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Buying Real Estate

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Buying Real Estate An Overview John O Connor Jason Highland Keller Williams Realty Boston-Metro Keller Williams Boston-Metro 617. 861.3642 tel. 617.861.3621 tel. – PowerPoint PPT presentation

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Title: Buying Real Estate


1
Buying Real Estate
  • An Overview

John OConnor Jason Highland Keller Williams
Realty Boston-Metro Keller Williams
Boston-Metro 617. 861.3642 tel. 617.861.3621
tel. John_at_BostonCity Homes.com Jason_at_BostonCityHo
mes.com
2
Why This Meeting?
  • Education
  • Understanding your rights.
  • Smarter clients are better for everyone!
  • Prepared buyers can act faster if needed.
  • Meeting state and ethical requirements.
  • Providing an overview of the buying process
  • Knowing what to expect so there are fewer
    surprises along the way.
  • Explaining how I work.

3
You Have Four Options
  • Do nothing.
  • Decide to work on your own.
  • Decide Im not the one for you.
  • Decide to work with me.

4
Buying Your First Home Step By Step
5
Step 1 - Start with the Lender
  • Ensure that you can get a mortgage.
  • Understand how much you can spend.
  • Get pre-approved before you look
  • What is pre-approval?
  • How does it work?
  • How is it different from pre-qualification?
  • Why does it make you a stronger buyer.
  • I can help refer you to excellent mortgage
    brokers if you dont already have one.

6
Step 2 Where I Come In
  • Consultant vs. salesperson
  • Help you determine whats important to you
  • Act as your guide in your new home search
  • Set up showings
  • Watch the market, preview properties
  • Provide you with the information that you need
  • Lead you through the negotiating process
  • Coordinate smooth interaction between all parties
    (buyer, seller, real estate agents, mortgage
    brokers, attorneys)
  • Answer questions and guides you through the
    closing process and beyond
  • Stay with you beyond the closing

7
Step Three The Search Begins
Client Tools
Agent Tools
MLS Database
Realtor.com
MLS Link search tools Daily LINK MLS
updates Additional pix, v-tours andinfo (MLS
listings) Broker previews Peer networking
E-mail updates
LINK Database
Boston Homes
8
Step Four Viewing Property
  • Scheduled Appointments
  • Typically arranged by me, along with the listing
    agent.
  • Normally requires 24 hours notice.
  • Sunday Open Houses
  • I can accompany you, or
  • You can go on your own.
  • Let the agent know youre working with me.
  • If you must sign in, sign in with my name.
  • Do not contact other agents directly!
  • If you see something that interests you, call me
    and I will get the information on your behalf.

9
Step Five The Purchase Process
  • Offer To Purchase
  • Outlines basic terms and conditions of the sale
  • Price, dates, conditions, financing
  • 1,000 check
  • Is a serious legal commitment
  • May take several rounds to come to agreement
  • Inspection
  • Chance to understand condition of property
  • Renegotiate some terms based on report if
    necessary
  • Purchase Sale
  • Standard agreement outlining all the specific
    legal requirements between buyer seller
  • Typically need 5 to 10 down at PS
  • Mortgage Commitment
  • Last date by which you can exit the deal for
    failure to secure financing
  • Closing
  • Signed, sealed, and delivered!

10
Cost to Think About
  • Purchase Costs
  • 1,000 at Offer
  • 5 10 at Purchase Sale
  • Any additional down payment at closing
  • Additional Fees
  • Lawyers fee for Purchase Sale
  • Bank fees for Mortgage
  • Closing costs
  • Lawyer fees for handling the closing
  • Title insurance
  • Miscellaneous fees
  • Tax escrows
  • These can vary greatly

11
Big Picture Timeline
Get Ready
Mortgage Pre-Approval
Search
Offer Negotiation
Closing
BR!
12
Work with a Buyers Agent
  • Buyers Agent
  • Works for the you.
  • Puts the your interests first.
  • Usually paid by the seller.
  • Consults with you, offering you
  • Opinion, strategy, insight
  • Legal and ethical responsibility to treat both
    parties fairly.

13
Baseline Services
  • Provide ready access to inventory via LINK MLS
  • Provide basic data on values and taxes.
  • Provide basic neighborhood info.
  • Provide overview of the whole home buying
    process.
  • Make referrals to lenders.
  • Show properties and describe basic attributes and
    amenities.
  • Explain review standard forms.
  • Submit and negotiate offers.
  • Disclose material known facts about the
    property.
  • Offer property without regard to race, creed,
    sex, religion, national origin, familial status
    and sexual orientation.
  • Monitor deadlines subject to final review and
    enforcement by buyers attorney.

14
Consultative Services
  • Enter into an agreement with the you representing
    your interests.
  • Provide insight and opinions on merits and/or
    drawbacks on individual properties including
    resale potential.
  • Provide analysis and guidance as to value of any
    property you may consider purchasing.
  • Provide guidance and advice in drafting offers.
  • Consult with you regarding strategy counter
    offers.
  • Provide referrals and recommendations for home
    inspectors and attorneys.
  • Keep all information confidential including
    motivation for purchase and highest amount you
    may be willing to pay.

15
Massachusetts A Special Case Dual Disclosure
  • What happens when a Buyer Client wants to buy a
    property listed by his/her Agent?
  • Because the agent is likely to be privy to
    information on both the Sellers and Buyers
    side
  • Agent can not advocate for either side.
  • Agent acts as facilitator to bring together both
    parties.
  • Agent has a legal and ethical responsibility to
    treat both parties fairly.
  • Agent must disclose this situation to both
    parties and both buyer and seller must agree to
    dual agency.
  • This also happens when a Buyers Agent client
    wants to buy a property listed by that Agents
    office

16
Now Lets Talk About Me
  • Buying a home is serious business and I take your
    business very seriously.
  • But we will have fun I promise!
  • My commitment to my clients
  • Keep the of clients low in order to provide
    outstanding service
  • Referrals
  • Focus my efforts on my clients, not on finding
    new ones.
  • The transaction is important, but our overall
    relationship is critical.
  • I want to earn your referrals.
  • I will not vanish after the sale.
  • Consultative approach.
  • Information, not pressure.
  • Our Agreement . . . If we decide to work together
    we will memorialize our agreement in writing.

17
Forms Forms Forms!
  • Agency Disclosure
  • What the State wants you to know
  • Buyer Agency Agreement
  • Consent to Dual Agency
  • So I can show you our office listings
  • Inspection Fact Sheet
  • What you need to know about home inspections
  • Lead Paint Disclosure
  • State mandated lead paint form

18
After Closing
  • Ongoing relationship!
  • Use me as a resource.
  • I will continue to stay in touch with you as a
    client (and if in the city, as a neighbor).
  • Referrals
  • If you are happy with me, then let me help people
    you know as I helped you.
  • Best way to let me know I did a great job is to
    refer people to me.

19
Contact Information
  • John OConnor
  • 617.861.3642 tel.
  • 617.542.0012 fax.
  • John_at_BostonCityHomes.com
  • Jason Highland
  • 617.861.3621
  • 617.542.0012
  • Jason_at_BostonCityHomes.com
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