OurCustom Approachto Home Buying RLAH. @propertiesREAL ESTATE
Home Buyer Wish List Locations: BasementYardHomeGarageBathrooms:Bedrooms:___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(Y/N,Detached/Attached):________________________________________________________________________________Type:_____________________________________________________________________________________________________________________(Y/N):_____________________________________________________________________________________________________________________(Full/Partial/Finished/Unfinished):__________________________________________________________ Describe Your Ideal Home Are there any features/needs that you want to consider when looking for your home? How much renovation are you willing to do? Do you have to be close to public transportation? Do you have any pets? Do they have any needs as you look for a home? Do you have any physical needs that must be met, such as wheelchair access? If we found your ideal home today, are you in a position to write an offer immediately? Would you like to live in an area with a community HaveIf_______________________________________________________________________________________________________________________________association?__________wecouldtimethisperfectly,whenwouldyouliketomoveintoyournewhome?youpurchasedahomeinthepast,andwhatwasthatexperiencelike?
Home Purchase Timeline APPLY NOW InsuranceHazardObtain SettlementPreparefor FinalConductWalkThrough AgentMeetwith aChooseLender InspectionsConduct ConductHomeSearch PurchasePrepareOfferContractforHome FinancingFinalize SettlementAttendReceiveKeys&Move!
Current Real Estate Market At a Glance Source: Copyright ©2020 “Profile of Home Buyers & Sellers.” National Association of Realtors 10 Years Time xpected to decrease under current market conditions 21% of buyers say they are never moving Buyers Top Reasons Why Sellers Move Duration spent in home before selling. 15% Closer to friends & family 14% Home is too small 12% Change in family situation 15 Years Limited Inventory = How long buyers expect to stay in their homes. 99% Percentage buyers typically paid of the asking price 12% Purchased multigenerationala home 9 # of homes typically viewed, of which 5 were seen online only 3 Weeks Limited inventory & low interest rates mean homes sell quickly! Days on market for recently sold homes.
Interest rates are important, but there are other factors to consider when financing a home. Consider the following when choosing your lender: 1) Knowledge and experience in the market you are buying 2) Responsiveness 3) Process for pre-qualification and obtaining a loan commitment Lenders will use employment, credit, and financial information to form the estimate of a mortgage. They can also share different loan products which will break down different scenarios for mortgage payments & closing costs. Checklist of points to discuss with your lender: How much will the down payment be? How to factor in a gift from a family member or friend? Will the loan product approve closing cost credits from the Seller? Other costs/fees to be factored? Talk with your agent for a list of lender recommendations. Financing APPLY NOW
The type of loan you are receiving and the amount for the down payment may have an effect on the outcome of a potential offer you write on a property.
Sample Loan Estimate Documents TIP! Financing
Property Fixtures
Closing Costs
The cost to purchase a home can vary based on the jurisdiction and the loan program. It is important to speak with your lender and title company to review those costs. This should occur early in the process to educate yourself on how to read the loan estimate disclosure document that will be provided by your lender.
The amount of the deposit, also known as a “good faith deposit”, can vary based on the other terms of the offer. Generally, EMD’s range from 1-5% of the purchase price. That amount is then credited back to you at closing, thereby reducing the final amount due.
A number of factors can affect the settlement date such as the type of loan, the sale of your current home, the seller’s ability to vacate, and when you will be ready to move. Be sure to work with your agent to weigh all of these varying factors when choosing a settlement date.
Settlement Date
Be mindful that buying a home in DC, Maryland, or Virginia is different from other parts of the country. Local laws and customs can impact everything from drafting the contract to how to negotiate a home Agentsinspection.Write
All Real Estate is Local
Earnest Money Deposits (“EMD”)
Contracts In some parts of the country, attorneys have the ability to write the contract. In this area, the local real estate association drafts the forms and the brokerages use those forms to complete the contract. The ratified contract is legally binding. Remember to review your offer thoroughly before signing, and make sure nothing is omitted that’s important to you.
Fixtures are considered any personal property that is secured or installed in the property (i.e., a dishwasher or refrigerator). These fixtures often convey with the property per the terms of the contract. However, sometimes Sellers will opt to keep some of these items. It is important to read through the contract to see what is included or excluded.
Listing Agent Days on Market
The Home Search
What Does the List Price Tell Us?
The longer a property sits on the market, the more likely there will be room for negotiation on price and terms. A Seller’s needs can also influence whether a property will sell quickly or slowly. A good Buyer agent will do their research (past sales history, whether owner occupied or rented, last renovation, etc.) and use this as a base for where to start negotiating.
