The 5 Star Property Broker team is committed to providing world-class value and 5-star service to our clients When you partner with us to purchase your next home, you benefit from over 35 years of experience, and the knowledge and resources to get you the most home for your money at the best possible terms.
We work side-by-side with you throughout the entire home buying process: from finding you the best homes to suit your needs, connecting you with trusted lenders, negotiating the best possible terms and conditions, keeping you informed throughout the escrow process, and helping you find trusted vendors and contractors when needed after closing. Our goal is to be your trusted real estate partner for life!
What’s Inside
Choosing The Right Buyer’s Agent Is Critical
Unlike going through a listing agent who represents the seller’s interests, a buyer's agent is solely dedicated to you, ensuring your needs and preferences are their top priority They provide unbiased advice and support throughout the buying process
GUIDANCE THROUGHOUT THE PROCESS
From arranging showings to coordinating inspections and navigating closing procedures, your agent handles all logistics and all legal paperwork This coordination is essential for a smooth and stress-free journey to homeownership We have sold hundreds of homes and know what to do every step of the way
SKILLED NEGOTIATION ON YOUR BEHALF
Having a seasoned negotiator on your side will save you thousands of dollars Buyer's agents negotiate not just on price but on repairs needed, loan terms, timeframes, appraisal values, access to the home during the sale, and advocating for your best interests every step of the way
IN-DEPTH MARKET EXPERTISE
Buyer's agents offer specialized knowledge of the local real estate market and possess a comprehensive understanding of local housing trends, pricing dynamics, and neighborhood information This insight is invaluable for making educated decisions and spotting hidden gems. Bottom line: We make sure you do not overpay for the home, repairs, inspections, lender fees and more.
MANAGEMENT OF RISKS & LIABILITIES
A buyer’s agent's job is to protect you They can assess and mitigate potential risks associated with the property, such as zoning issues, environmental concerns, title defects, helping spot critical property flaws and needed repairs, property disclosures, and minimizing your exposure to unforeseen liabilities.
Our Secrets To Help You Succeed
In today’s dynamic real estate market, homebuyers face a variety of challenges. To ensure you have an exceptional experience, we have developed a strategic action plan of strategies and services designed to help our clients overcome obstacles and achieve success
LENDER CONNECT
We work with various local lenders who range of loan programs, ensuring that w connect you with the ideal lender tailore specific financial situation and circumst
WINNING OFFER STRATEGIES
Drawing from our extensive experience understand what it takes to get an offer We leverage our market insights, strate negotiations and a personalized approa provide unique strategies to help clients in a competitive landscape
TRUSTED VENDOR NETWORK
We collaborate with a network of tried-and-true vendors, including inspectors, lenders, and contractors, to ensure a seamless and reliable experience for our clients throughout the home-buying process (and long after)
OFF-MARKET LISTING LOCATOR
We can tap into a network that goes beyond the usual listings, including off-market or "pocket" listings We work diligently to find off-market listings for our clients through methods like mailers, door-knocking, social media posts and paid ads, and proactive outreach and networking. Have a specific neighborhood in mind? We’ll go the extra mile to track down potential sellers for you!
YOUR SATISFACTION GUARANTEED
We offer an "easy out" clause in our representation contracts This allows buyers to exit the agreement if we are not meeting their expectations of excellence and ensures transparency and peace of mind throughout the real estate transaction
The Process At A Glance
2 1
FINANCES HOME SEARCH
✓ Assess finances
✓ Locate down payment funds
✓ Budget for any additional costs
✓ Obtain lender pre-approval
✓ Preview potential properties online
✓ Schedule showings and view the properties you are most interested in
UNDER CONTRACT DUE DILIGENCE
✓ Deposit earnest money
✓ Complete loan application within 7 days
✓ Open escrow with title company
✓ Send contracts to lender
✓ Conduct home Inspections
✓ Resolve/negotiate any issues from inspection
✓ Identify and set up homeowners insurance policy
3
OFFER
✓ Study comparable sales
✓ Decide offer terms
✓ Write an offer!
