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Buyer Consultation

Buyer Consultation. Welcome!. We want to be YOUR Realtors! Michael Dillon & Eileen Corboy. What concerns or questions may we answer before we get started?. Concerns & Questions. How does a buyer’s agent get paid?. Where does the commission come from? When is the commission owed?

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Buyer Consultation

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  1. Buyer Consultation

  2. Welcome! We want to be YOUR Realtors! Michael Dillon & Eileen Corboy
  3. What concerns or questions may we answer before we get started? Concerns & Questions
  4. How does a buyer’s agent get paid? Where does the commission come from? When is the commission owed? When is the commission paid?
  5. Thoroughly boring (but important) agency laws … In DC & Virginia, the legal presumption is that the buyers’ agent represents the SELLER. In Maryland, the legal presumption is that the buyers’ agent represents the BUYER. What does this mean for you?
  6. Why you need a buyer’s agent … We’re not just selling you a house, we’re helping you find a home! As your agents, we will — Listen to what you want and not waste your time. Represent your interests. Help you find the right property and community. Spot potential problems. Run a market analysis and advise you on a recommended offer. Help negotiate the best price and terms for you.
  7. The home-buying process If we decide to work together, here’s what happens … Prequalifying Shopping Negotiating Ratifying Working toward settlement Going to settlement
  8. The home-buying process Prequalifying You’re going to become preapproved for a mortgage through a local, bricks-and-mortar lending institution of your choosing.
  9. The home-buying process Shopping We’re going to help you identify the kind of property you’re looking for. We’ll set up a “ListingBook” account for you. We’ll begin bouncing listings that look good back and forth!
  10. The home-buying process You’ll begin to narrow your search by vetting locations and neighborhoods Driving or walking by Using the internet
  11. The home-buying process Three kinds of real estate transactions today Traditional (Homeowner  buyer) Short sale (Homeowner/bank  buyer) Foreclosure (Bank  buyer)
  12. The home-buying process As you begin to see provocative listings, mark as favorites in ListingBook. We will discuss the listings together and then make arrangements for you to see those listings.
  13. The home-buying process After we repeat this process a few times, you’re likely to find your new home. You may have some questions that you’ll want to have answered. Reconnaissance!
  14. The home-buying process Negotiating Writing the offer Price Terms Home inspection Appraisal Financing commitment Earnest-money deposit
  15. The home-buying process Presenting the offer Negotiating the terms Ratifying the contract!
  16. Then, you may freak out … “What on earth have I done?!” Perfectly natural. 2nd look at the property can help!
  17. From ratification to settlement Inspections (home/termite) Loan application Verifications (x2) Don’t quit your day job! Stay away from new credit card debt. No new cars! Document review Appraisal Title history Insurance
  18. The day of settlement We suggest taking the day off from work Secure your certified funds Wire or Cashier Check Meet at the property for the walk-through Head to settlement office
  19. Settlement You sign many papers promising to pay back the bank on time. The seller signs papers promising to give you clean title to the property. Typically lasts between 1-2 hours
  20. After settlement Go back to the property (secure, change locks) Prepare for your move. Celebrate – you are a new homeowner!
  21. Next steps? Any outstanding questions? Who do you know who would benefit from a similar presentation? Would you like to work with us? What’s next? Homework?
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