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Josie Morrison ABR, CRS, SRES

Broker Associate

Buyers Kit



 

 


      Buyer Qualification Worksheet

 

 

Name                                                                                                                                                 

Current Address                                                                                                                                 

Phone Numbers                                                                                                                                 

Fax Numbers                                                                                                                                     

E-Mail Addresses                                                                                                                               

Family size                                                                                                                                         

Pets                                                                    Home Business                                                       

 Own                    Rent             Must sell to purchase 

Desired possession date                                                        

 

Ideal Price                                                         Ideal Monthly Payment                                                                 

Prequalified                 Preapproved    With whom                                                             

Ideal Location                                                                                                                                       

 

Special requirements        day care facilities       sports/recreation programs 

cultural activities      school requirements     other

Notes:                                                                                                                                                                                                                                                                                                             

 

# of Bedrooms                          Minimum                  

# of Bathrooms                         Minimum                  

Garage                                                              Lot Size                                                                    

Age of home                                                     Style                                                                         

 

x Eat-in kitchen                            x Fenced yard                      x Boat parking    

Separate dining room                x Deck/patio                   x Camper parking    

Fireplace                                        x Pool                             x Bus/truck           

Family room                                   x Waterfront                      x Additional vehicles

Finished basement                        x Home office                  x                     

                                     x                              x                     

 

 


Buyer Worksheet

Page 2

 

 

How long have you been looking for a home?                                                                                  

How have you been doing that?                                                                                                        

Have any agents shown you homes?                                                                                               

What was your relationship with them?                                                                                             

What did you sign with them?                                                                                                            

Did you see anything you liked?                                                                                                        

What kept you from buying it?                                                                                                          

 

Describe your ideal home                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

 

If we weren't able to find everything in the price range and location you want, what would you consider compromising on?                                                                                                                                                                                                                                                                                                                                                                                                                                         

 

Are there some items that are deal breakers,  things you won't compromise on?                                                                                                                                                           

                                                                                                                                                                    

 

Tell me a little about your lifestyle, how you entertain                                                                                                                                                                                                                                                                       

 

Is there anything else I need to know  - any other requirements or needs?                                                                                                                            

                                                                                                                                          

 

Interviewing Agents Checklist

 

 


What to look for in an agent

 

   Someone who is dedicated to their profession

 

   Someone who takes the time to determine your needs

 

   Someone who listens  and responds to your requests

 

   Is familiar with the area in which you have an interest

 

   Is knowledgeable about the properties in your price range

 

   Is willing to work with you until your needs are fulfilled

 

   Professional designations  ABR, CRS ,E-PRO, CNC

 

   Strong references from previous buyers

 

 

Questions to ask a prospective agent

 

   How long have you been in real estate?

 

   Are you a full time agent?

 

   Are you familiar with this area?

 

   How many homes did you sell last year?  How many were in this area?

 

   What was the average price?

 

   How many buyers are you currently working with?  How many sellers?

 

   Where do you feel your strengths lie?

 

   Will you handle all aspects of my transaction or do you have assistants?

 

   Can you give me the names of three buyers with whom I can check your references?

 

   Do you have full access to the Multiple Listing Service?

 

 

 


Pledge of Performance

 

 

 

 

Because I am committed to preparing you to be an educated buyer, I will:

. . . give you the most vital information on available homes

. . . keep you aware of changes in the real estate market

. . . arrange a tour of areas, schools and key points of interest

. . . provide neighborhood information on municipal services, schools, churches, etc.

. . . check applicable zoning and building restrictions

. . . disclose all known facts about properties I show you

. . . collect pertinent data on values, taxes, utility costs, etc.

. . . point out strengths and weaknesses of all properties you choose to view

. . . explain forms, contracts, escrow and settlement procedures

. . . discuss loan qualification and processing

 

Because I am committed to helping you save time, I will:

. . . provide ready access to all MLS listed properties

. . . assist you as needed on all unlisted properties

. . . help you select for viewing only those homes that fit your needs

. . . show you homes only in the price range most suited to your finances

. . . provide you a list of qualified attorneys, home inspectors or other service providers

. . . arrange for necessary property inspections

 

Because I am committed to helping you find the best value, I will:

. . . prepare studies of property values in chosen areas

. . . perform a market analysis on chosen properties

. . . discuss financing alternatives

. . . see that you get a complete estimate of all costs involved

. . . advise on offers on properties

. . . write and present your purchase agreement to the seller

. . . negotiate on your behalf

 

Because I am committed to you my buyer I will do all of this plus:

. . . keep your personal information confidential at all times

. . . stay in touch with you from the day you start your search until the day you move in

