subagent associated with a different broker.
Section 10. Imputed Knowledge and Notice. Eliminates the common law
rule that notice to or knowledge of an agent constitutes notice to or knowledge of the principal.
Section 11. Interpretation. This law replaces the fiduciary duties owed by an
agent to a principal under the common law, to the extent that it conflicts with the common law. Prepared by
Rachael Wilson
SECTION 1 DEFINITIONS.
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) “Agency relationship” means the agency relationship created under this chapter or by written agreement between a licensee and a buyer and/or seller relating to the performance of real estate brokerage services by the licensee. (2) “Agent” means a licensee who has entered into an agency relationship with a buyer or seller. (3) “Business opportunity” means and includes a business, business opportunity, and goodwill of an existing business, or any one or combination thereof. (4) “Buyer” means an actual or prospective purchaser in a real estate transaction, or an actual or prospective tenant in a real estate rental or lease transaction, as applicable. (5) “Buyer’s agent” means a licensee who has entered into an agency relationship with only the buyer in a real estate transaction, and includes subagents engaged by a buyer’s agent. (6) “Confidential information” means information from or concerning a principal of a licensee that: (a) Was acquired by the licensee during the course of an agency relationship with the principal; (b) The principal reasonably expects to be kept confidential; (c) The principal has not disclosed or authorized to be disclosed to third parties; (d) Would, if disclosed, operate to the detriment of the principal; and (e) The principal personally would not be obligated to disclose to the other party. (7) “Dual agent” means a licensee who has entered into an agency relationship with both the buyer and seller in the same transaction. (8) “Licensee” means a real estate broker, associate real estate broker, or real estate salesperson, as those
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terms are defined in chapter 18.85 RCW. (9) “Material fact” means information that substantially adversely affects the value of the property or a party’s ability to perform its obligations in a real estate transaction, or operates to materially impair or defeat the purpose of the transaction. The fact or suspicion that the property, or any neighboring property, is or was the site of a murder, suicide or other death, rape or other sex crime, assault or other violent crime, robbery or burglary, illegal drug activity, gangrelated activity, political or religious activity, or other act, occurrence, or use not adversely affecting the physical condition of or title to the property is not a material fact. (10) “Principal” means a buyer or a seller who has entered into an agency relationship with a licensee. (11) “Real estate brokerage services” means the rendering of services for which a real estate license is required under chapter 18.85 RCW. (12) “Real estate transaction” or “transaction” means an actual or prospective transaction involving a purchase, sale, option, or exchange of any interest in real property or a business opportunity, or a lease or rental of real property. For purposes of this chapter, a prospective transaction does not exist until a written offer has been signed by at least one of the parties. (13) “Seller” means an actual or prospective seller in a real estate transaction, or an actual or prospective landlord in a real estate rental or lease transaction, as applicable. (14) “Seller’s agent” means a licensee who has entered into an agency relationship with only the seller in a real estate transaction, and includes subagents engaged by a seller’s agent. (15) “Subagent” means a licensee who is engaged to act on behalf of a principal by the principal’s agent where the principal has authorized the agent in writing to appoint subagents.
SECTION 2 RELATIONSHIPS BETWEEN LICENSEES AND THE PUBLIC.
(1) A licensee who performs real estate brokerage services for a buyer is a buyer’s agent unless the: (a) Licensee has entered into a written agency agreement with the seller, in which case the licensee is a seller’s agent; (b) Licensee has entered into a subagency agreement with the seller’s agent, in which case the licensee is a seller’s agent; (c) Licensee has entered into a written agency agreement with both parties, in which case the licensee is a dual agent; (d) Licensee is the seller or one of the sellers; or (e) Parties agree otherwise in writing after the licensee has complied with section 3(1)(f) of this act. (2) In a transaction in which different licensees affiliated with the same broker represent different parties, the broker is a dual agent, and must obtain the written consent of both parties as required under section 6 of this act. In such a case, each licensee shall solely represent the party with whom the licensee has an agency relationship, unless all parties agree (3) A licensee may work with a party in separate transactions pursuant to different relationships, including, but not limited to, representing a party in one transaction and at the same time not representing that party in a different transaction involving that party, if the licensee complies with this chapter in establishing the relationships for each transaction.
SECTION 3 DUTIES OF A LICENSEE GENERALLY.
