traceytaylor PORTLAND REAL ESTAT E Helping shape community
Home Buying Guide www.HomesinPDX.info
Presented by: Tracey Taylor Principal Broker, A.B.R. traceytaylor@prunw.com 503 701 5931
Prudential Northwest Properties 9600 SW Barnes Rd, #100, Portland OR 97225
503 292 9393
The Home Buying Process The home buying process typically includes the following: Our initial consultation
View and evaluate properties
• Determine offer price • Decide on financing and terms • Negotiate agreement with a seller
Complete the settlement process • Deposit earnest money • Obtain inspections • Arrange insurance • Sign documents • Record title • Receive keys • Move in!
Obtain Financing • Consult with a loan officer • Complete loan application • Obtain pre-approval
Obtain property appraisal
• Loan processing • Final loan approval
Financing your home purchase Unless you are in a position to pay cash for your home, you will need to obtain a home loan to complete the purchase. I will assist you in this process to help ensure you obtain the financing that meets your needs. I will offer to arrange a pre-qualifying or pre-approval meeting with experienced mortgage consultants to determine your affordability range.
Being pre-approved for a loan before you submit an offer on a home will put you in a stronger negotiating position and can save time in the loan process. Your loan officer will be your principal guide through the financing process and will explain various financing options available to you.
There are many financing options available right now, especially for first time home buyers, so it is important to speak to at least a couple of different companies to see what they can offer you. Believe it or not, not all lenders are equal. There are special grants and credits that might be available to you but your lender has to be qualified to offer these.
Loan application check list The following information may be needed when applying for a mortgage:
Purchase contract and property information • Copy of the sales contract •
Mailing address and property description
Assets • Complete information on all bank and money market accounts
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Contact info for access to property
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Two or three months of bank statements
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Plans and specifications for new construction
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Current values of stocks, bonds, mutual funds and other investments
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Vested interest in retirement funds
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Value of life insurance
Personal information • Social security number •
Date of birth
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Information on vehicles you own
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Years of schooling
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Information on real estate you own
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Marital status
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Number and ages of dependents
Value of significant personal property you own
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Current address and telephone numbers
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Liabilities and debts
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Addresses for the past seven years
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Current housing expenses:- rent, mortgage, insurance, taxes
Itemized list of all current debts:- loans, credit cards and other bills
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Name and address of landlord or mortgage holder for past two years
Written explanation of past credit problems
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Full details of bankruptcy during the last seven years
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Fees
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Credit report and appraisal fees
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Employment history and income • Two years of employment history •
Recent pay stubs and two years of W-2 forms
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Complete tax returns and financial statements if self employed
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Written explanation of employment gaps
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Records of dividends and interest received
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Proof of other income
Understanding Agency Relationships When real estate professionals work with buyers and sellers, ‘agency’ relationships are established. There are three kinds of agency relationships: Buyer’s agent – represents the buyer during the home buying process. The buyer’s agent has a fiduciary responsibility to represent the buyer’s best interests, including reasonable care, loyalty and confidentiality.
Seller’s agent – represents the interest of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller’s agent works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs.
Disclosed limited agent – represents the interests of both the buyer and the seller, during the same transaction. A dual agent has responsibilities to both buyer and seller and must act in the best interest of both parties. This can be done only with the written permission of both clients.
Please see Agency Disclosure Pamphlet for more detailed information:
www.pdxarea.com/oregon_real_estate_disclosure.pdf
My Commitment to You The Buyer Service Agreement is our mutual commitment to each other to ensure the best home purchase experience possible. My Duties: •
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Make a diligent effort to locate a property acceptable to you Promptly inform you of homes that may meet your requirements
Your Duties: •
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Provide professional counseling on financing options and availability of property
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Assist you in obtaining information, preparing offers and negotiating on your behalf
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Monitor and oversee the purchase process prior to closing
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Provide me information on your wishes and feedback on properties we view Provide information relevant to your ability to acquire property Be available at reasonable times to view property and consider making offers Refer to me all other brokers, builders and sellers with whom you may come in contact regarding an available property Conduct all negotiations through me Work exclusively with me in locating, viewing and negotiating for property
Your Single Source of Property Information I have access to information for virtually every property for sale in this market. As part of our initial consultation and ongoing reviews we will identify all properties consistent with your needs, criteria and price range. Tips on the best course of action while you are out and about:
Open Houses - While you are visiting open houses, just give the agent my business card and they will be happy to answer any questions that you might have. If you have a serious interest in the property, we can make an appointment and have a more in depth look at the home.
New Construction - Give the builder or the Development Rep my business card and let them know that you are already represented by an agent. They will still be very happy to give you a tour and answer all the questions you may have about the development and property.
For Sale By Owner - Grab the flyer/contact info and I will contact them and arrange for a viewing.
On the Internet - If you are on Craigslist or other sites on the internet and you come across something that interests you, shoot me a email with the link and we will track down the info and arrange a viewing if the property is available.
OUT AND ABOUT AND NEED IMMEDIATE ACCESS to property information go to: www.M.HomesinPDX.info on your mobile device.