Data can help provide perspective to an otherwise emotionally charged process. We have access to current property and market information not readily available through typical consumer facing sites. Educating yourself with this data can be a useful barometer in the decision making process.
Seller’s ultimately determine the list price of their home, but be mindful that there can be strategy attached to a list price decision. Some price low to create a bidding war; others price high out of emotion. Market and property research will help reduce the influence of such a strategy and allow us to put the right offer forward.
The more competition there is for a home, the stronger the offer must be to win. Seller’s often know how to use competing offers against each other to drive up the price or control the terms of the contract. The less competition, the more likely a Seller may compromise on material terms, including price.
Buyer Market vs. Seller Market
Essential Data Provided to Buyers
Location: Widening your search, even slightly, can often influence the results and add new homes to be viewed.
Common Search Criteria Adjustments: Type: Single family home, townhouse, condo or co-op? Maybe consider another type of home which still meets essential needs.
2) Current listings can see price reductions or home upgrades to become more appealing.
4) Process of elimination: Learning what you don’t like helps reveal what you want. Knowing what you want is the key to finding and getting it.
Size/Home Type: Going bigger or smaller can impact search results. Flexibility with regard to home size and construction style in your online search can increase results exponentially.
Proximity to Public Transit: How important is this to you? Is it necessary for you to commute to work? What options do you have when it comes to public transportation? Price: Spending more or less can also influence the results. (i.e., sometimes finding a less expensive home with higher renovation costs can prove to be the winning solution).
What If I Can’t Find a Home I Like?
1) New listings are always coming on to the market.
3) Reaching out to properties in off market status may uncover a motivated seller.
Found the Home, Now What? When you find a home and decide to make an offer, make sure to tell us first! Take a look at our buyer’s agent checklist on next steps when preparing an Connectoffer: with the listing agent Confirm that the property is still available Find out when the Seller will review offers Find out if other offers were rejected and why? Find out what is important to the seller (i.e., settlement date, move out Obtaindate) seller disclosures, which include what does and does not convey with the property
The Purchase Offer Offers are most well received when they are clean, organized, and complete. It’s our business to make sure that the offer meets all three of these criteria. Offers Should Include The Following: If using financing, always include a Lender Pre-Approval Letter If paying cash, always provide proof of ability to pay (i.e., a bank Astatement)copyof the earnest money deposit (EMD) check A summary of your offer terms Remember: Whether we are operating in a Seller’s market or Buyer’s market, real estate deals are always influenced by the specific circumstances of both parties.
Example: How to approach the conveyance of a $500 television set, while under contract on a $350,000 home.
Negotiating
Negotiating begins with “hello” and ends when the title company has transferred the deed into your name. We fully understand this and always have your best interest at heart. However, not all points of negotiation should be approached the same way. When negotiating on your behalf, we balance your needs and desires with the main objectives you established at the beginning of this journey (i.e., owning the home). Good decision making can become clouded when emotions run high. It’s our job to help you maintain perspective so you can make the best decision possible.
“If you don’t know where you are going, you might wind up someplace else.” -Yogi Berra
Under Contract Ratified Contract A legally binding agreement exists when: 1)All parties have signed and initialed all terms of the contract; and 2)A copy of the fully executed contract is delivered to both parties. Buyer Contract to Close Checklist Key Dates Ratification Date EMD Delivery Due Home Inspection Due Condo Doc Review Expiration Appraisal Due Financing SettlementDueDate 2 Weeks Leading Up To Settlement Schedule Closing & Notify All Parties Involved of Date and Time Ensure Inspection Repairs are Completely & Provide Buyer with Receipts Closing soon email / order closing gifts Schedule Final Walk Through Send Buyer Utilities Reminder for Day of Closing or Day Rentback Ends Address: ____________________________________________ Upon Ratification Add Contingency Dates to Calendar Schedule Home Inspection and Notify Listing Agent Verify Complete Contract & Agency Forms Send Buyer Congrats Email w/Important Dates Sent Contract to Lender & Title Company Submit Contract for Review in Dotloop Disable MLS Automated Search Emails Ongoing Ensure EMD is Delivered & Deposited Remind Buyer to Obtain Homeowners EnsureInsuranceAppraisal has been Ordered with ScheduleLenderWood Destroying Pest EnsureInspectionCondo Docs are Received Contact Title Company for Info Forms Ensure Buyer & Agent Info Forms are OrderCompletedHomeWarranty (if applicable) Check in with Lender for Appraisal & Financing Contingencies 1 Week Leading Up To Settlement Confirm Loan Commitment Request CD for Review Coordinate final walk through Confirm Closing Date & Time, Remind Buyer of Safety Protocols Photo of Buyers in Front of New Home Post Settlement Ensure Closed Transaction is Correct in SendMLSThank You Email to Buyer / Request Reviews via Rezora Email Add Home Anniversary to Calendar Do the buyers need any contractor Sendreferrals?30Day Post-Closing Follow Up Email
Preparing Closing
The contract includes the day of closing, but not the time. We schedule the time with the title company based on everyone’s schedule and their availability. Prior to closing, we will also have the opportunity to conduct a final walkthrough of the property to make sure nothing has changed. Utilities: a few weeks before closing, please make sure to set up gas, electric, cable/ internet, & trash utilities in your name. SampleDisclosuresClosing TIP!
