Carol Greco Hana Yun Emily Stollar Stephanie Gould Michelle Perl Marie Foster Carrie Shokraei
(703) 658-1600 Visit Us On The Web at www.CarolGrecoGroup.com Long & Foster Realtors 7010 Little River Turnpike, Suite 100 Annandale, VA 22003 1
ver many years we’ve had the privilege to work with hundreds of clients and repeat clients who have had many questions about the real estate buying process. This guide is designed to answer those questions. With people who have never purchased a home before, there are often aspects of buying a home that are very confusing. Sometimes, a misunderstanding will arise without either the buyer or the Realtor realizing it has occurred. People moving from one part of the country to another will encounter unfamiliar laws and customs that could cause confusion or misunderstanding. And then there are those individuals who bought a home twenty years ago and are now buying another. Things have changed considerably during that time period… even in the last 3 or 4 years. We understand the many questions and concerns of home buyers and hope the information contained in this guide will provide you with the answers you’re looking for. If we’ve missed a question, please call us. We are always available to assist you with your upcoming move to a new home. Happy House Hunting!
The Carol Greco Group 703-658-1600 Search For Homes At: www.allnorthernvirginialistings.com
Meet the Carol Greco Group We are dedicated to providing our clients with the highest level of knowledge, service, integrity, and professionalism. Our willingness to work hard plus our market expertise can significantly influence the most important real estate transaction in Virginia...Yours! Carol Greco, Associate Broker, CRS, GRI, SRES
Carol Greco, Team Leader of The Carol Greco Group, is one of Long and Foster’s Northern Virginia Top Ten Realtors, as well as the head of the Northern Virginia Association of Realtors Top Eight Large Teams. She holds both a B.A. and an M.A. degree from the University of Pennsylvania and has been named a Lifetime Top Producer by her Realtor Association. She is married to Philip, a psychiatrist. They have two adult children. Son, Eric, is an options trader in Philadelphia as well as a world-class duplicate bridge player. Married to Carmen, a fashion designer, they are the proud parents of Carol’s pride and joy—grandson Giulio. Daughter Bonnie is the Regional Sales Manager of Regus Corporation in San Francisco. She is married to Clark Fisher, a District Manager for Farmer’s Insurance. Always striving to give the best of service, CAROL KNOWS THAT THE MOST IMPORTANT PERSON IN EACH TRANSACTION IS …YOU!! Emily Stollar, Accredited Buyer’s Representative
Licensed in Virginia
Emily is a transplanted New Englander who has made the Washington area her permanent home. She is an Honors graduate of Wheaton College in Norton, MA. She and husband Larry have three adult children, and a new son-in-law. Emily's real estate specialty is knowing what's on the market in Northern Virginia. Dubbed the "Inventory Queen," Emily makes it her business to know all the houses available for sale as well as the exact needs and wants of her buyers. Her combination of listening and keen product knowledge account for the fact that a third of her clients find their "Dream Home" on the first day out!
Hana Yun, Buyer Partner
703-813-8273 email@example.com Licensed in Virginia
Hana grew up in Fairfax County then moved to Korea where she started her family. She now lives in Annandale with her three children. Before going back to Korea, she was an ESL teacher at Fairfax High School and a Korean instructor at Diplomatic Language Services in Rosslyn, VA. She studied French at George Mason and got her Master's degree in Linguistics from Georgetown. Hana joined the award winning Carol Greco team to learn how to be the best in her career. She hopes to serve as a bridge between the Korean and American community in Northern Virginia. Her motto: Harmony. 3 4
Carrie Shokraei, Buyer Partner Carrie has worked as a journalist for many years and was an on-air television reporter. A graduate of the American University in Washington, D.C., Carrie grew up in Maryland. She now lives in Fairfax County with her husband and five young children, including a set of boy and girl twins! How did she join the Carol Greco Group? In her efforts to sell her own home, she fell in love with real estate and did her “investigative reporting” to find the best company and team. The Carol Greco Group won hands down! And, they even sold her house before it hit the market. 703-813-8264 RealtorCarrie@yahoo.com
Michelle Perl, Buyer Partner Michelle grew up in Northern Virginia. She graduated from Albright College in Pennsylvania with a major in Business Management. A saleswoman at heart, upon graduation, she became a Sales Manager with Brookfield Homes where in her first year in real estate she sold over 8 million dollars in new construction. Smart as anything and still in her twenties, Michelle sought to combine her enthusiasm and intelligence with the knowledge and experience of a successful real estate team. The Carol 703-813-8235 michellesuzanneperl@g Greco Group has proven to be a perfect fit. Her good sense of humor and her wonderful work ethic make her a welcome addition. She'll shop ‘til she mail.com drops to find you the perfect home.
Stephanie Daake, Marketing Director
402-714-6243 Steph.grecogroup@g mail.com
Stephanie grew up in Omaha, Nebraska where she earned a Bachelor of Arts degree in Spanish. She was referred to The Carol Greco Group by one of Omaha, Nebraska’s Top Real Estate Teams. As Marketing Director for The Carol Greco Group, Stephanie is in charge of all aspects of marketing your home, including web sites, virtual tours, print ads, direct mail, social networking, and brochures--ensuring your property receives constant exposure to potential buyers.