✓ Negotiate the terms of the offer
✓ Schedule final walk through
✓ Verify that all seller required repairs have been made
✓ Check that the home is clean and in the same condition with all conveyable items promised in the contract
✓ Receive closing statement & clear to close
✓ Wire balance of down payment funds to title company
✓ Change utilities into your name 4 5
APPRAISAL
✓ Appraisal requested by lender to confirm home’s value
✓ Study & submit comparables to ensure the value of appraisal is in line with contract price
✓ Change mailing address at banks, insurance, etc
✓ Plan moving day
✓ Pop the champagne and get your keys, it's all yours!
The Cost of Buying A Home
EARNEST MONEY (ESCROW DEPOSIT):
Earnest money is partial down payment funds that you deposit into escrow upon an accepted offer to secure the home. The amount generally ranges from 2% to 5% and is applied to the final down payment. The buyer’s agent plays a critical role in ensuring that this money is never at risk of being lost throughout the transaction by keeping the buyer in compliance with the terms of the contract
INSPECTIONS:
Home inspections are critical to ensure that we find any red flags or issues with the home A general home inspection is a must, but you can elect other inspections, such as a termite/pest, pools and spas, water (if well water), septic, sewer line, lead paint, and others depending on the property.
APPRAISAL:
All financed homes require an appraisal to ensure they are valued correctly. An appraisal is done strictly for the lender and costs between $500 and $800, which is paid by the buyer upfront then deducted from your total closing costs
BALANCE OF THE DOWN PAYMENT:
This is not due in full until closing day. Down payment typically ranges from 3.5% (FHA loan) to 20%, and everywhere between.
CLOSING COSTS:
Closing costs include lender fees, pro-rated property taxes, escrow and filing fees, mortgage pre-paids, reimbursements, and homeowners insurance. They typically range from 1% to 3% of the purchase price of the home.
Average Inspection Costs
The Mortgage & Loan Process
The very first step of the home buying process is to get a pre-approval letter from a mortgage lender stating how much you are qualified for as well as the loan program
QUESTIONS TO ASK POTENTIAL LENDERS:
1. What type of loan do you recommend for me? Why? There are multiple types of mortgage loans, and you should know which one is best for you and how it works.
2 Will my down payment vary depending on the loan I choose? If you’re tight on cash or don’t want to be cash-poor, let your lender know. Loans vary in their down payment requirements. Compare rates on all options; sometimes more money down, or less money down, can change the interest rate.
3 What is the interest rate and the annual percentage rate (APR)? Everyone talks about the interest rate, but the APR is just as important It combines the interest rate with the fees a lender charges to originate your loan.
4. Can I lock in the interest rate? If so, for how long? If you think rates will be moving up, ask if you can lock it in for a set period of time. Typical rate lock timeframes are 30-90 days
5. What will my closing costs be? Are they a part of my loan, or will I pay them in cash at closing? Closing costs usually run 1-3% of your loan value, so you need to know how they’ll be covered. Allocate where those funds are coming from.
Mortgage Loan Guide
WHICH TYPE OF LOAN IS RIGHT FOR YOU?
CONVENTIONAL LOAN
The most common type of home loan, which is offered through private lenders These typically require at least 5% down (although some first time homebuyer programs offer as little as 3%). There are options of a 15 or 30 year fixed rate or adjustable rates for 5, 7, 10 or 15 year terms
FHA LOAN
Backed by the government, FHA loans are designed to help first-time homebuyers and those with lower credit scores. They often require a lower down payment and have more lenient qualification criteria. However, these loans require mortgage insurance (PMI), which is paid monthly and is a variable rate.
VA LOAN
Exclusively for eligible veterans, active-duty service members, and their families, VA loans offer competitive interest rates, no down payment requirements (in many cases), and no private mortgage insurance (PMI).
The Do’s & Dont’s Of The Loan Process
There are certain “Do’s and Don’ts” which may affect the outcome of your loan request These remain in effect before, during, and after loan approval up until the time of settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour before you have signed your final loan documents.
