Lifestyle Real Estate Seller & Buyer Guide 2019 by Nina Bjornstal

LIFESTYLE REAL ESTATE

A guide to making your real estate experience a breeze and having a lot of fun along the way.

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Welcome

The Seller Handbook

How I partner with you Selling Concerns Real Estate Services Getting Started Tips Why use a Listing Specialist? Cancellation Guarantee Selling Process Marketing Plan Days on Market What happens when you receive an offer? Showing Tips Frequently Asked Questions

6 6 7 7 8 9 10 10 11 12-13 14 14-15

The Buyer Handbook

How I partner with you Why use a Buyerâ&#x20AC;&#x2122;s Broker? Real Estate Services Getting Started Tips Buying Process Buying Concerns What happens when you make an offer? Frequently Asked Questions

18 19 20 20 21 21 22 23-24

Client Testimonials Real Estate Coverage Area Our Communication Plan Life of a Sale: Escrow Closing Costs: Who pays what? Understanding Title Insurance Real Estate Terms to Know

26-27 28 28 29 29 30 31

WELCOME Nina Bjornstal | REALTOR Broker I joined RE/MAX Town Center in 2012 and offer both an outstanding level of real estate knowledge and an exceptional level of professionalism. I am a licensed real estate Broker and a member of the REALTOR association. I have participated in a range of real estate transactions, including residential properties, condos and rental properties in King, Pierce and Snohomish Counties. My recognized relationships and local experience, combined with RE/MAXâ&#x20AC;&#x2122;s national and international resources, present an exclusive benefit to my clients. I have lived in Seattle since 1986 and own a home in Shoreline where I relax and enjoy spending time with my friends, family and dog, Doug. I have sold, bought, flipped, held and remodeled many properties. My knowledge and past experience as a remodeling contractor and a real estate investor adds another level of expertise and value. One thing for sure, I am passionate about real estate. Navigating the multifaceted decisions needed in todayâ&#x20AC;&#x2122;s real estate market requires a broker with dedication, experience, and professionalism. I am devoted to service with an emphasis on accountability, communication, reliability and enthusiasm. Especially during shifting market cycles, I provide my clients all the information they will need to help them make informed real estate investment decisions. The power of relationships and the experience to know how to get things done is the foundation of a successful real estate transaction. I am well regarded by my peers and have created valuable working relationships with other professionals in the business, including title companies, attorneys, lenders and appraisers.

THE SELLER HANDBOOK Making your home sale and move with ease Hello and thank you for taking the time to preview my qualifications prior to meeting me. This informational handbook was prepared for you to answer any questions you may have about the home selling process. I recognize that selling a home is one of the most important decisions you will ever make. Therefore, I treat our relationship with the utmost care and respect. When you decide to hire my services, please keep this handbook with all your important real estate documents.

Seller | How I Partner with You “The key to my success is your success.” I pride myself on creating long lasting relationships with my clients; I would like to do that with you as well. My utmost goal is to help you make wise real estate decisions. In doing this I need to be honest and forthright; sometimes you’ll love what I have to say. Sometimes I may point out things you may not see, or want to hear, about the current market, how your home compares to the ‘competition’, or what the listing—and potential—selling price of your home could be. Ultimately, I’ll work hard to become your trusted real estate advisor and counselor, not just your broker.

off to anyone else. Communication is the key to our working together as a team. Once I have completed your analysis, we’ll sit down together and map out a comprehensive strategy to get your home sold within the parameters that we have defined. We’ll discuss pricing, merchandising, and marketing, as well as what you can expect not only in the first few weeks your home is on the market, but what we’ll be doing until you home is sold. And rest assured I will not forget you after closing—I feel it’s important that you’re kept abreast of the market so that you can continue to make informed real estate investment decisions. You’ll receive regular market reports, articles and information from me, and we’ll stay in touch via phone, text, email and mailings so that I can answer any questions you might have.

I offer you the highest level of service by providing you an in-depth seller analysis, by taking into consideration all the issues that come into play when you sell your home including your financial goals, your individual timeline, and what plans you have once your home sells. I offer personal service and I do not hand you

Seller | Selling Concerns I’m eager to have you share your concerns and expectations about the marketing of your home. From the list below, please check any items that may cause you concern: ❑ ❑ ❑ ❑ ❑ ❑ ❑

❑ ❑ ❑ ❑ ❑ ❑ ❑

Buyer qualifications? Financing? Commissions? Security? Activity? Negotiations? Inspections?

Inconvenience? Closing costs? Open House? Pricing? Showing Procedure? Marketing? Multiple Listing?

Write-in any other concerns not mentioned above: _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________

Seller | Real Estate Services When it comes time to sell your home, you want the best price and the most favorable terms. There are countless marketing choices, along with legalities and details that go into a sale. When I market your property you receive my customized approach, personalized just for you. I will support you in all facets of marketing, from preparing your house to sell, to print and internet advertising. I am a licensed experienced professional with specialized skills. Here are the many benefits you receive when working me: •

• •

•

I am a licensed experienced professional with specialized skills. I know the market and will assist you in setting the right price. I also know what buyers want and the monetary motivation that will encourage the sale. I am a member of the Multiple Listing Service (MLS), a service that enables me to present detailed information about your home to the thousands of other agents helping buyers. Along with the MLS, I work together with other agents on a regular basis. We ex-

•

change information about new properties and help fit enthusiastic buyers with appropriate homes. I will increase the amount of qualified buyers for your home because RE/MAX’s national referral system gives me access to the sizeable number of people who move each year. I know how to swiftly separate the qualified buyers from the unqualified buyers. Your home is shown only to serious buyers, which saves you time.

