Hi there!
With over two decades of experience in the Southwest Florida real estate market, I provide a strategic and personalized approach to each of my clients. I pride myself on understanding my client's unique needs and connecting them with their perfect homes. Putting my clients first is my top priority, and my integrity, professionalism, and dedication to customer advocacy are reflected in the testimonials I receive.
In addition to previously owning a small business, I have also gained valuable experience during my tenure with a luxury developer, where I specialized in selling newly constructed luxury homes. This, combined with my in-depth knowledge of the local market, positions me as an expert in luxury properties, investment properties, and vacation homes.
I have served as a director with Bonita Springs-Estero Realtors and have actively contributed to several of their committees, including the Professional Development Committee and the Global Diversity Committee Additionally, I have had the honor of serving as past president of the BEAR Home Foundation As a recognized “Top Producer,” my commitment to excellence is unwavering.
I hold professional designations as an Accredited Buyers Representative (ABR®), Certified Negotiation Expert (CNE) and Seller Representative Specialist (SRS), and Certified Home Marketing Specialist (CLHMS™) My certifications include e-Pro®, Pricing Strategy Advisor (PSA), At Home with Diversity (AHWD), and the National Association of Realtors® Commitment to Excellence (C2EX)
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GET TO KNOW ME DOUG PURCELL
Consider this guide your roadmap, simplifying each twist and turn on the path to acquiring your dream home. My objective is not merely to inform, but to instill confidence as we navigate this exciting venture together.
Owning a home is about more than a series of transactions; it’s about realizing your aspirations in a space uniquely your own. The intricacies of the real estate market, with its fluctuations, legal nuances, and pivotal decisions, can be daunting. This is precisely why this guide, paired with my expertise, is indispensable.
I am here to dispel any uncertainties and ensure you are thoroughly prepared to make well-informed, confident decisions. Think of me as your steadfast partner, providing not only guidance but the assurance that you are making prudent choices at every juncture.
My commitment extends beyond conventional service, striving to deliver a comprehensive experience that surpasses the norm. When you are ready to make this significant commitment, you will do so with a sense of enthusiasm and confidence in the value of our partnership.
Then let’s get started...
BUYER AGREEMENT AND RELATIONSHIP
DEFINITION
Much like Listing Agreements with sellers, the relationship between a buyer and a Buyer’s agent is typically formalized through a Buyer Agency Agreement. This legal document outlines the duties and obligations of both the agent and the buyer. It includes details such as the duration of the agreement, the geographic area for your home search, the type of property you're interested in, and the specifics of the agent’s compensation.
Duties: Per the 2023 Florida Statutes, I work with buyers as a transaction broker. My duties in this form of representation include the following:
1. Dealing honestly and fairly.
2. Accounting for all funds.
3. Using skill, care, and diligence in the transaction.
4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer.
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing.
6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or list price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential.
7. Any additional duties that are mutually agreed to with a party.
Property Search and Coordination: I not only assist in searching for properties that fit your criteria, but I also schedule and attend viewings, provide insights into the local real estate market, gather all available disclosures, and communicate with the various listing agents to help gather as much information as possible.
Expert Advice: At Orchid Realty International, we offer expertise in various areas such as market trends, neighborhood information, property values, financing incentives, and negotiation strategies. Additionally, I provide guidance on complex real estate documents and contracts to ensure proper protections and safeguards are integrated for your specific situations. We also offer an outsourced legal partner to help navigate any legal issues or provide advice that may arise while making an offer or throughout the entire process.
Negotiation: Besides negotiating the price, terms, and conditions of the sale, I strategize and negotiate several other aspects to make your offer more appealing and protect your interests. These include:
Closing Date: Aligning the closing date with your schedule or financial plans.
Contingencies: Negotiating clauses for home inspection, financing, appraisal, and more.
Repairs and Credits: Securing repairs or credits based on the home inspection.
Inclusions and Exclusions: Ensuring all agreed-upon fixtures and personal property are included or excluded.
Rent-Back Agreement: Arrange for the seller to stay in the home after closing if needed.
Closing Costs: Negotiating for the seller to cover part of the closing costs.
Warranty: Requesting a home warranty paid for by the seller if applicable.
Escalation Clauses: Adding clauses to automatically increase your offer in competitive markets.
Earnest Money: Determining the earnest money deposit amount.
Title and Survey: Ensuring clear title and deciding who pays for title insurance and survey.
Closing Location and Time: Making the closing process more convenient for you.
