In 1983, Sandy Raines began her career in real estate. The same year, she was honored with the title of “Rookie of the Year . ” Her quick success, breadth of experience, and natural talents led Sandy to become the Vice President of a large real estate firm in Michigan
In 1998, Sandy relocated to Columbus where she built her own real estate team Through a successful partnership with Stephanie Masterson, Karla joined Sandy and Stephanie in 2003 to form The Raines Group.
Today, The Raines Group is a dynamic team that is trusted to help clients throughout the entire selling process . Ultimately, they have become known for their reputation of success in the area and exceptional service
Sandy Raines
Stephanie Masterson Karla Ballenger
CEO
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Sandy Raines CEO
Designations & Affiliations
National Association of REALTORS® (NAR)
Ohio Association of REALTORS® (OAR)
Columbus Board of REALTORS® (CBR)
Founding Member of the Certified Luxury Home Marketing Specialist Program (CLHMS)
Howard Brinton’s STAR Member
TRG Mastermind Moderator
New Albany Realtors Association, Member
Started TRG Brokerage, CEO 2023
Joined HER Realtors® Brokerage, 1999
Ohio License Obtained, 1998
Tomie Raines, Inc , V P of Sales and Training, 1988–1998
Michigan License Obtained, 1984
Education: Middle and High School Teacher and Coach, 1972–1979
Broker, Partner and President Partner and Real Estate
Started The Raines Group Brokerage, Principal Broker, 2023
Ohio License Obtained, 1999
Joined HER Realtors® Brokerage, 1998
Church of Ressurection Parish Finance Council
Real Estate: Certified New Home Specialist Program
Certified Luxury Home Marketing Specialist Program
Council of Residential Specialists Program (CRS course work)
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Designations & Affiliations
National Association of REALTORS® (NAR)
Ohio Association of REALTORS® (OAR)
Columbus Board of REALTORS® (CBR)
The Raines Group, Leadership Council
Real Estate Investment Certification (REI)
Certified Staging Advocate (RESA + CSA)
New Albany Realtors Association, Member
Consultant
Started TRG Brokerage, Partner, 2023
Ohio License Obtained, 2001
Joined HER Realtors® Brokerage, 2003
com (614) 924-9000 Sandy@TheRainesGroup com (614) 924-9000
Formal: Michigan State University, B S Ed
Stephanie@TheRainesGroup.com
Inaugural Leadership New Albany, Class of 2018
Ohio Real Estate Broker, 2007
Columbus State Community College, A A Ohio Dominican University, B B A
The Ohio State University College of Art & Design Hondros College
Our Strength Is Teamwork
At The Raines Group, we work as one cohesive team to ensure that you receive the personalized, expert service you deserve
That is why we have structured our team to do exactly that – where our full-time administrative staff handles every detail, so you agent can focus on doing what they do best: helping you purchase a home! Every member of our team is trained, highly skilled, and fits within our holistic approach seamless. From day one of listing, right through to closing, we bring proven expertise to the table .
Our Real Estate Consultants
Each of our agents is equipped with the following tools to benefit you:
• Sales coaching
• State-of-the-art technology
• Support of full-time administrative staff
• Personalized marketing support
• Continuing education through CBR, NAR, OAR, and The Raines Group
Our
Administrative Staff
We trust the details to our expert administrative staff, including:
• President
• Sales Manager
• Director of Operations
• Marketing Manager
• Client Services Managers
• Client Service Assistant
• Office Administrator
• Marketing Intern and Operations Assistant
Why do we do it? Because you deserve an expert in every area of your sale. When you put The Raines Group to work for you, you get an entire team powering the success of your sale. That’s a promise.
The Raines Group: Our Sales Staff
Our sales staff is made up of real estate experts our clients trust . Each member of our team comes equipped with unique experiences and service-focused skills to help you in your home purchase
CANDACE CAULKINS Emily Benedict
jenny Bilchak
Dominic Cassan
Kris Harwood Sales Manager
Rhonda COx
Marian Halliday
Monica Kessel
Krista Lofthouse
Sally Aljanabi
Elia Hughes
Kimarie Martin
JENNIFER POPHAM
Abby Carfagna
Tori Cipro
Jami Blosel
ODETTE PETERS
Renee Mougin
Jamie SECHLER
Jean-Luc Grand-Pierre
Nicole Ribich
Jenna Murphy
Jenna Crowley
Jen Harrigal
Angie FLESHMAN
Laura WIDDOWS
Abigail Martin
The Raines Group: Our Operations Staff
Davis Eckelman
Chris Hart
Amy Dutiel
Lauren Childers
Stephanie Wetzel
Christian Callarik
MADDY Rosenburg
Ditche Esguerra
Our work is motivated by both excellent service and results for our clients. That’s why we’re truly proud of what we’ve accomplished:
Our Results
Across the region, The Raines Group is trusted for their results and their years of success helping clients purchase a home .