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Single Point of Contact I represent you. As your representative, I am the best and most appropriate point of contact with the seller side. My job is to listen to your needs and communicate with the other side when appropriate. You should never be tasked with speaking with the other side unless we have spoken first. Negotiation When asking for something from the seller, it will generally be received more objectively when coming from the agent rather than the buyer.
Working Together
Accessibility It is important that we communicate regularly and in a format that meets both our needs. I am happy to customize communication to your preferred style, though sometimes we will need to modify this arrangement for the subject matter. Some conversations are better over the phone than text or email.
When you walk into your home for the first time after settlement, it’s likely that your “to-do” list will start to grow. Merging your life with this new home is an exciting and sometimes daunting task. Don’t forget that I am a valuable resource and can be helpful in many ways. Let’s stay connected!
Recommended Vendors: It’s likely that when you need a vendor for your house, I’ll know who to call. Benefit from my experiences with the good, bad, and ugly of home ownership. I can help save you time and money in this new, exciting chapter of your life.
NATIONAL ASSOCIATION of REALTORS of all homes sold have agents on both sides of the transaction. Who you know matters, and we’re connected.
Closing & Beyond
Home Trends & Market Data: It’s easy to remain invested in the ups and downs of home values after a purchase. However, your top priorities should be maximizing your experience in your new home. Don’t worry, I promise to keep you educated on what is happening in your neighborhood. Files & Document Storage Need paperwork from the transaction to share with your accountant? We are required to keep a record of your transaction, including important documents, for years following settlement. Future Communication In addition to checking in with you from time to time, I periodically send out information that I find interesting to my clients.
"As a first time buyer, I thought the process of purchasing would be overwhelming and exhaust ing. Then I started working with Brendan. He went above and beyond in working with me to find the perfect place." - Griffin, VA Testimonials
I became interested in real estate at a young age; I have an aunt in the industry and hearing her talk about her career as a realtor sparked a desire to learn more, and I have since found it to be very personality-matching. My high school and college breaks gave me the opportunity to work in residential and commercial construction. Through these jobs, I acquired my initial understanding of how homes and buildings are built and sold. In college I double majored in Marketing and Supply Chain Management. Upon graduation I was a project manager, working in law and in the bio-pharmaceutical field. The skills and experience I gained there allow me to serve my clients with professionalism and integrity. I take the time to educate my clients in the process of buying and selling homes from start to close. As the purchae of a home is a major endeavor, I want them to be fully informed and involved.
I was born in Washington, D.C. and raised in Rockville, MD. I am a graduate of Our Lady of Good Counsel High School and the University of Maryland. In my lifetime, I have watched the Greater DC Area transform dramatically. I moved away for a bit, but the area has a way of pulling you back. I now call the Glover Park neighborhood of Upper Northwest Washington home. In my spare time I am a swim coach in Montgomery County. I also enjoy running, biking, golfing, cooking, concerts, traveling, escaping to any beach, and being a tourist in my own city. It also goes without saying: I cheer on all the Baltimore and Washington sports teams. “Buying a home can be a stressful experience and you can only hope you select the right realtor to ease your mind. We hit a grand slam when we chose Brendan to help us along with this life milestone. Not only was Brendan incredibly responsive whenever we had a question, he was preemptive in answering questions we didn't know we had.” -Tom and Jess, MD
o: 301.652.0643 c: 4600301.938.6565N.ParkAvenue #100 Chevy Chase MD 20815 BRENDAN MULLENHOLZ Realtor® Licensed in DC, MD, & VA www.brendanmullenholz.comb.mullenholz@gmail.com
