Buyer's Guide to the Purchase Price - Trey Sullivan
Trey Sullivan
Cottingham Chalk
6846 Carnegie Boulevard Charlotte, NC 28211
Dear
Thank you very much for giving me the opportunity to present the enclosed proposal for real estate buying services. I appreciate the time you spent with me outlining the criteria for your new home.
You will receive competent and professional service when you select me and Helen Adams Realty to assist you in your search for a new home. Included in this proposal is our Service Guarantee, which outlines my promises and commitments to you. We have assisted many families in this area in their search for their ideal home. I hope you will select me as your agent in this very important transaction.
This proposal includes information on me and Helen Adams Realty that will confirm my qualifications.
Do you have any special furniture you would like to accommodate? _____________________
How do you feel about doing decorating or repairs on a home? ________________________
How do you feel about buying a brand new home/townhome? ________________________
Financial Qualifications
1. What price range did you have in mind? _____________________________________
2. How did you decide on that amount? _______________________________________
3. How much over that amount would you be willing to go if the home was really appealing to you? (needed for search criteria) __________________________________________
The Process (if you have bought before)
The last time you bought a house, could you tell me about the process you went through to find that house?
• How did you start looking? ______________________________________
• What did you do first? What were the steps you went through? ______________________
• Did anyone help you make the decisions? ____________________________________
• From the time you started, how long did the whole process take until you found the house? ___
• Did that process work well for you? Is there something that you would do differently if you had it to do over? _________________________________________________________
• Are you comfortable more or less using that same process to purchase this home? ________________
BUYER INTERVIEW
Getting To Know You:
Please help me get to know you and your family. I will not share your personal information with anyone. All information is for my own use.
What do you do for fun?__________________________________________________________________________________________________________________
Previous cities/states in which you lived: ________________________________________________________________________________________
Built on a foundation of integrity and trust, Cottingham Chalk has a long history of serving the Charlotte community. From the beginning, our focus has been on people. Attracting the best brokers to build their careers under our roof and empowering them to provide excellent service to our community, and, in turn, attracting the best clientele to trust us to shepherd them through the process of buying or selling a home
We identify wonderful people and develop them into excellent real estate agents, not the other way around. Our focus on homegrown talent has created a collaborative environment where brokers work together, share ideas, and support each other – and our clients reap the benefits of working with agents who are their best selves. Our brokers start here, learn here, grow here and flourish here. They are leaders in our community and our industry.
Now, in our second generation of leadership, we are a family business more than ever. We help each other, we trust each other, we care about each other. When you work at Cottingham Chalk, you are part of the family. When you hire a Cottingham Chalk broker, you have the entire company in your corner.
As a local, independent company, we are free to focus on the big picture as opposed to next quarter’s numbers. We can stay the course when it is the right path, and we can adjust quickly when change is appropriate. As an exclusive member of Leading Real Estate Companies of the World®, we are equipped with market leading resources to serve our clients both locally and around the globe.
Daniel Cottingham (Chief Executive Officer ), Dan Cottingham (Founder) and Leigh C. Corso (VP of Brand & Engagement)
TREY SULLIVAN
REALTOR® / BROKER
tsullivan@cottinghamchalk.com
864.483.1348
“I am dedicated to delivering exceptional customer service and expert market insights to ensure a seamless home buying or selling experience. My enthusiasm for Charlotte and my work is unmatched. I am proud to have been recognized as a Top Producer since 2018, with many of my clients returning to me for repeat business or recommending my services to others. If you’re ready to buy or sell a home in Charlotte, let’s connect and get started on your journey together!”
PROFESSIONAL ACHIEVEMENTS & DESIGNATIONS
• National Association of Realtors®
• North Carolina Association of Realtors®
• Canopy Realtor® Association
• Consistent Top Producer since 2018
PERSONAL INFO
• Originally from Smith Mountain Lake, Virginia
• Graduate of Virginia Tech; BS in Business Marketing Management
• Second Generation Real Estate Broker
• Reside in Cotswold with my wife Mehgan and our son Gray
Trey Sullivan is a skilled real estate professional who approaches the homebuying and selling process with both strategy and personal care. With over a decade of experience in sales and marketing, Trey is known for his friendly and customer-focused approach. He is adept at helping buyers find their dream home at the best value, as well as guiding sellers through a smooth and stressfree sale of their property. Being a second-generation broker, Trey understands the importance of putting the customer first and catering to their unique needs. His attention to detail, excellent communication skills, and unwavering commitment to providing top-notch customer service make him an invaluable resource and trusted advisor to his clients.
