Marketing Cover
THE BUYER Book Your guide to a successful purchase
Take a Tour of Our Online Resources TheBellevueBlock.com
Avenue Properties - Bellevue. 305 108th Ave NE Suite 200 • Bellevue, WA 98004 206.255.0280 • 206 391 2021 • TheBellevueBlock.com
Welcome to The Bellevue Block! It is our pleasure to present you with this informative guide to buying a home in Bellevue. We have earned our reputation for excellence in representing buyers through years of experience and hundreds of sales. When you are serious about buying, we will help you navigate the intricacies of the purchase and closing process. We invite you to experience our definition of real estate.
1
Real Estate Redefined
The real estate industry as a whole is changing rapidly. The days of the general practitioner are vanishing and recent studies predict that 97% of the business will soon be handled by only 3% of the agents. These elite agents are approaching the real estate business in an entirely different manner. They understand that consumers today expect and deserve a higher level of service and accountability and at a rapid pace. Top agents recognize that the best way to provide this level of service is through a team of specialists. In that same vein, Cherie Lang and Luke Dunckley’s passion for excellence and heart for serving their clients led them to establish The Bellevue Block Team. Recruiting a dynamic team of creative and highly skilled professionals has allowed them to create an organization that thrives on challenges and exceeding clients’ expectations, especially for the townhome and condominium purchaser.
2
It’s been 50 years in the makEstate Team of Avenue Properties. My parents, Fred and Lorraine Lang, started as custom builders back in the late 1950’s, so you could say that I literally grew up in the building industry. It has been my pleasure to help over 1000 families with the purchase of their new home. I love living and working on the Eastside. About 10 years ago, w hen my children were raised, I no longer felt the need for the large home and its maintenance. I was especially enamored with Bellevue. A new chapter was to begin. I soon fell in love with city life, the ease of walking everywhere, convenient access
was missing.
While pursuing a condo for myself, I discovered that there were no “go to” Realtors specializing in this niche market with insider information on urban living homeownership. I began researching and becoming an expert in the newer buildings under construction, as well as Homeowner dues and what they cover. Monetary reserves in each
statements and the list just got longer of the items that are “standard” for condominiums and townhomes! So my son and associate, website as a resource for downtown living for condominium and townhome properties. It is unmatched in providing answers and general information about this niche market. Luke is a Broker Associate, and ha success of our team for the past 8 years. Luke and his family live in downtown Bellevue. Together, we bring 35 years of expertise to our
3
Moving Mountains for Our Buyers There may appear to be some uncertainties surrounding real estate, especially with townhome and condominium purchases. Sometimes prospective buyers have preconceived ideas that make them feel uneasy about exploring sound real estate opportunities. One of the things we do best is to take the uncertainties out of real estate. We know Bellevue well, both in terms of past performance and its potential for future growth. We give you facts and information to make educated decisions and wise investments. We pride ourselves in our ability to listen carefully and discover what your needs and investment requirements are….then we set out to match you with just the right property. We’ve worked “in the trenches” for many years and know the Bellevue inventory inside and out! We know which properties have the highest rental revenues, the most amenities, the lowest condo fees, the highest rate of appreciation, the best management and 4
countless other details that may affect your purchase.
When you are our client, we will provide you with sales information and statistics that will help you decide what price to offer. We will strategize with you how to structure a contract that is in your best interest. We want to help you make the right buy, at the right price. And, we can offer you Buyer representation so that you have someone on your side, negotiating on your behalf. We may tell you that a certain property is good for someone else, but not for you. A sale that results in Buyer’s remorse is one we would prefer not to have at all. We want you to feel great about what you’re buying and about the service you receive...this is our number one priority! Come visit us. If you want nothing more than to have your curiosity satisfied, that’s fine with us. We are passionate about living in Bellevue and would love to share our knowledge with you. Remember…the people you choose to work with can make a big difference in the experience you have along the way!
5
We will bend over backwards for you! Our one goal is to give such incredible service that you feel compelled to recommend us to your friends and acquaintances when your transaction is completed.
