USVI Buyer's Packet

BUYER'S GUIDE

DESIGNED TO FIND YOUR PROPERTY

INTEGRITY EXPERIENCE

MARKET KNOWLEDGE YOUR TRUSTED ADVISOR

Our Schmidt family story.

Schmidt Family of Companies is the parent company to its whole Coldwell Banker franchise. We are a fifth generation, full-service brokerage firm founded in 1927 specializing in residential, luxury and commercial real estate, property management, mortgage, and title services.

H. F. Schmidt Real Estate, as the firm was originally known, was based on the principles of honesty, integrity, and an unwavering commitment to outstanding service. Harold Schmidt’s adherence to these standards of excellence earned him the trust and confidence of his clients, building a solid foundation for what was to become one of the most respected and largest real estate brokerage firms in the Midwest.

Harold’s son, Joseph Schmidt, joined the company in 1946 and under his leadership the company experienced unparalleled growth. His sons, Fred and Ken, entered the company in 1962 and 1968, respectively. Today, Ken’s son, Mike Schmidt, is the Chairman and CEO of the firm, Steve Bell is the President and CFO, and Tom Gray is the COO. The firm joined Coldwell Banker Corporation as a franchisee in 1983.

Our Coldwell Banker franchise is the largest in the Coldwell Banker network based on the number of offices and third based on units sold. Coldwell Banker Commercial named us the number one affiliate in North America. Coldwell Banker St. Croix Realty joined the Schmidt Family of Companies in 2018, and we expanded our ability to serve the US Virgin Islands community with the opening of Coldwell Banker St. Thomas Realty in 2021.

Coldwell banker us virgin islands

Coldwell Banker has a diverse group of agents, some of whom have been lucky enough to have lived on island their entire lifetime. Others moved here for a better quality of life. We are ambassadors for St. Croix and St. Thomas and experts in the local real estate markets.

With all the tools and marketing assets of the global Coldwell Banker real estate network, the Coldwell Banker St. Croix Realty and Coldwell Banker St. Thomas Realty agents are well positioned to help you sell your island home. Our full-time real estate agents are strategic and diligent in seeing to all aspects of listing and closing your sale. We will provide comparable home sales on St. Croix and St. Thomas, advise you on your home’s value based on market data, make staging suggestions, and write an enticing description with quality photos and videos, all of which will position your USVI real estate listing for optimal visibility — through the MLS, the Coldwell Banker St. Croix Realty and Coldwell Banker St. Thomas Realty website, realtor.com, Zillow, social media and other publications. As your selling agent, we will field inquiries, negotiate offers to optimize your position, confirm that the buyers are qualified and ensure that you understand all of the terms. We are part of the master franchise of Coldwell Banker Island Affiliates connecting all of the Coldwell Banker offices within the Caribbean, which also creates a broader market for your island property.

Coldwell banker island affiliates

Coldwell Banker Island Affiliates was created in 1997 when Coldwell Banker began pursuing their vision of a global real estate company. The vision was, and is today, to grow the presence of the Coldwell Banker franchise brand by carefully selecting and awarding exclusive franchises to the preeminent real estate firms in each country partnering their local expertise with the Coldwell Banker systems and resources. Since 1997 they have successfully expanded to Aruba, Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Curacao, Dominican Republic, Jamaica, Freeport/Grand Bahama Island, Grenada, Puerto Rico, Nevis, St. Kitts, St. Croix, St. Thomas, French St. Martin, Dutch St. Maarten and the Turks and Caicos Islands and have 38 office locations.

Turks and Caico Islands

Virgin Islands e Bahamas

Bermuda

Cayman Islands

Jamaica

Dominica

St. Lucia

Grenada

Curaçao Aruba

Dominican Republic

what does your perfect property look like?

What is most important about your next property?

What is your favorite part of prior properties you’ve owned?

What do you want to avoid having at your new property?

What are some things you want but are not required?

What are deal breakers for you?

YOUR NEEDS & WANTS

Comprehending your desires and requirements is crucial for laying the groundwork of a successful real estate transaction.