TESTIMONIALS
Trey was fantastic to work with while we searched for our first new home in a very challenging market. He was very informative and listened to all of our needs and concerns. As a result, we ended up with the best home in a terrific location. We look forward to working with him in the future!
David Reiber
Trey was involved early and often in our process. His dedication to our needs, despite difficult market conditions, kept us motivated and focused on what mattered most to us in finding a home. Trey addressed any and all questions from a process, housing, neighborhood, market, or negotiation perspective. We appreciated his guidance and would recommend Trey to anyone.
Kozak
This is my second time working with Trey on the sale and purchase of property, and I could not imagine using anyone else! Trey is so patient and knowledgeable about the industry and the area. We put in a last-minute offer on a Sunday and Trey knew exactly what to do to win the home, he also helped us find a great lender that was also willing to help out on a Sunday! I knew going into this I was 100% in good hands.
Lindsay Handsel
Trey Sullivan is an awesome broker. I’m from out-of-state, and found him to be very knowledgeable about the market and various neighborhoods in Charlotte. He was a great help in narrowing the search, presenting options, responding quickly to questions, and I credit him with arranging a last minute showing and filing an offer the same day on the place I bought. I could not be more pleased and highly recommend Trey Sullivan to anyone in the market!
Roger Bollier
Rob
MY SERVICES
Coordination & Communication
Aligning on your goals for homeownership as well as your timing, financing, and search criteria are of the utmost importance to me. This allows me to make the process as smooth as possible for you. If you currently own a home, we’ll also talk you through if you should buy or sell first. At Cottingham Chalk we will work with you to:
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
• Get pre-qualified with a mortgage lender
• Establish timing of your purchase and move
• Narrow down home wants and needs
• Provide an education on the market based on your search criteria
Adviser, Navigator, Partner
As your agent, I will do everything in my power to make the buying and/or selling process as easy as possible for you. A real estate transaction is unique from other purchase experiences in 5 main ways, all of which I’m here to partner with you on as your industry expert.
1. Frequency
By nature, real estate transactions happen on a much more infrequent timeline than say, buying a book online or trading in an old phone for the new model. On average, people buy and sell their homes every 8 years. As a real estate agent, I am in touch with the industry and our local market on a daily basis, meaning you can confidently count on me as your expert.
2. Uniqueness
Every home, every market, every buyer, and every seller are different. Add all of these and their underlying factors together and there’s an endless number of combinations. No transaction in real estate is the same, in fact each is one of a kind, with its own twists and turns. I am here to help navigate you through it all.
3. Size
Buying and selling real estate isn’t like buying and selling clothes, gadgets, and home goods online or even like buying a car. A real estate transaction is one of the largest we’ll make in a lifetime, both financially and emotionally. I’m here for you to lean on.
4. Complexity
From home search and open houses to offers, negotiations, inspections, repairs, financing and closing, the real estate transaction is a complex one from start to finish. Each step requires an attention to detail and I will watch over every step and filter out as much of the complexity as possible for you.
5. Risk
Taking into account all of the above, buying and selling property is an inherently risky proposition. There are many opportunities for things to go awry and I will do all I can to keep them from happening during your transaction. After all, once you sell a home what’s done is done and when you buy a home you just can’t send it back.
THE BUYING PROCESS OVERVIEW
Steps to Purchasing Your Home
1. Find a Realtor® who you can trust
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
Now that you have chosen a specialized buyer representative who you can trust, you have accomplished the first step in the home-buying process. We will make sure that all of your needs are met and will be representing you through the entire process of buying your new home.
2. Getting Pre-Approved
An important aspect when starting the process of buying a home is to meet with a lender and get a preapproval letter. Your buyer representative can put you in contact with a lender, if you desire, who can give you information about your approval and also explain some of the financing options available to you.
3. Consulting Session
Your buyer representative will meet you one-on-one to discuss the features you desire in a home as well as to pin-point the area you wish to live in and the price range that you are most comfortable spending.
4. The Search Begins
Once you’ve established the type of home you’re searching for, it’s time to start looking. Your buyer representative is available to help you find your dream home.
5. Your Offer
When we find your dream home, we should present a competitive offer immediately. Your buyer representative has extensive experience in contract negotiations; he or she will ensure that you get the home you want for a fair price—a transaction in your best interest.
6. The Accepted Offer
When the seller accepts your offer and signs, you will have what we call a pending contract. You want to make sure every detail is handled accurately and immediately. We will ensure that your home closes properly and on time.
7. Inspections
Final details are handled and inspections are performed to ensure that the property is “perfect” for you. Contract details are further negotiated and we head to closing!
