Joy Colovin

Your Trusted Guide; From Search to Close.

Buying a home is a big decision; one of the biggest you will make in your life. Whether it is your first home or you’ve purchased a home before, each home buying experience is its own unique journey. I have an unwavering commitment to providing my clients with all the information they need to make well-informed decisions throughout that journey.

I have created this guide to provide you with an understanding of the crucial components and choices available to you, as a Buyer, through the purchasing process in today’s real estate market.

With my comprehensive knowledge of buying strategies supported by the latest real estate education, research and local market data, you can rest assured you have an expert in your corner! I look forward to this journey with you.

Sincerely, Joy Colovin

Contents: Buyer’s Agent Representation Buyer’s Agent Advantages

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Commitment of My Services in Buyer Representation

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Understanding Buyer Agency

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Agent & Brokerage Compensation

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The Journey of Purchasing a Home Your Initial Consultation

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Financial Preparation

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Locating & Viewing Properties

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Writing Competitive Offers

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Successful Negotiation

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Offer Acceptance & Escrow Process

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Real Estate Glossary of Terms and Professionals

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Your Expert Real Estate Advisor Bio & Testimonials

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Buyer’s Agent Advantages Let’s be clear - it is not required to have a Buyer’s Agent to purchase a home. So why would you elect to have one? Because being a Real Estate Agent is my job, my profession. I have invested countless hours to develop my level of industry knowledge and gone through many transactions to gain the experience needed to guide you to a successful home purchase. It is also important to note that not all real estate agents are REALTORS®. REALTORS® are real estate agents that are members of the National Association of REALTORS®; held to a high standard and code of ethics.

When you work with me, you have these Buyer’s Agent / REALTOR® Advantages on your side: Market Expertise It is my job to be an expert in local pricing trends, neighborhoods, and Seller preferences. I use this knowledge to help guide you in writing offers, negotiating and your overall decision-making.

Industry Network As a both a REALTOR® and real estate professional, I have built relationships with other real estate agents. Through past transactions and local real estate networking, I pride myself on being an agent that other agents enjoy working with. I also have a network of trusted industry professionals, saving you the time of researching, able to educate you on all your options and prevent costly choices; this network includes mortgage lenders, home inspectors, pest control companies, etc.

Expanded Search Power As a REALTOR® I have access to the main real estate databases; Multiple Listing Services (MLS). I will take the weight off your shoulders in the home search; leverage access to both the MLS and my real estate network to ensure all potential opportunities are presented to you, including Coming Soon and off-market opportunities. I thoroughly research property history, leaving no stone unturned so you know all there is to know about a property you are interested in.

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Buyer’s Agent Advantages , Cont’d Comprehensive Property Tours Saving you time and building a relationship with the Sellers’ agent. Additionally, I will attend property tours alongside you, using my real estate experience and education to point out home features and bring to light any red flags.

Execution of Competitive Offers & Presenting Offers By leveraging my knowledge of current market conditions, I will craft compelling offers that stand out in competitive scenarios. The skillful execution of offers is a cornerstone of my value, providing you with a distinct advantage in navigating the competitive landscape of real estate transactions.

Successful Negotiation & Fiduciary Duty As an experienced Buyer’s Agent, I have honed my negotiation skills through my past transactions and training. I will help you write a competitive offer to obtain the best possible terms on both price, and all other negotiable terms included in a real estate contract. Should we find ourselves in a multiple-offer scenario, I will present all of the options we have at our disposal to win the offer. I will do so upholding my fiduciary duty; a legal commitment to act in my client’s best financial interest.

Document & Disclosure Review It is critical that you understand the law-binding documents you are signing off on.

Scrutinizing every detail of contracts, disclosures and associated paperwork is a key part of the buying process. Diligent review ensures that you are fully informed about the property’s history, potential issues and the terms of the transaction.

Management of the Escrow Process Escrow is the process in which both parties work to meet all conditions of the contract. I work closely with our in-office Transaction Coordination Team to ensure we stay on track and nothing is missed; from coordinating inspections to managing timelines and ensuring all necessary documentation is in order for you, the Buyer.

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Inspections I work diligently to coordinate inspections and can recommend trusted, licensed professionals, ensuring a comprehensive evaluation of the property. I am dedicated to guiding you through inspections; helping you review findings, navigate potential contingencies and negotiate concessions, should it be necessary. Should the home include a septic system, well, pool or any other specialized system, additional inspections might be suggested.

