SELECTING AN AGENT

Traditional Agent
Represents the Seller all of the time

Dual Agent
Represents both Seller and Buyer at the same time with disclosure & permission of both Seller and Buyer. Example: You, my buyer/client, purchase my listing (seller is my seller/client).

Transaction Broker
Represents neither Buyer or Seller. Example: You, buyer/customer purchase a home listed by a brokerage company other than Re/Max Savannah.

Single Agent
The agent to one party in a real estate transaction, buyer or seller, landlord or tenant.
Buyer agent or Seller agent. As an agent, I may represent the buyer/client in one transaction and in a separate, different transaction I may represent the seller/client.

Designated Agent
Some states have adopted statues or regulations, which allow real estate brokerage companies to designate one licensee in the company to represent the buyer and another licensee to represent the seller in the same transaction. That is the case in Georgia.

BENEFITS OF WORKING WITH A BUYER’S REPRESENTATIVE

1. Locating suitable properties
2. Previewing properties
3. Verifying the properties’ condition
4. Suggesting necessary inspections by experts
5. Helping buyers determine what they can afford
6. Verifying property taxes and utilities
7. Verifying the value of the property
8. Advising clients on structuring an offer
9. Presenting the offer to the sellers’ representative
10. Negotiating favorable contract terms for the buyer
11. Explaining legal documents needed for closing and helping secure them
12. Assisting in securing financing
13. Assisting buyers and their attorney in clarifying title, zoning, building codes, and access easements
14. Referring them to qualified lender
15. Analyzing the future salability of the property







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THE SEARCH

Step 1. Pre-Qualification
Determines purchasing power; defines price range

Step 2. Needs and Wants
Set priorities for size, location, style, features

Step 3. Select Search Areas
Preview information on available homes

Step 4. Drive-by Tour of Areas/Homes

Step 5. Review Comparable Sales and Tax Data on Homes of greatest interest

Step 6. Tour Select Homes with Agent

Step 7. Writing an Offer
Strategy, negotiation, financing, contingencies, inspections

CONTRACT ACCEPTANCE

Mortgage Application
Requires credit check, home appraisal

Settlement Schedule
Deadlines for inspections, approvals, insurance, settlement

Professional Home Inspection
Buyer & Agent should be present

Select Settlement Attorney
For title search, title insurance, settlement statement

Mortgage Approval
Takes approximately 2 to 4 weeks

Obtain Homeowner Hazard Insurance and Flood Insurance
Lender requires hazard insurance and will require flood insurance if home is located in a flood zone. I recommend flood insurance whether or not required by lender.







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Wood Infestation Inspection/Report
Seller/seller’s agent arranges and pays—Buyer Beware

Notify Utilities

Final Walk-through Inspection

SETTLEMENT-CONGRATULATIONS!

THE MORTGAGE

There are many different types of mortgage available. Before you begin to explore various loan options, you need to take a look at your personal plans for the future. Determine your current and potential housing budget. Discuss this information with a loan officer. The following are important questions. Your answers to these questions will greatly influence the choice for you best loan options:

1. How long do you plan to live in the home you are planning to purchase?
2. Are there any possible reasons why you might want to refinance the loan in the first 3 to 5 years?
3. Do you anticipate making any major improvements/repairs/remodels to the home?
4. Is it important for you to build equity rapidly?
5. Do you expect to see your income increase substantially in the coming years?
6. Do you understand how the tax benefits of home ownership apply in your situation?
7. Will a job relocation probably cause you to sell within 3-5 years?

LOAN PRE-QUALIFICATION: a loan officer has an interview with a potential borrower, discussing income, expenses, credit ratings, and housing ratios. The loan officer sets forth an opinion in writing of the buyer’s qualifications for a loan. There is no approval from a lender. This pre-qualification is subject to complete credit history, income documentation, asset and job verifications.

LOAN PRE-APPROVAL: Your loan officer assists in gathering all the documentation necessary to submit to a loan underwriter. Once complete, the lending underwriter will review the loan file for completeness, credit and standard compliance with secondary market standards. Once approved, the lender will issue a written commitment for a loan of a specified amount, which is generally good for 90 days. Sellers give preference to a buyer’s offer when a pre-approval letter is included with the offer.