Real Estate Professionals
Don Edam
Kelly Carlson
Realtor Marketing Manager Don don@TheDonEdamGroup.com DonEdam Edam don@TheDonEdamGroup.com don@TheDonEdamGroup.com kelly@TheDonEdamGroup.com Realtor www.DonEdam.com Realtor www.DonEdam.com
4318 4318Upton UptonAvenue AvenueS.S. Minneapolis, MN Minneapolis, MN55410 55410
T T(952) (952)486-7584 486-7584 F F(952) (952)400-5633 400-5633
Don Edam MEGA Real Estate Company Realtor
VS.
don@TheDonEdamGroup.com www.DonEdam.com
MYTH: MYTH: The Don Edam Group is too Upton Avenue You’ll 4318 get better serviceS.from a T (952) 486-7584 Minneapolis, MN Company 55410 F (952) 400-5633 small. They can’t possibly do it MEGA Real Estate all alone. You’ll get better with a lot of agents. service from a big company. REALITY: Once you sign up, the Mega Real Estate Company assigns one of their designated agents to you. As a designated agent by law, that agent is the only one representing you and must work solely on the sale of your home.
MEGA Real Estate Company
REALITY: When you choose The Don Edam Group, you not only get the benefit of years of professional experience, but you also get an entire professional team to help you. Together, our team will be with you every step of the way...all the way to closing.
Listing Manager Information Technologist
Designated Single Agent
Results You Can RAVE About!
Closing Manager Buyer Agents
Marketing Manager
THE DON EDAM GROUP Real Estate Professionals About Us: People don’t talk about it a lot. But finding the right real estate agent can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience. Whether buying, selling, or just getting educated in the complex world of real estate, I strive to provide a practical and educational approach. For buyers, I take the time to understand you. I look at your wants and needs. I develop a list of criteria we will use to conduct your home search. I keep you in touch daily with emailed listings of new homes that match your criteria. I walk you through the whole process from conception to close ... and beyond. I do this all for no charge.
Because You Deserve More.....For Less 5% - 3.5% - 2.0% For sellers, you’ll love my innovative commission structure. 5% 3.5% - 2% (for more info, contact me and I’ll go over it in detail). I provide full service...and then some more. You can expect your home to be marketed in a multitude of ways. A strategic campaign including internet, newspaper, and mail advertising will ensure you have maximum exposure to all potential buyers. For those just looking, I can give you everything from a detailed analysis on your home’s market value to a simple explanation of current market conditions. You’ll want an agent who embraces the convenience of technology without losing the personal touch. I have the e-Pro certification that less than 1% of Realtors in the U.S. have obtained. This gives you peace of mind that my technology skills are among the best. You’ll love the resources available on my website and the e-mail alerts that I send, but these will never replace the time I spend with you, serving as your personal guide through this exciting process.
THE DON EDAM GROUP Real Estate Professionals
Why Choose Me? Full Service For Less: At The Don Edam Group - Owner Options Realty, our team knows that every selling situation is as unique as every home. We opened our doors 17 years ago and ever since, our goal has been to help you sell your home in the shortest amount of time for the most money and least inconvenience to you.
You Pay Only 2% - 3.5% - 5% You always get full service with The Don Edam Group - Owner Options Realty. This includes the following: • Listing your home on the Multiple Listing Service • Internet exposure across the Web on owneroptions.com, mplshomes.com and every other brokers website with reciprocity, yahoo and many more! • Installation of a “For Sale” sign with brochure box and virtual tour sign rider • A custom color property brochure • Installation of a digital lock box for maximum security • Brokers Opens – other agents who work this area can stop by and preview your home • Office Tours - agents from our office stop by to preview your home • “Just Listed” cards sent to neighbors and prospective purchasers • Public Open House events – exposing your home to potential buyers • Status reports-weekly • Feedback provided from showings • Classified advertising in the Star Tribune A team of professionals to take care of every detail for you! Our services are personalized and effective. We pride ourselves on superior service as well as results, and we deliver!