Appraisal If you have a mortgage attached to the purchase of your new home, an appraisal will be required. It is expected that the appraised value be at or above agreed upon purchase price. Should that not be the case, I will communicate with the appraiser and guide negotiations with the Seller.

Closing Process As your REALTOR® and experienced Buyer’s Agent, I bring a steady perspective to this final stage of the process, ensuring a seamless transition to property ownership. From coordinating with all parties, to reviewing the closing documents, I guide you through this exciting part of the process to make sure no important detail gets missed.

Risk Mitigation & Problem Solving Mistakes in a real estate transaction can be costly. Whether it’s missing a disclosure or not understanding a contingency in a contract, my Transaction Team and I will assist you in attempting to mitigate any risks throughout the process.

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Commitment of My Services in Buyer Representation As your REALTOR® and Buyer’s Agent, I am committed to providing you with the following services: Conduct a Buyer consultation to review home-buying process

Schedule property tours; both private tours and open house tours

Provide an overview of current local and nationwide real estate market trends

Complete market analysis on any chosen property prior to making an offer

Create a personalized home-buying strategy based on your goals and needs Make myself available to you for communication and questions

Prepare a written offer to purchase on the property of your choice reflecting your price and terms Present offer to Seller’s Agent

Offer lender recommendations and discuss affordability range with you and your Lender to aide in property search and negotiation Compete a thorough market search to identify all properties consistent with your needs and price range Update you in a timely manner with all coming soon, new and off-market listings that meet your needs Commit to availability for meeting your schedule for property showings and attending open houses

Provide counsel and negotiating assistance on all offers to purchase Review and explain in detail all disclosures from Sellers Assist with procuring title, insurance, home inspectors, pest companies and other necessary professionals Be present at all home inspections and review findings with you Follow-up after closing to ensure completion of all services

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Understanding Buyer Agency Buyer Agency Understanding Buyer Agency ensures you have a good foundation for our relationship and full understanding of both my role as the Agent and my Brokerage’s role. Legally, the Brokerage is the entity that represents a Buyer and the Agent is a sub-agent of that Brokerage. In this case, Berkshire Hathaway HomeServices Troth, REALTORS® is the Brokerage and I am the sub-agent acting on behalf of my Brokerage to represent you, the Buyer.

As your Buyer’s Agent, via a signed Buyer Broker Representation Agreement, I represent only you, the Buyer. I have a duty to perform the terms of that agreement; to exercise reasonable skill and care for the Buyer, and to promote the interests of the Buyer with the utmost good faith, loyalty and fidelity in the purchase of property.

Dual Agency In contrast, there is Dual Agency; Dual Agency is when a single Agent represents both the Buyer and the Seller in a real estate transaction. Dual Agency occurs when both the Buyer and Seller are represented by the same agent; the Listing Agent, who has the property for sale. In Dual Agency, a Buyer must be aware that the Listing Agent does have a fiduciary duty to both parties; the Buyer and Seller; some question if a dual agent can truly be neutral when facilitating a transaction where they represent both Buyer and Seller. That’s mainly because the Seller will want to sell their home for the highest price possible while the Buyer will want to pay the lowest price.

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Agent & Brokerage Compensation Similar to a Seller using a Listing Agreement to sell their home, a Buyer and Buyer’s Agent enter into an agreement for representation and services. This agreement, known as the Buyer-Broker Agreement establishes the compensation for the Buyer’s Agent and their Brokerage. It should be noted that the dollar amount a Brokerage charges for Buyer representation and services is not fixed by law; the compensation amount is fully negotiable.

Any compensation paid to the Buyer’s Agent’s Brokerage gets shared between the Buyer’s Agent and the Brokerage. This compensation is used to offset the Buyer’s Agent’s business expenses, as well as, the Brokerage’s business operating costs, insurance and required membership to organizations.

In many cases, the Seller can offer a concession that may help cover a Buyer’s out-ofpocket costs; including, but not limited to Buyer’s Agent compensation.

As the Buyer, you can request this when writing an offer; that the Seller pay some, or all, of the compensation due to the Buyer’s Brokerage via Seller concessions.