Seller | Getting Started Tips The key to selling your home quickly and at the right price is in preparing it appropriately. Here are some tips to help you get started: • • • • • • • • • •

• • • •

Give home a thorough cleaning Oil door hinges, tighten door knobs Have carpets professionally cleaned, or replaced if damaged Repair dripping faucets and leaky toilets Replace all burned out light bulbs and clean all light fixtures Repair defective light switches Get rid of clutter both inside and out Cut and edge grass Trim hedges and weed gardens Paint, fix or wash railings, steps, storm windows, screens and doors

• • • •

Clean out the gutters Wash the windows Tidy up the garage Paint, wash and fix garage doors and windows Touch up all interior paint Clean furnace and change filters Clean septic system Install carbon monoxide detectors

Seller | Why Use a Listing Specialist? SERVICES YOU NEED:

NINA

OTHERS

Exclusive Marketing Plan for the sale of your home

YES

Fully computerized and systemized

YES

Automated & customized follow-up throughout listing

YES

Full time, skilled personal transaction coordinator

YES

Advertise your home until sold

YES

Contract negotiation skills

YES

Press releases and custom mail-outs

YES

Mailing to 100’s of your neighbors

YES

Mailing to 100’s of my buyer network

YES

Award winning service, RE/MAX Executive Club

YES

Member local MLS service and advertising network

YES

On average, outperforming the competition 10-1

YES

Lender pre-qualification of prospective buyers

YES

Listing cancellation and update guarantees

YES

Bi-weekly communication—re: recent activity

YES

Bi-weekly marketing packages

YES

Agent to agent networking plus follow-up on buyers

YES

RE/MAX: Member of Nation's largest real estate network

YES

SOLD

YOUR RESULTS

Seller | Cancellation Guarantee I guarantee to let you cancel your listing agreement at ANY time, prior to accepting a purchase offer on your home, if you feel I have not done my job as outlined in the listing agreement. The benefits to you are: • You do not have to worry about getting into a long term commitment if you are not 100% satisfied with the service I provide. • You do not have to worry about lengthy broker protection periods if you decide to cancel the listing agreement. These periods may last from 30-180 days, restricting your ability to sell your home unless it is re-listed with a broker. • You do not have to pay any costly “cancellation fee.” This fee may cost you hundreds, even thousands of dollars and reduce your net proceeds when your home does sell.

I MAKE LISTING YOUR HOME RISK FREE! My responsibility to you: I am 100% committed to providing the highest level of service in the real estate industry. My success depends upon this commitment to serve your needs and continue growing my business.

_______________________________ Nina Bjornstal, Broker

_______________________________ Sellers

Seller | Selling Process Proactive Marketing is the fundamental of a highly effective marketing campaign. The list below includes just some of the innovative marketing strategies I implement for every listing. It is my role to orchestrate the successful execution of each one of these steps: Merchandising Your Home One of the key factors to selling your home for more money is merchandising—making your home more appealing and inviting to the majority of potential Buyers. We’ll work together to determine the level of merchandising your home may need.

home. This allows potential buyers that drive by to have instant access to your property information, in addition to qualified buyers who are touring inside your home. First impressions are extremely important! Additionally, a wide variety of advertising will also be implemented to put your home in front of the largest group of potential buyers.

Online Presence, Photography & Video Buyers want to see what your home looks like before they decide to visit. They need visual images in order to imagine themselves living there. To enhance the exposure of your home, I create an online photo album (or virtual tour) and video of your home, showcasing all the best features, both inside and out. Detailed descriptions further catch a potential buyer’s attention to your home.

Yard Sign With my company sign in your yard it is placed in a manner to draw attention to your home, direct potential buyers to my website and to provide easy access to my professional flyers.

Networking My extensive network includes my database of contacts and qualified buyers, real estate investors, Property Flyers & Advertising the agents within my local company and community, Luxurious, colorful flyers using premium paper will plus the thousands of agents I have a referral relabe designed for your property and placed on a stand tionship with outside of our region. What better way inside your home as well as a flyer box outside your to get your home sold!

Seller | Marketing Plan It is my objective to have as many qualified buyers as possible exposed to your property until it is SOLD. My marketing plan includes: • One, Two or Four-page color house flyers • Just Listed card to move-up buyers • Your home included in my monthly mailing to over 1500+ clients • Professional photography and video • Your home listed on my website • Your home listed on my company website • Your home listed on RE/MAX, Craigslist, Trulia, Zillow, Postlets, Redfin, Facebook,

YouTube, Homespotter, Homesnap, Hotpads, ninabjornstal.com, plus syndication on over 20+ other websites Additionally, we will communicate the results of our activities to you on a continual basis. We will assist you in obtaining the highest dollar value for your property by using the best possible methods of exposing your property to potential buyers in the market place.

Seller | Days on Market List to sales price ratio The term “days on market” has become so commonly used that you’ll hear not only real estate agents use it, but also buyers and sellers! “Days on Market” (DOM) refers to the amount of time a property has been available to buyers. Most Multiple Listing Services (the databases in which real estate agents warehouse property listings) calculate DOM and prominently display that information for members to see.

if a broker has a 98% list-to-sale ratio, a home originally listed for $500,000 would likely sell for $490,000. If a broker’s ratio is only 92%, that same home would likely sell for $460,000. That’s a $30,000 difference.

