TOPP CHICAGO REAL ESTATE
welcome to the
â€œWe measure our success by the number of lasting relationships we make, not by the number of homes we sell.â€? - Laura Topp
Laura Topp is an expert in the Chicago marketplace, with over 25 years of Real Estate and a Top 1% Producer in the Lincoln Park office of Berkshire Hathaway HomeServices KoenigRubloff Realty Group.
Through our customized, solution-focused approach, aggresive marketing strategies, powerful TOPP Chicago Real Estate property search tools, and expert negotiation skills we will accomplish your real estate dream.
As a full-service real estate company, TOPP Chicago Real Estate can also assist you with mortgage and financing, title and settlement, property management, new construction, land, luxury homes, rental homes, investment properties, careers in real estate and more!
PATRICK SHIPP • LAURA MITRICK • LAURA TOPP • CHRISTINA WALLEK • STEVIE PENISTEN
ADVOCATE FACILITATE NEGOTIATE
REPRESENTATION & RELATIONSHIPS BUYER’S AGENT A Buyer’s Agent has a fiduciary responsibility to represent only the home buyer’s best interest throughout the home buying process. SELLER’S AGENT A Seller’s Agent, also known as a listing agent, has a fiduciary responsibility to represent only the home seller’s best interest through the home selling process. The listing agent is the seller’s designated agent. DUAL AGENT A Dual Agent represents both the buyer and seller ethically and honestly, safeguarding the confidentiality of both clients. An agent must have the seller’s and buyer’s permission to act as a Dual Agent. MINISTERIAL ACTS Acts that a licensed agent may perform for a consumer that are informative in nature and do not establish an agency relationship. www.toppchicagorealestate.com
WHAT ARE YOUR
SINGLE FAMILY RESIDENCE Also known as single family detached, this means the home is a stand alone structure with land ownership. TOWNHOUSE A type of home that is usually constructed as a two or three-story unit with a common wall or walls bordering the adjacent unit. CONDOMINIUM A condo is a unit that you own in a multi-unit complex, such as an apartment building. COOPERATIVE A type of residence where the buyer owns shares in a corporation that owns the building and has the right to live in a specific unit, but doesnâ€™t actually own the space. MULTI-UNIT A type of home or building with multiple units owned by one entity.
TOPP CHICAGO REAL ESTATE
THE BUYING PROCESS meet with a agent
identify “the one”
BUYERâ€™S TOOLS With powerful websites and mobile search platforms, property search has never been easier and more efficient. toppchicagorealestate.com
Homemap, Community Guides, Hotsheets, Open House lists, Docuagent and more: tools specifically designed to give you detailed information and make the transaction easier. 12
BROKER’S TOOLS The power of our network & relationships with thousands of estate professionals, gives us an advantage. We stay in the know via our InTouch app, Top Agent Network, and also have access to off-market, private and pocket listings. TAN MLS IN TOUCH BROKER’S NETWORK
10 RULES FOR
1. Thou shall contact a TOPP Chicago Real Estate agent. 2. Thou shall not buy a vehicle. 3. Thou shall not change jobs or become selfemployed. 4. Thou shall not apply for new lines of credit. 5. Thou shall not spend your savings.