8. Signing the Loan Documents
Bring your cashier’s check, insurance binder, and driver’s license to the closing. The next steps you take will be into your new home!
9. Now the Home Is YOURS!
After the deed is recorded and a possession date is decided upon, pick up the keys and move into your new home!
THE BUYING PROCESS OVERVIEW
Choose an Agent
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
Pre-Approval Letter
Use MLS, CC & Funnell Process
Analyze Price of Favorites & Strategize an offer Negotiations/ Counter Offer
Sign Buyer Agency Agreement
Accepted! Under Contract
Deed Recorded Buyer Possession
Appraisal Ordered (by lender)
Structural, Mechanical Termite, Radon Closing Disclosure is Prepared & Reviewed by All
Specialty Inspections & Contract Reviews
Title Search, Survey, HOA Docs, Title Insurance, Home Warranty
Arrange Movers, Get Home Owners Insurance, Transfer Utilities, Forward Mail
More Documents may be required
CONTRACT TO CLOSE TIMELINE
Buyer’s Due Diligence Discovery Period
Important Aspects from the Effective Date of the Purchase & Sale Agreement to the Closing Date Which may impact the Settlement.
Effective Date
(during due dilligence period)
THE FUNNEL PROCESS
Our goal is to help you find the right home and, at the same time, make sure you don’t miss anything or pay too much. We have a process called “The Funnel Process” that will help us accomplish thosegoals.
Internet - MLS - New Listings New Construction For Sale by Owner
Likes | Dislikes | Areas of town Neighborhoods | Amenities Floor Plans | Price
From 1000’s of properties to 100’s to Your Top 3 Market Analysis
Keys about the Funnel Process:
• It is a process of elimination versus a process of selection.
• It makes sure you don’t miss anything.
• Some homes we will look at online, some we will drive by, some we will go in. You will be in control of the decisions.
• Our goal: identify your top three favorites and I’ll do a market analysis on them.
• We want to make sure you don’t pay too much.
LOAN PRE-APPROVAL
Getting Pre-Approved
Setting the stage for smooth sailing
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
It is extremely important that you connect with a qualified lender. We can recommend lenders who have earned our trust and with whom we’ve had good experiences in the past. The lender will review your financial position to determine the price most suited to your ability to pay and your comfort level. The pre-approval process will help you in the following ways:
You will know in advance what your payments could be.
You won’t waste time considering homes you cannot afford.
You can select the best loan package without being under pressure. There are many options and programs to choose from in today’s market. Your lender will explain the alternatives to help you select the one best suited for you.
Sellers will find your offer to purchase more favorable if they know in advance of your ability to secure financing. This will make your offer more competitive if you are in competition with other offers. Nowadays, most listing agents require a pre-approval letter to accompany all purchase agreements.
You’ll have an estimate of your closing costs and we will explain them to you in detail.
You’ll have peace of mind.
Best Piece of Advice:
Take the pre-qualification one step further and get a full loan approval. This is the best approach!
Loan Application Checklist
What you’ll need
Last 2 Years Federal Tax Returns (all pages; personal & business if self employed)
W-2s/1099s/K-1s for the last 2 years
Most recent pay stub(s) showing Year to Date income of at least 30 days.
Most recent 2 months bank/brokerage/retirement statements (all pages of the “mailed statement” equivalent). An internet printout is acceptable as long as it is identical to the paper statement you receive by mail. A 60 day transaction history from the branch is also acceptable as long as each page is signed and stamped by the teller. All deposits into your accounts must be verified.
Awards Letters if receiving social security or pension income. If unable to locate please provide
your last 3 months bank statements (all pages) showing the funds are being deposited into
your bank account monthly.
Divorce Decrees/Separation Agreements to document alimony, child support, or division of debts/assets.
HUD(1) from any recent property sales
Recent Mortgage Statement, Property Tax Bill, Home Insurance Declarations, Home Owners Association Bill for all real estate owned.
Check / Debit /Credit Card for appraisal & application fees once you are under contract.
OFFERS, DUE DILIGENCE, & NEGOCIATIONS
The Steps
1. Offer
Once we find a property that feels like “the one” we will discuss all points of making an offer. Some particular areas to pay attention to are:
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
• Purchase price
• Loan appraisal and inspection contingencies
• Up-front seller concessions
• Due diligence fee
• Due diligence period
• Personal property inclusions
• Home warranty
• Closing date
The seller has the right to refuse or counter our offer until we come to an agreement between buyer and seller. Once both parties agree, we’re officially under contract!