Important considerations: Be sure to ask for an broker’s entire DOM averYour real estate broker can tell you average age—sometimes a broker’s listings expire (Poor “days on market” for homes of a particular type, marketing? Not enough marketing? Priced too price range, style, or geographic area. high?) and they will put the home back on the market again as a “new” listing. This can give It is also important to note a broker’s average you a false sense that the broker was doing their days on market for their listings. Why? The job, when in reality their listing sat on the marlower the broker’s days-on-market number, the ket twice—and much longer than it should have. more quickly their listings sell. Brokers with Additionally, when asking about list-to-sale ratilow days-on-market numbers are generally more os, make certain that the broker shows you their tuned into the market; they have a more personal statistic based on original list price. aggressive marketing plan and a more accurate Sometimes there will be many price reductions pricing strategy. before a home finally sells—you want to know that your broker is pricing correctly from the The second number that is important when beginning and obtaining a high list-to-sell ratio, looking at brokers to list your home is the “list rather than obtaining a high ratio only after the to sales price ratio.” This is a percentage figpriced is reduced several times to where it ure, based on the original list price of the home, should have been in the first place. compared to the final sale price. As an example,

Seller | What happens when you receive an offer on your home? Once a buyer is interested in making an offer on your home, the buyer’s broker will prepare a “purchase and sale agreement” or real estate contract. This written document will lay out all the terms and conditions of the sale, as proposed by the buyer. Most states have a very “buyer-friendly” contract process, meaning the buyer will have several opportunities to terminate the sale prior to closing. However, once the seller signs the contract, they typically do not have an opportunity to terminate the transaction. For this reason, it is critical that you clearly understand – and are in agreement with – the final terms of the contract.

Once an offer is written, the buyer’s broker (also called the “selling agent”) will deliver this offer to your agent (the “listing agent”). Some selling brokers prefer to present their offer in person; others will deliver it via email or fax. Regardless of how the offer is received, you and your listing agent need to review the contract. Typically, your time limit for response is anywhere from several hours to several days; your agent can advise you as to whether the allotted time is reasonable for your market.

When reviewing the offer, some of the key points you’ll want to consider are: • • • • • • • • • • • • • • • •

Purchase price Financing or Cash Down payment amount or percentage Type of loan (conventional, FHA, VA, USDA) Closing cost requests Earnest money Inspection clauses Hazardous materials (asbestos, lead-based paint) Home sale contingency (as applicable) Sewer line Septic and drain field Well Title reviews Choice of escrow agent Closing date Buyer’s possession date

Seller | What happens when you receive an offer on your home? As a seller, you have three options upon receipt of the offer. 1. Accept the offer as written. 2. Counter the offer on those terms and conditions which are not acceptable to you. 3. Do not respond to the offer. Acceptance of the offer—as written—puts buyer and seller in a position of “mutual acceptance”, and is the trigger for counting the days for the purposes of deadlines. A counteroffer from the seller to the buyer allows the buyer a specified period of time to accept the seller’s offer, after which point the offer expires with no contractual obligation on the part of either the buyer or the seller. Upon receipt of a counteroffer from the seller, a buyer has the same options as those available to the seller when reviewing the original offer – acceptance of the offer as written, a counteroffer to the other party, or a decision not to respond to the offer. The number of counteroffers made between buyer and seller are limited only by the interest of the parties to continue to negotiate toward an agreement.

Not responding at all to an offer is always an option, although one not often seen. Typically a lack of response indicates a feeling on the seller’s part that the offer is simply too low in price, or too unacceptable on some other term, to merit attention. I will provide guidance as you review offers, and can assist you in determining if the terms and conditions offered are appropriate for your marketplace. Ultimately, with my input, you will be in a position to determine the best response to the buyer that will get your home sold on mutually agreeable terms. Once we have a mutually agreed-upon offer, I will touch base with you on a regular basis by phone or email to remind you of upcoming deadlines.

Seller | Showing Tips Here are some helpful tips for showing your home: •

• • • • • • •

Keep pets out of the house. Either take them with you or keep them penned in the yard or garage. Put away items in the yard like garden tools, bicycles and toys. Make sure your home is well lit. Remove clutter from tables and shelves. Less clutter creates the illusion of a larger space. Keep money, prescription drugs, and other valuables out of view or lock them up. Add a ground up lemon to the garbage disposal to give the kitchen a fresh smell. Open shades and curtains to let in light. Keep radios and TV off—although

oftentimes soft music in the background is a nice touch.

Seller | Frequently Asked Questions Many sellers do not fully understand the sales process and the role of a real estate broker. Here are some of the most often asked questions agents receive from sellers. What is a “Listing Agreement”? A “listing agreement” is a document which lays out the contractual terms between the seller and the broker who will be listing the property.

states have a required brochure or pamphlet which details the responsibilities of buyer’s brokers, seller’s brokers, and dual brokers. Sellers considering the use of a dual broker should pay particular attention to the difference in responsibilities when a broker acts as a Who pays the buyer’s broker? representative of both the buyer and the seller. The seller is responsible for paying the listing When you are working with a broker who is commission on the home—the listing office and acting as a dual agent, you have lost your strong broker then split that commission with the “advocate” in the selling process. The practice buyer’s broker and office. Commissions are typically paid only at closing, out of the proceeds of dual agency, when not performed correctly, is one of the leading causes of real estate litigation. of the sale of your home. What is a dual broker, and do you practice dual agency? “Dual agency” refers to the practice of a single broker representing both the buyer and the seller during the real estate transaction. When a broker acts in a dual capacity, they owe the same fiduciary responsibility to both parties. Most

What type of information will my broker need from me? To do the best job for you, your broker will need the best information you can provide. This would include such things as: • your financial goals regarding the sale of your home

Seller | Frequently Asked Questions • • • • •

willingness to listen to your broker’s advice flexibility in accepting terms and conditions preferred timing for a sale disclosure as to any defects the property may have details about the positive aspects of the home