6. Thou shall not originate any new inquiries on your credit report. 7. Thou shall not make any large deposits into your bank account. 8. Thou shall not change bank accounts or add a bank account. 9. Thou shall not co-sign for anyone. 10. Thou shall not purchase anything until (way) after the closing. 16
TRANSACTION COSTS FOR BUYING
For Buyers Attorney’s Fees $500 - $1500
Underwriting Fee $250 - $500
Property Inspection $250 - $500
Document Prep or Recording Fee $200 - $500
Lead Paint Inspection (optional) $250 - $350
Flood Certification Fee $12 - $40 Lender’s Title Insurance $435 - $500
Tax Stamps Differ by Community Homeowner’s Insurance Varies Settlement of Escrow Closing Fee (paid to title company) $885 for properties priced up to $150,000 $885, plus $50 per additional $50,000 of purchase price, for properties over $150,000 Private Mortgage Insurance (PMI) Required if loan amount is more than 80% Loan Application/Appraisal $250 - $500
Closing Points/Loan Origination 1% - 3% of loan (If applicable)
Tax Service Fee $50 - $100 If taxes are held in escrow Reserve Fund for Real Estate Tax Escrow 2-8 months prepaid taxes (may be credited from seller) Prepaid Interest Interest on loan from closing date to end of month
Meet with a TOPP Chicago Real Estate Agent to discuss your real estate needs Define budget, area, and time frame Get Pre-approved Send Pre-approval letter to your agent Complete Agency Paperwork Liquidate funds for down payment Shop for your next home Compare home before submitting offer (CMA) Submit Offer Under Contract Hire a Real Estate Attorney Tender Initial Earnest Money Authorize Appraisal Supply lender with necessary documents ASAP Attend Inspection Attorney Review
Review Condominium Documents (if applicable) Complete Buyer Move-In Packet (if applicable) Tender any required deposits to Home Owners Association Complete Attorney Review Tender Balance of Earnest Money Acquire Home Owners Insurance Consider Home Warranty Confirm with Lender title & closing fees Confirm closing date, location, and time Final Walkthrough Transfer utilities into your name Closing: bring ID & checkbook Get keys to your new home (change locks!) Change your address
ANALYSIS & INSIGHT MARKETING MATERIALS PRE-MARKET ADVERTISING LISTING & ADVERTISING DIGITAL CAMPAIGN SELL YOUR HOME www.toppchicagorealestate.com
WHERE BUYERS COME FROM WHERE
DO BUYERS COME FROM?
11% YARD SIGN
6% FRIEND OR RELATIVE
35% REAL ESTATE AGENT
HOME BOOK OR MAGAZINE
your local market to help determine the value of your home. By setting the asking price at the fair market price, your home is seen by the largest possible audience as it is introduced to the market.
HOW TO POSITION YOUR HOME
first few days. Listing at the best price, rather than trying a higher price, ensures that a home is marketed to the right group of buyers.
Higher Prices Attract Fewer Buyers
Higher Prices $$$
FAIR MARKET VALUE
Actual Fair Market Price $$
Lower Price $
NUMBER OF BUYERS
Lower Prices Attract Many Buyers
ONLINE MARKETING & SOCIAL MEDIA Enhanced online advertising reaches 100 million viewers each month. Our agressive digital re-targeting strategy, paired with having Premier Agent status on Trulia & Zillow plus being featured on 350+ news and information websites, gives us greater visibility above other agents and the competing properties.
DIRECT MARKETING TOOLS We go beyond the brochure and think of every detail to ensure your property gets the best exposure possible. • • • • • • • •
EMAIL BLASTS POSTCARDS YARD SIGNS BROCHURES NEIGHBORHOOD GUIDES STAGING FLOOR PLAN PROFESSIONAL PHOTOGRAPHY AND VIDEO
THE SELLING PROCESS meet with a agent
agree on selling plan
buyer closing process
SUPERIOR LUXURY MARKETING A special marketing plan designed for distinctive, luxury homes.
• Luxury Collection branded materials • Digital marketing on major luxury and international websites • Enhanced placement on Realtor.com, Zillow.com and ChicagoTribune.com • Designated Luxury Collection web page and URL • Full color magazine and newspaper advertising 29 www.toppchicagorealestate.com
10 RULES FOR
1. Thou shall consult and TOPP Chicago Real Estate Agent. 2. Thou shall de-clutter your home. 3. Thou shall remove personal photos and items from home. 4. Thou shall deep clean your home. 5. Thou shall repair or replace all known broken items.
6. Thou shall service your furnace. 7. Thou shall consider staging. 8. Thou shall maintain the home in â€œshowing conditionâ€? at all times. 9. Thou shall be flexible with the showing request availability. 10. Thou shall work with a TOPP Chicago Real Estate agent to find your new home. 32
TRANSACTION COSTS FOR SELLING
For Sellers (in addition to commission) Attorneyâ€™s Fees $500 - $1500
Prorated Real Estate Taxes For current taxes not yet paid or due
State & County Transfer Taxes $1.50 per $1000
Prorated Utilities & Assessment For unpaid expenses up to the date of closing
Tax Stamps Differ by community Title Insurance (approximate) $1,350 for properties priced up to $150,000 $1,350, plus $20 per additional $10,000 of purchase price, for properties over $150,000 Certification of Zoning Compliance $120-$200 Required for 1 - 5 unit buildings Property Survey $375 - $500 Paid Water Bill Certificate $50 - $130
Information deemed reliable but not guaranteed.