Here’s what you get when The Raines Group works for you:
• Award-winning service in Central Ohio since 1998
• On average, our listings sell at over 99.8% of asking price in 13 days or less
• We close between 350 – 450 real estate transactions each year
• 99% of our transactions make it successfully to the closing table
• Approximately 60% of our business comes from repeat business or referrals
We have the statistics to prove our systems really work:
• #1 Sales Team in the Central Ohio (sales volume), 2004-2018, 2020-2023
• Top 60 Large Team Nationally - Sales Volume Ranked By The Real Trends, 2020 and 2023
• #1 Real Estate Team at HER Realtors® Brokerage nationally (closed sides, volume, production), 2003–2018, 2020-2021
Our team of dedicated professionals includes:
• 27 licensed REALTORS®
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• 5 licensed specialized support personnel 4 specialized support personnel 1 licensed Broker
• 1 full-time virtual assistant
We work to ensure that our results become reflective of our client experiences. That’s because it’s truly our pleasure to help you purchase a home
Award-Winning Service
We believe that our results are all about our clients . For over a decade, we have been recognized with local, regional, and national awards, and that has allowed us to provide even greater success and service for our clients
Our selection of awards, distinctions, and designations includes:
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#1 in Central Ohio
#1 Large Team in the State of Ohio Top 60 Large Team Ranked Nationally
#1 in Central Ohio (sales volume)
#1 in Central Ohio (sales volume) #1 at HER, Realtors® (sales volume)
#1 in Central Ohio (sales volume)
#1 at HER, Realtors® (sales volume) #50 ranked Nationally for by Real Trends (sales volume)
#2 Agent nationally for closed volume and units at HER, Realtors® #2 Agent in Central Ohio (volume)
#1 Agent nationally for closed volume and units at HER, Realtors®
#1 Agent in Central Ohio (volume)
#171 Sales Team nationally (volume) on the Wall Street Journal’s The Thousand List
#1 Agent nationally for closed volume and units at HER, Realtors® #1 Agent in Central Ohio (volume)
#94 Sales Team nationally (volume) on The Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume and units at HER, Realtors®
#1 Agent in Ohio (sales volume)
#94 Sales Team nationally (units) on The Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume and units at HER, Realtors®
#1 Agent in Ohio (sales volume)
#94 Sales Team nationally (units) on The Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume and units at HER, Realtors®
#1 Agent in Ohio (sales volume)
#62 Sales Team nationally (sales volume) on The Wall Street
#1 Agent nationally for closed volume and units at HER, Realtors®
#1 Agent in Ohio (sales volume)
#88 Sales Team nationally (sales volume) on The Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume at HER, Realtors®
#1 Agent in Ohio (sales volume)
#67 Sales Team nationally (sales volume) on The Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume at HER, Realtors®
#1 Agent in Ohio (sales volume)
#1 Agent nationally for closed volume at HER, Realtors®
#1 Agent in Ohio (sales volume)
#75 Sales Team nationally (sales volume) on the Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume at HER, Realtors®
#1 Agent in Ohio (sales volume)
#87 Sales Team nationally (sales volume) on The Wall Street Journal’s Top 100 List
#1 Agent nationally for closed volume at HER, Realtors®
Ruby Award ($50,000,000 plus in sales)
#1 Agent in Franklin County (volume)
#1 Agent nationally at HER, Realtors® Ruby Award ($50,000,000 plus in sales)
Grand Marketing Award from the BIA
Personal Achievement Award from The Wall Street Journal and The Luxury Conclave
HER, REALTORS® #1 Agent nationally
Ruby Award ($50,000,000 plus in sales)
Grand Marketing Award from the BIA #1 Agent in Ohio (sales volume)
Overall Excellence in Marketing Award from The Wall Street Journal and The Luxury Conclave (North America)
Grand Marketing Award from the BIA #1 Agent nationally at HER, Realtors®
Ruby Award ($50,000,000 plus in sales)
#1 Agent in Ohio (sales volume)
We Appreciate Our Clients
Our greatest joy comes from helping our clients
That is why we have pulled together a selection of complimentary resources to help them when it comes time to make their move .