Can’t I just sell my house by myself? Of course. Historically, many sellers have sold their homes as For Sale By Owners (FSBOs). Back in the day, buyers would get in their cars and drive around for hours on end to locate a property. With the advent of the internet, Multiple Listing Services (MLS’s) and real estate websites are the ultimate source of property information. However, MLS sites are available only to the real estate agents who subscribe to them. Having your home listed by a real estate broker vastly increases your visibility in the marketplace. Statistically, 89% of homes which are sold each year are listed by a real estate broker via an MLS. What if a buyer approaches me directly? If your home is listed and a buyer contacts you directly, please refer them to me. I would be happy to show them your home. If they have

any interest in moving forward with an offer, I can them put them in the hands of a good broker who can help them prepare an offer. I’m torn between two brokers. Can more than one agent list my property? Possibly. If both brokers are licensed in the same office (and both brokers are amenable to a shared listing), your property could be “colisted” by two brokers. It’s rare – although possible – to have brokers licensed with competing companies, it can be done. What if I am unhappy with my broker? Let your broker know that you’re unhappy, and the reasons why. It may be a simple misunderstanding that can be corrected. If the issues are more substantial, or the relationship simply isn’t the right “fit”, tell the agent you no longer wish to work with them and ask for your listing to be released. Don’t let a less-than-perfect relationship keep you from finding another broker to work with. Buying and selling real estate are complex transactions, and it’s important that you have a broker to represent your interests.

“You Deserve The Best!”

THE BUYER HANDBOOK Making your home purchase and move with ease Hello and thank you for taking the time to preview my qualifications prior to meeting me. This informational handbook was prepared for you to answer any questions you may have about the buying process. The purchase of real estate represents a large financial commitment on your part. I recognize that purchasing a home is one of the most important decisions you will ever make. Therefore, I treat our relationship with the utmost care and respect. Itâ&#x20AC;&#x2122;s important for you to have representation during the process.

Buyer | How I Partner with You I pride myself on creating long lasting relationships with my clients—I would like to do that with you as well. My utmost goal is to help you make wise Real Estate purchasing decisions. In doing this I have to be honest, forthright, and sometimes point out negative things you may not see. This is all done to help you achieve the goal of making a wise Real Estate purchase and a wise Real Estate investment.

 Personal Home Tours with Itinerary &    

I offer you the highest level of service by getting to know you and what your individual goals are, and by providing you an in-depth analysis of what is realistic in today’s market, taking into consideration your needs, your timeline and the next step in your future. I offer personal service and I do not hand you off to anyone else. Communication is the key to our working together as a team.



Buyer Scorecard Comparative Market Analysis on Property Prior to Making an Offer Writing a Contract that Will Protect You Offer Presentation and Negotiation Coordination with Lender, Title Company and Escrow Company to Make Sure Your Accepted Offer Closes Pending to Closing Schedule/Calendar Presented to You Within 48 Hours of Mutual Acceptance

When working with a buyer’s broker remember: • Typically there is no compensation required from you to have representation • Your broker can get you information and show you any listed property Once I have completed your analysis, I then • You can search for properties on your own, provide you with ongoing research and inforbut you should involve your broker once mation to give you the most options and choices you’ve found a property of interest that are available. I’ll never rush you; this pro• You can attend open houses without your cess may be quicker than you expected, or take broker, but be sure to quickly identify your much longer than you might want. Either way, agency relationship to the broker at the open we’ll take as much time as you need. house • A Buyer Agency agreement details the workEven after we have found the perfect home, ing agreement between you and your Buyer’s written an offer and closed the transaction, my broker true level of service shines through. I will not • “Dual agency” is an option. Be sure you unforget you after closing—I stay in touch with derstand the differences between traditional you for years to come providing you with up to buyer agency and dual agency. date Real Estate reports, articles, information, and even an analysis of the home you purchased on an annual basis.

“The key to my success is your success.”

 Needs Analysis Interview  Assistance with Lender Pre-Approval  Daily Buyer Instant Home Match Notification

 Computer Property Match & Email Notification

Buyer | Why Use a Buyer’s Broker? SELLER BROKER

BUYER BROKER

Arrange property showings

YES

Assist with financing

YES

Provide property data

YES

Explain forms / agreements

YES

SERVICES / DUTIES PROVIDED

Prepare property value study / CMA for any property you want to make an offer on

YES

Represent buyers on MLS listed properties, PLUS bank properties, auctions, for sale by owners and new construction

YES

Promote and protect interest of buyer at all times

YES

Advise the buyer even if it means pointing out reasons not to buy

YES

Disclose all research about the property history and liens

YES

Negotiate best price and terms in favor of the buyer

YES

Structure offer with buyer’s interest in mind. Discuss strategy about the offer price, financing terms, interest rate and possession date

YES

Keep buyer’s financial capabilities and thoughts confidential unless authorized to disclose

YES

Help you arrange for inspectors during the inspection phase of the negotiations

YES

Negotiate home inspection repairs in favor of the buyer

YES

Guide you through the escrow process to a successful close

YES

YOUR RESULTS

Sold!

Buyer | Real Estate Services When it comes time to buy a home, finding the right home, in the right neighborhood, at a cost that fits your budget, is not an easy job. I am a licensed experienced professional with specialized skills. Here are the many benefits you receive when working me: I know the local market and can focus in on the (MLS), a service that provides access to thouareas that have the greatest possibilities for find- sands of homes for sale. ing a home at the price you want. I will supply information and make appointTo save you time, I will organize, expedite, and ments to see almost any property listed for sale. provide the appropriate documents. Homes that I know how to get detailed information, or an donâ&#x20AC;&#x2122;t meet your specific needs are removed. appointment, even if the house is not listed with another RE/MAX Town Center broker. I will make appointments, preview homes with you, and help you determine which homes best When you find the right home to buy, I will fit your needs. guide you through the negotiation process, the legal process, and the details that follow. I have access to the multiple listing service

Buyer | Getting Started Tips The key to finding the right home is organization. Here are some tips to help you get started: Before you start househunting, decide out how much house you can afford. If you will be obtaining a loan, I can refer you to a loan officer to pre-qualify you for your home loan. Prioritize what is most important and what is least important in a home. Make a list of everything you want in a home. We will go over your list, so I know exactly what you need in your home.

have the home inspected. I would be happy to provide you with a list of home inspectors you can contact. The inspector will look for hazards and repairs that are needed and report on the condition of the home. Once youâ&#x20AC;&#x2122;ve found the home you want to buy, together weâ&#x20AC;&#x2122;ll complete a purchase and sale agreement. This is the contract in which the seller and the buyer outline the details of the property transfer.