Broker Compensation: NOTICE: The amount or rate of real estate compensation is not fixed by law. They are set by each Broker individually and may be negotiated between Buyer and Broker.

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The Complex Journey of Purchasing a Home Initial Consultation Pre-approval

Getting to know you and your goals

Defining budget and price point

Property Search Offer Submission

Finding a home that meets your needs

Writing competitive offers

Negotiation Home Inspection

Delivering the best price and terms for your purchase

Examining the condition of the home

Disclosures Insurance

Diligent review and explanation of Seller property information

Obtaining Home Owner’s Insurance

Appraisal Valuating your future home

Mortgage Financing Obtaining lender commitment

Settlement Reviewing and executing the final purchase documents

Pre-settlement Walk-through Confirming the property condition prior to closing

Welcome Home!

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Initial Buyer Consultation Understanding Your Needs and Goals Purchase time frame Past experience with real estate purchasing Financing and stage of preapproval, if financing is required Defining Your Search Criteria Location and neighborhood Price range Size of home, style and amenities Specific requirements and non-negotiables Condition of home and flexibility to make improvements School districts, commute, walkability, heathcare, HOA, etc.

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Financial Preparation It is important to understand different financial factors that will impact your homebuying process.

Securing Financing Before starting your home search, you should evaluate your financial situation, confirm your budget, familiarize yourself with mortgage options and secure a preapproval from a lender. This will help us search for properties with confidence and negotiate on your desired property. Often times, Sellers will ask that a pre-approval letter and verification of funds be furnished alongside any offers. I can help connect you with qualified professional to get your loan processed efficiently and effectively.

Pre-approval In markets where there is high demand for homes, written pre-approval is essential and could give you a competitive edge. It provides a clear understanding of your budget and financial readiness by having a lender review your credit, income and debt to determine your maximum eligible loan amount; this will require pay stubs, tax information, etc.

Credit Your credit report plays an important role in your mortgage approval and in determining interest rate and other loan terms that a lender offers you. There are three credit bureaus: TransUnion, Equifax and Experian. For more on evaluating your credit score, go to www.myfico.com

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Locating & Viewing Properties I am continually monitoring local inventory and following market dynamics. Coupled with the in-depth knowledge of your property needs we WILL find you the right home.

Using the many resources at my fingertips, you will be kept up-to-date on all properties that become available that meet your search criteria. This includes: “coming soon”, in-office, new construction and off-market properties.

Communicating with my real estate colleagues to schedule private showings will also be my responsibility; ensuring that you have access and ample time to view those properties.

I will be present with you while viewing properties. With my experience in play, I will be a reasonable voice to point out anything I notice about the property. I will also assist in the review and comparison of homes we view, as well as provide detailed property history on those properties.

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Writing and Presenting Competitive Offers When we locate a property that meets your needs, I will provide market analysis and strategize to assist you in determining not only an offer price, but also best contract terms for you. I will also execute the following key services: Communicate with the Listing Agent to get any available information about competing offers and Seller’s preferences regarding terms and timeline.

Review current and past comparable sales to help position your offer.

Collect and submit any supporting documents to best support your offer, such as, loan approval letter and proof of funds.

Ensure all documents are signed and present a complete offer package to the Listing Agent in a timely manner.

A thoughtful offer presentation to the Seller’s Agent is a strategy I use to help in securing my Buyer’s their desired property. For you, the Buyer, being represented by an Buyer’s Agent that has a reputation for being diligent and acting with integrity is important, all parties will be working closely throughout the purchase process. I am proud to be a Buyer’s Agent that cooperating agents like to work with.

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Successful Negotiation One of the most important parts of my job is negotiating on your behalf; negotiation will often determine whether or not you get your desired property that’s a big deal.

After submitting and offer, you should be prepared to negotiate - not just on the initial price, but on various key terms. It is always my goal to get you the best possible contract terms on a desired property.

Negotiation is just one reason it is important for us to understand your budget and pre-approval so we know our negotiation stance.

Multiple Offer Situations In a high-demand market with lower-than-normal inventory, you may find yourself in a multiple-offer situation; where you are bidding on a property against other Buyers.

Some Sellers may list their home at a lower than market value price with the hope of receiving multiple offers and driving up the home price. In these situations, it is very important for us to review recent comparable sales to understand the true value of the home and what is may appraise for; an important process I will guide you through should we find ourselves in this position.