Our objective is to invest as much time as is necessary to comprehend your distinct preferences, lifestyle needs, and specific goals, enabling us to customize recommendations specifically for you.

A genuine understanding of your preferences empowers us to identify a property that not only fulfills your practical necessities but also resonates with your dreams and aspirations.

Do you need to sell another property before you buy?

Is there a deadline when you have to close on your next purchase?

Are you ready to buy today if you find the right house?

Are there any life changes or events, such as a job change, coming up that could impact your buying timeline?

Do you have a specific preference regarding the length of the home buying process, such as a desire for a quick transaction or a more leisurely pace?

Timing

The real estate market is dynamic and subject to fluctuations such as seasonality, economic conditions and local market trends.

Understanding your ideal purchase timeline empowers us to guide you towards a successful purchase on the right timeline to fit your needs.

Establishing credit

Having good credit is essential for a real estate buyer. Your credit score is a critical factor that lenders consider when determining your eligibility for a mortgage loan. A higher credit score often translates to lower interest rates and more favorable loan terms, ultimately saving you money over the life of your mortgage.

Additionally, a strong credit history demonstrates to lenders that you are a responsible borrower, instilling confidence in them to approve your loan application. A good credit score widens your pool of available loan options, providing you with more flexibility and better negotiating power. Maintaining good credit is a proactive step towards achieving your homeownership goals, ensuring smoother and more cost-effective financing for your real estate purchase.

FINANCING

Numerous financing alternatives are available for today’s real estate buyers. It’s important for you to be well-informed about these options so you can choose the financing method that aligns with your economic objectives.

We are committed to assisting you in identifying the ideal mortgage lender who offers loan products tailored to your specific needs, including conventional, FHA, and VA options.

Getting pre approved

Preapproval provides you with a clear understanding of how much you can afford to borrow, helping you set a realistic budget for your home search. This information is invaluable in narrowing down your options and focusing on properties within your financial comfort zone.

A preapproval letter signals to sellers that you are a serious and qualified buyer. In a competitive real estate market, this can give you an edge over other potential buyers who may not have taken this step. It demonstrates your financial readiness and can make your offer more appealing.

The preapproval process involves a thorough examination of your financial health, including your credit score, income, and debt levels. This not only helps you identify and address any potential issues but also streamlines the formal loan application process when you find the right property. It expedites the closing process and provides you with a more accurate estimate of your monthly mortgage payments.

Getting preapproved with a bank is a strategic move that enhances your buying power, establishes your credibility as a buyer, and streamlines the path to securing financing for your dream home.

MARKET KNOWLEDGE

Market knowledge plays a pivotal role in being successful within the dynamic real estate market.

In a market characterized by fluctuations and evolving trends, comprehensive market knowledge provides a distinct competitive advantage.

Understanding local market conditions, property values, and emerging trends allows us to provide accurate and insightful guidance to our clients setting realistic expectations, devising effective pricing strategies, and negotiating favorable deals.

Our comprehensive market knowledge empowers you to identify investment opportunities and potential risks, fostering informed decision-making.

Comparable sales

Comparable sales or ‘comps,’ serve as a valuable benchmark for determining the fair market value of a property.

By meticulously analyzing recently sold properties with similar characteristicssuch as location, size, features and conditions - we can provide you with insights into the prevailing market conditions and pricing trends.

This comprehensive analysis enables us to guide you in creating a strategically competitive offer.

A thorough evaluation of comps helps you make informed decisions, strengthen your negotiating position ensuring that your offered price aligns with current market dynamics and represents a fair value for the property.

Negotiating

With a deep understanding of market dynamics and the intricacies of real estate transactions, we serve as your advocate and mediator working to secure the most favorable terms when negotiating your purchase contract.

Our goal is to navigate the complexities of price discussions, contingencies and contractual details, ensuring that your interests are safeguarded throughout.

Beyond negotiating price, we also address crucial elements such as inspection contingencies, financing and closing timelines.

under contract

Our role extends far beyond the initial accomplishment of negotiating the details of the contract for you.