6
Questions & Answers
Questions and Answers Q. Where do I start? The first place to start is to become pre-qualified with a lender. This is vitally important to keep you within your budget while looking for your home. It also gives you credibility with the Seller when making an offer so that you can show that you are serious about purchasing. If there are multiple offers on the home you are interested in, this will give you an advantage over your competition by showing you have already done your due diligence.
Q. How do I find what I want? Log on to our website, TheBellevueBlock.com. Sign up for our automatic email notification of properties that fit your needs. We have all the tools necessary right at your fingertips to begin your home search. We even have several of the condominium buildings already specifically categorized, so when you click on them, everything that is available in that complex pops up. We even have “new on the market in the last 48 hours” button to keep you completely up-to-date. We have a neighborhood digest, market updates and numerous other statistical information, building specific.
Q. When do I meet with Luke and Cherie? Once you’ve contacted us via the website or by phone, we’ll arrange a face-to-face meeting to further consult you about your home buying process. During this time we listen to your needs, talk about Buyer Representation and the partnership that we create, and begin our property search.
Q. How quickly do I need to make a decision? We come up with a specific game plan designed around your needs and upon your desires and timeline. We never want to rush the process but we do want to show you great homes that come on the market in a timely fashion so that if you see something that says “buy me”, someone else doesn’t get to it first.
Q. Is there anything I need to know about going after Short Sales, Foreclosure/Auction homes or Bank Owned properties? Yes, there is so much to know about these properties! Are there “deals” to be had? Of course, but great caution must be exercised in proceeding with any of these situations. We are here to help you navigate through that process. Cherie holds her Distressed Property Designation to assist you through each and every one of these delicate options.
7
Questions & Answers
Q. How do we negotiate the best deal? We start by assessing the comparable sales of similar properties. This includes days on market, property history, just generally finding out all of the facts on the property so as to be well versed on the market for that particular building. By digging into statistics, we are able to find out important issues such as, were there any closing costs or other concessions paid for by the Seller? Were any of these comparables short sales, flippers or bank owned? If we are representing you, we can help you make an offer which has the best chance of succeeding while giving you maximum benefit. Our specific advice will be based on years’ of experience and successful transactions. Here are some general tips: • Make your offers clean and simple, with the fewest contingencies possible. • If a property is bank owned, you may find that you encounter a multiple offer situation. Be prepared to know if you are willing to include an escalation clause or other inviting terms in order to catch the Seller’s attention and win the bid. • Have “vision” beyond the obvious – many Buyers can’t see potential in a property that doesn’t present itself well – if you can, there may be an opportunity for you. • If you are not paying cash, pre-qualify as mentioned earlier, so we can submit the letter of approval with your offer. • Write a letter (or we can do it for you) to the Sellers explaining why their home is the perfect choice for your family. We’ll send it with the offer. Personalizing your offer from others can sometimes make a huge impact.
Q. What about financing, title work and other details? Most Bellevue buyers secure financing through a bank or mortgage broker. It is vitally important that you discuss with your lender the best program for you and your needs as pertain to condominium purchases. If you are going to be FHA, it is important to make sure that you look for buildings that are approved for FHA. Not all condominium complexes are, and knowing this can save you a lot of time. Your lender will also be able to let you know if you need help with your closing costs so that if you do, we can include that in your purchase and sale financing addendum. We like to be available to “look over your shoulder” with your lender to make sure that you are not being charged any excess fees and that there are no surprises along the way. We will be happy to recommend our favorite lenders who have a track record of serving our clients well, ensuring a smooth closing process. As for Title, the Buyer generally pays on the portion that they are borrowing from the lender, while the Seller pays on the full amount of the closing price. The escrow fee, (escrow is the neutral third party closing the transaction) is usually split between both parties equally.