As our client, we make available the following:
• Moving Truck
• Moving Van
• Table & Chairs
• A Power Washer
• A Frozen Beverage Machine
• Wireless Speakers
• Projector & Movie Screen
No matter what you need, chances are we can help with an inventory that is always growing to better serve our clients.
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Giving Back To Columbus
We have always believed in giving back As a community partner, we aim to make a positive contribution to where we live, work, and play .
Causes, programs, and educational leaders we support include:
A Kid Again
After School Allstars
Alvis
American Heart Association
Amethyst
Angel Works Foundation
Books For Bedtime
Children’s Hospital
Circle of Friends
Coalition Against Family Violence
Columbus Academy
Columbus Diaper Bank
Columbus Dog Connection
Columbus Jewish Day School
Columbus School for Girls
Columbus Speech & Hearing Center
Community Kitchen
Crawford Crew
DSACO
Drug Safe Worthington
Form 5 Prosthetics
Furniture bank of Central Ohio
Girls On The Run
Gracehaven
Habitat for Humanity
Healthy New Albany
Huckleberry House
Jerseys of Hope
Jimmie Heuga Foundation
Junior Achievement
Junior League
Lettuce Work
Licking County Humane Society
Lifetown
Love w/o Hurt
Make It Fit Foundation
Make Kindness Contagious
Mental Health American of Franklin County
Nationwide Children’s Hospital
NC4K
Neighbor to Neighbor
New Albany Chamber
New Albany Classic
New Albany Food Pantry
New Albany High School & Middle
School Band
New Albany Historical Society
• New Albany Library
• New Albany Performing Arts Center
• New Albany PTO
• New Albany Symphony Orchestra
• New Albany Women’s Network
• New Albany Well Being Initiative
• Operation Smile
• Overwatch Partnership
• Pilot Dogs
• Project Redeem
• Race for a Cure
• Red Cross
• Respire Haiti
• Salvation Army
• Special Olympics
• TedX New Albany
• United Way
• Wexner Center
• World Vision
• And More!
Our Client Results
We want you to feel comfortable choosing a team not based on what we can do for you, but how we’ve helped others do the same . Here is just some of what our past clients had to say about The Raines Group:
“The Raines Group made me feel like I was the only client they had. No one had ever offered the level of service that they provided me. They made the process seamless. It was the best experience I have ever had.”
“I was using another REALTOR® and was dissatisfied with the service I was receiving. I switched to The Raines Group and I was delighted. The entire team assisted with all elements to make the purchase of my home easy.”
“The Raines Group was always in touch with us and kept us updated. They understood our perspective and our needs. The team made everything easier with the buying of our home. It could not have gone more smoothly ”
“The efficiency, commitment, and competency of the entire Raines Group was outstanding. At no point in the process did we ever wonder what step was next or what was needed from us. They were proactive in guiding us through the whole process.”
Dawn and Chris Hinckley
We could not have been more pleased with The Raines Group. What set them apart was their commitment to our goals, enthusiasm, positivity, and communication. We were thoroughly satisfied and will absolutely recommend The Raines Group in the future.”
– David and Deanna McClure
Read more of our testimonials at: TheRainesGroup com/Why-Us
– Kevin Lonergan
– Bill & Elaine Natsis – Louise Stonehouse
How A Buyer’s Agent Can Help
It’s true, buying a home is one of the largest investments you can make Agents who sell homes are hired to represent the best interests of those selling - your buyer’s agent is responsible to you, and you alone . You buyer’s agent will:
• Listen to what you want
• Help you find the right community
• Help you negotiate the best price and terms
• Protect your confidentiality on all matters
• Investigate issues, counsel you on the market and the area
• Preview properties upon request
• Advise you on future saleability and any potential problems
• Run a market analysis
• Advise you on a recommended offer
Our team has helped hundreds of buyers find their forever home in the Columbus region Trust us and we’ll always put your best interests first
How A REALTOR® Gets Paid
We understand that buying a home is a big commitment of your time and personal finances. That is why it is important for us to go into detail explaining how REALTORS® are paid .