MAKE SURE THAT YOU DO NOT:
Don’t buy a car
Don’t get married or divorced
Don’t change professions or start your own business
Don’t change bank accounts
Don’t buy ANYTHING, especially on credit! (appliances, furniture, etc )
Don’t throw away documents
Don’t get lazy with monthly bills and incur any late payments
Don’t let anyone run your credit or apply for any credit cards
MAKE SURE THAT YOU DO:
Do keep all accounts current, including mortgage, car loans, credit cards, etc.
Do contact both your lender and agent anytime a question may arise
Do make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan
Do have any lender-required money/funds to close your loan sent to the Title / Escrow company 48 hours prior to closing day
Do return phone calls from your agent, loan officer, title company, or anyone else involved in your transaction ASAP!
Your Home Search
Once you've got your finances in order, the fun of looking for the perfect home begins! We will set you up on an automatic search through our website, with pulls directly from the Multiple Listing Service (MLS). When a home that fits your search criteria is listed for sale, it will be sent directly to your email inbox If we ever need to adjust the search criteria, just let us know and we’ll make any changes you need
SOME QUICK TIPS WHILE SEARCHING
Use the search filters but not too much.
You don’t want to narrow your search so much that you only have a handful of homes to view. Keeping your wants vs. needs list in mind, expand your geographic search.
If you find a home that stands out, check out the Google street view or drive by. Online pictures can be deceiving, so a virtual ‘walk’ down the street will give you a better sense of the house and surrounding area
Remember, you can’t change the lot or the location, so make sure you love both. You also don’t want to be the priciest home on the block. We will help you assess whether or not that’s the case.
Don't let yourself get distracted by decor or staging. These things will be gone by the time you move in, so try to stay focused on the things that cannot be changed as easily
Take your time.
If a home makes a good first impression, let us know you’re interested and that you’d like to spend a bit more time looking around. This is one of the largest purchases you’ll ever make so it’s worth it to learn as much as you can while you’re there.
QUESTIONS TO ASK YOURSELF BEFORE HOUSE HUNTING:
What features of a home are most important to you?
The Offer
TERMS THAT ARE NEGOTIABLE
So you think you’ve found “the one” and are ready to make an offer that will be irresistible to sellers Let's discuss making an offer that stands out
IN ORDER TO WRITE AN OFFER, WE WILL NEED THE FOLLOWING INFORMATION:
PRE-QUALIFICATION
LETTER OR PROOF OF FUND:
Include a lender pre-approval that shows that you’re serious, qualified, and ready to purchase.
OFFER PRICE
We will help you determine the property's fair market value. Put your best foot (and price) forward. You may only get one shot, so make it count. Use recently comparable sales and trends as a guide, but go in with a strong number you know a seller would find favorable.
ESCROW DEPOSIT
This Is typically 2-5% of the purchase price.
FINANCING AMOUNT
What percentage of the loan you are financing, and how much you are putting down as a down payment
CLOSING DATE
If getting a mortgage, this is typically 30-45 days from acceptance of the offer. This will be the day the keys are handed over. Ask the sellers what their preferred settlement date is.
INSPECTIONS
The inspection contingency is usually anywhere from 7-10 days to perform Inspections and renegotiate or terminate the contract if the inspection comes back unacceptable.
Inspections
During the inspection period, the buyer has the right to hire professionals to inspect the condition of the home The standard home inspection includes the condition of the home’s heating and central air conditioning systems, interior plumbing and electrical systems, roof, attic, visible insulation, walls, ceilings, floors, windows, doors, foundation, basement, and structural components. You will receive a written copy of the inspection report, but we recommend that you attend the inspection.
ADDITIONAL INSPECTIONS YOU MAY WANT TO ELECT:
SEWER LINE INSPECTION: Many homes have issues with the sewer line because tree roots can damage the connecting pipes, creating blockages and draining issues. Even a small problem can be extremely expensive.
TERMITE INSPECTION: Some loan programs, such as VA loans, require wood destroying organism (termite) inspections. We recommend termite inspection on every home.