Coordination of the Purchase Process: With our Transaction Manager by our side, we streamline the thorough purchasing process, managing inspections, ensuring timeliness, and liaising with various professionals such as mortgage brokers, attorneys, insurance agents, title companies, fellow real estate experts, home inspectors, and utility providers. Even after the closing of your home, we remain your dependable resource for all things related to Southwest Florida, from handyman services to interior design, vendor recommendations, general contractors, local favorites, and beyond! Consider us your lifelong real estate partner.
As a buyer's agent, my role in coordinating the purchase process is comprehensive and involves several key responsibilities:
Paperwork and Managing
Documentation: We manage all the necessary paperwork and documentation involved in the purchase including reviewing addendums, amendments, disclosures, and ensuring all contract elements are correctly executed. My expertise lies in making sure that every document reflects your interests and needs accurately. Our documentation software simplifies the process of viewing and signing documents electronically. Additionally, we securely store all closing documents for future reference.
Coordinating
Inspections and Managing the Findings and Managing
Contractors:
We coordinate various inspections crucial for your prospective home, advising on their significance and strategizing the next steps. If repairs or improvements are necessary, I manage interactions with the selling agent and service providers, ensuring satisfactory completion with proper documentation.
Navigating the Closing Process: I guide you through the entire closing process, which includes finalizing financing, reviewing closing documents, and ensuring all legal and financial obligations are met. I am prepared to tackle any unexpected hurdles that may arise, but my primary goal is to stay ahead, preventing any surprises along the way.
Final Walk-Through: Before closing, I conduct a final walk-through with you to ensure the property is in the agreed condition and that all terms of the sale. I make sure that you are equipped with vendors and important information that you will need once you close on the property.
Providing Ongoing Information and Recommendations: Throughout this process, I offer continuous information, recommendations, and advice on what is customary in the market. This includes sharing insights into market trends, data, and past sales which might influence your decisions.
Support and Advice: I am your steadfast advocate and advisor from the beginning to the end of the home-buying process. My goal is to make this journey as smooth and successful as possible, ensuring that you are informed, comfortable, and confident in your decisions.
Why Commit to an Experienced Buyer’s Agent?
In essence, my role as a buyer's agent in coordinating the purchase process is to be your knowledgeable and reliable partner, navigating each step with precision and care to ensure a successful and satisfying home-buying experience. And due to new regulations, it will soon be law, that real estate agents will be prohibited from showing properties without first entering into a Buyer Agency agreement and establishing compensation.
I'm Your Realtor For Life!
Being your realtor for life means that my commitment to you extends well beyond the closing of your home. After the keys are handed over and the paperwork is complete, I remain a trusted resource for all your real estate needs. Whether you need advice on home maintenance, updates on market trends, or assistance with future property transactions, I am here to help.
CURRENT AS OF 04/11/2024
Beginning in August 2024, all agents by law, will be required to use buyer representations agreements and establish their compensation PRIOR to showing a property. As a buyer's agent, my compensation typically comes from a commission-based model, paid out in various possible ways.
As a buyer's agent, my compensation typically comes from a commissionbased model, paid out in various possible ways. See the next page for a simplified break down to give you a clear picture on how it works.
Traditional Compensation M
When a seller lists their home they agree to pay a commissio real estate agent (the listing b part of the listing agreement. commission is usually a perce the sale price of the home.
The listing agent, with the sell agreement to allow for “coope compensation”, offers a portio commission to the buyer's ag incentive for bringing a buyer property.
This split is usually predetermined and historically was displayed in the MLS (Multiple Listing Service) as a “guaranteed” payment to the Buyer’s Agent. However, due to recent regulatory changes, the public display in the MLS is being prohibited as early as August 2024.
Paid At Closing:
The commission is paid at closing. Once the property transaction is completed, the commission is disbursed as per the agreements to the respective Brokers/Agents.
Key Takeaway:
As the buyer, under this model you generally don't pay the commission directly out of pocket. It's the seller who pays the commission out of the proceeds of the sale either directly to the buyer broker, or to their Listing broker , who pays the buyer broker.
My role as your buyer's agent is to represent you and your interests in the home-buying process, and this service, in a traditional setup, doesn’t add a direct cost to you as a buyer. The commission structure ensures that I am compensated for my efforts and services by receiving a portion of the commission paid by the seller to the listing brokerage. This setup allows me to focus entirely on your needs and interests, helping you find and purchase the ideal home.
TRADITIONAL COMPENSATION MODEL:
S E L L E R PAYS X% COMMISSION
BUYER'S AGENT BROKER PAYS BUYER'S AGENT
COMMISSION PAID TO LISTING BROKER
LISTING BROKER SHARES COMMISSION WITH BUYER'S AGENT BROKER
Note: the buyer is not directly involved in the financial transaction between the seller and the agents.
