SONYA GIERKE BUYER PRESENTATION
A STEP BY STEP GUIDE TO BUYING YOUR HOME
SONYA GIERKE, REALTOR® Phone : 804-273-7754 Office : 804-360-5200 Email : Sonya@SonyaG.com www.SonyaG.com
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Page of Contents Why Choose Sonya Gierke
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Testimonials
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Buyer's Roadmap
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Real Estate Terminology
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How To Be A Competitive Buyer In Today's Market
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Dream List for Your New Home
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Get Financing First
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Estimated Cost for Home Inspections
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RE/MAX Statistics
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Why Choose Sonya Gierke? QUALITY SERVICE
When you choose to work with RE/MAX Commonwealth and Sonya Gierke to sell your home, you'll experience a whole new level of customer service. First, Sonya Gierke has been a licensed agent since 2002 and has been involved with real estate for 30 years in a real estate family. Sonya averages 70 percent of her business from repeat customers and referals, while other agents average about 30 percent from those sources.
CUSTOMER SATISFACTION
The proof of quality service is in repeat customers and in customers who refer Sonya's services to their friends and family.
EDUCATION
Sonya prides herself on attaining continuing education on a monthly basis, this enables her to better serve her clients. Designations:
GRI - Graduate of the Realtor Institute ABR - Accredited Buyer Representative SRES - Seniors Real Estate Specialist
PRODUCTION
The experience and education means Sonya Gierke with the resources at RE/MAX Commonwealth, is better qualified to set the right price for the homes she lists, is better equipped to market those homes, and is likely to find a buyer in a shorter period of time. That experience and education also means she is better positioned to find the right buyer for your home. Deciding to sell your home is a big step. Make sure it's a step in the right direction by choosing the agent best qualified to handle your real estate needs: Sonya Gierke.
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TESTIMONIALS WHAT MY CLIENTS ARE SAYING
We have known Sonya now for over 10 years! We worked with her to buy our first home 10 years ago, and again recently to sell that home and buy our new house! Sonya is a very driven, reliable and a
highly experienced real estate professional that helped us understand our options and gave us great
recommendations both in the buying and selling processes. With Sonya's help, we sold our home in 10 days and designed and built our new home, which we love! Sonya has been instrumental in the home
buying, selling and building processes for our family, and highly recommend her to family, friends and you! Cassie Erickson Sonya was great throughout the entire buying process. She responded quickly to my showing requests and was very patient when I questioned what I really wanted in a home. If she didn't know a particular area, she
worked closely with local REMAX agents to help locate the right house. I am extremely happy with the home I purchased and the price. David Brennan From the moment we met Sonya we knew she had our best interests at heart. She was honest, direct,
comforting, and encouraging. Sonya helped us sell our home and helped us with purchasing a newly
constructed home... We always knew Sonya was on our side every step of the way and made us feel like
we were the only ones she was working with... Her professionalism, work ethic, and honesty are rare in this world and anyone would be truly fortunate to work with her and have her on their side. We feel honored to
have had her help us through this difficult and stressful process and will recommend her every chance we get. She's the best. We wish she could train other realtors. Ron and Marty Pfeiffer
"Sonya has been instrumental in the home buying, selling and building processes for our family, and highly recommend her to family, friends and you!"
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BUYER'S ROADMAP
A GUIDE THROUGH THE PROCESS OF BUYING YOUR NEW HOME
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BUYER'S ROADMAP 1
MEET WITH A REAL ESTATE PROFESSIONAL
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Discuss the type of home you're looking for, including style, price, and location.
THE BUYER'S ADVANTAGE
GET PRE-APPROVED You will need pay stubs, W2s, and bank statements. Knowing what you can afford is critical to a successful home shopping experience.
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SEARCH FOR HOMES
ADVANCED SEARCH
The fun part! Your agent will schedule showings and help you find the perfect home.
Not all real estate websites are the same. Your real estate professional has tools and systems to ensure you see every available home that meets your criteria.
As the home buyer, your agent's commission is paid by the seller of the home in almost all circumstances. This means your representation costs you nothing!
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NEGOTIATIONS AND CONTRACT
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It may take a few tries to get it just right, but hang in there. You're on your way.
CONTRACT In most cases, the contract provides you with a timeline to obtain financing, as well as time to inspect the physical condition of the home. Your real estate professional will inform you of all of your rights and responsibilities related to the contract.