How It Works
As of August 17th, 2024, compensation offers are no longer permitted in the Multiple Listing Service As a result, there are several options for how buyer brokers may be compensated for a successful transaction:
1. The seller may offer compensation to a buyer’s broker
2. The buyer broker fee may be negotiated as part of the purchase contract
3 The buyer may explore savings solutions with their lender
4 Buyers may choose to pay their own buyer broker fee
Securing Your Financing
The first step to purchasing a home is to line up the financing you’ll need for your mortgage. Once this is established, the rest of the process is easy.
Meet With Reputable Lenders
Lenders who seem most responsive are usually the most eager to help you
There are all kinds of loan products available with different rates and features. A competent loan officer will educate you and guide you through the options that are the best for your specific situation. Based on our experience, The Raines Group can recommend several of the best lenders in the industry.
Get Your Mortgage Pre-Approved
Unlike prequalification (a quick estimate of your borrowing potential), pre-approval is a formal approval of a specific mortgage amount – typically the maximum you can borrow.
You’ll receive a Good Faith Estimate of your closing expenses. By initiating the mortgage process early, you’ll be in a better position for your home search and purchase
Save time by shopping within your pre-approved price range
Save money dealing with a comfortable seller
Close more quickly and easily
Less likely to have any last minute surprises
Shop Within Your Budget
Once you are pre-approved, you will know exactly how much house you can afford . This gives you an edge over other buyers in negotiations or multiple offer situations.
Improve Your Buying Power
We will give you the basic financing information you need, so when you speak with lenders, you’ll have questions in mind. Ultimately, getting pre-approved improves your buying power
No matter where you are, it’s always a good idea to have a local lender
Personal contact makes them more accountable to you and they will be familiar with local laws and regulations
Applying For A Loan
When you schedule your loan application appointment, make sure you are prepared This will save you time and headaches later and will help minimize potential delays at closing For starters, ensure you bring all of these things to your appointment:
• Copies of W-2s and federal tax returns from the last two years
• Pay stubs from the last 30 days
• Names and addresses of employers from the last two years
• Bank statements (or addresses/account numbers) from the last two months
• Last two months of any stocks, mutual funds, or IRA/401K accounts
• Name and address of landlord from the last two years
• Copy of divorce decree, separation or child support papers (if applicable)
• All bankruptcy and discharge of bankruptcy papers (if applicable)
When you come prepared, you put yourself in a better position to not only receive a loan -but to receive one favorable to your terms.
Understanding Costs and Fees
Expenses are important during the home-buying process, so knowing more about them is pivotal if you want to purchase with confidence.
That in mind, here is an explanation of those expenses when the time comes:
Earnest Money
This money is like a security deposit or collateral for sellers to take their house off the market . It will be deposited into a non- interestbearing account that no one can touch until closing (or until both parties agree to release it)
The amount depends on your finances and is typically negotiated during the offer process The higher the amount, the more you show the seller you’re serious, which grants you more leverage during negotiations.
On average, earnest money is 1% of the purchase price. At closing, the money can be applied toward your purchase.
Home Inspection
For your protection, we strongly recommend getting a home inspection . Your inspector will look for major issues affecting the safety and security of the home.
Home inspections can take between two to five hours and cost approximately $300-$500+ depending on the age, size of the home, and services selected
You should be present for the inspection and be prepared to make a full payment and take detailed notes
Afterwards, the inspector will give you a report and we will discuss any repairs you want the sellers to make. This will help you make the most educated purchase possible.
Your lender will have the home appraised to make sure that the purchase price in question is appropriate for the property.
The appraisal fee is approximately $350 00 - $550 00 depending on the size of the home
Some lenders require you to pay this immediately, some have you pay upon closing The timing will vary depending on the lender but will usually be within two weeks of going into contract
As part of our commitment to service, The Raines Group will follow up with the lender to ensure everything is completed in time for closing.
Appraisal Fee Home Warranty Closing Costs Homeowners Insurance
The home warranty typically covers all major appliances, mechanicals, and gas lines. It is negotiated in the purchase contract and is typically paid for by the seller at closing.
Your warranty will be in effect for one year from closing Upon expiration, you will have the option to renew at your own expense
Your lender will provide you with an initial loan estimate of closing costs, these might include things such as:
• Lender fee
• Title company fee
• Title search
• Courier costs
• Transaction recording fee
Costs that fluctuate include taxes, escrow amount for taxes and insurance, and closing date These will all be paid at closing
Commision
Depending on the terms of the contract you may be responsible for all or some of the broker fee This will be paid at closing There is a $250 Administrative Processing Fee that The Raines Group charges as well.