*It is important to note that with the recent changes, there will be some circumstances where a seller will opt out of offering compensation to the buyer's agent. In that case, there are alternative compensation models to think about.
ALTERNATE COMPENSATION MODELS:
Negotiating Commission with the Seller:
1 3
If we encounter a listing that is NOT offering a commission to buyer agents, and you still want to consider the property, one approach I can take is to negotiate with the seller or the seller's agent to include my buyer's agent commission in the terms. This can be part of the overall negotiation process when making an offer on the property.
2
Adjusting the Purchase Offer:
Another strategy could be to adjust the purchase offer to indirectly cover the commission. For example, if the home is listed for $300,000 and the typical commission would be $9,000, we could offer $309,000 with the condition that the seller pays a $9,000 commission to the buyer's agent. This way, the net to the seller remains the same and your commission obligations are rolled into the overall price of the home.
Seller Concessions:
A seller concession is an agreement where the seller agrees to pay a portion of the closing costs on behalf of the buyer. This can include various fees associated with purchasing a home, such as loan origination fees, appraisal fees, buyer agent commission, points, etc, reducing your upfront out-of-pocket expenses, potentially making the home purchase more affordable to account for direct pay commission after obligations, from the buyer.
4
Buyer Pays Commission Direct:
In cases where the seller refuses to pay the buyer's agent commission, and it cannot be built into the purchase price, you as the buyer may be responsible to pay the commission directly. This would be something we'd discuss and agree upon before moving forward on a property and it will be stipulated in our buyer's agency agreement.
*These are examples of some alternative compensation models.
When you're in the market to buy a home, it's crucial to understand the dynamics of real estate transactions, especially regarding agent representation and compensation. One key concept that can significantly impact the process is the principle of "procuring cause".
PROCURING CAUSE: EXPLAINED.
Procuring cause is a term used in real estate to determine which agent is entitled to the commission on a property sale. It refers to the actions that directly lead to the sale of a property.
HERE ARE SOME EXAMPLES THAT MAY UNKNOWINGLY PUT YOU IN THE POSITION OF PAYING COMPENSATION OUT OF POCKET:
1. Contacting Listing Agent Directly
Visiting open houses on your own is a great way to learn what you like and dislike. Make sure to register with the host agent and let them know you're partnering with me. Remember, keep your excitement contained. The host agent represents the seller and, it's best to keep your cards close to the vest for negotiating. Think of it this way...ANYTHING you say or do can be used against you in negotiations!
2. For Sale By Owner
If you find a FSBO, let us know so we can help you maximize your process. I have the expertise to make contact, negotiate, and make sure the entire process goes off without a hitch. We can help you save money in the transaction, but more importantly, save you the headaches of buying all on your own.
3. New Construction
Creating your dream home is an adventure. Surprisingly to most buyers, the builder's role is very much like a traditional home seller I will represent you as a buyer and use my expertise to make sure you get the absolute best experience with peace of mind knowing you received the best deal possible. Many builders budget for a buyer's agent commission whether you use one or not, so take advantage of my expertise by ensuring we are having you follow their policies when visiting developments.
GET PRE-APPROVED
(IF NEEDED/ELECTED)
•Meetwithalender
•Prepareyourcredit
•Setabudget
MEET WITH YOUR AGENT
•Discussbudget
•Researchareaneighborhoods
•Setyourwants&needs
•BuyerAgreementsigned
•Proofoffunds
MAKE AN OFFER
•Researchcompsinthearea
•Workwithyourrealtortoset upthebestoffer
•Negotiationsmayoccur
OFFER SIGNED
•Allnegotiationsarefinished
•Bothparties havesignedcontract
TITLE COMMITMENT
•Thetitlecompanywill sendyouatitleinsurance policyfortheproperty afterclosing
DOCUMENTS TO LENDER
(IF NEEDED/ELECTED)
•Makesureallrequesteddocs aresenttoyourlenderpriorto closing
FIND YOUR HOME
•Agentfindsoptionsthatmeet mostorallofyourcriteria
•Tourhomes
•Adjustcriteriaifnecessary
INSPECTIONS
•Professionalinspectstheproperty
•Maydiscoverissuesthatneedtobe workedintothepurchaseagreement
•Negotiaterepairs
APPRAISAL
(IF NEEDED/ELECTED)
•Professionalensuresthe propertyisworththeloan andpurchasepricethatyou agreedtopay
CLOSING
•Finalwalk-through
•Signclosingdocuments
•Receiveyourkeys!