Our Homefinder Program For the latest information on homes for sale, register for HomeFinder
Once you search for properties, save your search and choose to receive New Listing Updates, the system will automatically e-mail you a list of newly listed properties that match your search criteria. When you perform searches you can save your favorites in a folder that I am able to access so transferring the info on the properties that you are interested in is easy.
Homefinder
When a new property becomes available within your criteria, an email is immediately sent to you. You will also get updates on all price changes. If you are interested in more in-depth details of the property, just drop me an email or give me a call. In any market, be it a ‘buyers ‘ or a ‘sellers’, it is very important to be able to act promptly. Quite frankly, if you think its an interesting property or a ‘good deal’ so do other buyers!
Submitting An Offer Once you have found the right property, I will provide you with information on market values on other properties in the area so you can make a sound decision. Then I will prepare a written offer of purchase, reflecting your price and terms. We will discuss other issues that are important to you, such as items of personal property you would like included with the house, warranty, inspections, closing date and possession. I will provide advice and negotiating assistance on all offers to purchase. At every opportunity I will ask to present your offer to the seller and the agent in person. I will present your offer and the seller will have three choices:
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Accept the offer as it is presented Reject it completely
Propose adjustments to your offer (counter offer) If there is a counter offer, you may choose to accept it, reject it or counter it. Once we have reached an agreement with the seller, you will have a firm contract to purchase the home.
There are several ways to help support a trouble-free home purchase: A written property disclosure statement from the seller will reveal any problems with the house and the surrounding area that they are aware of Professional inspections can reveal structural, roof, termite and other problems with the property. We will be discuss in detail how you would like these issues addressed by the seller A home warranty can give you peace of mind by providing repair-or-replace coverage of major home operating systems and appliances A preliminary title report informs you of any problems with the property’s title and a policy of title insurance protects your rights A walk-through before closing will allow you to make sure all required work has been taken care of and that the property is ready to become yours
More Protection and Peace of Mind We are the largest, locally owned and managed real estate services company in the area Our brand is recognized by 98% of the U.S. population The Prudential name stands for Strength, Integrity and Trust We have been serving our market area since 1948 Our network includes 2,200 offices and 68,000+ agents Prudential NW Properties is 700+ agents strong We are committed to giving back to our community through Transitional Youth.
When you buy or sell your home with Prudential NW Properties you gain access to our industry leading Home Services Department. Your personal Home Services coordinator will assist in providing vendor referrals and will help facilitate their services. Further info will come via email or a phone call from your personal coordinator to explain the program and .answer any questions you may have.
A home warranty is an annual service plan that provides for the repair or replacement of covered systems and appliances in the home that break down due to normal wear and tear. How an American Home Shield Warranty benefits you: • Provides budget protection against costly ‘surprise’ repairs at a time when you have just made a major investment in your home • Saves you time and frustration dealing with unexpected home repair issues • Removes the hassle of finding reliable contractors in your area
How could you benefit you if you purchase a home with Job Loss Protection coverage? • If you experience an unforeseen job loss within two years after closing, you could receive up to $1,800 per month to put toward your mortgage payment • This coverage lasts up to six months, offering peace of mind and reducing financial stress while seeking new employment
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There is criteria for qualification of this program
Life of an Escrow After your offer has been accepted by the seller, Escrow is opened. Your earnest money check will be submitted to the Title Company and the funds deposited. This flow chart shows the role of the Title and Escrow Company in your transaction.
Receive and review fully executed Sales Contract Order Preliminary Title Report Send out opening letters to all parties. Obtain contact info of everyone involved including lenders, accommodators, attorneys etc. Receive and review Preliminary Title Report - email to Buyer and Seller and their RE Brokers Order insurance binder proof of coverage
Receive and review loan documents
Order loan payoff statements and clear other title exceptions
Prepare closing statements and Escrow documents Obtain funds that are due for closing
Obtain signatures on documents from Buyer and Seller
Return loan document to lender for review
Receive loan funds
Forward documents to be recorded to Title Department for review
Receive authorization from lender to record and fund and then authorize Title Company to record Receive confirmation of recording - ’rechecks’
Disburse all funds
Escrow officer calls the agent and lets them know its all funded and recorded and you officially own your new home
Quality Service Guarantee The Quality Service Guarantee is your written commitment from me, assuring the delivery of all of the services described below. As your Real Estate Professional, I will: • •
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Present an agency law pamphlet, and explain agency relationship. Gather information to identify your needs, criteria and goals and set up a property search. Offer to arrange pre-qualifying/pre-approval meetings with a Mortgage Broker to determine affordability range. This also will improve negotiation position at the point of offer presentation. Commit to priority availability for meetings and property showings. Complete a thorough market search and identify all properties consistent with your criteria and price range. Prepare a written competitive or comparative market analysis for you prior to making an offer if necessary, and if time allows. Prepare a written offer to purchase the property of your choice reflecting your price and terms. Provide advice and negotiating assistance on all offers to purchase. Obtain and review with you, the sellers written property history and disclosure statement. Provide advice and negotiating assistance on all offers to purchase. Obtain and review with you, the sellers written property history and disclosures. Recommend professional inspections and review findings and remedies with you and contractors. Explain ‘American Home Shield Warranty Protection Plan. Monitor and communicate the status and satisfaction of contract contingencies. Accompany you on your home inspection and any walk through before closing, if provided for in the contract. Contact you after the closing to assure the satisfactory completion of details. Offer you the opportunity to evaluate the service provided by myself through the Quality Assurance Survey. Provide a Home Services Coordinator to assist you with home related needs throughout the life of your home ownership.