THE DON EDAM GROUP Real Estate Professionals
First Time Homebuyers If it’s your first time: Your decision to buy a home is both a sound financial decision and a commendable achievement. As your real estate agent . . . • I will lead you through every step of the exciting home buying process. • I will help you define your “wish list” of features you want in your home, your neighborhood and your school district. • I will walk you through the mind-boggling financial details associated with buying a home, including understanding the various mortgages and home buying programs available to you. • I will monitor all new listings and alert you to new houses as soon as they are put on the market.
I will . . . > Work at no cost to you! > Provide detailed listing information not available to the general public. > Negotiate the deal to save you money. > Guide you through the avalanche of paperwork. > Commit my time and energy to finding you the right home.
• I will eliminate the stress involved with buying a home by putting my years of real estate experience to work for you.
Finding the perfect home is my business. Contact me today!
THE DON EDAM GROUP 77% of all buyers start their search for homes on the Internet. When you list with us, YOUR home will be featured on every major real estate website.
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THE DON EDAM GROUP Real Estate Professionals
Selling One, Buying Another If Selling One, Buying Another In a perfect world, you sell your old home and buy the new one on the same day. Given that things rarely turn out perfectly, here are some things to keep in mind as you negotiate the sale of one house with the purchase of another. Time it right Fall and spring are the best times for homes to move and you want to consider the season of the year when buying and selling. And if the closing dates aren’t going to coincide, a gap – rather than two mortgages – is the better. It’s easier and usually cheaper to find temporary housing than juggle two mortgages. Selling First • Selling your home before buying a new one minimizes financial hazards. Even if you have to find temporary housing, it’s generally cheaper than two mortgages. • Get an appraisal first thing off the bat. That way you’ll have a good idea how the sale of your home will effect your purchasing power on the new one. This will help keep you from over extending your mortgage abilities. • Get pre-approved on a loan for the new home. • Until most of your contingencies have been met, wait to put an offer on a new house. You don’t want to be left holding the bag, or in this case, the house. • If you’re ready to accept an offer on your home, but haven’t found the right new home, negotiate a long escrow or a sale/lease back. This will give you more time to look for the new home. Otherwise, look for temporary housing.
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THE DON EDAM GROUP Real Estate Professionals
Selling One, Buying Another (cont...) Buying First It happens. You’re only thinking of buying, and suddenly the right home shows up. Now you have to sell your old home quickly. Here are some tips on making things work in your favor: • Negotiating a long escrow on this side of the sale works, too. You can also make the purchase contingent on your house selling. This will work better in a slow market, but it’s worth a try in any market. You never know what may also work best for the seller of your new home. • Try and schedule the closing date of your current home prior to the closing on your new home. Temporary housing is generally a better situation than two mortgages. • Take a close look at what price you’re going to ask for your home. Make sure it’s realistic in the current market. • When you get an acceptable offer, check the buyer’s credit history. You don’t want any surprises that are going to delay things. If you’ve closed on the new home, but haven’t sold the old one, consider renting it out, or taking it off the market until the next season (or until the market improves). Same Market or Across Country Generally, if you’re buying and selling in the same market, you can negotiate closing dates to work for you. But when you’re dealing with a cross country move, it’s a lot harder. A real estate professional really comes in handy at this point. Legal documents can be faxed or sent via overnight courier and your focus won’t be stretched to the limit. You may end up renting one home or the other, or have to consider a bridge loan. But with someone local in the market on your side, it will hopefully be less stressful. Show Me the Money Make sure you have a tight hold on, and a clear understanding of, your financial situation. Cash reserves are always helpful, but never more so than during the purchase of a home. Two to three months is the recommended reserve, but if you don’t have it, this is where the bridge loan comes in handy. Some lenders are more inclined to make a loan if it’s for the purchase of a home. If you’re a smart shopper/seller, you’ll accept an offer from someone who’s flexible about move-in dates. It can save you money in the long run. Too many moves with storage costs can quickly eat up any profit you may have made in the transaction.