Once we have a deal in place, we will guide you throughout the intricate journey of the transaction ensuring that you are in compliance with all of the agreedupon terms working to expedite you towards a successful closing.

We are your problem-solvers, addressing unforeseen challenges that may emerge during the under-contract period.

We will maintain effective communication between buyers, sellers, inspectors, appraisers and lenders, ensuring a seamless flow of information.

Home buying Process

• How much can you qualify for?

• What mortgage is best for you?

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• Location, views, bedrooms, baths, etc.

Full Service

Coldwell Banker® is there for you in all aspects of the home sales process. Our primary services ensure you’ll receive complete assistance from start to finish — giving you one-stop-shop convenience.

From Start to Finish

Mortgage Services

We can connect you with a mortgage broker that offers highly competitive rate, fantastic customer service, and a fast, simple process.

Attorney and Title Services

We can provide recommended attorneys and title companies that will research and resolve title issues before the closing to help ensure your transaction closes smoothly.

Vendors

We will be with you to prepare to own your property for sale and for years afterwards be a resource for referrals to local vendors to help with every aspect of home ownership.

MOVING CHECKLIST

TWO MONTHS PRIOR

 Acquire estimates from moving companies

 Create and maintain a file for all moving papers and receipts

 Talk with your accountant to determine if any parts of your move might be tax-deductible

 Create and maintain a file for all moving papers and receipts

SIX WEEKS PRIOR

 Complete a Change of Address card at the USPS post office and at the following places you do business: accountants, attorneys, banks, credit card companies, former employers, insurance agents, IRS/Social Security Admin, periodicals, physicians and dentists, relatives and friends, religious organizations, schools, stockbrokers

 Do some research on healthcare professionals and hospitals in your new location if moving off island

 Arrange to have family medical records transferred to new physicians if moving off island

 Arrange to have pet records transferred to new veterinarian if moving off island

 Arrange to have children's school records transferred if moving off island

 Select a reputable mover with good insurance coverage or reserve a rental truck

ONE MONTH PRIOR

 Arrange for personal/family travel (air, hotel, car rental) if moving off island

 Arrange for the transportation of pets, plants and other delicate items

 Contact all utility companies (cable, gas, electric, phone, refuge collection, water, etc.) to arrange for disconnect, final billing and connection at your new address

 Contact insurance companies (auto, homeowner's, medical and life) to update policies

 Gather all legal documentation into one box and maintain in an accessible and safe place. Documents should include vehicle titles, registration documents and licensing, birth certificates, wills, deeds, stock, legal, medical, and insurance records

 Make arrangements to transfer funds and close bank accounts if necessary

 Notify landlord of pending departure and request security deposit refund

 Notify in-home contracted service providers (housekeeping, gardening, pool, pest control, etc.)

 Save receipts from the move (many moving expenses are tax deductible)

 Gather moving supplies (boxes, bubble wrap, tape, markers, rope)

 Start packing!

INVENTORY POSSESSIONS

 Sell and give away items you don’t want or need from closets and storage areas

 Donate unsold items to charity or otherwise remove them from property

MOVING DAY

• Be home to answer any questions your mover may have

• Remain until movers are finished loading your belongings

• Record all utility meter readings upon departure

• Ensure you and the movers did not leave anything in the vacated house

• Carefully read, complete, and sign the bill of lading and the inventory sheet

• Keep copies of the bill of lading and inventory sheet until your possessions are delivered, charges are paid, and claims are settled

TWO-THREE WEEKS PRIOR

 Arrange for child care on moving day

 Notify the Department of Motor Vehicles of your new address

 Review arrangements with the moving company

ONE WEEK PRIOR

 Fill all prescription medications

 Settle all outstanding bills with vendors

A FEW DAYS PRIOR

 Finish packing

 Pack first night items, including alarm clocks, change of clothes, flashlight, phone, sheets, toiletries and towels