As the buyer, you are responsible for securing homeowners insurance It is important to research your options during the specified inspection period of the contract.
The cost of your premium will depend on the age, condition, and location of the home.
Insurance is paid one year in advance. If applicable, your lender will escrow this as part of your monthly payment
There’s a reason why purchasing a house is one of the largest investments you’ll ever make. Allow us to help walk you through all these costs and what they mean for you.
Finding The Perfect Home
Your agent can show you any home listed on the MLS (Multiple Listing Service), online, or with a For Sale sign Basically, it is your agent’s job to help you understand the market and the options you have before you
At The Raines Group, we are constantly watching for homes that meet your needs. As they become available, we will contact you immediately.
Here are some specific ways your real estate consultant will search for your new home:
The MLS provides a complete list of homes for sale in our area. This is a standard first step in the search process, regardless of which agent you choose We go further by customizing a search for you By analyzing your criteria, we email you new listings as potential properties come onto the market. To save you time, we preview hundreds of homes each month.
Builders Multiple Listing Service (MLS)
Most builders employ unlicensed sales representatives who represent the builder and are not held to the same standards or ethics as REALTORS® . Builders encourage working with REALTORS® and are willing to pay the brokerage fee
If you work directly with a builder without your REALTOR®, you typically will not save money because builders keep the commissions they would have paid.
We offer one-stop shopping for people looking for a new-build home. We provide you all the floor plans from a variety of builders and areas . This saves you time from going to many places.
FSBOs are not ideal for several reasons. When a professional agent is not guiding a seller through the process, there are many more chances for error, especially at closing FSBOs have a much higher risk of 11th-hour closing problems, sometimes ending with the sale falling through.
For you, this can mean lost money and wasted time Although this isn’t always the case, FSBOs can be frustrating. The goal is to get you into the right home. Still, if you see a FSBO home you love, jot down the address and phone number Your Raines Group agent will be happy to check it out for you
Internet For Sale By Owners (FSBO)
If you want to view many listings very quickly, go online! You can see and review properties from the comfort of your own home. Surfing the web is a good place to start if you’re not sure what you’re looking for and just want to get some good ideas
However, many of the listings on the web are not updated. You don’t want to fall in love with something that is already sold. Once you have a sense of the kind of home you’re looking for, we will search the MLS for you.
Open houses are a great way to get a sense of the market. You will be able to see designs, styles and prices. You can also see specific homes in your target neighborhoods The more information you have, the better prepared you will be when writing an offer.
When visiting an open house, give the host your Raines Group agent’s business card and let them know that you are working with us When you sign in, write your name and then your Raines Group agent’s name That way, they can contact us to get your opinion of the home . By fielding those phone calls, we can save you time so you stay focused on your search.
Open Houses Driving Around
This tried-and-true way of househunting still works! Most people like driving around their new neighborhoods and seeing “the what” and “the where.” It’s nice to plan and dream as you go. It’s faster than open houses, more current than the internet, and usually – it’s a lot more fun!
Since most agents don’t give as much information as we do, you may have trouble finding a spec sheet on the For Sale sign. Keep a pad and pen handy in your car so when you see something, you can jot down the listing agent, phone and address Give your Raines Group agent a call, and they will find the information for you quickly
Making The Perfect Offer
Once you’ve found the right home, it’s time to put together your ideal offer . With the help of your agent, they will thoroughly explain the contract . If there is anything you do not understand, feel free to ask questions at any time .
The purchase contract is a binding, legal document . When you decide to make an offer for a home, you must be ready to complete the purchase We always advise you to review it carefully and with confidence
Included in Your Contract:
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• • Price Earnest Money Deposit Inspection Home/Gas Line Warranties
• • • Financing Inclusions Contingencies
The Raines Group can help you put together a compelling offer.
After you have signed the offer contract, your agent will deliver the contract to the listing agent who will present it to the seller.
Sometimes sellers counter offer, changing your original price, exclusions, earnest money or some other detail. This process moves quickly, so be ready.
When terms are agreeable to both parties, the buyers and the sellers will sign off on the completed contract.