. . . coordinate all aspects of the sale and closing

. . . be reimbursed with a commission only when we have a successfully closed transaction

 

 

Agent Signature                      Josie Morrison    Date                                                  

 

Contact Information    Office phone   630-653-1900 ext.205               Mobile 630-781-6383           

 

                        eFax:  630-281-5379                          E-mail: RESULTS@YourRealtorJosie.com

 

Property Comparison Worksheet

 

Rank each item 1 thru 5

                                        

                                                                House #1                    House #2                  House #3       

Address                                                                                                                                               

Price                                                                                                                                                    

Taxes                                                                                                                                                  

Association Dues                                                                                                                                 

                                                                                                                                                           

Exterior

View                                                                                                                                                    

Size of lot                                                                                                                                            

Landscaping                                                                                                                                        

Topography                                                                                                                                         

Appearance of area                                                                                                                              

Value relative to area                                                                                                                            

Architectural style                                                                                                                                 

Curb appeal                                                                                                                                         

Foundation condition                                                                                                                            

Roof condition                                                                                                                                     

Deck/patio                                                                                                                                           

Garage                                                                                                                                                

Pool                                                                                                                                                    

General exterior condition                                                                                                                     

                                                                                                                                                          

Interior

Floor plan                                                                                                                                            

Room sizes                                                                                                                                          

Bedrooms                                                                                                                                            

Bathrooms                                                                                                                                           

Living room                                                                                                                                          

Family room                                                                                                                                         

Dining room                                                                                                                                         

Den/rec room                                                                                                                                       

Kitchen amenities                                                                                                                                 

Fireplace                                                                                                                                              

Basement                                                                                                                                            

General interior condition                                                                                                                                                                                                                                                                                                                                                                                                                                              

Convenience to:

employment                                                                                                                                         

transportation                                                                                                                                       

shopping                                                                                                                                             

schools                                                                                                                                                 

day care                                                                                                                                              

recreational facilities                                                                                                                             

police and fire protection                                                                                                                                                                                                                                                                                                                                                                                                                                              

Total Score                                                               

 


Evaluating A Neighborhood

 

 

 

??         Drive Around

       Does it look like a place you'd like to live?

       Is it near places you'd like to go?

       Is it too near places you'd rather avoid?

       What will it look like during commuting time?

       WhaT's it like at night?

 


??         Quality of Schools

       What is the school performance?

       Average test scores?

       College bound percentages?

       National merit finalists?

       Spending per student?

       State rankings?

 

??         Education/Income Profile

       What is the household income?

       The education level?

       Occupation?

       Family type?

 

??         Crime Rate

Compare neighborhoods on a per-capita basis for homicide, rape, robbery, aggravated assault, burglary, larceny and auto theft.

 

??         Cultural Amenities

Proximity to museums, galleries, universities, seasonal entertainment, theaters, orchestras, etc. Even if you don't frequent them, they help set the tone for the area.

 

??         Property Values

Steady or increasing values generally mean a sound investment.  It is almost always best to buy the smallest, least expensive home in the best neighborhood you can afford.

 

??         Future growth

If you are not planning on staying in your new home for a number of years, an abundance of new construction being planned could affect your resale.  Equally true, however, is the existence of higher end properties could increase the value of yours.

 

 

Your REALTOR is your best source of information on property and neighborhood information.  There are also numerous Internet sites, such as REALTOR.com, Homes.com, Homeadvisor.com, schoolmatch.com and others, that can assist you in your research. 

 


 

 

 

 

 


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Home Buying Guidelines

 

 


??         If you have to resell soon, don't buy an unusual house.

 

 

??         Even if the quality of the school district doesn't matter to you now, remember it might someday to another buyer.

 

??         Brand new homes may be lower in maintenance costs, but can be higher in out of pocket expenses.

 

??         There are no perfect homes.  Be ready to make compromises and concessions.  Know what's most important to you and give on those things that aren't.

 

??         Location, location, location  some things don't change.

 

??         Supply and demand is a critical issue.  Be ready to move quick when you find what you want.

 

??         Pay attention to floor plans.  Changing layouts of rooms can be costly.

 

??         Get preapproved for your mortgage prior to making an offer.

 

??         Be an educated buyer.  Learn as much as you can about the market before you buy.

 

??         Always make your offer to the seller contingent on having a home inspection it's money well spent.

 

??         Compare mortgages an artificially low interest rate could have enormous hidden costs.

 

??         When interest rates are low  go for a fixed rate mortgage.

 

??         Redoing kitchens and baths can be very expensive  check these out carefully.