Make notes as you look at the home. Some peo- A closing date is jointly agreed-upon during the ple even take photos on their phones to remem- negotiation stage of the transaction. Before ber which features go with which home. closing, the closing agent (usually an escrow company, title company or attorney) will comWhen you do choose a home, in order to make plete a thorough settlement statement for both sure the home is structurally sound, you should buyer and seller.

Buyer | The Buying Process The Buying Process has many different steps. It is not simply a matter of finding a house, writing an offer on it, taking money to closing, and moving in. There are many important steps that must be adhered—listed below are the most important ones. It is my role to orchestrate the successful execution of each one of these steps: • • • • • • • •

Getting Pre-Approved or Pre-Qualified Determining your wants and needs The Search Begins Reanalyzing your wants and needs The Search Continues - Previewing Properties New Properties On The Market Proactive Search Determining Your Offering Price

• • • • • • • •

Writing The Offer Negotiating With The Sellers Home Owners Association Title Commitment Inspection Resolution Appraisal Closing Possession

Buyer | Buying Concerns I’m eager to have you share your concerns and expectations about buying your home. From the list below, please check any items that may cause you concern: ❑ My Buyer qualifications?

❑ Inconvenience?

❑ Financing?

❑ Closing costs?

❑ Commissions?

❑ Closing Timeline?

❑ Selection Options?

❑ Pricing?

❑ Environmental Concerns?

❑ Mortgage Assistance?

❑ Negotiations?

❑ Viewing Schedules?

❑ Inspections?

❑ Location?

❑ Schools?

❑ Investment Value?

Buyer | What Happens When You Make an Offer on a Home? Once we make an offer on a home it is my job to make sure that your offer is accepted, carefully executed, every detail of your transaction is completed, and adheres to the strict time schedules of your contract. The Offer and Contract • When the offer has mutual acceptance, I deliver copies of the fully-signed contract to all parties and escrow. • If not part of the contract, I’ll return a signed copy of Seller Disclosure Form to listing broker. • I’ll record and promptly deposit your earnest money. • I’ll provide copies of the signed contract for the office file. • I’ll track all dates in the contract, making sure that you are meeting all agreed-to deadlines.

I’ll follow up with you and your lender on the status of the appraisal. • I’ll alert the seller’s broker when the appraisal has been completed. •

Closing Preparations and Duties • I’ll confirm you have received the title insurance commitment. • I’ll coordinate the closing process with you, the seller’s broker and escrow company. • I’ll update closing forms and files. • I’ll ensure all parties have all forms and information needed to close the sale. • I’ll coordinate the closing location with you Tracking the Loan Process and the closing agent. • I’ll touch base with you weekly to ensure your • I’ll assist you in finding a moving company loan is processing on track. and track possession date to confirm move-in • I’ll relay final approval of your loan application date. to seller’s broker. • I’ll work with the seller’s broker in scheduling and conducting your final walk-thru prior to Home Inspection closing. • I’ll coordinate your professional home inspec- • I’ll request final closing figures from the tion you or you may select a licensed profesclosing agent. sional of your own choice. Broker must be at • I’ll receive and carefully review closing figures inspection. to ensure accuracy of preparation. • I’ll review your home inspector’s report and • I’ll request a copy of closing documents from discuss issues with you. closing agent. • I’ll draft an inspection response to sellers • If a Home Warranty was purchased, deliver based on your requests; then negotiate work claim forms/directions to you. items with seller’s broker and seller. • I’ll review all closing documents carefully for • I’ll recommend contractors to perform any errors. negotiated or required repairs. • If you’re buying and selling, I’ll coordinate this • I’ll oversee the completion of all required reclosing with your sale (if necessary) and repairs on your behalf, if needed. solve any timing problems. • I’ll have a “no surprises” closing by closely The Appraisal tracking all the details with all parties. • I’ll confirm with your lender that appraisal is scheduled.

Buyer | Frequently Asked Questions Many buyers do not fully understand the as a representative of both the buyer and the home-buying process and the role of a real seller. estate broker. Here are some of the most often asked questions brokers receive from buyers: When you are working with an broker who is acting as a dual agent broker, you have lost your What is a “Buyer Agency Agreement”? strong “advocate” in the buying process. In A “buyer agency agreement” is a contract addition, buyers usually meet dual agent brokers between a buyer and a real estate broker. at open houses – meaning that the broker has Contracts can vary in length, and can include or already developed a strong working (and exclude certain geographical areas. The buyer contractual) relationship with the seller. In such agency agreement lays out the commitments of a case, it’s human nature that the broker is going the buyer to the broker, and of the broker to to feel a stronger responsibility to negotiate on the buyer. the seller’s behalf. Since the seller has already agreed to compensate a broker as part of the Is it expensive to use a buyer’s agent? listing agreement, it only makes sense for you to The compensation that a buyer’s broker (also find a broker who is solely committed to being called the “selling broker”) receives typically your advocate. The practice of dual agency, comes from the seller’s proceeds and is a when not performed correctly, is one of the percentage of the total commission charged by leading causes of real estate litigation. the listing company. That information is available to me through the Multiple Listing What type of information will my broker Service (MLS). In such a case, there is no cost need from me? for a buyer to be represented by a broker. To do the best job for you, your broker will need the best information you can provide. If a buyer is interested in purchasing a property not listed in an MLS, it is possible that the seller This would include such things as: will not compensate the buyer’s broker. In this • preferred price range case, a buyer agency agreement would detail the • number of bedrooms / bathrooms buyer’s obligation to compensate their broker. • style of home (single-story, two-story, etc.) Typically, even with unlisted properties, the • size of yard seller compensates the buyer’s broker. • preferred school districts What is a dual agent and should I work with one? “Dual agency” refers to the practice of a single broker representing both the buyer and the seller during the real estate transaction. When a broker acts in a dual capacity, they owe the same fiduciary responsibility to both parties. Most states have a required brochure or pamphlet which details the responsibilities of buyer’s broker, seller’s brokers, and dual agency brokers. Buyers considering the use of a dual agent broker should pay particular attention to the difference in responsibilities when a broker acts

geographical areas / neighborhoods of interest • special needs / special interests which your home needs to accommodate •