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THE DON EDAM GROUP Real Estate Professionals
Reasons why homes don’t sell If you have had your home on the market for several months and haven’t seen much activity or any offers, chances are that one or more of the reasons below are to blame. Your price is too high No doubt about it, the most common reason for a home not selling is that the asking price has been set too high. The reasons for setting your price too high to begin with are many. Ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason though, if you’ve priced your home too high, you’ve set yourself up for a number of obstacles to selling your home. Even if you do get an offer for the overly high asking price, the deal may fall apart before closing because the buyer may have problems financing at too high a price. Look at other homes for sale, ones as similar and as close to yours as possible. If they are going for less than you are asking, you may be priced too high. The fact is, your home is competing against those other homes, and what buyers are willing to pay is what will determine final sales prices. The condition of your home There is a lot of competition out there to sell homes. Your home has to compete against other similar homes for sale, as well as competing against shiny brand new homes. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Look at your home with a critical eye – put yourself in the buyers position. A buyer doesn’t want to have to do anything except move in. Your best “bang for the buck” in improving the condition of your home are paint and flooring. Make sure that all of the paint is in great condition, both inside and out. Repainting doesn’t cost too much, and will usually make the biggest impact on buyers. Make sure all of the flooring looks good too. You may want to consider putting in new carpet. Again, it’s not that expensive but it sure does make an impact on buyers coming to look at your home. (continued...)
THE DON EDAM GROUP Real Estate Professionals
Reasons why homes don’t sell (cont...) Location, location, location It’s the oldest cliché in the world, but it’s true. When it comes to real estate, it’s all about location! When it comes to homes, things like how good the schools are, crime rates, visual appeal of the neighborhood and noise or the smell of pollution can all effect how desirable the location is. If you’re in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house. But the only really reliable way to overcome a bad location is with a lower price. Simply put, an identical home in a bad location won’t sell for as much as the same home in a better location. Your marketing campaign is out of steam The best listing agents all use an aggressive marketing plan to market their listings. If your listing agent isn’t making sure your home can be found easily on the internet, isn’t actively touting his or her listings to other agents in the area, isn’t running ads in the local newspapers and real estate publications, then it might be time to change agents. The best agents might even run radio or television ads for their listings. If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn’t coming close to doing all that can be done to effectively market your home. The market is slow You’ll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. That there are too many homes for sale and not enough active buyers. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that’s not always an option for many sellers. (continued...)
THE DON EDAM GROUP Real Estate Professionals
Reasons why homes don’t sell (cont...) Your home isn’t easily accessible To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have “lock boxes” on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being “lock box, no appointment needed” will get shown more often than homes listed as “agent has key, call for appointment”. If at all possible, you should let your agent put a lock box on your home for easier showing. If not, you should do anything else you can to make it as convenient as possible for agents to show your home. You have an agent nobody likes Sounds almost silly, but it’s very true. If your listing agent isn’t liked or respected by other agents in your area, it could slow down the sale of your home. When an agent prepares to show properties to prospective buyers, the agent begins by talking to the buyer to find out what kind of home they are looking for. Then the agent searches the local MLS and other sources for homes that fit the buyer. If there are a number of good matches to choose from, and one of them has been listed by an agent that is hard to get along with, or arrogant, or has otherwise made himself unpopular, well… It’s just human nature to tend to skip over someone you don’t like.
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Fortunately, with Don Edam as your Realtor, this will never be an issue.....just ask his current and former clients. Feel free to contact any of his references with questions you might have and check out the testimonials of those he’s worked with.