All parties receive a copy of the completed contract, which at this point is considered a purchase agreement. Depending on the terms of the purchase, you may need to have a check ready for the earnest money upon acceptance.
Completing Home Inspections
Your inspection will be performed once you are in contract on a home General home inspectors are independent contractors selected by you to provide an objective opinion on the overall condition of the property and its components .
Timeline
All inspections must be completed during the specified inspection period which is negotiated in your contract. Typically, this is done within the first 7 to 10 days after acceptance
Types of Inspections
This is your opportunity to conduct any and all desired inspections including but not limited to:
• General Home
• Mold
• Radon
• Pest
• Lead-Based Paint
Inspection Report
Within 24-48 hours from your inspection, you will receive a detailed report which includes photos and comments from your inspector
Post Inspection
If you are not satisfied with the condition of the property you have the option to request repairs from the seller These repairs will be negotiated during the timeframe set forth in your agreement
If a serious condition is discovered and you are no longer comfortable purchasing the home, you may terminate the contract .
If you are satisfied with the inspection results, you may waive the request to remedy and proceed with the contract
Your Countdown To Closing
There are many steps to be completed between the time the contract is signed and the actual closing on your new home . Take a look at the timeline below for an idea of what to expect before your closing .
Step One: Right Away
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Secure homeowners insurance
Negotiate request to remedy
Loan file submitted to underwriting
Appraisal ordered
Step Two: Two Weeks Before
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• Meet with lender to complete loan application Schedule and attend home inspection
Call utility providers to transfer service beginning on the date of closing
Agent will coordinate and schedule closing time
Step Three: 24–48 Hours Before
Review receipts provided by seller for remedies completed
Attend final walkthrough with agent
The Raines Group reviews settlement statement from the title company
Review closing disclosure with lender
Get certified funds made payable to the title company
Step Four: At Closing
Plan to be at your closing for 60-90 minutes . Don’t forget to bring your photo ID and cashier’s check
Receive keys and garage door openers (depending upon possession)
During this entire process, your agent at The Raines Group will ensure that you know all the steps to feel confident in your purchase. We will work with you, and for you, to help get the best possible result.
Glossary of Terms
Capital Gains
The taxable profit derived from the sale of a capital asset A gain is the difference between the sale price and the basis of the property after making appropriate adjustments for closing costs, fix-up expenses, capital improvements, allowable depreciation, etc
Closing
The final settlement, where the title is transferred from seller to buyer, accounts are settled, new mortgages are signed and all fees and expenses are dispersed or satisfied.
Closing Costs
All fees, taxes, charges, commissions, surveys, lender fees, inspection fees and other costs paid by the buyer and/or seller at the closing.
Commission
A previously agreed upon percentage of the home’s sale price paid to the listing and selling agent(s).
Comparables
Similar properties in type, size, price and amenities that have sold recently, been adjusted, and are used for comparison in the appraisal report .
Condominium (Condo)
Real estate ownership in which a property owner has title to a specific unit but shared interest in common areas.
Contingency
A condition that must be satisfied before a contract is binding.
Contract
An agreement to do or not to do a certain thing.
Contract for Deed
A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.
Contract of Title
A summary or digest of the conveyances, transfers and any other facts relied upon as evidence of title, together with any other elements or records that may affect the marketability of the title.
Conventional Mortgage
The most popular home financing form not insured by the Federal Housing Administration (FHA) or guaranteed by Veteran’s Affairs (VA) Available from many lenders at varying rates, terms and conditions
Conversion Clause
A clause in an ARM that allows an adjustable loan to be converted to a fixed-rate loan
Counteroffer
An offer made by a buyer or seller to the opposite party This offer is a response to the asking price or a subsequent adjustment to that price to complete a purchase of sale
CRV
Certificate of Reasonable Value
A document of appraisal issued by the VA establishing its opinion of a property’s maximum value
Curb
Appeal
A term used by REALTORS® that encompasses everything a buyer can see from the street that may induce him/her to look more closely at a property
Deed
A legal instrument that conveys the title to a property from seller to buyer
Disclosure Laws
State and federal regulations that require sellers to disclose such conditions as whether a house is located in a flood plain or the presence of known defects that would affect the value of the property.
Discount Points
Additional charges made by a lender at the time a loan is made. Points are measured as a percent of the loan, with each point equal to one percent. These additional interest charges are paid at the time a loan is closed to increase the rate of return to the lender and approximate the market level.