Affordability Assessment for Home Purchase
It's vital to assess your financial capacity for a home purchase before starting your search.
This assessment helps in setting achievable goals by focusing on homes within your budget, thus streamlining the search and avoiding potential disappointments. It also plays a significant role in financial planning, taking into account the total cost of homeownership including mortgage, taxes, insurance, and upkeep. This ensures a sustainable investment over time.
Maintaining a Strong Credit Score
Additionally, being aware of your budget can enhance your credibility with sellers, potentially giving you leverage in a competitive market. It also helps in avoiding financial overreach, ensuring a more comfortable and rewarding home buying experience.
Follow these strategies to bolster your credit score:
Punctual Payment: Avoiding late or missed payments is crucial for maintaining a good score.
Balanced Credit Utilization: It's advisable to keep your credit card balances below 30% of the limit.
Manage New Credit Accounts: Frequent applications for new credit can temporarily lower your score.
Diversify Credit Portfolio: A mix of different credit types can positively influence your score.
Monitor Credit Reports: Regular checks and correcting any errors can help maintain a healthy score.
Preparing for Home Purchase Expenses
Key costs to consider include:
Down Payment: Typically ranging from 3% to 20%, though some programs offer 0% down options.
Closing Costs: These usually range from 2% to 5% of the loan amount.
Home Inspection: Essential for identifying potential issues, costs can vary.
Moving Costs: These depend on the distance and the amount of belongings.
Initial Home Maintenance: Budget for potential immediate needs like painting or minor repairs.
The Importance of Mortgage Pre-Approval
Securing pre-approval is a crucial early step in the home-buying process.
It involves a lender evaluating your financial situation to determine a feasible loan amount. This not only indicates your seriousness as a buyer but also clarifies your purchasing budget.
Essential documents for pre-approval include:
Income Proof: Recent pay slips and tax documents.
Asset Proof: Statements from banks and investment accounts.
Credit Analysis: Lenders will assess your credit score.
Employment Confirmation: Verification of your current job.
Identification: Government-issued ID like a driver's license or passport.
This process not only sets a realistic purchasing limit but also strengthens your negotiating position when making offers.
Depending on the program, available first time home buyers (a buyer who hasn't owned in the last three years) can put 3% down with a Conventional 97 program
D O S A N D D O N ' T S D U R I N G
T H E M O R T G A G E P R O C E S S
DO:
Ask questions and stay informed.
Provide all requested documentation promptly. Keep your file updated with the latest pay stubs and bank statements.
Continue making all payments on credit cards, loans, and rental or mortgage accounts as agreed.
Maintain thorough paperwork for everything related to your application.
If purchasing, provide a copy of your pre-approval and your Mortgage Loan Originator’s contact information to your realtor.
Consider the benefits of having home inspections conducted as part of your purchase contract.
Consider negotiating a “Homebuyer Warranty” as part of your purchase offer, whether it's new or existing construction.
Obtain a legible and fully executed copy of your purchase contract, signed by all parties.
Make a copy of your escrow deposit check or wire receipt and provide evidence that it has been cashed or deposited by the escrow/closing agent.
Arrange for satisfactory homeowner’s insurance coverage (and flood insurance, if applicable) effective on the date of your closing. This is typically done after receiving the appraisal, as it may contain information needed by the insurance agent for an accurate premium quote.
T H E M O R T G A G E P R O C E S S
DON’T:
Apply for or take out new credit cards, auto or personal loans, or have new credit inquiries during the loan process and closing (Underwriting checks prior to closing).
Make large unverifiable and undocumented deposits or withdrawals to your checking or savings account.
Quit or change employment.
Write any insufficient funds checks (NSF).
Take cash advances on credit cards to pay for your escrow deposits.
Withhold payments to accounts to be paid off at closing without first discussing it with your Mortgage Loan Originator.
Make a purchase offer for an amount higher than your pre-approved amount without first discussing it with your Mortgage Loan Originator.
Include any seller’s personal property (furniture, machinery, etc.) in the purchase contract, as only real estate is permissible.
Let the Home Shopping Begin....
It’s now the time to start visiting homes that make the cut. Once we identify your top picks, I’ll make the arrangements with the listing agents for each home we are visiting and gather available information for each property.
I encourage you to take notes and photos as the properties can start to run together if we are viewing multiple homes.
I’ll be making notes of inclusions or exclusions that we would want to make part of an offer.
Also, keep in mind nothing is private anymore. Between ring doorbells, cameras, audio/visual surveillance, nanny cams, etc., you never know when your actions, and more importantly your words, might be monitored by a seller.