MOVER'S SURVIVAL KIT

 Aspirin or ibuprofen

 Coffee, filters, and coffee maker

 Paper towels, toilet paper, soap

 Paper cups and plates, plastic utensils

 Pen and notepad

 Scissors, utility knife, masking and/or duct tape

 Trash bags and shelf liner

 Water, soft drinks, snacks

PACKING TIPS

• Keep jewelry, important papers or medications with you

• Label boxes as you pack them with content and desired room location

• Leave lamps, china & artwork or breakables for movers to pack

• Pack heavy items in small boxes

• Do not over stuff boxes; leave some extra room at the top

• Tape cords underneath all electrical appliances

• Wrap breakables in newspaper, bubble wrap, clothes or towels

PET MOVING CHECKLIST

Pets have many needs which become complicated when moving off island . This moving checklist for pets lists all of the hurdles of pet relocation.

BEFORE MOVING YOUR PET

 Visit the veterinary office. Make sure to pick up your pet’s medical records. Have your pet vaccinated and stock up on any pet meds needed until you settle into your new home. If your move is difficult for a pet, ask your vet to prescribe sedatives to be given on and around moving day.

 Update your pet ID tags. Have new tags created with the pet’s name and your new contact information.

 Check licensing laws. Contact the proper authority in your new location for information on pet licensing requirements. Secure a valid license for your pet.

 Flying with your pet. If your move requires flying with your pet, check with your airline to see what requirements they may have for pet travel. Try to choose nonstop flights since pets may become unsettled by air pressure changes and airport handling. Be aware of airline policies regarding temperatures, permitted animal breeds, and carrier requirements.

 Moving pets internationally. Those moving to another country should check with that country’s embassy or consulate about any quarantine or health issues related to pet moving. If moving a bird, make sure to secure proper documentation required by the Convention on International Trade in Endangered Species.

MOVING DAY FOR PETS

 Temporary residence. Your pet is best kept away from all your moving day activities. They’ll likely get agitated when seeing items being removed from the home. Have pets stay with friends or board them in a kennel for the day.

 Settling into your new home. Once you are somewhat settled into your new home, let your pet roam around and get used to the new space. Since pets will initially be confused about their new surroundings, keep them confined or leashed until you are certain they will not run away from home. Pets that are stressed and confused can be kept confined in a small room with their bed, toys, and other items.

 If your pet has a microchip, contact the company and provide your updated contact information.

MOVING WITH YOUNG KIDS

Tips and tricks to encourage a smooth transition

Your family’s move can be an exciting time for you and your children. It can also be a stressful and sad time. Moving represents change, which can be difficult at any age. Sharing and reading picture books about moving is a great way to prepare kids for what’s ahead and give voice to the range of feelings that they may be experiencing.

Most children have an adventurous, curious side to them. Try appealing to this side when telling them that the family is moving. This way, you’ll help them view the move as an experience that can lead to exciting discoveries.

Even in their excitement, young children will feel sadness at leaving familiar people, places and activities. Help your kids with concrete ways to make the “old place to the new place” transition. Following are some tips for you to help your young children cope with the move.

WHAT TO EXPECT

Moving to a new place can affect a child’s behavior and emotions. Toddlers and young children are egocentric. When you show stress, they may think it’s because of something they did. Be mindful of your emotions and actions in their presence and give them plenty of reassurance.

Younger kids may be the most eager members of your moving team. Let your kids help by assigning tasks you know they can handle.

TELLING YOUNGER CHILDREN ABOUT THE MOVE

• Explain where and why you are moving.

• Highlight benefits of moving that your kids can understand.

• Use maps and pictures to help illustrate where you are going and make the move more concrete.

• Reassure them that their life won’t change dramatically.

MOVING TIPS

• Make a list of all the questions your child has about moving.

• Create an address book.

• Be sure to allocate enough time to say your special goodbyes.

• Make a last visit to their favorite places.

• Plan their new bedroom.

HELPFUL ADVICE FROM PARENTS WHO HAVE BEEN THERE

• Keep your kids in the loop on important moving information.