8
Questions & Answers
Q. What will you do for us? Everything under the sun! Our goal is to exceed your expectations by handling not only the “big picture” but the countless other little details as well, such as: • Ordering the appropriate inspections. • Working with your lender and the appraiser to be certain your loan is approved and funded on time. • Conferring with the title company about your title commitment and countless other closing details. • Negotiating your inspection requests and making sure your repairs are made satisfactorily. • Reviewing your settlement statements. • Overseeing the recording of your deed and issuance of title policy. • Coordinating the transfer of your home ownership items like keys, garage openers, etc. • Acting as your primary liaison to the best services and businesses in town for months and years after closing. Our relationship does NOT end with the sale!
Q. What happens after closing? We commit to remaining your primary source of information and assistance, months or years after closing. We archive your documents so that you can easily retrieve them at any time. Our philosophy is that relationships are not based on one transaction, but are opportunities to establish lasting friendships. The greatest praise we can receive for a job well done is the referrals we are sent in the years that follow. Our mission is to serve you and your friends for years to come.
9
Marketing Cover
The Buyer Book You’re reading it. A thorough study in what it takes to buy in our and ultimately owning the home you’ve dreamed of. After years of serving
THE BUYER BOOK
Buyers, we understand the ins and outs of purchasing property in our condo and townhome niche market. We’ve outlined the process, step-bystep, and answer most of your questions in advance.
10
Tools for the Journey
Technology That Works Once you’ve been prequalified with a lender and visited with us about your perfect home, we will enter your requirements into the MLS system. You will be sent these automatically as they hit the market. You can browse these and choose your favorites to tour in person with us.
Touring Property As you walk through the homes feel free to open cabinets, closets and inspect at will. Most often Sellers will be absent, but should they be present, they will understand your need to examine the home carefully. When a home appeals to you, make notes. It is easy to forget details. Often there will be a brochure available to help you recall the home. Whenever possible, we will have given you a copy of the MLS information on homes you are viewing. Be candid with your feedback on each property so that we get to know you better. Toss out the information on the homes you are not interested in so that you are not confused or overwhelmed with too much paperwork. Don’t be surprised if the first home you see is the perfect one for you, and don’t be discouraged if none of those you visit the first day are exactly what you want. We are committed to finding the property that you will call “home” and will work diligently until we find it. Start by selecting up to five homes that best fit your guidelines. Keep in mind that we know the inventory inside and out and have already done our homework in order to narrow down the best homes for you.
11
The Process
Getting Started Begin by coming in for a consultation with us. At that time we will discuss your wants, needs, family lifestyle and financial concerns. This meeting is confidential and critical to the overall success of your purchase. We will listen to what you say, (and sometimes to what you don’t) to determine your priorities and help narrow down your search. Your requirements will be entered in the MLS system, and you will be sent these automatically as they hit the market. You can browse these and choose your favorites to tour in person with us as your guide.
During Your Search… Buying a home can be confusing at times. There can be many different directions and options. No matter where you learn about a home you may be interested in seeing, just give us a call. Because we share a cooperating relationship with all real estate offices in our state, we can arrange to show you properties that are listed by anyone. We can also assist you in “For Sale By Owner” transactions or in acquiring properties that are not “officially listed” in the MLS.
12
The Process
So, here’s what you do when you... See a sign or hear about a property through the grapevine. Jot down the address and number and we will find out details and make the appointment to see that property! Read about a property in the newspaper. Call us with the information and we’ll find out if it is a correct match for you. If it works, we’ll go see it. Visit an Open House. Tell the agent holding the Open House that you are represented by us to avoid undue pressure or sales pitches. Tour a new construction opportunity. Tell the builder or agent that you are working with us. Again, that will help avoid an uncomfortable situation and let them know you have representation.