Recording of Escrow Fees $200 - $500+ Based upon sale price of the home
Listing paperwork & disclosures Prior yearâ€™s tax bill Gas & Electric account # Condo documents Home Owners Assoc. contact info Info on assessments and special assessments Age of all major appliances & building components Property PIN # & Parking PIN # Mailbox, Parking, & Storage #s List of items that are include/ excluded from sale List of home improvements, renovations, and recent upgrades Identify & complete list of necessary repairs Check required safety items (Smoke, Carbon, GFCI) Prepare home for sale: Fix, clean, replace, declutter, de-personalize, service furnace Staging Extra set of keys for home
TOPP CHICAGO REAL ESTATE
Kevin Mitrick Spain, Spain & Varnet, P.C. O: (312) 220-9112 C: (312) 788-7684 F: (312) 220-9261 firstname.lastname@example.org
Compass Mortgage Adam McLain O: (773) 357-4979 C: (773) 230-2905 Adammclain@comport.com
Chicago Building Inspections, Inc. Andrew Danner (847) 652-6946 email@example.com Inspectrum Julio or Jeff (773) 929-9889 www.inspectrum.com
Rick Spain Spain, Spain & Varnet, P.C. O: (312) 220-9112 F: (312) 220-9261 firstname.lastname@example.org David C. Birks O: (773) 732-7611 F: (773) 296-6962 email@example.com Jennifer Fardy O: (312) 859-1001 firstname.lastname@example.org Kristan Jakubco Richards O: (773) 588-3395 email@example.com
Draper & Kramer Kris Zeigler O: (312) 654-7242 M: (312) 513-7090 firstname.lastname@example.org www.1amllc.com/zeigler Guaranteed Rate Bob Hathorne O: (312) 379-3558 F: (773) 357-4515 email@example.com Peopleâ€™s Home Equity Chad Lubben C: (312) 731-4939 firstname.lastname@example.org A&N Mortgage Mike McNamara O: (773) 305-5626 C: (708) 288-3377 email@example.com
Windy City Home Inspection Scott Muzzey (847) 926-4663 www.windycityhome.com Leitel & Assocaites Kevin Leitel (773) 213-0057 firstname.lastname@example.org Private I Home Inspectors Tony Palazzola (630) 669-9797 email@example.com
1. How long does it take to buy a home? 2. How much do I pay an agent to help me buy a home? 3. How many homes should I view before buying? 4. How much do I need for a down payment? 5. What is a multi-offer situation? 6. What is a 22.1? 7. What is earnest money vs. down payment? 8. When is the best time to buy a home? 9. Do I need an inspection? 10. What homes can I afford? 11. What is a buyers/sellers market? 12. What is a comparative market analysis? 13. What happens when the home appraises below or above? 14. Do I need to attend the closing? What do I need to bring?
1. How much does it cost to sell a home? 2. What is virtual staging? 3. What happens if my home receives multiple offers? 4. Should I sell my current home before buying a new one? 5. Should I pre-market my home? 6. What needs to be done to my home before selling? 7. What do I need to attend as a seller? 8. When is the best time to sell a home? 9. What should I disclose to potential buyers? 10. How do I respond to offers? 11. What is a buyers/sellers market? 12. What is a comparative market analysis? 13. What happens when the home appraises below or above? 14. Do I need to attend the closing? What do I need to bring?
APPRAISAL The appraisal is the process of determining the value of a home. This is required by the lender and organized by its choice of an impartial professional appraiser. The results may not be the same amount as the selling price. If the value comes back lower, it could result in additional negotiations between the buyer and seller. BILL OF SALE A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds. CERTIFICATE OF TITLE This proves that that property is legally owned by the seller and no other institution or party has any claims. CLOSING This is when the buyer, agent or lawyer, and the escrow agent (more on that later) meet with the seller and their representatives to finalize the purchase. This will incur fees known as closing costs which include attorney’s fees, a loan origination fee, and other charges totaling around six percent of the house.
CLOSING COSTS Closing costs are separated into what are called “non-recurring closing costs” and “prepaid items.” Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. “Prepaids” are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application COMPARATIVE MARKET ANALYSIS Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as “comps. CONTINGENCY A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector. CONTRACT An oral or written agreement to do or not to do a certain thing.