It’s important that you keep negative or positive comments and your interest level in the property to yourself, until we are away from the property. Never, ever discuss any terms you might be willing to offer to the seller while in the vicinity of the home.
Prepare a Checklist: Before visiting homes, make a checklist of your musthaves and nice-to-haves. This helps you stay focused on what's important to you during the viewings.
Inspect Carefully: Pay attention to the condition of the home. Look for signs of damage or wear, such as water stains, cracks in walls or ceilings, and the condition of the roof and floors.
Ask Questions: Don't hesitate to ask me questions about the property. If a sellers disclosure is available that should tell us information about the age of the home, any recent renovations, utility costs, and neighborhood amenities.
Consider the Location: Think about the home's location in relation to your work, schools, public transportation, shopping, and other daily necessities
Visualize Your Life in the Home: Try to imagine your furniture and personal items in the space. Consider the flow of the house and whether it fits your lifestyle.
Check Outside the House: Don't just focus on the interior. Look at the exterior of the home, the yard, and the neighborhood. Consider factors like street noise, parking, and the proximity of neighbors.
Be Open-Minded: Keep an open mind about properties. Sometimes a home might not meet all your criteria but could still be a great fit for your needs.
HOUSE HUNTING CHECKLIST
THE HOME
Exterior Condition
Floorplan
Kitchen
Family Area
Dining Area
Laundry Room
Master Bedroom
Master Bathroom
Extra Bedrooms
Extra Bathrooms
Garage Size
Lot
NOTES ABOUT THE NEIGHBORHOOD
Appearance
Traffic
Security/Safety
Nearby Schools
Property Address Price
# of Bedrooms
Total Sq. Ft.
NMLS#
# of Bathrooms
First Impression: DISLIKE • LIKE • LOVE
THE FEATURES
Kitchen Appliances
Laundry Appliances
Fireplace
Patio/Balcony
Pool
A/C & Heating System
Security
Does this house make the short list?
ADDITIONAL NOTES
This house won’t work because
If we are in a seller’s market, you have to act quickly - If you have a strong interest in a home we have viewed it's time to make an offer!
Keep in mind, you might only have one shot, as a counter offer is not guaranteed. So, make your best offer if we are competing with other buyers.
Determining what to offer involves:
Market Analysis: Base your offer on a comparative market analysis (CMA). This shows the prices of similar homes that have recently sold in the area, as well as other available homes competing in similar price points.
Affordability: Ensure the offer aligns with your budget and pre-approved mortgage amount.
Contingencies and Concessions: Factor in any additional costs or contingencies that might affect your offer.
Remember, each home and seller is unique, so tailor your offer to the specific situation while maintaining a balance between making a competitive offer and protecting your interests.
Pre-Approval Letter: Include a mortgage pre-approval letter to show you're financially capable of purchasing the home.
Consider Sellers Circumstances: Find out what is important to the seller and be sure to take their desires into account when making your offer.
Flexible Closing Date: Being flexible with the closing date can be attractive to the seller, especially if they need time to move out.
Higher Earnest Money Deposit: A higher deposit can show your serious commitment to the purchase.
Minimal Contingencies: Fewer contingencies make the process smoother for the seller. However, don't waive essential ones like the home inspection if at all possible.
Shorten Time Periods: Don’t feel comfortable waiving a contingency, consider shortening the time frames to give the seller more confidence.
Cover Some Seller Costs: Offering to pay for some of the seller’s closing costs can make your offer stand out.
Personal Letter: Consider including a personal letter expressing why you love the home. This can resonate with the seller, especially in competitive markets. Make sure you keep it generic and don’t break fair housing laws (I’ll guide you).
Escalation Clause: In a competitive market, an escalation clause can automatically increase your offer if there are higher bids, up to a maximum amount.
Rent-Back Agreement: If the seller needs time to find a new home, offering a rent-back agreement can be appealing.
If an offer Isn't accepted or formally rejected by the expiration time, then the offer is expired and no longer valid.
The seller can accept other offers and may not give you the opportunity to revise your offer.
The seller can come back with different terms in an attempt to negotiate terms acceptable to both parties.
This stops the negotiation process. This stops the negotiation process. Negotiations can go back and forth multiple times until an agreement is made or the inability to reach an agreement.*
* Keep in mind, while in the negotiation process, another offer could come in and the seller could accept a different offer. We will want to keep response times as short as possible to minimize that risk.
Congratulations, you are now in contract and we will begin moving through the contingencies that are outlined in your purchase agreement.