• Visit the new school and community before you move.

• Try to keep things and routines familiar.

• Set up a toddler’s new room similar to their old one.

• Think about volunteering at school. It might be nice for your child to have a reassuring presence in an unfamiliar environment.

ADDRESS CHANGE CHECKLIST

Here’s a list of people, businesses & organizations who will need to know you’ve moved to a new location.

THE ESSENTIALS

 Request a Change of Address form at a USPS post office

 Friends and family

FINANCIAL INSTITUTIONS

 Banks and credit unions

 Credit card companies (including department store cards)

 Lenders (mortgage, home equity, auto, student loan)

 Insurance companies (health, renters, auto, home, medical, dental, disability, life)

 Retirement (pension plans, 401K, retirement accounts, Social Security, Veterans Affairs)

 Investments (investment agencies and brokers)

UTILITIES

 Phone services (cellular, land line)

 Electric

 Waste Disposal

 Internet (land line, wi-fi and satellite)

 Television (cable or satellite TV)

GOVERNMENT OFFICES

 Department of Motor Vehicles

 IRS

 Passport Office

 Veteran Affairs

 Unemployment Office (if you are currently receiving unemployment benefits)

JOBS

 Notify the Human Resources department

 Update your personal marketing materials (business cards, websites, resumes)

 Employment agencies (temp agencies and recruiters)

 Professional Memberships (licensing and certification boards)

 Past employers (for W-2)

HEALTH

 Physicians (doctors, dentists, optometrists, etc.)

 Pharmacies

 Health insurers (HMOs, DMOs, agencies and brokers)

SERVICE PROVIDERS

 Cable company

 Phone company

 Housecleaning services

 Delivery services

 Accountants

 Childcare (day-care center, baby sitters)

 Lawn care service

 Veterinarian (including pet groomer, pet sitters, and microchip service)

 Pool services

 Lawyers

AUTOMOBILE

 Auto insurers (insurance agencies and brokers)

 Auto lenders (car dealership, bank or loan place)

 Department of Motor Vehicles (changing your vehicle registration)

 Membership clubs (AAA or similar)

 Parking permits

 Warranty (if a car warranty is still in place)

MEMBERSHIPS

 House of worship (churches, synagogues, mosques)

 Health clubs

 Community groups (PTA, neighborhood associations, civic clubs)

 Children’s extracurricular activities (dance classes, music lessons, sport clubs)

 Social clubs, community centers

SUBSCRIPTIONS

 Magazines (The USPS will only forward magazine subscriptions for two months)

 Streaming services

OTHER

 Air miles reward program

 Update personal websites

 Register to vote!

 Children’s schools

Disclosure of Agency Relationships

The purpose of this disclosure is to enable you to make informed choices before working with a real estate licensee. It must be provided at the first substantive contact that you have with an agent to discuss a specific property. THIS IS NOT A CONTRACT. It is a disclosure notice for your information and protection.

CONSUMER INFORMATION - Whether you are a buyer or seller, you can choose to have the advice, assistance and representation of your own agent. Do not assume that a broker or agent is acting on your behalf unless you have contracted with them to represent you, i.e. become their client.

All real estate agents must, by law, present properties honestly and accurately. They must also disclose known material defects in the real estate, regardless of agency relationship. And they must treat all parties fairly and honestly.

If you are a seller, you may authorize your listing agent to cooperate with agents from other fir ms to help sell your property. These cooperating agents may be subagents who work for the seller, or they may be buyers' agents. By allowing sub-agency, you are making yourself liable for any information they provide to buyers.

If you are the buyer, you have the option of working with sellers' or buyers' agents. This decision will depend on the types of services you want from a real estate agent. A buyer should tell sellers' agents, including subagents, only what he/she would tell the seller directly.

CUSTOMER - A customer is serviced by an agent, but without contractual agreement. Customers must be treated honestly and fairly by agents and given truthful responses to their questions. Note that an agent may only give their advice and opinions to a “client”. To receive the full benefit of a Realtor®’s services, you must enter into an agreement to become that Realtor®’s client.