Keep in mind that a very specific set of criteria may narrow your list of potential properties, while a very broad list may lead to an overwhelming number of properties to view. How can I find out about new properties? Your broker can work with you to determine how often you want to receive updates on available homes, and by what method

Buyer | Frequently Asked Questions (telephone, email, snail mail). Clients using email can receive automatic updates from most MLS systems as soon as new listings are entered. Can my broker provide information on properties listed with other companies? Yes, provided your broker is a member of the MLS where the property is listed. Some communities have more than one MLS, so it’s important to find out which MLS(s) your broker subscribes to. What if I find a property on my own? With the advent of the internet, many buyers have begun searching for – and often finding – properties of interest while working with a broker. If you have a broker, contact them with the address or the MLS number of the property in question. Your broker can then contact the broker of the property. It is never appropriate for you to contact the seller of the home directly if it is a listed property; you also should not contact the listing broker directly.

broker also allows that broker to spend enough time with you to really get to know you and your wants and needs. They’ll be able to ask questions as they show you homes, helping you refine your parameters as you go. Having one broker also saves you time, as once your broker knows you well, they will not show you homes they know will not work for you. Finally, it’s a difficult situation for a broker to work with a buyer who is working with multiple real estate brokers; without a commitment from you to work with just one broker, it’s not likely that the broker will do their best work for you. The exception to this situation is a buyer who is looking in a large geographic area. If you are looking for property outside the market area your broker specializes in, ask them for a referral to a broker in another area (s). That way, both brokers are in communication during the home search, allowing them to partner in finding you the right property.

What if I am unhappy with my broker? Let your broker know that you’re unhappy, Can I go to open houses without my broker? and the reasons why. It may be a simple Yes. However, when meeting the broker hosting misunderstanding that can be corrected. If the the open house it’s best if you immediately issues are more substantial, or the relationship identify yourself as working with another broker. simply isn’t the right “fit”, tell the broker you no If you don’t, your broker might not be able to longer wish to work with them. If you have a help you write an offer on that property in the buyer agency agreement with your broker, you future. will need to provide a written cancellation of the agreement. Can I work with more than one broker? Sometimes buyers think that having more than Don’t let a less-than-perfect relationship keep one broker “working for them” means they’ll you from finding another broker to work with. have more sets of eyes looking out for the Buying and selling Real Estate are complex perfect home. The reality is that brokers all have transactions, and it’s important that you have a access to the same database of homes on the broker to represent your interests. market—the MLS. Working with just one

Notes

“You Deserve The Best!”

Client Testimonials WOW! AMAZING! FABULOUS! Nina is what every Realtor should be! What every home buyer or Seller needs for a “painless” experience. She is most patient, thoughtful, honest and most knowledgeable. Nina helped our daughter buy her first home. The process was extremely long due to this market and trying to find a home she could afford and maintain! Nina never gave up on us and always had a smile and positive words! I would and DO recommend her highly to anyone needing help in the real estate world. Thank you Nina for your expertise and a very special friendship!

with a fantastic offer. Thank you Nina for such a great experience! We bought in one of the most competitive markets at the most competitive time. Nina was patient, knowledgeable, and always kept us in the loop. Finally, by our TENTH offer, we got our dream home. By that time, Nina was no longer just our agent, she was our friend. She even came to our wedding! We would recommend Nina to anyone, over and over again (and we did, to our neighbor), and she told their home for them!

I've personally worked with hundreds of agents over the years as a photographer, so when it came time to buy/sell a new home for our family, my go-to was Nina. Nina is not just a great person to be around, but someone who you can trust to offer sound guidance for one of the biggest financial/ stressful periods of your life. She’s got a handle on all the complicated negotiation things in the background, while somehow being the calmest most relaxed person in the room. Nina is a complete package, and we found that her previous home building experience was extremely useful in our year-long new construction project. She was a great resource for assisting with design studio meetings, guiding us in how to avoid potential issues, and even just random ‘what is this’ questions that pop-up in construction. One thing that also sets Nina apart is her great design background. We were really impressed with her amazing binders when selling our house, complete with beautifully designed multi-page handouts, postcards, and expert marketing approach. I haven’t seen another agent really take the time and care that she does when selling a house. You really get that individual treatment, and it was effective - we sold our home in the first weekend along

I would highly recommend Nina to anyone purchasing or selling a home. Nina kept in great contact with me and my wife through our home buying experience. She has a wonderful attitude and definitely makes her clients a number ONE priority. Nina was fantastic!!! She helped us months before we were ready getting our old house ready to sell. She helped us fix up what was needed and talked us out of things that wouldn’t help. She hired a fantastic professional photographer that made our house look amazing! Through Nina’s great pre-list, marketing & open houses, we sold in just a few days 5% above list in an area that was not too hot. On the flip side, Nina really got to know our preferences while we were looking for a new home and really started narrowing it down each time we went looking. I liked that she was really trying to observe what we liked in areas, features, etc. And then in both transactions, she worked tirelessly to make sure both closed. The buyer’s agent for our house we were selling basically disappeared so Nina picked up the slack to make sure that everything went through. Nina

Client Testimonials communicated proactively with all parties: lending, title, other realtors, home inspector, etc. I cannot say enough wonderful things about her and I brag about her to everyone when we talk about our transactions!