Now that we are under contract, the escrow process begins in your real estate transaction The first critical step for a buyer is usually to decide on the necessary inspections for the home or property. This is a pivotal phase, as it will help you
potential issue
KEY STEPS OF ESCROW
Choosing Inspections: With my guidance, you will need to decide which inspections you will want to have performed as well as determining what inspections may be required. Common inspections include general home inspection, pest inspection, radon testing, sewer inspection, irrigation system, gas appliance inspection, septic, well, pool, and, depending on the area, flood zone assessment or earthquake safety inspection and any municipal required inspections.
Providing Recommendations: If you do not have preferred inspectors, I am happy to assist by recommending reputable and reliable inspectors with whom other clients have had positive experiences in the past.
Scheduling Inspections: Once the types of inspections are decided, the next step is to schedule them. This needs to be done promptly as there are contractual deadlines to meet. It is highly recommended that you attend at minimum the general home inspection as this is a wonderful time to learn about maintaining the home in the future and discuss any areas of concern directly with the inspector. I can assist in coordinating with inspectors to schedule the inspections as we will need to arrange all inspections with the listing agent/seller and ensure everything is completed within the contractual timelines.
Reviewing Inspection Reports: After the inspections are completed, copies of all reports should be provided to both you and me for review, to ensure that you understand the condition of the property, including any repairs or maintenance issues. It is my job to help you understand the findings, prioritize areas of concern, and put them in the context of the overall purchase decision to determine the next steps.
Negotiating Repairs or Credits: Based on the inspection results, you may need to negotiate with the seller for repairs or credits in lieu of repairs.
Throughout this process, as your buyer’s agent, I will be advocating for your best interests, ensuring you are making informed decisions on the property you are purchasing.
It is not A-typical for issues to be found during the home inspections. Depending on the specific terms of your purchase agreement, this may result in another round of negotiations with the seller. These negotiations may be in terms of asking the seller to have repairs made or give a credit in lieu of repairs.
Credit
in
Lieu
of
Repairs:
This involves analyzing and determining average costs of the repairs you would ask the seller to pay in lieu of having the repairs completed prior to closing. This often is a preferred option for a seller rather than them having to deal with finding contractors and dealing with work underway while they are preparing for the move. KEEP IN MIND, THIS COULD AFFECT YOUR LOAN. We will discuss the pros and cons of this option on a case-by-case basis.
Asking
Seller to make
Repairs Prior To Closing:
One of the obvious advantages of a seller making repairs prior to closing is that the work is completed before you take possession of the home. The disadvantage is you do not get to choose who makes the repairs or how it is completed.
Tips To Consider
Keep your Poker Face: The listing agent or the seller themselves may be present during the home inspections. Always keep your cards close to your chest, be aware of your conversations and try not to reveal your comfort level or discomfort of findings while within ear shot of the seller or their agent. This could be detrimental in further discussions and negotiations.
Remember the Big Picture: The inspection period is one of the more emotional steps of the process for both the seller and the buyer. Sellers can often feel their home is being unjustly “picked apart” or a laundry list of issues that the seller feel are more maintenance issues can give the seller the impression that you are being unrealistic in expectations and “difficult” to deal with. Contrastly, buyers often feel like they are paying top dollar for the property and therefor your purchase should be free of any defects. It is Important to not get caught up in the emotions during these negotiations and lose sight of the end goal. I will help you in managing expectations and moving you through the resolution period successfully.
APPRAISAL ORDE
(TYPICAL FOR LOAN BASED PURCHASES)
Now that your lender has an actual address, they will begin to move forward with processing your loan. Your lender (if applicable) will arrange for an appraiser to be dispatched to provide an independent estimate of value of the home/property you are purchasing.
If the appraisal value is found to be at purchase price or higher, your file will continue to move through the underwriting process.
A property title search is an essential step in the home-buying process that serves to verify the legal ownership and status of a It ensures that the seller has the legal right to sell the property. This involves checking the current and past ownership records to ascertain that
The mortgages, or claims on the property that might affect a buyer's legal ownership. These must be cleared before the property can be
Identifies Easements or Restrictions: It discloses any easements (rights for others to use the property for specific purposes) or covenants (restrictions on how the property can be used) that might limit the buyer’s use
The ultimate goal of a title search is to ensure that the property has a 'clear title' – free from legal questions about past ownerships and devoid of issues that could challenge your legal claim to the property in the future.
PROPERTY SURVEY CONDUCTED
A property survey, conducted during the home-buying process, serves as a crucial tool to determine many key findings.
Defines Property Boundaries: The survey accurately defines and maps the property’s boundaries, helping you understand the exact dimensions of the land you are purchasing. This is vital for avoiding disputes with neighbors over property lines.