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Offer Acceptance & Escrow Process Once we have an accepted offer and enter into contract, we are “in escrow”. I work very closely with our in-house Transaction Coordination Team, escrow officers and other involved parties to help you navigate this process. From coordinating inspections to reviewing Seller disclosures, I will be with you every step of the way to answer questions and ensure all steps are completed to meet your closing timeline.

Here are a few items I will assist you with during escrow: Recommend a reputable Home Inspector Coordinate and attend the home inspection; review the inspection report with you.

Assist in negotiating any repairs or concessions.

Communicate with Appraiser, provide comparables and grant property access.

Provide resources for Homeowners Insurance.

Review in detail, all Seller-provided property disclosures.

It is my goal is facilitate the most streamlined escrow process for you; my team and I will work to do just that!

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Real Estate Terms to Know Appraisal: An expert's estimate of a property's value based on thorough analysis; a professional opinion of worth.

Escrow: A neutral third party that carries out the terms of the contract until all conditions are met for a sale to close.

Annual Percentage Rate (APR): The total cost of a loan expressed as a rate, encompassing more than just the interest rate.

Hazard Insurance: Protection against property damage due to fire, natural causes, vandalism, etc., often with added liability insurance.

Beneficiary: The recipient of benefits, often referring to the lender in a deed of trust arrangement.

Closing Disclosure (CD): A form detailing transaction costs provided to borrowers three business days before closing, enhancing cost transparency.

Impounds: Lender-established trust accounts holding funds for taxes, insurance, and mortgage insurance premiums.

Legal Description: An exact description recognized by law, outlining land boundaries unequivocally.

Close of Escrow: The date when legal ownership is transferred, and title insurance becomes effective.

Lien: A claim against property as collateral for a debt, encompassing judgments, taxes, and mortgages.

Comparable Sales (Comps): Similar property sales used in appraisal analysis to gauge the value of the subject property.

Loan Estimate (LE): An initial disclosure form offering borrowers insights into mortgage loan features, costs, and risks.

Consummation: The borrower's contractual obligation to the creditor on a loan; distinct from close of escrow or settlement.

Mortgage: A legal agreement pledging real property as loan collateral.

Deed of Trust: A legal document used instead of a mortgage in some states.

PITI: A payment encompassing Principal, Interest, Taxes, and Insurance.

Deed Restrictions: Limitations in a property deed dictating usage parameter.

Principals: The principals in a real estate sale transaction are the Buyer and the Seller. A principal becomes a client once they have agreed to hire and have signed an agreement with a brokerage firm to represent the principal in their real estate transaction.

Disbursement Date: Date for funds to be disbursed in a transaction, whether a purchase or other agreement.

Earnest Money Deposit: A down payment serving as evidence of good faith in real property transactions.

Easement: A limited right granted to one party to use another's land for a specific purpose.

Recording: Filing real estate-related documents as public record.

Settlement Statement: A detailed breakdown of costs in a real estate transaction.

TRID: TILA-RESPA Integrated Disclosures, streamlining mortgage loan disclosures.

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Real Estate Professionals to Know REALTOR® A licensed real estate sales associate and an active member of the National Association of REALTORS®, a real estate trade association. REALTORS® abide by a strict code of ethics that not all real estate agents subscribe to. They also belong to their state and local Association of REALTORS®.

Real Estate Sales Associate A state-licensed individual in the field of real estate is authorized to represent parties involved in property transactions. While all REALTORS® are real estate sales associates, not every real estate sales associate holds the esteemed title of a REALTOR®.

Broker or Broker Associate: A real estate broker is a licensed professional who has fulfilled additional requirements beyond those of a real estate sales associate. Brokers are authorized to operate their own real estate brokerage and can supervise and manage other real estate agents.

Seller’s Agent: A primary responsibility of the Seller’s Agent /Broker is to establish a lawful agreement with the homeowner for the purpose of selling the property and listing it on the Multiple Listing Service (MLS).

Buyer’s Agent: An essential responsibility of the Buyer’s Agent /Broker is to collaborate with the Buyer in finding an appropriate property and skillfully negotiate a successful home purchase.

Multiple Listing Service (MLS) Overall, the MLS serves as a centralized platform that streamlines the sharing of property information among real estate agents. It helps REALTORS® and real estate agents work together, effectively market properties, and connect buyers with suitable properties more efficiently.