Nina worked tirelessly to find the perfect home for me. My parameters were fairly relaxed, but my tastes were quite specific and Nina intuitively honed in on properties that were a good fit. She was patient with the process and held my hand when needed. In the end, I have a home I am very hapNina is a wonderful agent who is extremely pa- py with and within budget. However, Nina’s tient and knowledgeable about her business and strongest asset has been her knowledge of the the market trends. I worked with Nina for alindustry and her network of friends and busimost 2 years as a buyer and she helped guide me ness referrals. From Inspectors to roofers to through every step of the process as a first time finance companies her help with these was invalhomebuyer. I highly recommend Nina, and am uable. I cannot recommend her highly enough. grateful to have had such a positive experience THANK YOU, NINA with my first home purchase, and to have made such a great friend in Nina! Thank you for everything Nina! Nina has a very positive attitude and is willing to tackle the any issue raised by the seller, loan officers, or escrow/title personnel. I was very Nina is a great agent and a wonderful helpful impressed with her knowledge of her profession, person. She helped our daughter buy her first tenacity, and creative approach to problem house and was amazingly patient throughout the solving. In my particular situation I had a very entire process. She has also helped friends buy a limited time to make the purchase and would new home. She took the time to get to know our have incurred a significant financial penalty had tastes and life style and is currently keeping an the transaction not been successfully completed eye out for further opportunities for us. on time. It seemed that every time we thought the deal was struck the seller created another roadblock. Always on time, always available, great to work The most significant of course was regarding a with and really knows the market and the area. sewer assessment that I thought was impossible Nina’s knowledge on home construction is an to solve. asset. I would and do recommend her without Throughout our transactional process Nina reservation. always exemplified the professional, capable, model of a Realtor. Her willingness to “baby sit” me and the cleaning staff on numerous occaI couldn’t have asked for a more competent and sions prior to closing was above and beyond. In dedicated realtor. As a first time home buyer, addition, she was very generous and demonstratNina helped me navigate my way through what ed her appreciation for my business with approcould have been a very daunting process. Even priate thoughtful appreciation gifts. She also when we encountered those snafus that can arise worked with my daughter who is a RE/MAX at anytime while buying a home, Nina remained Agent to provide a referral fee. I guess what I’m responsive and enthusiastic; I never doubted trying to say is that I can’t think of anything that she was my advocate. I recommend Nina to any- Nina could have done better. I am very imone looking to buy a home; whether you’re a pressed. newbie like me, or a seasoned home buyer.

Real Estate Coverage Area I cover a wide territory that allows me the most variety of homes for my clients. Many are first time home buyers that would like to view a variety of home styles, sizes and neighborhoods. My knowledge of several areas allows me the flexibility to do so. Recently my Real Estate territory has included the following cities in north King County and Snohomish County: Shoreline, Edmonds, Lynnwood, Mill Creek, Bothell, Everett, Marysville, Kirkland, Juanita.

Our Communication Plan No two clients are the same, and I don’t expect everyone to like the same type of communication! Some buyers like to be communicated with daily, some weekly. Some via phone, some email, and some in person. When communicating with me, here’s what each option looks like:

My phone or text communication plan: We’ll talk weekly (but also immediately if needed) when new listings come on the market (or have a price reduction). I’ll also email you the listings and then give you a call so we can make a plan to see the listings that appeal to you. We’ll text to confirm showings and appointments. My online communication plan: I will send you listings daily or weekly via email. You and I will communicate online about the ones you would be interested in looking at, and schedule an appointment to see them. My live communication plan: We’ll meet on an as needed basis—or perhaps more often-- if something comes on the market that I think fits your criteria to a “T”. We will discuss and I will show you a preview of the homes that meet your needs, then we will make a plan to go out and tour them. How would you like me to communicate with you? ___Daily ___Weekly ___Monthly ___Via text ___Via the phone ___Via email __In person

Life of a Sale: Escrow The Beginning Receive Purchase & Sale Agreement and/or loan set-up Assign a closer and an escrow number Order a title report Search and Review Review Purchase and Sale Agreement Review Preliminary Title report Contact parties for needed information

The Closing Loan Documents returned to Lender Recordable documents sent to title Lender authorize recording Title sends document to county recorder Lender deposits loan proceeds (lender must wire proceeds prior to 2 p.m.) Recording number received from county

Disbursement All encumbrances and bills paid Gather Information Proceeds delivered to Seller Obtain payoffs on liens/bills to be paid through Commission checks delivered to Brokers escrow Mortgage broker check delivered Obtain title clearing documents Keys available from your broker or per a Coordinates with Lender on preparation for the contract agreement Closing Disclosure (CD) Prepare Settlement statement and documents The Finish Final copies and title policies to all parties The Signing Record re-conveyances and releases Set appointment with parties CELEBRATE! Parties deposit documents and/or funds into escrow

Closing Costs: Who Pays What? These are customary fees associated with a real estate transaction and the party that typically pays these fees: Seller’s Responsibility Owner’s Title Insurance Policy* Half of the Escrow Fee* Excise Tax* Real Estate Broker Commissions* Loan Balances Pro-Rated Property Taxes Current Utility Balances Homeowner’s Association Fees Pro-Rated HOA Dues & Miscellaneous HOA Fees

Buyer’s Responsibility Lender’s Title Insurance Policy* Half of the Escrow Fee* Home Inspection Recording Fees First Year Fire Insurance Premium First Year Flood Insurance Premium, if applicable Pro-Rated Property taxes Survey Fee, if applicable Homeowner’s Association Fees Pro-Rated HOA Dues & Miscellaneous HOA Fees Lender Fees: Appraisal, Credit Report, Loan Origination Fee, Pre-Paid Interest, Private Mortgage Insurance *Actual fees determined by Sales Price and/or Loan Amount

Understanding Title Insurance Prior to the development of the title industry in the last 1800’s, a home-buyer received a grantor’s warranty, attorney’s title opinion, or abstractor’s certificate as assurance of home ownership. The buyer relied on the financial integrity of the grantor, attorney, or abstractor for protection.