WELL WATER / SEPTIC INSPECTION: If the home has a septic system or well water- to make sure the water is not contaminated and the septic system is working properly.
POOL & SPA INSPECTION: Almost every home that we have sold has a pool or spa that needs repairs. Identifying the issues and negotiating the repair with the seller can save you a ton of money.
SECONDARY INSPECTIONS: Many general inspections find that there is a need for a specialized opinion, such as with the roof, HVAC or pool/spa It is important to allow time in the event this is needed
Our Recommended Inspectors
You are free to use whomever you'd like - these are a few inspectors we know and trust
22 HOME INSPECT
WWW 22HOMEINSPECT COM
WESTMAN A@22HOMEINSPECT COM (480) 506-6610
AJF INSPECTIONS
WWW AJFINSPECTIONS COM
OFFICE@AJFINSPECTIONS COM (480) 661-8888
TOTAL INSPECTIONS
WWW TOTALINSPECTIONSAZ COM
SUPPORT@TOTALINSPECTIONSAZ COM (602) 369-3329
TITLE INSURANCE
The title company will conduct a title search to ensure the property ownership is legitimate and to find if there are any outstanding mortgages, liens, judgments, restrictions, easements, leases, unpaid taxes, or any other restrictions that would impact your ownership associated with the property.
Once the title is found to be "clear", the title company will issue a title Insurance policy that protects lenders and owners against claims or legal fees that may arise over ownership of the property. This is required when obtaining a mortgage and is highly recommended even if you are paying cash. This will also be a part of your closing costs.
HOMEOWNERS
HAZARD FLOOD
The standard homeowners insurance covers financial protection against loss due to disasters, theft and accidents
Hazard insurance protects against damage caused by fires, severe storms, hail/sleet, or other natural events
Protects against damage caused by a flood We recommend you also check the FEMA website at www fema gov/flood-maps to verify if a home you are interested in is located in a flood zone.
Once you close you will have lots of visitors, having liability coverage for accidents in the home is critical.
Transfer all utilities into your name (gas, electric, water, internet, etc.)
Review the closing settlement statement a few days before closing and ensure you have funds ready.
Final walk-through and ensure any negotiated repairs have been completed and that everything that was promised in the contract is still in the home.
Schedule your signing appointment with your escrow officer and wire funds to the title company or get a certified check from your bank.
Get your keys, pop the champagne, and move in!
Understanding Representation
SELLER AGENCY (LISTING AGENT)
ROLE: Represents only the seller in marketing and selling their property.
WHY YOU NEED ONE: To maximize property value, attract qualified buyers, and handle the complexities of the selling process, and to try to get the highest price on the sale of the home
COMPENSATION: The compensation is pre-negotiated between the seller and the listing agent in a listing contract prior to going on the market.
BUYER AGENCY (BUYER'S AGENT)
ROLE: Represents only the buyer in finding and purchasing a property.
WHY YOU NEED ONE: To advocate for your interests, negotiate the best price and terms throughout the sale on everything, and provide expert guidance throughout the transaction.
COMPENSATION: Negotiated between the buyer and buyer's agent and may be paid by the seller through terms that are negotiated in the purchase contract.
DUAL AGENCY
ROLE: Represents both the buyer and seller in the same transaction WHEN IT’S USED: When both parties agree to terms of the sale of the home and understand the potential conflicts of interest.
COMPENSATION: Typically split between the buyer and seller, but the specific arrangement should be clearly outlined and agreed upon by both parties.
Our Commitment To You
It’s essential to understand these different roles and discuss compensation arrangements with your agent upfront to ensure clarity and transparency.
Having an experienced licensed Realtor to represent your interests during a property transaction is crucial Agents play distinct roles tailored to serve different client needs. We are committed to providing clear and transparent representation with each and every client.