THE DON EDAM GROUP Real Estate Professionals
Improvements That Pay Which home improvements give the best payback? If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more. Things like adding rooms or finishing basements tend to pay back the least. Finishing a basement usually returns less than 50%, so it’s not a project likely to show profit at selling time. There are a number of factors that go into determining how well a project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market. The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you’re smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Building a large addition that makes your home twice as big as the other homes on the block probably won’t pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won’t pay back as well as something more common to other homes in the neighborhood. Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment. The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects: Kitchen remodeling – 90% Add a bathroom – 90% Bathroom remodeling – 80% Install central heating – 90% Install central air – 75%
Add a deck – 70% Replace windows – 70% Add a room – 55% Build a pool – 45% Finish a basement – 40%
THE DON EDAM GROUP Real Estate Professionals
Real Estate Glossary ADDENDUM A supplement to any document that contains additional information pertinent to the subject. Appraisers use an addendum to further explain items for which there was inadequate space on the standard appraisal form. BRIDGE FINANCING An interim loan made to facilitate the purchase of a new home before the buyer’s current residence sells and its equity is available to fund the new purchase. CLOSING A torturous process designed to induce cramping in a home buyer’s hands by requiring signature on countless pieces of documentation that nobody has ever read ;) Or, the process whereby the sale of a property is consummated with the buyer completing all applicable documentation, including signing the mortgage obligation and paying all appropriate costs associated with the sale (CLOSING COSTS). CLOSING COSTS All appropriate costs generated by the sale of property which the parties must pay to complete the transaction. Costs may include appraisal fees, origination fees, title insurance, taxes and any points negotiated in the deal. COMPARABLES An abbreviated term used by appraisers to describe properties which are similar in size, condition, location and amenities to a subject property whose value is being determined. The Uniform Standards of Professional Appraisal Practice (USPAP) establish clear guidelines for determining a comparable property. CONTINGENCY Something that must occur before something else happens. Often used in real estate sales when a buyer must sell a current home before purchasing a new one. Or, when a buyer makes an offer that requires a complete home inspection before it becomes official. EARNEST MONEY DEPOSIT A cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer. EASEMENT The right of a non-owner of property to exert control over a portion or all of the property. For example, power companies often own an easement over residential properties for access to their power lines.
THE DON EDAM GROUP Real Estate Professionals EQUITY The difference between the fair market value of a property and that amount an owner owes on any mortgages or loans secured by the property. ESCROW An amount retained by a third party in a trust to meet a future obligation. Often used in the payment of annual taxes or insurance for real property. ESCROW ACCOUNT An account setup by a mortgage servicing company to hold funds with which to pay expenses such as homeowners insurance and property taxes. An extra amount is paid with regular principal and interest payments that go into the escrow account each month. HOME INSPECTION A complete examination of a building to determine its structural integrity and uncover any defects in materials or workmanship which may adversely affect the property or decrease its value. HOMEOWNER’S ASSOCIATION An organization of home owners in a particular neighborhood or development formed to facilitate the maintenance of common areas and to enforce any building restrictions or covenants. HOMEOWNER’S WARRANTY An insurance policy covering the repair of systems and appliances within the home for the coverage period. HUD-1 STATEMENT A standardized, itemized list, published by the U.S. Department of Housing and Urban Development (HUD), of all anticipated CLOSING COSTS connected with a particular property purchase. JOINT TENANCY A situation where two or more parties own a piece of property together. Each of the owners has an equal share, and may not dispose of or alter that share without the consent of the other owners. MORTGAGE INSURANCE A policy that fulfills those obligations of a mortgage when the policy holder defaults or is no longer able to make payments. ORIGINATION FEE Refers to the total number of points paid by a borrower at closing.
THE DON EDAM GROUP Real Estate Professionals NEGATIVE AMORTIZATION When the balance of a loan increases instead of decreases. Usually due to a borrower making a minimum payment on an Adjustable Rate Mortgage during a period when the rate fluctuates to a high enough point that the minimum payment does not cover all of the interest. PRIVATE MORTGAGE INSURANCE (PMI) A form of mortgage insurance provided by private, non-government entities. Normally required when the LOAN TO VALUE RATIO is less that 20%. PURCHASE AGREEMENT A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. SUBDIVISION A residential development that is created from a piece of land which has been subdivided into individual lots. SURVEY A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements. TENANCY IN COMMON A form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual. TITLE A specific document which serves as proof of ownership. TITLE COMPANY An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction. TITLE INSURANCE A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise. TITLE SEARCH The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims exist.
“I bring the best of both traditional and high tech marketing to your home...and all for 5%. Whether buying or selling, give me a call or send me an email and see what true service is all about!” ~Don Edam, Realtor
Contact Us: Don Edam Don Edam Don Edam Realtor
Kelly Carlson
don@TheDonEdamGroup.com don@TheDonEdamGroup.com Marketing Manager Realtor www.DonEdam.com Realtor don@TheDonEdamGroup.com www.DonEdam.com kelly@TheDonEdamGroup.com
4318 Upton Avenue 4318 Upton Avenue S. S. Minneapolis, 55410 Minneapolis, MNMN 55410
T (952) 486-7584 T (952) 486-7584 F (952) 400-5633 F (952) 400-5633