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IN ESCROW You and the seller have agreed to the price and terms. The home is effectively held for you until closing.
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MAKE AN OFFER
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CLOSING
Your agent will prepare the offer based on the price and terms you choose.
FINAL DETAILS Perform due diligence, order the appraisal, conduct an inspection, and review terms with the lender.
PREPARING FOR CLOSING You will be finalizing your loan, reviewing documents, and discussing the findings from the inspection. Your agent will be managing this entire process for you.
This is the transfer of funds and ownership. A title company or an attorney typically acts as an independent third party to facilitate the closing.
PROFESSIONAL TITLE*
KAREN SMITH Office: Office Phone* Cell: 804-288-5000
homesinrichmond@earthlink.net
CONGRATULATIONS! YOU ARE A NEW HOMEOWNER
http://www.joinremax.com/remaxcommonwealth
Lic#: License #1*
This is not intended to solicit a currently listed home. Information is deemed reliable, but not guaranteed.
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REAL ESTATE TERMINOLOGY ADJUSTABLE RATE MORTGAGE (ARM)
The interest rate is tied to a financial index making monthly mortgage payments go up and down over time.
ANNUAL PERCENTAGE RATE (APR)
The percent of interest that will be charged on a home loan.
APPRAISAL
A report highlighting the estimated value of the property completed by a qualified 3rd party. This is typically done for the benefit of the buyer's lender to ensure the property is worth the purchase value.
ASSOCIATION FEE / HOA FEE
In addition to a mortgage, certain housing communities such as townhomes have a monthly fee associated with maintaining common areas and amenities.
BALLOON MORTGAGE
A long-term mortgage loan that starts small but has a large payment due at maturity.
CLOSING
When the new title to the property is officially recorded by the County Record's Office and ownership of the property is transferred to the new buyer.
CLOSING COSTS
The buyer and seller have expenses associated with the transaction other than that of the actual cost of the home. For example, the buyer has a variety of fees due for obtaining a new loan and the seller must pay commission to both agents.
CLOSING DISCLOSURE
A form that provides the final details about the mortgage loan. It includes loan terms, projected monthly payments, and how much the extra fees will be.
COLLATERAL
Something of value (in this case your home) that is held to ensure repayment of the mortgage or loan.
COMMISSION
A percent of the sale price of the home that is paid to agents. The seller pays commission to both the buyer and listing agent.
COMPARABLES
Homes in the area of interest that have recently sold that have similar features.
CONTINGENCIES
Conditions which must be met in order to close. Contingencies are typically tied to a date, referred to as a deadline. If the contingenciy is not satisfied the contract may be cancelled.
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REAL ESTATE TERMINOLOGY COUNTEROFFER
The response from the seller in regard to an offer.
DEBT TO INCOME RATIO
A lender will evaluate whether a borrower's income in large enough to handle their payments on existing debts plus their new mortgage payments.
DOWN PAYMENT
A percent of the cost of the property that is paid up front as a part of the mortgage.
EARNEST MONEY
The deposit made from the buyer to the seller when submitting an offer. This deposit is typically held in trust by a third party. Upon closing, the money will generally be applied to the down payment or closing costs.
ESCROW
This term has multiple meanings; earnest money is typically held by a third party until closing in "escrow." It can also be referred to as the time period from when the contract is written and accepted by the seller to when the home sale actually closes.
EQUITY
The difference in the market value of a home versus what is owed on the home.
FHA
A mortgage that is financed through a private lender and insured by the Federal Housing Administration, often requiring a lower down payment and income to qualify.
FIXED RATE
The interest rate will remain the same for the entire life of the mortgage.
HOME EQUITY LINE OF CREDIT
A loan or line of credit that your lender may offer using the equity in your home as collateral.
HOME INSPECTION
The process in which a professional inspects the seller's home for issues that may not be readily apparent, and then creates a report for the buyer to review.
HOME PROTECTION PLAN
A one-year service that covers the costs of repairs or replacements to items covered in the plan (such as stoves, dishwashers, A/C, heaters, etc.).
HYBRID
A loan that starts with a fixed rate period, then coverts to an adjustable rate.
MORTGAGE INSURANCE
Insurance written in connection with a mortgage loan that protects the lender in the event the borrower cannot repay their loan. This is usually not required if the borrower has 20% or more for the down payment.