How We Represent You
WE ARE WITH YOU FROM START TO FINSH
GETTING READY TO START LOOKIN
Finalize Buyer Broker Agreemen
Consultation on funding and mo options
Obtain lender pre-approval
Determine your wants and needs
Consultation on market prices an
Setup daily home search and not
LET’S FIND YOUR NEW HOME
Hunt for off-market properties
Send you all homes that fit your c
Schedule showings on potential
Create market analysis for potential offers
Draft offer contracts and required addendums
Submit offer and negotiate terms on your behalf
THE
ESCROW PROCESS
(YOU’RE UNDER
Weekly "what's next" email updates
CONTRACT!)
Coordinate earnest money deposit and open escrow with title company
Review title report and confirm clear title
Manage all lender and title documentation
Provide preferred vendor list
Coordinate, schedule and manage inspections
Oversee repair estimates
Negotiate repairs with seller and seller’s agent
Order appraisal and manage the comparable properties used in appraisal process
Weekly LSU (loan status updates) communication with seller and seller’s agent
WE’RE READY TO CLOSE
Schedule and attend final walkthrough
Verify seller repairs and obtain all receipts and documentation
Identify and mitigate any issues on repairs, home condition or transaction contracts
Provide utility Info and timelines for your new home
Review closing documents and schedule signing
Coordinate keys and garage remote delivery
POP THE CHAMPAGNE!
2024 NAR Buyer Represenstation Rule Change
The National Association of Realtors (NAR) implemented a nationwide rule in August 2024 requiring every buyer to sign a written agreement with a buyer’s agent before touring any homes. This agreement lays out exactly what services will be provided and the buyer’s agent’s compensation. Buyer Broker Agreements can be for one showing, a week, a month or up to one year- it is your choice!
The written agreement (Buyer Broker Exclusive Employment Agreement) must include:
A clear disclosure of the amount or rate of compensation the real estate agent will receive, ensuring you understand that you'll cover the agent’s fee if the seller refuses to pay it.
Compensation that is specific and objective (e g a flat fee, a set percentage, or an hourly rate) and not open-ended (e g , it cannot be 'the buyer's agent will get whatever the seller offers').
A term that prevents the agent from receiving more compensation than what was agreed upon in the contract with the buyer, even if the seller is offering more.
Sellers can no longer offer compensation to buyer agents through the Multiple Listing Service (MLS). However, a majority are still offering buyer’s agent compensation off the MLS, and can offer buyer concessions on the MLS, such as contributing toward buyer closing costs. Even if the seller is not communicating an offer to cover the buyer’s agent’s compensation, most buyer agents are writing into the offer that the seller shall pay the buyer’s agent’s compensation on behalf of the buyer
Our Advice To You
Take your time selecting an agent who will stand by your side and represent you in what is likely the most significant transaction of your life Your agent should not only have a deep understanding of your goals and the market but also a proven track record of working diligently on behalf of their clients.
Credentials matter, but what truly sets an agent apart are the intangibles; the commitment to going the extra mile and genuinely caring for their clients. Ensure you feel comfortable with your agent and trust that they have your best interest at heart
How Buyer Agents are Compensated
OPTION 1: SELLER IS OFF COMPENSATION TO BUY
Historically and commonly, t buyer's agent a commission. owe additional fees beyond s costs and administrative fees agent to verify this prior to se your list, and/or instruct your not see any home where the not covered by the seller .
OPTION 2: SELLER IS OF COMPENSATION BUT NO
Sometimes, sellers offer a low what is owed to the buyer’s a your Buyer Broker Agreemen your agent may:
Negotiate with the seller secure the full buyer’s age
Buyer agrees to increase buyer agent compensatio
Buyer agrees to pay their closing to cover the differ
OPTION 3: SELLER IS NOT OFFERING ANY COMPENSATION TO BUYER'S AGENT
In rare instances, a seller may choose not to offer ANY compensation to a buyer's agent. When this occurs, your options are:
Your agent writes into the offer contract that the seller is obligated to pay the buyer’s agent compensation as part of the sale terms
Buyer agrees to increase offer price to cover buyer agent compensation gap
Buyer agrees to pay their agent directly at closing to cover the difference
Buyer and buyer’s agent agree to revise the Buyer Broker Agreement to accommodate any difference between what can be negotiated between all parties to cover the difference