 

??         Imagine the home vacant.  Do not be swayed by decorating  the furnishings will leave with the seller.

 

??         Vacant homes appear larger than they are.  It may be a good idea to measure to make sure your furnishings are going to fit.

 

??         Landscaping is there not just to make the home look good  it can save thousands of dollars over the years in utility bills.

 

??         Buy the best home you can afford in the best neighborhood you can afford.  You are almost always better off with the least expensive home in the area rather than the most expensive.

 

??         Pay attention to the original listing date of the properties you look at; sellers tend to be more flexible the longer the home is on the market.

 

??         Be honest and open with your agent; he or she works for you and can best help you if they have a good understanding of your needs.

 

??         You'll know the right home for you when you see it and it will have very little to do with logic don't ask us how that works it just does! 


     It's Time to Make an Offer

 

 


??         Put yourself in the sellers shoes and imagine how they will react to everything you're about to put in your offer.

 

??         Oral promises are not legally enforceable when it comes to the sale of real estate.  Please be sure you have communicated everything you want in the offer to your agent.

 

??         Price

Have your REALTOR do a comparative market analysis for you.  That will show you the fair market value of the property.  The following factors could affect your offer price:

       Property condition

       New home improvements

       Market conditions (that old supply and demand again)

       Seller??s motivation

       Seller concessions do you want them to give you a carpet allowance or are you asking them to help you with closing costs?  If you are  expect to pay a little more!        

 

??         Earnest Money

You will be putting up some money to show the seller you are sincere about purchasing his home. Your agent can give you guidelines for how much this should be. 

 

??         Financing Contingency

You will probably need to get a mortgage.  Even if you have been preapproved the lender will still need time to have the appraisal done, order title, etc.  Your agent can advise you as to how much time you need.

 

??         Home Inspection

Don't skip this,  whether it's because you think you can check out the house yourself or you want to save the money a professional inspector charges  it's money well spent in the long run.  But remember, no home is perfect and small maintenance-type things found by the home inspector should not be part of any renegotiations with the seller.  And don't skip your final walk-through just because you had a home inspection.

 

??         Disclosures

Make sure you received all the proper seller disclosures.  Federal law requires the seller give you a lead based paint disclosure if the property was built prior to 1978 and most states or local areas require the seller to disclose any material defects of which they have knowledge.  Look over these documents carefully your recourse once you signed them is limited by the laws that govern them.

 

??         Multiple Offers

It doesn't have to be a hot? market for a seller to have the luxury of choosing between multiple offers on their property.  If you find yourself in a multiple offer situation don't panic and don't withdraw your offer you may be the highest bidder and won't even know it if you pull out.  Go through at least one round of negotiations before you decide to withdraw.  Have a price in your mind of where you want to go and stay in the game until that price has been reached.  Too many buyers lose the property by pulling out too soon.

 


From Offer to Closing

 

 

 

 


Once your offer has been presented to the seller the negotiating process begins.  There are liable to be numerous counter-offers going back and forth between you and the seller.  There are a few important things to remember:

 

??         Your offer is just that  an offer until it has been accepted and agreed to by both you and the seller.  At any time during the negotiating process another offer could come in and cause you to be in a multiple offer or worse  lose the house completely.  A wise buyer will try to come to an agreement with the seller in a reasonably short period of time.

 

??         Many contracts have stipulations on when the buyer must make his mortgage application.  Please be sure to check your contract and abide by its requirements.

 

??         If your contract calls for a home inspection and attorney review, please choose both of these as quickly as possible and let your agent know who they are.  Your service providers have a limited amount of time to protect your interest.

 

??         Be sure to comply with all requests of your lender after the mortgage application has been done.  Not producing the documents or information they need can jeopardize your getting your mortgage on time.

 

??         Generally, the buyer accompanies the home inspector at the inspection.  Please allow at least 2 to 3 hours for an average inspection.  More time may be necessary for a large home.

 

??         Your agent will act as coordinator for all activities from this point and will keep everyone in the loop as far as what is going on.  The lender, home inspector, both attorneys, the other REALTOR, the title company (or escrow agent) will all be performing necessary duties during this time.

 

??         If necessary your agent and your attorney will work together to negotiate any repairs that were noted during the home inspection.  Remember, routine maintenance items are not the type of thing that should be noted and negotiated.

 

??         Your walk thru will be scheduled as per your sales contract.  Your agent will schedule this with you, the seller and the listing agent.  It should happen just prior to the closing.

 

??        

If all of this sounds a little overwhelming don't worry  you're in good hands.  Your agent has been through this many times and will be there for you during the entire process.  Relax and enjoy the experience.