Identifies Easements and Right of Ways: reveals any easements (legal rights for others to use the property for specific purposes, like utility maintenance) and right of ways that may exist on the property.
HOMEOWNERS INSURANCE
Locates Structures and Improvements: The survey shows the location of the house and other structures on the property, ensuring they are within the property boundaries and comply with local zoning regulations, building codes, and setback requirements.
Unveils Potential Issues: It can uncover issues that might need resolution before purchase, such as encroachments (where a neighbor’s fence, building, etc., extends onto the property) or discrepancies in property descriptions.
Assists in Future Development: For buyers planning future renovations or additions, a survey provides a detailed layout of the property, which is essential for planning and obtaining necessary permits.
Overall, a property survey provides a clear, legal depiction of the property, offering you a precise understanding of what you are purchasing and helping to prevent future legal disputes or compliance issues.
Securing homeowners insurance is an essential safeguard, protecting your investment in your new home against unforeseen damages and liabilities. It’s a key step in the home-buying process and is typically required by lenders to finalize the mortgage.
Inspection Requirement: Some insurers may require a home inspection before finalizing the policy to assess the condition of the home and identify any potential risks or necessary repairs.
Proof of Insurance for Closing: The buyer must provide proof of homeowners insurance to the mortgage lender before closing. Lenders require this as assurance that their investment in the property is protected against damages.
Policy Activation and Payment: Finally, the insurance policy is activated, typically starting on the day of closing. The first premium payment is often due at this time, and it may be included in the closing costs.
As an Accredited Buyer's Representative (ABR®) I can guide you from consultation to closing, making your homebuying process as stress-free as possible. Experience peace of mind knowing that you are working with a REALTOR® who can get you the best results and help you find and buy your next home.
Why should you work with an Accredited Buyer’s Representative?
1. Knowledge: ABR® designees receive specialized training in the field of buyer representation and have access to resources and networking groups to help them stay up to date on the latest trends and research.
3.
Experience: To receive the Accredited Buyer's Representative designation, an agent must meet a minimum number of transactions as a buyer’s rep. So, there’s no such thing as an inexperienced ABR®.
2. Reputation: Established in 1988, the ABR® designation is the only of its type recognized and accredited by the National Association of REALTORS® (NAR). Accredited Buyer’s Representatives must be members of NAR in good standing to receive and use the designation.
Member of The Institute for Luxury Home Marketing CLHMS ™
When you are buying or selling a luxury home, it is vital that you partner with a real estate professional who understands your needs and lifestyle. Real estate professionals with CLHMS™ designation have the expertise and proven experience to support your unique needs. Certified Luxury Home Marketing Specialists™ undergo extensive training and demonstrate a record of successful performance in the upper-tier market. Exclusive access to market insights, combined with cutting-edge tools, strategies, and specialized knowledge makes CLHMS™ Professionals your best choice for buying and selling luxury properties.
Choosing Orchid Realty International means selecting a partner with unparalleled expertise and commitment. Our team comprises seasoned professionals who bring a wealth of knowledge and experience to the table, ensuring every aspect of your real estate journey is handled with utmost precision. We understand the intricacies of the market and leverage our insights to provide you with the best opportunities and advice. Our collaborative approach means that you benefit from a collective effort where each member of our team is dedicated to achieving your goals. From initial consultation to closing, we prioritize your needs, making the buying process seamless and stress-free.
With
Orchid
Realty International,
you are not just a client; you are part of our family, and we are committed to your success every step of the way.
Jennifer Springer Rinden Broker, Owner, MBA
B
Scott
Sam Elliott Nicholson Marketing Manager
Meaga Rental
Madilyn Jackson Assistant Rental Manager
Josh Rudnick
REAL ESTATE TERMS
Buyers Need to Know
APPRAISAL
A DETERMINATION OF THE VALUE OF SOMETHING, IN THIS CASE, THE HOUSE YOU PLAN TO BUY. A PROFESSIONAL APPRAISER MAKES AN ESTIMATE BY EXAMINING THE PROPERTY, LOOKING AT THE INITIAL PURCHASE PRICE, AND COMPARING IT WITH RECENT SALES OF SIMILAR PROPERTY.