13
The Process
Continuing Your Search Communication is vital, yet it is an area where many Realtors® fall short. We are committed to being proactive in the search for your dream property and to keep you informed during the buying process. If we don’t find the perfect property during your initial tour, we will: • Continue to keep you informed about opportunities on a regular basis. • Implement our Buyer Instant Notification System that will e-mail you within minutes of a new listing hitting the market that meets your criteria. • Keep you up-to-date on changing financial conditions that may affect the housing market. • Be available to answer your questions or offer assistance regarding your home purchase. • Discuss market trends and values relative to properties that may be of interest to you. Assist you with “For Sale by Owners” (FSBO’s) A homeowner trying to sell his home himself is usually doing so in hopes of saving the commission. Coincidentally, this is also the reason a Buyer wants to deal directly. There is only one commission to be saved, and only one of you will save it. More often than not, the Seller wins that game. Most FSBO’s will cooperate with an agent on their sale, so, if you see a “by owner” property that looks interesting, let us make the appointment for you, save you money and negotiate a contract in your best interest, not the Seller’s.
14
The Process
The Benefits of Having Your Own Personal Shopper The agents and brokers on our team are authorities on the Bellevue real estate market. We focus on matching people to properties. Having a team allows us the opportunity to give you, our client, your own “personal shopper”! Having a personal shopper gives you many advantages. You will develop a one-on-one relationship with us. We will bird dog all properties, whether listed or unlisted, that fit your requirements. We will also put you on alert with our Buyer Instant Notification Program, keeping you at the forefront of our market. Once you have contracted on a property, we continue with the closing steps to provide you with a smooth and seamless transaction. One of our favorite sayings in the office is, “You are only a stranger the first time you call.” After that, you are a friend. Our office is a place where everyone knows what is happening. This synergy means that no matter who answers the phone, you won’t be talking to a stranger. You won’t be put on hold, transferred to four departments, given the number of a branch office, and then dumped into the wrong voice mail. Whoever answers the phone in our office will make sure you get the service you deserve right away. And we will do it with an “it’s my pleasure” attitude! Our company by-line, “Helping You Move Inside the City”, means just that. We will do whatever it takes to make sure you are happy with your real estate experience. And that’s a promise you can count on!
15
The Process
Writing a Contract to Purchase Your offer must be in writing and accompanied by an earnest money check or arrangement for wired funds. The offer will include: • The amount you are willing to pay • Earnest money • Financing or payment terms • Personal property included • Contingency dates and deadlines • Closing and possession dates • Other conditions, including inspections, appraisals and the resale certificate or public offering statement
16
The Process
Preparing to make an offer Here is what we will do for you when you are ready to submit an offer on your new home: • Provide any information necessary to help you make a decision. This includes past sales of comparable properties, market statistics and other relevant information. • Answer questions and make specific recommendations for structuring a contract in your best interest. • Provide you with copies of all the documents involved in the purchase agreement and financing. • Arrange to connect you with a loan officer, if you haven’t done so earlier, or discuss the transfer of cash funds required for closing. • Provide you with estimated costs of settlement, including points, title insurance, appraisals, credit reports, for the property you are buying.
17
The Process
The Seamless Transaction Here are some of the steps we take during the “under contract” process: • We confirm that your earnest money has been deposited with the title company and order title insurance. • We deliver condominium declarations and by-laws for your approval. • We review the preliminary title commitment and resolve any remaining issues or requirements for title transfer. • We coordinate with your lender regarding loan approval process and obtain a pre-qualification or loan approval letter from your lender. • We ensure appraisals and necessary surveys have been ordered in a timely manner and consult with the appraiser if necessary. • We deliver signed Seller’s Property and Square Footage Disclosures to you for acceptance. We also provide Lead-Based Paint Disclosures and other necessary documents as required. • We schedule the property inspection and negotiate any inspection items that are requested. We obtain estimates for repairs, if necessary. We also coordinate radon or mold inspections and mitigation when necessary. We coordinate escrow agreements for any items that are not completed by closing. • We negotiate any personal items that may be included and prepare an inventory to be attached to the Bill of Sale at closing. • We negotiate the transfer of any applicable Club Memberships. • We review your settlement documents prior to closing and coordinate actual closing arrangements, utility transfers, key transfers, etc. • We coordinate final inspections, property, carpet and window cleaning as necessary.