SELLER'S AGENT - When a seller engages the services of a listing brokerage, the seller becomes that brokerage's client. This means the brokerage, and the agents who work for it, represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability must

put the seller's interests first and negotiate for the best price and terms for the seller. The seller may also authorize subagents (agents who work for brokerages other than the listing brokerage) to represent him/her in marketing the property to buyers, but in doing so, is liable for any information the sub-agent provides to their customers.

BUYER'S AGENT - When a buyer engages the services of a brokerage, then that buyer becomes that brokerage's client. This means the brokerage represents the buyer. The brokerage owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The brokerage must put the buyer's interests first, and negotiate for the best price and terms for the buyer.

DISCLOSED DUAL AG ENT - A brokerage can work for both the buyer and the seller on the same property, provided it obtains the informed consent of both parties. The brokerage is then considered a disclosed dual agent. The brokerage owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship, the brokerage represents neither the seller nor buyer exclusively, and neither can expect the brokerage's undivided loyalty. Dual agency MUST BE DISCLOSED IN WRITING.

CONSUMER RESPONSIBILITY

The duties of a real estate licensee do not relieve the consumer of the responsibility to protect his/her own interests. Consumers with questions on whether and how real estate agents share fees should pose them to the agent. If you need advice for legal, tax, insurance or other matters, it is your responsibility to consult a professional in those areas

ACKNOWLEDGEMENT OF AGENCY TYPES AVAILABLE

(THIS IS NOT A CONTRACT)

Date:

Brokerage: ____________________________

Agent:

Signature of Client/Customer Acknowledging Receipt

This form provided as a member service of the Association.

Disclosure of agency

Adherence to a strict code of ethics is fundamental for Realtors®, underscoring the importance of a commitment to honesty, integrity, and transparent communication.

The code emphasizes a realtor’s duty to clearly understand and delineate who they represent in a transaction, whether it be the buyer, seller, or both parties. This clarity ensures that clients receive dedicated and unbiased representation throughout the real estate process.

A commitment to working honestly and ethically establishes our foundation for a successful and respectful professional relationship.

Effective communication is a cornerstone of this ethical framework, enabling me to keep you informed, address concerns promptly, and foster an environment of trust and transparency.

Our goal is that our clients receive the highest standard of service and representation.

COLDWELL BANKER | St. Croix Realty

COLDWELL BANKER | St. Thomas Realty

COLDWELL BANKER | Schmidt Realtors

COLDWELL BANKER | Woodland Schmidt

COLDWELL BANKER | AJS-Schmidt

COLDWELL BANKER | Schmidt Family Of Companies

COLDWELL BANKER | Schmidt Realty

COLDWELL BANKER | Routh Realty

COLDWELL BANKER | Sunstar Realty

COLDWELL BANKER | Paradise

COLDWELL BANKER | Premier Properties

COLDWELL BANKER | The Amelia Group

U.S. VIRGIN ISLANDS | ColdwellBankerVI.com

MICHIGAN | CBGreatLakes.com

OHIO | CBSchmidtOhio.com

FLORIDA | CBFloridaHomes.com | FLColdwellBanker.com

ColdwellBankerPremierProperties.com

COLDWELL BANKER | Amber Coast Realty

COLDWELL BANKER | Aruba

COLDWELL BANKER | AJS-Schmidt

COLDWELL BANKER | Bermuda Realty

COLDWELL BANKER | BVI

COLDWELL BANKER | Cayman Islands Realty

COLDWELL BANKER | Curacao Real Estate

COLDWELL BANKER | Grenada

COLDWELL BANKER | Jamaica Realty

COLDWELL BANKER | Premier Realty

COLDWELL BANKER | Prime Realty

COLDWELL BANKER | Real Estate Turks & Caicos

COLDWELL BANKER | St. Thomas Realty

COLDWELL BANKER | St. Croix Realty

COLDWELL BANKER | St. Lucia Homes

COLDWELL BANKER | Lightbourn Realty