(1) Regardless of whether the licensee is an agent, a licensee owes to all parties to whom the licensee renders real estate brokerage services the following duties, which may not be waived: (a) To exercise reasonable skill and care; (b) To deal honestly and in good faith; (c) To present all written offers, written notices and other written communications to and from either party in a timely manner, regardless of whether the property is subject to an existing contract for sale or the buyer is already a party to an existing contract to purchase; (d) To disclose all existing material facts known by the licensee and not apparent or readily ascertainable to a party; provided that this subsection shall not be construed to imply any duty to investigate matters that the licensee has not agreed to investigate; (e) To account in a timely manner for all money and property received from or on behalf of either party; (f) To provide a pamphlet on the law of real estate agency in the form prescribed in section 13 of this act to all parties to whom the licensee renders real estate brokerage services, before the party signs an agency agreement with the licensee, signs an offer in a real estate transaction handled by the licensee, consents to dual agency, or waives any rights, under section 2(1)(e), 4(1)(e), 5(1)(e), or 6(2)(e) or (f) of this act, whichever occurs earliest; and (g) To disclose in writing to all parties to whom the licensee renders real estate brokerage services, before the party signs an offer in a real estate transaction handled by the licensee, whether the licensee represents the buyer, the seller, both parties, or neither party. The disclosure shall be set forth in a separate paragraph entitled “Agency Disclosure” in the agreement between the buyer and seller or in a separate writing entitled “Agency Disclosure.”
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(2) Unless otherwise agreed, a licensee owes no duty to conduct an independent inspection of the property or to conduct an independent investigation of either party’s financial condition, and owes no duty to independently verify the accuracy or completeness of any statement made by either party or by any source reasonably believed by the licensee to be reliable
broker in competing transactions involving the same buyer does not in and of itself breach the duty of loyalty to the sellers or create a conflict of interest.
SECTION 5 DUTIES OF A BUYER’S AGENT.
(1) Unless additional duties are agreed to in writing
SECTION 4 DUTIES OF A SELLER’S AGENT.
(1) Unless additional duties are agreed to in writing signed by a seller’s agent, the duties of a seller’s agent are limited to those set forth in section 3 of this act and the following, which may not be waived except as expressly set forth in (e) of this subsection: (a) To be loyal to the seller by taking no action that is adverse or detrimental to the seller’s interest in a transaction; (b) To timely disclose to the seller any conflicts of interest; (c) To advise the seller to seek expert advice on matters relating to the transaction that are beyond the agent’s expertise; (d) Not to disclose any confidential information from or about the seller, except under subpoena or court order, even after termination of the agency relationship; and (e) Unless otherwise agreed to in writing after the seller’s agent has complied with section 3(1)(f) of this act, to make a good faith and continuous effort to find a buyer for the property; except that a seller’s agent is not obligated to seek additional offers to purchase the property while the property is subject to an existing contract for sale. (2) (a) The showing of properties not owned by the seller to prospective buyers or the listing of competing properties for sale by a seller’s agent does not in and of itself breach the duty of loyalty to the seller or create a conflict of interest. (b) The representation of more than one seller by different licensees affiliated with the same
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signed by a buyer’s agent, the duties of a buyer’s agent are limited to those set forth in section 3 of this act and the following, which may not be waived except as expressly set forth in (e) of this subsection: (a) To be loyal to the buyer by taking no action that is adverse or detrimental to the buyer’s interest in a transaction; (b) To timely disclose to the buyer any conflicts of interest; (c) To advise the buyer to seek expert advice on matters relating to the transaction that are beyond the agent’s expertise; (d) Not to disclose any confidential information from or about the buyer, except under subpoena or court order, even after termination of the agency relationship; and (e) Unless otherwise agreed to in writing after the buyer’s agent has complied with section 3(1)(f) of this act, to make a good faith and continuous effort to find a property for the buyer; except that a buyer’s agent is not obligated to: (i) seek additional properties to purchase while the buyer is a party to an existing contract to purchase; or (ii) show properties as to which there is no written agreement to pay compensation to the buyer’s agent. (2) (a) The showing of property in which a buyer is interested to other prospective buyers by a buyer’s agent does not in and of itself breach the duty of loyalty to the buyer or create a conflict of interest. (b) The representation of more than one buyer by different licensees affiliated with the same broker in competing transactions involving the same property does not in and of itself breach the duty of loyalty to the buyers or create a conflict of interest.
SECTION 6 DUTIES OF A DUAL AGENT.