2. Under Contract
After acceptance begins the due diligence period. Additional detail can be found on the following page. It is during this time that the buyer has the opportunity to inspect the home and ask for repairs or financial concessions based on what is found. I will work with you and my vendors to set up the necessary inspection appointments and have reports returned to us in a timely manner
3. Closing Preparation
Once the due diligence period is over, it should be smooth sailing until closing. The seller must maintain the home in the same condition as you, the buyer, will have a final walk through just before closing or on closing day. Final arrangements for movers, the transfer of utilities and insurance, and new address notifications should be made.
The Repair Process
The seller may have had pre-inspections prior to listing their home, which we will review together. During the due diligence period we will conduct our own inspections, review the reports, and discuss our options to ask the seller to conduct repairs and/or provide a credit at closing. The seller will have the option to counter and, from there, can either have vendors make the necessary repairs and/or offer a financial credit back at closing.
CLOSING COSTS
Common Closing Costs for Buyers
Typically equal 2-3% of the purchase price above your down payment.
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
You’ll be responsible for a variety of fees and expenses beyond your down payment, to be paid primarily at the time of closing.
Lender Fees
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Appraisal
• Credit Report
• Private mortgage insurance premium
• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Title insurance policy premiums
Inspections and Survey
• Home Inspection (structural, general,
• termite, radon)
• Land Survey
Attorney Fees and Taxes
• Deed recording
• Attorney fees
• Prorations for your share of costs, such as property taxes
• Title search
CLOSING COSTS
Estimated Buyer Expenses for Closing*
Structural / Mechanical Inspection
Pest Inspection
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
Radon Inspection
Optional Environmental & Specialty Inspections
Survey
Appraisal
Loan Application
Origination Fee (some lenders)
$450+
$100
$150
$200 - $500
$400 - $500
$450 (paid at loan application)
TBD by lender
1%, if applicable
Daily Interest Interest for # of days from closing to end of the month
Homeowner’s Insurance
1 year, paid at closing
Escrow for Lender 4 months taxes, 3 months insurance
Recording Fee
Title Services & Attorney Fee
Home Warranty
$100
$1000 - $1500
$450 - $650
*Good Faith Estimate of Closing Costs required and provided by mortgage lender. These costs might include but are not limited to commitment fee, underwriting fee, tax service fee, flood certification fee, courier fee, etc. The title company or other entity conducting the closing will relay the required amount several days in advance to closing.
Credits to Buyer
Earnest Money Deposit
Due Diligence Fee
Closing Costs
Seller Paid Deed Stamps
Pro-Rated Taxes
Pro-Rated HOA Dues, if applicable
TBD at time of contract
TBD at time of contract
TBD at time of contract
$2 per $1000 of sales price
Seller’s portion of annual tax bill based on the settlement date
Seller’s portion of current HOA bill based on the settlement date
PREPARING TO MOVE
Moving Checklist
Out of Town
While Charlotte is a town of Southern comforts, it also features some of the most exhilarating attractions, nightlife, and culinary hot spots. The beauty of the city and its moderate climate make this a great place to call home.
Get estimates from several moving companies or truck rental companies, depending on how you plan to move.
Draw up a floor plan of where your furniture should be placed in your new home, to avoid confusion for you and/or your movers.
Plan your travel itinerary, and make transportation and lodging reservations in advance.
Pack an arrival kit of necessities, just in case you arrive before the movers.
Request records, for example; doctors, dentists, eye doctors, schools and veterinarians.
Ask for professional referrals, if available (e.g., doctor, accountant, dentist).
Pay existing bills and close out and/or transfer any existing services.
Arrange for service of utilities for your new home.
Record expenses incurred during your house hunting trips. If your move is employment related, you will also want to save your moving expense receipts for tax deduction purposes.
Notify others of your new address: post office, banks, charge accounts, subscriptions, relatives and friends, national and alumni organizations, church, mail order clubs (books, videos, catalogs), firms with which you have time payments, and your past employer to make sure that you receive W-2 forms and retirement account information.
Local Moves
Get estimates from several moving companies or truck rental companies if you’re not moving yourself.
Be sure to get a hand truck for large, heavy items if you are moving yourself.
Draw up a floor plan of where your furniture should be placed in your new home, to avoid confusion for you and/or your movers.
Cancel or transfer deliveries, newspaper, garbage collection, etc.
Arrange for service of utilities for your new home.
Notify others of your new address: post office, banks, charge accounts, subscriptions, relatives
and friends, national and alumni organizations, church, mail order clubs (books, videos, catalogs), firms with which you have time payments