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REAL ESTATE TERMINOLOGY MORTGAGE NOTE
A promise to pay a sum of money at a standard interest rate during a specific term that is secured by a mortgage.
MULTIPLE LISTING SERVICE (MLS)
The national list of real estate properties that are available for sale. These are the most reliable sources to receive up-to-date listing information.
PREAPPOVAL
Conditional approval to purchase a home up to a certain price, based on buyer provided basic information about income, debt and savings. Prequalification doesn’t require documentation, therefore, is not as strong as preapproval.
PREQUALIFICATION
The buyer(s) provides documentation about employment and financial information and allows the lender to pull credit history. A preapproval means the lender is committed to lending a certain amount of money to purchase a home, pending any issues with the house itself or unforeseen circumstances with finances.
PRINCIPAL
The underlying amount of the loan which is actually borrowed.
PROPERTY TAXES
These are the taxes that are enforced by the city, town, county, and state government entities. Sometimes they are included in the total monthly mortgage payment paid to the lender and sometimes they are paid directly by the home owner.
REO
Real estate owned properties or foreclosed properties currently owned by a financial institution such as the bank that made the loan to the previous owner.
REVERSE MORTGAGE
This is specifically for seniors and it allows them to convert the equity in their home to cash.
SHORT SALE
A situation when the seller's lender is willing to accept an offer and allows the sale to be completed for an amount less than the mortgage amount owned by the seller.
TITLE
A legal document providing current and proper ownership of the property. Also referred to as a Title Deed, this document highlights the history of property ownership and transfers.
UNDERWRITING
The process in which the potential home buyer is evaluated for their financial ability to obtain and repay a loan. This normally includes a credit check and an appraisal of the property.
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HOW TO BE A COMPETITIVE BUYER IN TODAY'S HOUSING MARKET
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DREAM LIST FOR YOUR NEW HOME
My goal is to find properties that first meet your essential needs and then as many of the extras that you can reasonably afford. Below, please make a list of what is important to you and we can structure our search with this criteria. What items are on your dream home list (such as primary bathroom, 3-season porch, or wooded yard)? 1. 2. 3. 4. 5. 6. Realize that we may not find the perfect home, unless you build. However I will help you find the best homes for you in your price range. I look forward to working with you!
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GET FINANCING FIRST Once upon a time, buyers found their dream home and then went in search of a mortgage. Today, things have changed. The market is more competitive and buyers who arrange their financing first have a distinct advantage. This means finding a lender before you start looking for a home.
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Talk to a lender
Get pre-approved for a mortgage
Shop with confidence
Keep in mind there are all types of mortgages available with different rates and features. It’s in your best interest to talk with a couple qualified lenders to ensure you get the best rate. I’d be happy to refer you to a lender to assist you with your home purchase.
Unlike pre-qualification, which is simply a quick estimate of your borrowing potential, preapproval is a formal approval of a specific mortgage amount— typically the maximum you can borrow. And you’ll receive a good faith estimate of your expected closing costs. A pre-approval letter, from your lender, will be needed for any formal offer you make to purchase.
Once your pre-approved, you’ll know exactly how much house you can afford, and you’ll have an edge over other buyers in a multiple-offer or negotiating situations.
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Estimated costs tied to home inspections during the home selling process.
SELLER PAID Termite Inspection (seller):
$75-100
Well Pump/Flow Test (seller):
$250-500
Well Bacteria & Lead Test (seller):
$200-400
Sewer Lines:
$500-600
Septic Distribution Box (seller):
$150-400
Septic Tank/Pumping (seller):
$300-400
BUYER PAID Whole Home:
$400+
Fireplace/Chimney/Flue:
$50-75 Per Flue
Flood Certification:
$25-50
Foundation/Structural Engineer:
$200-500
Gas Log:
$100-200
Generator:
$150-250
HVAC:
$100-200
Lead Paint:
$200-400
Mold Fungus:
$300-400
Pool/Spa:
$200-600
Property Survey:
$300-800
Radon:
$150-250
Roof:
$100-300
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PLEASE STAY IN TOUCH SONYA GIERKE, REALTOR® Phone : 651-269-5270 Office : 804-360-5200
Email : Sonya@SonyaG.com www.SonyaG.com
200 Westgate Parkway, Suite 102 Richmond, VA 23233
Office : 804-360-5200
www.HomesInRichmond.com