CLOSING COSTS
ALL SETTLEMENT OR TRANSACTION CHARGES THAT HOME BUYERS NEED TO PAY AT THE CLOSE OF ESCROW WHEN THE PROPERTY IS TRANSFERRED THESE TYPICALLY INCLUDE LENDER'S FEES AND POINTS OR PREPAID INTEREST, A PRORATED SHARE OF THE PROPERTY TAXES, TRANSFER TAXES, CREDIT CHECK FEES, HOMEOWNERS' AND TITLE INSURANCE PREMIUMS, DEED FILING FEES, REAL ESTATE AGENT COMMISSIONS, INSPECTION AND APPRAISAL FEES, AND ATTORNEYS' FEES
APPRECIATION
INCREASE IN THE VALUE OR WORTH OF AN ASSET OR PIECE OF PROPERTY THAT'S CAUSED BY EXTERNAL ECONOMIC FACTORS OCCURRING OVER TIME, RATHER THAN BY THE OWNER HAVING MADE IMPROVEMENTS OR ADDITIONS.
MLS
A COMPUTER-BASED SERVICE, COMMONLY REFERRED TO AS MLS, THAT PROVIDES REAL ESTATE PROFESSIONALS WITH DETAILED LISTINGS OF MOST HOMES CURRENTLY ON THE MARKET. THE PUBLIC CAN NOW ACCESS MUCH OF THIS KIND OF INFORMATION THROUGH WEBSITES.
ESCROW
THE HOLDING OF FUNDS OR DOCUMENTS BY A NEUTRAL THIRD PARTY PRIOR TO CLOSING YOUR HOME SALE. THIS IS TYPICALLY DONE BY A TITLE COMPANY.
ZONING
THE LOCAL LAWS DIVIDING CITIES OR COUNTIES INTO DIFFERENT ZONES ACCORDING TO ALLOWED USES, FROM SINGLE-FAMILY RESIDENTIAL TO COMMERCIAL TO INDUSTRIAL. MIXED-USE ZONES ARE ALSO USED ZONING ORDINANCES CONTROL SIZE, LOCATION, AND USE OF BUILDINGS WITHIN THESE DIFFERENT AREAS AND HAVE AN EFFECT ON TRAFFIC, HEALTH, AND LIVABILITY
HOME INSPECTION
AN EXAMINATION OF THE CONDITION OF A REAL ESTATE PROPERTY A HOME INSPECTOR ASSESSES THE CONDITION OF A PROPERTY, INCLUDING ITS HEATING / COOLING SYSTEMS, PLUMBING, ELECTRICAL WORK, WATER AND SEWAGE, AS WELL AS SOME FIRE AND SAFETY ISSUES
CONTINGENCY
A PROVISION IN A CONTRACT STATING THAT SOME OR ALL OF THE TERMS OF THE CONTRACT WILL BE ALTERED OR VOIDED BY THE OCCURRENCE OF A SPECIFIC EVENT, USUALLY BY SPECIFIC DATES LEADING UP TO THE CLOSING.
TITLE
OWNERSHIP OF REAL ESTATE OR PERSONAL PROPERTY. WITH REAL ESTATE, TITLE IS EVIDENCED BY A DEED (OR OTHER DOCUMENT) RECORDED IN THE COUNTY LAND RECORDS OFFICE.
PreferredLenders:
MovementMortgage: NicolePaolini-239-287-8556
E: nicole.paolini@movement.com
BrehFunding: DanielleDamianov-786-359-7976
E: Danielle@brehfunding.com
HomeownersInsurance:
SentryInsuranceAdvisors: JohnPaolini-239-350-4902
E: jpaolini@sentryia.com
LaneInsuranceGroup: 239-947-7474
W: laneinsurancegroup.com
HomeInspectors:
PillartoPost: MartinBolagno-239-770-2690
E: Martin.bolagno@pillartopost.com
239Inspections: 239-610-5238
E:office@239inspect.com
W: 239inspect.com
HomeWarranty:
OldRepublicHomeWarranty: 800-445-6999
https://www.orhp.com/
Home-Tech (800)800-8356
HomeAppraisal:
Maxwell Hendry Simmons Real Estate: PattiAnderson-O:239-337-0555
E: info@mhsappraisal.com
TitleCompany:
Premier Reputation Title: 239-444-5561
E: KimR@prtitleservices.com
First American Title: 239-434-0660
E: aritchie@firstam.com
Woods, Weidenmiller, Michetti & Rudnick, LLP
JoshRudnick-239-325-4070
E: JRudnick@lawfirmnaples.com
Movers:
TheGirls-239-898-0003
E: thegirlsmoving@gmail.com
EagleMovers-239-285-6894 eaglemoving.com
TopClassMovingInc-239-989-7895 topclassmovinginc.com
SergioCruz-239-321-1913
Locksmith:
DavidMeiserLocksmith-239-839-8368
E: david@davidmeiserlocksmith.com