Down Payment
The buyer and lender determine the down payment requirements during the pre-qualification process. The down payment is usually expressed as a percentage of the purchase price, e .g ., 0%, 5%, 10%, 20%, 25%, or 30% .
Earnest Money (Escrow Deposit)
Money paid by the buyer at the time an official offer to purchase is submitted to the seller This payment is meant to demonstrate the good faith of the buyer to complete the purchase It is applied against the purchase price when the sale is finalized Under certain conditions, it may be forfeited if the buyer fails to complete the purchase under the terms of the sales contract.
Easement
A right to use the land of another. Encroachment A condition that limits the interest in a title to property such as a mortgage, deed restrictions, easements, unpaid taxes, etc.
Equity
The difference between the sale price of a property and the mortgage balance owed on the property.
Equity Mortgage
A mortgage based on the borrower’s equity in a home rather than his/her credit-worthiness.
Escrow Account
A third-party account used to retain funds such as the property owner’s real estate taxes, the buyer’s earnest money or hazard insurance premiums.
Exchange
The trading of equity in a piece of property for equity in another property.
Fair Market Account
The highest price an informed buyer will pay, assuming there is no unusual pressure to complete the purchase.
Fannie Mae
The Federal National Mortgage Association (FNMA) is a privately owned corporation created by Congress to buy mortgage notes from local lenders and provide guidelines that help most lenders to qualify borrowers
Fee Appraisal
The act or process of estimating the value of real estate or any interest therein for a fee
FHA-Insured Mortgage
A loan made by a local lending institution and insured by the Federal Housing Administration
Firm Commitment
A lender’s agreement to make a loan to a specific borrower on a specific property An FHA or Private Mortgage Insurance (PMI) agreement to insure a loan on a specific property with a designed purchaser
Fixed-Rate Mortgage
A mortgage with a set interest rate for the entire term of the mortgage
FMHA Loan
A loan insured by the Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation that supports the secondary-mortgage market
Foreclosure
A legal procedure whereby mortgaged property is seized and sold as payment for a debt in the event of default.
Freddie Mac
The nickname for the Federal Home Loan Mortgage Corporation (FHLMC) Freddie Mac is a federally controlled and operated corporation that supports the secondary-mortgage market . It purchases and sells residential conventional home mortgages.
Graduated-Payment Mortgage
This mortgage offers low initial monthly payments that increase at a predetermined rate and then cap at a final level for the duration of the mortgage.
Home Warranty
A policy available to the buyer or seller as insurance against unanticipated home-repair costs.
Homeowners Policy
A hazard insurance policy covering, at the very least, the appraised value of a house and property.
Inspection Contingency
A written stipulation, contained in an offer to buy, that caused the sales contract to be predicated upon the findings of a professional home inspector
Installment Debts
Long-term debts that usually extend for more than one month
Interest
The predetermined charge or fee paid to a lender by the borrower for the use of monies loaned
Investor
The holder of a mortgage or the permanent lender Also: any person or institution that invests in mortgages
Joint Tenancy
Joint ownership by two or more persons with right of survivorship All joint tenants own equal interests and have equal rights in the property
Land Contract
A contract ordinarily used in connection with the sale of property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer
Lease Purchase Agreement
The buyer makes a deposit for the future purchase of property with the right to lease the property in the interim
Lien
A legal claim against a property that must be paid when the property is sold
Listing
A contract through which a seller agrees to terms and fees with an agent who will sell the property to a buyer
Loan Commitment
A written promise by a lender to make a loan under certain terms and conditions These include interest rate, length of loan, lender fees, annual percentage rate, mortgage and hazard insurance and other special requirements.
Loan-To-Value Ratio
The relationship between the amount of a home mortgage and the total value of the property.
Lock-In Rate
A commitment made by lenders on a mortgage loan to lock in an interest rate pending mortgage approval
Lock-in periods vary
Market Price
The actual price at which a property is sold
Market Value
The price that is established for a property by existing economic conditions such as property location, size, etc
Marketable Title
A merchantable title that is free and clear of objectionable liens or encumbrances
Mold
Mold is a superficial and often woolly growth produced on damp or decaying organic matter or living organisms See www epa gov/iag/ molds/moldguide ht ml to find information and guidance for homeowners and renters on how to clean up residential mold problems.
Mortgage
A legal claim received by the lender on a property as security for the loan made to a buyer.