18
The Offer The offer will be written on a standard Northwest Multiple Listing Service for the State of Washington contract form. If the seller does not accept the initial offer, we’ll continue until agreeable terms for both the Buyer and Seller are reached. When both agree on the terms, we get documents signed by all parties and begin the closing process.
Earnest Money Deposit Your earnest money will be held in a neutral trust account by the title escrow company or selling office. This money represents your sincerity in the purchase and is fully refundable if any of your contingencies in the contract are not met by the deadlines outlined. You should anticipate giving a deposit of approximately 1-3% or more of the purchase price. This earnest money will be credited to you at closing as part of your purchase price.
19
New Construction Purchases
New construction purchases When your needs require the purchase of a brand new condominium, we can represent you in your purchase from the developer. We will help you gather all of the information you need. With our connections, you get all the services we offer and those offered by the builder as well. Even when you are looking to buy a builder’s spec home or a pre-construction opportunity in a new community, you should have someone on your side to represent you. There are countless details that need to be addressed, especially in a product you can’t touch and feel. There are punch lists, warranties, quality control issues and many other considerations. Having us represent you through this process does not cost you any more and is a smart move! Keep in mind, there is no savings if you buy direct from builder’s agents, who are representing the Seller, not you.
20
21
Luxury Home Buyers
Expertise with Luxury Home Buyers Cherie Lang is part of an upscale network of luxury Buyers and Brokers! If you are looking to purchase in the upper tier market, Cherie Lang is highly qualified. The Institute for Luxury Home Marketing is an elite organization that is a resource for affluent consumers who wish to identify reputable sales agents who have special competencies in the upper tier markets. Cherie is a guild member of the Institute, which promotes its members to affluent home Buyers and Sellers and conducts ongoing research in the luxury market. Representing Buyers in the luxury market means that we understand the value of confidentiality and discretion. It also means that we are accustomed to working in conjunction with attorneys, financial planners, trustees and other advisors when necessary.
21
Our Partnership
Our Partnership The purchase of your property requires us to work together to get the job done. Here is what we ask from you: • Bring your checkbook and be prepared to make an offer when we find the right home. • Have your funds for the purchase ready, either by arranging cash or being pre-qualified or approved by a lender. • Complete and sign paperwork in a timely manner. • Be candid about your feedback when touring homes. • During the contract process, notify us when travel plans take you away from home, to stay in communication. • Be prepared to close on schedule and honor your dates and deadlines.
22
Our Partnership
Benefits of Working with Cherie Lang and Luke Dunckley Real estate is a complicated business. There are a million details that must be handled in a timely basis to provide the quality of service that you deserve. Cherie and Luke have assembled our team of experts to make the process of finding, buying and moving into your new home as smooth, quick and enjoyable as it can be. Buying a home is certainly one of the most rewarding experiences most of us will ever have...it’s also one of the most challenging. If you’re buying for the first time, the process may seem overwhelming. And, even if you’ve been through it several times, every transaction is different and presents new challenges. Our team has the training, knowledge and experience to help you through each step of the process. That means someone who knows the process intimately is there to help you every step of the way, ensuring that every detail is handled properly. Our goal is to help you locate the home that will be the stage for you to showcase your best life!
28
23
Teamwork Makes Dreams Work
Putting YOU in the Center of Everything we do! The traditional model for real estate has one overworked agent trying to be all things to all people, with limited service at best. Our model for real estate offers you a team of specialists serving you throughout the real estate transaction. Every member of our team goes above and beyond to do whatever it takes to satisfy you. However, we don’t consider this unusual or out of the ordinary — it’s what you do for friends.
Marketing & Technology Director CEO
CFO
Client Concierge
Transition Manager
Direct Mail Coordinator
Client Care Manager Realtor® Partners
24
Teamwork Makes Dreams Work
A Winning Combination The team at Bellevue Block has just one goal: to exceed your expectations. And as a team, we do it with synergy and enthusiasm. We believe in a simple philosophy…to deliver exceptional service and the attention you deserve, regardless of your price point. Our service is personal and singular. We’ll ask questions to understand your priorities and goals. We know, from years of experience, that all Buyers have special needs and requests. We’ll be tuned in and listening to you very carefully. Your goals become our goals and we do whatever it takes to help you get there. Our integrity of service compels us to move mountains for each and every client!