Reasons to work with a Quality Service Certified Real Estate Professional Consumer Focus The sale or purchase of your home is one of the most important financial and personal decisions you will ever make. Working with a QSC Real Estate Professional who is consistent, reliable, accountable and responsive assures you a better experience.
Written Guarantee and Accountability I guarantee my services upfront, and in writing. You should not settle for anything less. The independent customer satisfaction survey process and public consumer rating shows you that I do what I say I will do.
Putting My Reputation to the Test I am among the elite 1-2% of real estate professionals who are willing to have their customer satisfaction record publicly available. Most sales agents are not willing to subscribe to the high standards set by QSC that I have chosen to follow.
Your Assurance of Quality After your purchase or sale, you will have the opportunity to fill out a survey rating my service that becomes a part of my permanent record for all to see. The entire survey process is administered by an independent research company, and is NOT conducted by my brokerage.
Greater Satisfaction I am among a select group of professionals who have completed training and certification related specifically to quality service and customer satisfaction. I have committed to ongoing service excellence, meeting the highest standards in the real estate industry. Log onto www.qualityservice.org and you
can view how my past clients rated my service.
A Smooth Transition to Your New Home Here is a timeline to consider as you make the move to your new home. Remember to contact our Home Services Dept for assistance. 4 Weeks before you move: • • • • • • •
Finalize plans with a reputable moving company Have school records transferred Arrange for transfer (or take with you) medical, dental and other important records Prepare to transfer your homeowners, auto and life insurance Consider a garage sale to get rid of unneeded items Arrange to place excess items in storage/order a ’Pod’ if necessary Keep track of moving related expenses and ask your accountant what expenses may be deductable
3 Weeks before: •
Obtain and mail change-of-address cards to the post office, subscriptions, credit card companies and important contacts
2 Weeks before: • • • • • •
Arrange for utility connection changes Close or transfer bank accounts Arrange for transfer of vehicle licenses and drivers licenses Terminate newspaper delivery service Have an extra supply of prescription medications for the next four weeks We will schedule a final walk-through of the property to make sure everything is in order
Week of your move: •
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Keep valuable financial records and personal papers with you. Do not pack them with the rest of your household goods Preferably a few days prior to close, all the documentation will be at the Title Company and ready for you to sign Once the transaction has funded and the documents recorded, the home is officially yours MOVE IN!!
Getting to know me…….
traceytaylor PORTLAND REAL ESTAT E Helping shape community
As an English gal with a passion to travel, I started at a young age. I have traveled and lived in 6 out of the 7 continents (sorry Antarctica you’re just not my cup of tea). I eventually found my way to Portland along with my husband and my two small boys. We fell in love with Portland and here we are now 17 years later. After a closer look at what brought me to the real estate industry, I realized my work and life experiences have been gradually molding me to find myself, right here, right now. My first real 9 to 5 job out of college was at a building materials distributor. I was surrounded by avocado toilet seats and pink tiles, bricks, sand and cement. I had a stint as a ’chippies mate’ (carpenters assistant) which I really loved. We were making cabinetry and furniture for a hospital. I worked with big table saws and tools which I felt I handled with precision (put it this way, I still have all my fingers and toes). At college I studied photography and textile design. Photography was my passion, and then my profession for many years. Although not immediately apparent, photography and design really were a natural transition into real estate. I notice I use the same skills. A photographer has a voyeuristic element which allows them to see that special something in a person, and then be able to capture that. It’s the same with real estate and my clientele. I know I have had a lot of success with investors because I am able to see the potential of a property that maybe is not obvious to everyone. I bring a unique eye to the real estate experience and that means a solid deal for my clients. All in all, I would say traveling has given me a unique perspective. It has taught me to be open minded and also how to stand my ground with serious negotiating skills. (I can think of some great examples if you want to chat with me about them.) College cultivated my passion for art and design. Work has allowed me to bring it all together with my natural people and business skills. Now in my tenth year as a Realtor, with a very hands on approach to my clients, my tag line states “Helping shape community.” This connection with a big picture is important to me. It is also the natural outcome of my fabulous business>..And that is a very wonderful feeling.
Tracey Taylor Principal Broker, A.B.R. www.HomesinPDX.info traceytaylor@prunw.com 503 701 5931
Prudential Northwest Properties 9600 SW Barnes Rd, #100, Portland OR 97225
503 292 9393