TOPP TERMS OF REAL ESTATE DEED The deed is the legal document that proves the transfer of ownership from the seller to the buyer. DISCLOSURES Information about the home (not always flattering) that a seller must provide to a buyer. Examples might include noting the the basement often floods in heavy rain or if there is lead paint anywhere in the house. DOWN PAYMENT This is a percentage of the purchase price that the buyer pays in cash. It usually ranges from as low as three percent up to 20. DUE DILIGENCE This is the responsibility of the buyer to take all necessary care before closing on the purchase. For example, it would include confirming the seller’s broker and attorney are legitimate and confirming there are no issues that have yet to be disclosed that would prevent the buyer from wanting to proceed with the purchase EARNEST MONEY DEPOSIT A deposit made by the potential home buyer to show that he or she is serious about buying the house. EASEMENT A right of way giving persons other than the owner access to or over a property.
ESCROW This refers to the time period and process where the purchase funds are released and the transfer of the house between parties is completed. The escrow company is a neutral third party and executes the transaction utilizing the purchase agreement and other documents as the directive. FEE SIMPLE The greatest possible interest a person can have in real estate. FIDUCIARY DUTY This refers to the obligation your broker or real estate agent has to act solely in your interest. Examples of these duties are disclosure, confidentiality, and loyalty. FIXTURE Anything of value that is permanently attached to or a part of the property. This can include lighting, carpet, or landscaping. These items can be a source of dispute between buyer and seller and can be leverage for negotiations. H.O.A. DOCUMENTS The short form of Homeowner’s Association Documents. These apply when purchasing a condo and include HOA meeting minutes, a copy of the building’s yearly budget, and/or rules for shared spaces.
TOPP TERMS OF REAL ESTATE (CONTINUED) HOME INSPECTION An inspection made by a third party (not the buyer or seller) for a statement of condition on the property, i.e. structural and mechanical conditions. Many contracts to purchase are contingent on the buyer having a home inspection performed within a certain time period prior to closing. HOMEOWNERS’ ASSOCIATION An association with annual dues collected from residents to insure enforcement of any covenants or restrictions that apply to the properties covered. For example, the Homeowner’s Association could legally cause a homeowner to take care of their yard as required by a legal covenant signed as a part of closing. Homeowner’s Association fees also cover maintaining common areas, and in some cases may be either voluntary or mandatory. HOMEOWNERS’ INSURANCE The same as hazard insurance. It covers the property mortgaged against loss due to fire, hail, theft, etc. The borrower selects the insurance, and pays the annual premiums, often through an escrow account. HOMEOWNERS’ WARRANTY An insurance policy covering specific future repairs, should they become necessary, for a specific time period. These are often provided by the seller or builder as a condition of sale.
MLS This stands for Multiple Listing Service and is where brokers to share their listings with other brokers. MORTGAGE A document that pledges the property to the lender as security for the loan needed to purchase the home. PRINCIPAL, INTEREST, TAXES & INSURANCE (PITI) This is another way of describing your monthly mortgage payment. Principal is the portion of the payment that goes toward paying down the loan and interest is the portion that pays the lender for loaning the money to purchase the property. PRE-QUALIFICATION The process the loaner goes through to confirm if a borrower qualifies for a loan based on their credit history and current financial status as well as the amount of money a recipient qualifies to receive. SPECIAL ASSESMENT A tax or levy against real property for improvements. The fee is not necessarily imposed on all residents of a community, but to the owners of specific properties. Also, condominium owners may have a special assessment imposed for specific improvements.
TITLE INSURANCE An insurance policy that may be purchased to protect the new owner from any liens or clouds against the title. In order to issue title insurance, the issuer will perform a title search in the county records. Since title is searched at the time of closing, title insurance is usually less expensive at the time of closing, rather than if a buyer called the title company at a later time, as an additional title search would have to be performed prior to issuing the insurance. TRANSFER TAX A tax that is collected at closing for the transfer of ownership of real property.
www.toppchicagorealestate.com LAURA TOPP, ABRM, ABR Top 1% Producer Platinum Award Winner 312.602.5719 Office 773.419.0076 Cell 312.204.5319 Fax firstname.lastname@example.org
LAURA MITRICK 312.475.4569 Office 708.217.5087 Cell email@example.com
CHRISTINA WALLEK 312.805.3055 Office 219.614.0061 Cell 312.204.5244 Fax firstname.lastname@example.org
STEVIE PENISTEN 312.642.1400 Office 630.697.4479 Cell email@example.com
PATRICK SHIPP 312.602.5742 Office 312.505.7035 Cell 312.204.5342 Fax firstname.lastname@example.org
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Buyer / Seller Presentation