Mortgagee
The lender of money or the receiver of the mortgage document.
Mortgage Broker
An independent, third-party, licensed broker who arranges loan transactions between lenders and borrowers by facilitating the application and approval process
Mortgage Insurance Premium (MIP)
The consideration paid by a mortgagor for mortgage insurance either to the FHA or a PMI company
On an FHA loan, the payment is onehalf of one percent annually on the declined balance of the mortgage . It is a part of the regular monthly payment and is used by the FHA to meet operating expenses and provide loss reserves.
Mortgagor
The borrower of money or the giver of the mortgage document.
Multiple Listing Service (MLS)
A system through which participating brokers agree to share commissions on a predetermined percentage split on the sale of properties listed on the system
Origination Fee
This fee is a supplemental fee paid by buyers to lenders It is usually stated as a percentage or as points Personal Property
Any property which is not real estate property, e g , money, savings accounts, appliances, cars, boats, etc PITI
A common real estate acronym meaning “Principal, Interest, Taxes, Insurance ”
Point
A single percent of the loan principal, often charged by the lender in addition to various fees and interest
Prepayment
When a borrower pays off an entire mortgage before the scheduled payoff date.
Prepayment Penalty
A fee included in the mortgage agreement that the borrower must pay in the event the loan is paid off before the due date. Look for a clause that says, “There shall be no prepayment penalty.”
Prequalification
An informal estimate of the financing potential of a prospective borrower.
Principal
The amount of money borrowed, against which interest and possibly fees will be charged. Also: One of the parties to a contract.
Private Mortgage Insurance (PMI)
Insurance issued to a lender by a private company to protect the lender against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios. The borrower pays the premiums.
Promissory Note
A written contract that contains a promise to pay a definite amount of money at a specific time in the future.
Pro-Rotation
Proportionate division of expenses based on days or time occupied or used by the seller and/or buyer
Purchase Agreement
A written, legally binding contractual agreement between a buyer and a seller for the purchase of real estate
Qualification
The ability of a borrower to satisfy a lenders mortgage-approval requirements
Radon
A colorless, odorless gas formed by the breakdown of uranium in subsoils It can enter a house through cracks in the foundation or in water and is considered to be a hazard . Your REALTOR® can supply you with a radon brochure.
Real Property
Any land and whatever, by nature or artificial annexation, is a part of that land.
Referral
The recommendation by one agent of a potential buyer and/or seller to another agent.
Refinancing
The process of applying for a new mortgage to gain better terms or use of equity.
Relocation Specialists
A firm or person specializing in advising buyers or sellers on relocating to different communities There are also designations for REALTORS® that indicate additional educational training Look for the Certified Relocation Professional (CRP) designation
RESPA Statement
The Real Estate Settlement Procedures Act requires a precise listing of all closing costs for both sellers and buyers
Return On Investment (ROI)
The profit gained as the result of money spent on an improvement or addition to a home or property
Settlement Disclosure Statement
A statement or list providing a complete breakdown of costs involved in finalizing a real estate transaction This statement is prepared by the lender’s agent prior to closing and is reviewed at closing by the buyer and seller
Survey
The process by which a parcel of land is measured and its area ascertained Title companies study the survey to check for encroachments
Title
A legal document that defines the property, right of ownership and possession
Title Defect
An outstanding claim or encumbrance on property that affects marketability
Title
Search
A highly detailed search of the document history of a property title for the purpose of identifying any and all legal encumbrances to the property prior to title transfer to a new owner
VA Mortgage
The Department of Veteran’s Affairs has made guaranteed mortgages available through banks and other lending institutions to active military personnel, veterans or spouses of veterans who died of service-related injuries.
Variance
A special suspension of zoning laws that allows the use of property in a manner not in accord with existing laws.
Walkthrough Inspection
The final inspection by the buyer, usually in the company of the buyer’s real estate sales agent, to ensure that all conditions noted in the offer to purchase and all seller-related contingencies have been met. This inspection is most often completed immediately prior to the closing and after the seller has vacated the premises.
Zoning
Virtually all local communities have established specific restrictions for land use, new construction and remodeling activity These are available to you through local regulatory departments such as the Building Inspectors Department or the office or the Planning and Zoning Board
Keeping Track Of Contacts
At The Raines Group, we always maintain close contact with our clients For the rest of your purchase, here is a helpful place for you to keep track of your other contacts