(1) Notwithstanding any other provision of this chapter, a licensee may act as a dual agent only with the written consent of both parties to the transaction after the dual agent has complied with section 3(1)(f) of this act, which consent must include a statement of the terms of compensation. (2) Unless additional duties are agreed to in writing signed by a dual agent, the duties of a dual agent are limited to those set forth in section 3 of this act and the following, which may not be waived except as expressly set forth in (e) and (f) of this subsection: (a) To take no action that is adverse or detrimental to either party’s interest in a transaction; (b) To timely disclose to both parties any conflicts of interest; (c) To advise both parties to seek expert advice on matters relating to the transaction that are beyond the dual agent’s expertise; (d) Not to disclose any confidential information from or about either party, except under subpoena or court order, even after termination of the agency relationship; (e) Unless otherwise agreed to in writing after the dual agent has complied with section 3(1)(f) of this act, to make a good faith and continuous effort to find a buyer for the property; except that a dual agent is not obligated to seek additional offers to purchase the property while the property is subject to an existing contract for sale; and (f) Unless otherwise agreed to in writing after the dual agent has complied with section 3(l)(f) of this act, to make a good faith and continuous effort to find a property for the buyer; except that a dual agent is not obligated to: (i) Seek additional properties to purchase while the buyer is a party to an existing contract to purchase; or (ii) show properties as to which there is no written agreement to pay compensation to the dual agent.
(3) (a) The showing of properties not owned by the seller to prospective buyers or the listing of competing properties for sale by a dual agent does not in and of itself constitute action that is adverse or detrimental to the seller or create a conflict of interest. (b) The representation of more than one seller by different licensees affiliated with the same broker in competing transactions involving the same buyer does not in and of itself constitute action that is adverse or detrimental to the sellers or create a conflict of interest. (4)(a) The showing of property in which a buyer is interested to other prospective buyers or the presentation of additional offers to purchase property while the property is subject to a transaction by a dual agent does not in and of itself constitute action that is adverse or detrimental to the buyer or create a conflict of interest. (b) The representation of more than one buyer by different licensees affiliated with the same broker in competing transactions involving the same property does not in and of itself constitute action that is adverse or detrimental to the buyer or create a conflict of interest.
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Rachael Wilson
SECTION 7 DURATION OF AGENCY RELATIONSHIP.
(1) The agency relationships set forth in this chapter commence at the time that the licensee undertakes to provide real estate brokerage services to a principal and continue until the earliest of the following: (a) Completion of performance by the licensee; (b) Expiration of the term agreed upon by the parties; (c) Termination of the relationship by mutual agreement of the parties; or (d) Termination of the relationship by notice from either party to the other. However, such a termination does not affect the contractual rights of either party. (2) Except as otherwise agreed to in writing, a licensee owes no further duty after termination of the agency relationship, other than the duties of: (a) Accounting for all moneys and property received during the relationship; and (b) Not disclosing confidential information.
SECTION 8 COMPENSATION.
(1) In any real estate transaction, the broker’s compensation may be paid by the seller, the buyer, a third party, or by sharing the compensation between brokers. (2) An agreement to pay or payment of compensation does not establish an agency relationship between the party who paid the compensation and the licensee. (3) A seller may agree that a seller’s agent may share with another broker the compensation paid by the seller. (4) A buyer may agree that a buyer’s agent may share with another broker the compensation paid by the buyer. (5) A broker may be compensated by more than one party for real estate brokerage services in a
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real estate transaction, if those parties consent in writing at or before the time of signing an offer in the transaction. (6) A buyer’s agent or dual agent may receive compensation based on the purchase price without breaching any duty to the buyer. (7) Nothing contained in this chapter negates the requirement that an agreement authorizing or employing a licensee to sell or purchase real estate for compensation or a commission be in writing and signed by the seller or buyer.
SECTION 9 VICARIOUS LIABILITY.
(1) A principal is not liable for an act, error, or omission by an agent or subagent of the principal arising out of an agency relationship: (a) Unless the principal participated in or authorized the act, error, or omission; or (b) Except to the extent that: (i) The principal benefited from the act, error, or omission; and (ii) the court determines that it is highly probable that the claimant would be unable to enforce a judgment against the agent or subagent. (2) A licensee is not liable for an act, error, or omission of a subagent under this chapter, unless the licensee participated in or authorized the act, error or omission. This subsection does not limit the liability of a real estate broker for an act, error, or omission by an associate real estate broker or real estate salesperson licensed to that broker.
SECTION 10 IMPUTED KNOWLEDGE AND NOTICE.
(1) Unless otherwise agreed to in writing, a principal does not have knowledge or notice of any facts known by an agent or subagent of the principal that are not actually known by the principal. (2) Unless otherwise agreed to in writing, a licensee does not have knowledge or notice of any facts known by a subagent that are not actually known by the licensee. This subsection does not limit the knowledge imputed to a real estate broker of any facts known by an associate real estate broker or real estate salesperson licensed to such broker.
SECTION 11 INTERPRETATION.
This chapter supersedes only the duties of the parties under the common law, including fiduciary duties of an agent to a principal, to the extent inconsistent with this chapter. The common law continues to apply to the parties in all other respects. This chapter does not affect the duties of a licensee while engaging in the authorized or unauthorized practice of law as determined by the courts of this state. This chapter shall be construed broadly.
Prepared by
Rachael Wilson