Marie Foster, Client Care Manager
703-813-2360 Marie.Foster @lnf.com
Marie comes to The Carol Greco Group from Pensacola, Florida where she worked as a licensed real estate agent and assistant for one of the Top Real Estate agents and speakers in Florida and Carol's real estate idol, Alexis Bolin. She holds Bachelor of Arts degree from The University of West Florida. As Client Care Manager of the Carol Greco Group, Marie focuses on listings and closings, coordinating inspections, and ensuring a smooth transaction from contract to settlement. The Home Buying Process 5 4
Initial Interview The Carol Greco Group
Shop for A Home Write an Offer Negotiate with Seller
Purchase Homeowners Insurance
Underwriting Loan Approval
Turn on Utilities
Send Loan Docs to Attorney
Prepare Closing Docs
Settlement YOURS! for Whom? 1Agency: WhoITâ€™S Works 5
Virginia law dictates for whom the agents in a real estate transaction work. No matter who the agent works for, he has certain legal responsibilities to the buying and selling public. We are required by law to:
• • • •
Disclose all material facts to our clients, be it the Purchaser or the Seller, about a property or a transaction that are known to the agent or broker. If you are a listing agent, disclose to the buyer all material facts about a property that the agent has knowledge of.. Offer the property without regard to race, creed, color, sex, religion, national origin, handicap or familial status Present all written offers to the property owner promptly.
Sellers’ Agent If a property is listed for sale with a Broker, then that agent and his brokerage firm owe their allegiance to the seller. As a buyer, when you are talking to a sellers’ agent, he/she has a responsibility to provide you with information about the property, sources of financing, an opportunity to view the property, and assistance making an offer to purchase the property if you select it. He/she cannot disclose private matters about the seller to you, cannot discuss the seller’s motivation and cannot disclose the seller’s bottom line price or terms. He/she MUST disclose to the seller anything that you tell him/her that is of interest to the seller, such as how much you are willing to pay for the property, your motivations, etc. He/She represents the Seller but can assist you in purchasing the property. He/She does not represent you, the Purchaser. Buyers’ Agent It is commonplace in Northern Virginia, for the agent who is working with a buyer, showing properties to the buyer, to be a buyer’s agent. As a buyers’ agent, The Realtor’s duties, loyalties and faithfulness are owed to the buyer. The buyers’ agent must tell the buyer all important information he/she knows which might effect the buyer’s decision concerning the purchase of the property. The buyers’ agent must not disclose private or personal information about the buyer to the seller or the sellers’ agent. This would include the buyers’ maximum affordable price, what the buyer is willing to pay for the property, motivations, etc. that might be of interest to the seller. These facts might jeopardize the buyers’ ability to negotiate a favorable contract. Designated Representatives A designated representative is an agent who shows and/or sells a property listed with his/her company to a client with whom that agent has a Buyer’s Agency agreement. In large companies such as Long and Foster, designated representatives are commonplace. 6
In such a situation, the Seller’s Agent and the Designated Representative must NOT: • • •
disclose confidential information about either party to the other tell the buyer the seller’ bottom line sales price tell the seller the buyer’s top dollar price
Disclosed Dual Agent A disclosed dual agent is an agent who shows and/or sells his/her own listing. If you bought a Carol Greco Group listing, we would be disclosed dual agents. In such a situation, we must: • disclose any defects about the property that are known to us • act fairly to both parties • assist the buyer with financing options and alternatives • assist the buyer in making an offer to purchase - based on a comparative market analysis • present all offers and counter-offers Just as in designated representatives, The Carol Greco Group must NOT: • disclose confidential information about either party to the other • tell the buyer the seller’s bottom line sales price • tell the seller the buyer’s top dollar price Policy and Disclosure Virginia law requires all real estate brokers and agents to discuss agency with a potential purchaser at the first opportunity. The Carol Greco Group believes that we will best represent your interests if you employ us as your Buyer’s Agent, with permission to show other Long and Foster listings as well as our own. A copy of the Buyer’s Agency agreement can be found on page 27/28 of this book. Who Pays the Commission? In Northern Virginia, it is common for the seller to pay the real estate commission at closing. This is generally true whether the agent who sells the house is working as a
seller’s agent, a buyer’s agent, a designated representative, or a disclosed dual agent. This is simply considered the cost of selling a home. Some companies require up-front fees to be paid by the buyer before properties are shown, often called a retainer fee. Occasionally a Seller may not pay a commission (as in a For Sale by Owner) in which case an agreed upon commission, as noted in the Buyer Agency agreement), will be paid by the buyer. At the Carol Greco Group, your only up-front fees are lender application fees which are a part of your closing costs, and are paid to the lender, any costs for a whole house, radon, and/or lead based paint inspection, and your earnest money deposit. Earnest money is held in trust until closing at which time it becomes a part of your down payment. And yes, we do have a retainer fee — one free lunch for what we hope you’ll consider will be a job well done! 7