When is the premium due? You pay for your owner’s title insurance policy only once, at the close of escrow. Who pays for the owner’s policy and loan policy varies depending on local customs.

How title insurance differs from other forms of insurance? Today, home buyers look primarily to title insur- Unlike other forms of insurance, title insurance ance to provide this protection. Title insurance emphasizes loss prevention for the insured. Title companies are regulated by state statute. They professionals perform labor-intensive work to are required to post financial guarantees to find and address title issues that could threaten ensure that any claims will be paid in a timely your homeownership. This upfront analysis fashion. The also must maintain their own gives you, as a policy holder, the peace of mind “title plants” which house duplicates of recorded that your title risk has been effectively reduced. deeds, mortgages, plats, and other pertinent In contrast, insurance based on loss assumption county property records. (such as auto or property and casualty insurance) requires little upfront work because claims What is Title Insurance? cannot be predicted or prevented, and premium Title insurance provides coverage for certain funds are needed only in the event of an accilosses due to defects in the title that, for the dent or other covered issue. These types of inmost part, occurred prior to your ownership. surance also require annual coverage payments, Title insurance protects against defects such as unlike title insurance which is paid for only once prior fraud or forgery that might go undetected upon the purchase of your home or establishuntil after closing and possibly jeopardize your ment of a new mortgage. ownership and investment. The importance of Title Protection Why is Title Insurance needed? There are many title issues that could cause you Title insurance insures buyers against the risk to lose your real property or your mortgage inthat they did not acquire marketable title from vestment. Even the most careful search of pubthe Seller. It is primarily designed to reduce risk lic records may not disclose the most dangerous or loss caused by defects in title from the past. threat: hidden risks. These issues may not be A loan policy of title insurance protects the in- uncovered until years later. Without title insurterest of the mortgage lender, while an owner’s ance from a reputable and financially solvent policy protects the equity of you, the buyer, for company, the ownership of your home could be as long as you and your heirs (certain policies) jeopardized. own the real property.

Real Estate Terms to Know Appraisal An estimate of value of property resulting from analysis of facts about the property; an opinion of value.

Deed Restrictions Limitations in the deed to a parcel of real property that dictate certain uses that my or may not be made of the real property.

Annual Percentage Rate (APR) The borrower’s costs of the loan term Disbursement Date expressed as a rate. This is not their The date the amounts are to be disinterest rate. bursed to a buyer and seller in a purchase transaction or the date funds are Beneficiary to be paid to the borrower or a third The recipient of benefits, often from a party in a transaction that is not a deed of trust; usually the lender. purchase transaction. Closing Disclosure (CD) Closing Disclosure form designed to provide disclosures that will be helpful to borrowers in understanding all of the costs of the transaction. This form will be given to the consumer three (3) business days before closing. Close of Escrow Generally the date the buyer becomes the legal owner and title insurance becomes effective. Comparable Sales Sales that have similar characteristics as the subject real property, used for analysis in the appraisal. Commonly called “comps”. Consummation Occurs when the borrower becomes contractually obligated to the creditor on the loan, not, for example, when the borrower becomes contractually obligated to a seller on a real estate transaction. The point in time when a borrower becomes contractually obligated to the creditor on the loan depends on applicable State law. Consummation is not the same as close of escrow or settlement. Deed of Trust An instrument used in many states in place of a mortgage.

Earnest Money Deposit Down payment made by a purchaser of real property as evidence of good faith; deposit or partial payment Easement Down payment made by a purchaser of real property as evidence of good faith; a deposit or partial payment. Endorsement As to title insurance policy, a rider or attachment forming a part of the insurance policy expanding or limiting coverage. Hazard Insurance Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. Buyer often adds liability insurance and extended coverage for personal property. Impounds A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums and/or future insurance policy premiums, required to protect their security. Legal Description A description of land recognized by law, based on government surveys, spelling out the exact boundaries of

the entire parcel of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other. Lien A form of encumbrance that usually makes a specific parcel of real property the security for the payment of a debt or discharge of an obligation. For example, judgments, taxes, mortgages, deeds of trust. Loan Estimate (LE) Form designed to provide disclosures that will be helpful to borrowers in understanding the key features, costs and risks of the mortgage loan for which they are applying. Initial disclosure to be given to the borrower three (3) business days after. Mortgage The instrument by which real property is pledged as security for repayment of a loan. PITI A payment that includes Principle, Interest, Taxes, and Insurance. Power of Attorney A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an “Attorney-inFact” Recording Filing documents affecting real property with the appropriate government agency as a matter of public record. Settlement Statement Provides a complete breakdown of costa involved in a real estate transaction. TRID TILA-RESPA Integrated Disclosures

If you have any questions about purchasing a home or would like me to be your broker, please give me a call at 206.730.0962. I want your home buying experience to be as easy and enjoyable as possible and will do everything I can to ensure you find the home that is right for you.

Nina Bjornstal represents: RE/MAX Town Center 15117 Main Street B106 | Mill Creek WA 98012 Cell: 206.730.0962 | Office: 425.224.8400 nina@ninabjornstal.com ninabjornstal.com nina.viewseattlehomelistings.com facebook.com/ninabjornstalrealestate twitter.com/ninabjornstal pinterest.com/ninabjornstal youtube.com/user/ninabjornstal linkedin.com/in/nina-bjornstal-121736 Issuu.com/ninabjornstal