Title & Title Company The term ‘title’ refers to the legal ownership or right to a property. It represents the bundle of rights and interests that an individual or entity holds over a specific piece of real property. The primary function of a title company, also known as a title insurance company, is to facilitate the transfer of property ownership, clear and free of any potential issues or claims. A title company examines the history of the property's ownership, assesses the legal status of the title, and issues title insurance policies to protect buyers and lenders against potential financial losses resulting from undiscovered or undisclosed issues with the property's title.

Escrow Officer An escrow officer leads the facilitation of your escrow, including escrow instructions preparation, document preparation, funds disbursement, and more.

Inspectors Home inspectors will help you gain a full understanding of the condition of the home you are purchasing, and what short and long term repairs will be needed.

Mortgage Professional A mortgage broker, who has access to rates and loan programs from many lenders, or a loan officer, who works for a specific lender. Your mortgage professional helps you determine the purchase price you qualify for.

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Real Estate Forms to Know Buyer-Broker Representation Agreement Form (BRBC) A Buyer-Broker Agreement is a document that establishes a business agreement between the Buyer and the Agent.

A Buyer-Broker Agreement is used to protect the Buyer, as well as Agent representing them. It outlines the scope of work the Agent will do for the Buyer, while giving the Buyer reassurance that the Agent has their best interest at heart.

Residential Purchase Agreement (RPA) The offer to purchase and the terms of agreement between Buyer and Seller.

Disclosures These are the forms filled out by the Seller to disclose all known material facts and information they know about the property.

Advisories Brokers do not have expertise in all areas and therefore cannot advise you on some items. REALTORS® are provided with a variety of forms on many topics called advisories. These advisories are tools designed for Buyers to use in making critical decisions.

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Your Expert Real Estate Advisor "Your Neighborhood REALTOR®” EXPERIENCE - With the knowledge that comes from successfully selling real estate since 2003, I can handle the most complicated residential, land or commercial real estate transaction.

COMMITMENT - Communication and customer service come first! I am committed to helping buyers and sellers navigate the real estate process with ease. My goal is to have you so happy with my service that you will want to refer me to your friends and family.

Hard Work - I work full-time (and then some) at my profession. Clients can always reach me easily by phone, text or email and can count on a quick, helpful response.

INTEGRITY - My clients find me trustworthy, knowledgeable, caring and a good listener. I would be proud to provide references of happy past clients.

RESULTS! - I am a consistent top listing and selling agent with my company, and I have earned many awards for customer service, which gives me the greatest amount of pride

Joy Colovin REALTOR® | DRE#01405881 (661)816-7985 Joy@JoyColovin.com www.JoyColovin.com

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Trusted Testimonials "Joy is an expert with the high level of professionalism needed to ensure the most complex situations are handled effectively and with class. We appreciate the work and expertise from Joy and her team."

- W. Homes "Joy was by far the best realtor I’ve ever worked with. She was extremely informative and patient. Joy worked so hard and helped us find the right home. She constantly updated us and calmed nerves through a crazy time. I’ll by recommending her to anyone who asks."

- M. N. Lee "Joy was an absolute dream to work with! This was my first experience with buying a home and she put up with all my questions, answered them thoroughly and kept us up to speed on everything going on. We never had to wonder if we were getting good service. She stayed on top of everything for us!"

- M. E. Williams "I have purchased multiple homes with Joy since arriving in the area in 2004. She is always attentive & knowledgeable about the areas. Really good at listening to your wants and finding homes that meet the criteria. My recent purchase went so smoothly that we were able to close in just under 30 days. I recommend her services to anyone I know looking to buy or sell their homes."

- S. J. "Joy makes the process as easy as possible, is responsive to my questions and keeps me updated during the entire escrow. I’ve completed several real estate transactions with Joy and she’s always a pleasure to work with its! A+++++++" - K. M. Hix

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In summary, having me as your REALTOR® and Buyer’s Agent is like having a trusted ally throughout the process of purchasing a home.

My knowledge, negotiation skill and commitment to your best interests make the entire process smoother and more successful.

When making one of the most significant financial decisions of your life, having an experienced professional on your side is a wise investment.

©2024 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity. DRE# 00829744