25
Cherie and Luke are committed to being the best they can be in their profession. To that end, they are continually seeking out education to keep current with the latest trends, marketing strategies and legalities of contracts. Licensed, Full-time Realtors® and Brokers & Avenue Properties Luxe Director 35
have successfully completed approximately one thousand transactions including condominiums, townhomes, raw land, new challenges on a family, and the ways to anticipate and reduce the stress of selling your home or investment properties in this changing market. Cherie’s designation as a Luxe Director is awarded through transaction volume and overall knowledge in the upper-tier markets. In addition, Cherie holds the following designations Certified Residential Specialist (CRS)
Accredited Buyer’s Representative (ABR) award is bestowed by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of Realtors to those agents who Accredited Staging Professional (ASP) techniques and concepts in home presentation and staging. Cherie earned this designation under the teaching of Barb Schwartz, who was featured on the television program 20/20, highlighting the importance of home staging.
Graduate, Institute for Luxury Home Marketing (LHMS) training in luxury home marketing by the Institute and awards an International designation to agents who meet performance standards in the upper tier market. Both Cherie and Luke are... New Construction Specialists outs” of working with builders. With all the new construction available today make sure you check with them for expert advise. Professional Memberships • National Association of Realtors • Seattle King County Association of Realtors® • Certified Residential Council • Real Estate Buyer’s Council • Luxury Home Marketing Institute Community Services Cherie and Luke feel blessed and believe in contributing their time and resources to assist others who face life’s challenges. Cherie is a founding board member of Vine Maple Place, a facility in King County which provides shelter for women and children. Cherie is one of the homeless meals coordinators for her church in Bellevue.
27
Our Track Record
What Others have to say “I found Cherie and Luke through their website, TheBellevueBlock.com and even bought my condo site unseen, (except for online photos) with them acting as my Buyer’s representatives. We had many challenges due to my extensive travelling at the time and they coordinated everything with excellence while I was away. I would highly recommend them without hesitation”!
“Cherie assisted us in the selling of our home and the purchase of our current residence. Her knowledge, dedication, and delightful personality made this experience a very pleasant one. We were absolutely thrilled with her world-class service and attention to details. Cherie is a real go-getter. We always felt confident that we were receiving good information and trusted wholeheartedly that our best interests were always her number one priority”. Kevin and Donna Cronk Accounting, Vulcan Inc.
Pavlos Tomaras Cisco Systems
“Cherie possesses enthusiasm for good customer service and a genuine interest in her clients and what is best for them. It is such a treat to find someone like Cherie to help manage the home selling process. Buying or selling a home is a difficult and stressful event for most people and we would certainly recommend Cherie Lang to anyone who needs the service of qualified Realtor®”. Randy and Sheila James Founder, Charter Bank
“I found Cherie and Luke’s real estate services to be superior, by far, to any I had experienced in the past! They were on top of everything. They had constant follow up on showings, marketing and the sale procedures. They really helped me out by packing up most of my belongings as I was experiencing a time crunch at closing. They are the experts in the City for sure”! Dr. J. Lee University of Washington
“My wife and I were neighbors with Cherie at One Lincoln Tower. When we decided to list our property she was our only consideration. She and Luke did a great job on coordinating the staging and negotiating top dollar for us during a very tough market. We would highly recommend her to anyone looking to buy or sell”.
28
J. Martinsen Microsoft
We know that the selection of an agent to represent you in buying a home is a major decision. We invite you to compare us to the rest. We think you’ll discover having We welcome your business!
Avenue Properties - Bellevue 305 108th Ave NE • Bellevue, WA 98004 206.255.0280 • 206.391.2021 TheBellevueBlock.com