About You CLIENT INFORMATION QUESTIONNARIE Name: DOB: Phone: Email Address: Name: DOB: Phone: Email Address: Current Address: City: State: Zip: OWN: Yes / No How Many Years: RENT: Yes / No Lease Terms: How many children do you have? What are their names? #1 Age DOB #2 Age DOB #3 Age DOB Do you have any pets? What are their names? Favorite Restaurant: Favorite Sports Teams: Hobbies: Favorite Coffee Shop: Favorite Store: Favorite Wine/Beverage: About your New Home 1 st Choice Location (City or Neighborhood): 2 nd Choice Location (City or Neighborhood): Circle all that apply: Single Family Home Townhome Condominium Multi Unit Styles (rambler, 1 level, 1 ½ story, 2 story, multi-level): Price Range (low): Price Range (high): Bedrooms: Bathrooms: Garage: Approx. SQ FT: Must haves: Laundry? Yard? Pets? Garden? Outdoor Space(Private/Common)? Don t want: Describe your new home in 5 words: Do you need to sell your home to purchase a new home?: Do you have a mortgage person: YES / NO Company/LO: Would you like a referral to mortgage information?:
MY MISSION To set the highest standard for professional Realtors; through honesty and integrity. I represent my clients with the highest professional service I can to ensure a successful and complete real estate transaction. I would like to earn your trust so that in the future you will call on me for all your real estate needs. I want you to have confidence in me and that you will refer your friends and family to me for their real estate business as well; knowing they will be given the same level of professional service that was given to you. I strive to earn your business for life.
ABOUT ME Thank you for choosing me as your Realtor! I love my job this is my career and the only thing I do for a living. I consider myself an Advisor, assisting you with all your real estate needs. Finding the right home for you is very rewarding. I want you to love it, but I also want you to be able to sell it in the future, I m always focused on what is best for you and fulfilling your real estate goals. As my logo suggests, I also love Downtown Condos! I live in a 1983 rambler home, with vaulted ceilings, exposed structural beams and an entire wall of South facing windows. I live with my husband Dan and two dogs, Cody and George. I love my home, even though it seems we always have a project going on! We have over 3.5 acres of land, but really enjoy the peacefulness we get here. For fun I play golf and ice hockey; and enjoying cooking and a winter vacation to a warm destination. I am fortunate to have close friends and family Left to Right, Cody and George near and can t begin to tell you the joy of watching my 3 nephews and 1 niece grow up. I was married in August of 2009, and still love looking at photos from our special day. Some day when my husband and I get closer to retirement age, I hope to have him convinced that we need a condo in the city. I have been a full time realtor since February 2005, working out of the Downtown Edina Realty office, since they opened their doors in 2005. I love Downtown! My business is based on referrals, from past clients, family and friends. I can help you with referrals to lenders, inspectors, contractors, insurance agents, warranty options, property management and more. I review overall market conditions and comparables to help you determine a fair offer. As a skilled negotiator, I work hard to get you the best house for the best price. I stay on top of the ever changing lender requirements and buyer assistant programs. I manage the sale from an accepted offer to close making your experience a great one. After closing, you can count on me if anything comes up, I am your Real Estate Advisor. My goal is for you to spread the word about how I helped you accomplish your goals. RECOGNITIONS 2010 Awarded Edina Realty s President s Circle, given to those who have closed a certain volume of homes. 2008 & 2010, Named by Mpls St Paul Magazine, a Super Agent, given to less than 5% of Realtors. MEMBERSHIPS Multi-Listing Service (MLS) member since 2005 NAR, National Association of Realtors, member since 2005 MAAR, Minneapolis Area Association of Realtors, member since 2005
THE PATH TO YOUR NEW HOME
ONE COMPANY ONE STOP FULL SERVICE MORTGAGE EDINA REALTY MORTGAGE has been focused on service since day one. You have options when you work with a Loan Officer with Edina Realty. Whether you are looking for an FHA Loan, a Conventional loan, or a Jumbo loan, they can find you a program that best fits your needs and will always find the time to explain the financial process that goes along with purchasing a home. Edina Realty Mortgage is an affiliate of Wells Fargo Home Mortgage; offering you the most extensive array of mortgage programs to you. TITLE CLOSING SERVICES EDINA REALTY TITLE is Minnesota s largest residential full-service title company. It offers a complete menu of title services, including abstracting, title insurance, property reports, mortgage closings and new construction services. INSURANCE EDINA REALTY INSURANCE can provide you with comprehensive home insurance to protect your home and possessions. As an affiliate of Edina Realty, we conveniently arrange for your insurance to be processed through closing. WARRANTY EDINA REALTY HOME WARRANTY has partnered with HSA Home Warranty, the country s premier home warranty provider to offer unique home warranty programs as well as coordinate professional home inspections.
GET FINANCING FIRST
OUT OF POCKET EXPENSES The following are the most common expenses you can expect in the process: PRIOR TO CLOSING: AT CLOSING: Earnest Money When we write an offer for the home you d like to buy, we ll offer the Seller an amount of earnest money, showing them our intent to buy the home. This amount is approximately 1% of the purchase price. This payment is a check made payable to the company representing the Seller. This amount will be applied to your down payment at closing. Home Inspection This is an optional expense, and recommended. A complete home inspection by a reputable inspector will cost between $300 and $400. Home-owners (hazard) Insurance If you are financing any portion of the cost of the home, and most people do, your lender will require you to purchase insurance as a condition to providing the money to buy your home. You will be required to pay for a year of coverage in advance. Insurance rates vary greatly, and you should shop for the company/agent and rate you prefer. We estimate this amount at 0.004 x Purchase Price. If you are purchasing a condo or town home, most associations will already have some sort of insurance on the building (usually hazard insurance), but it is still required by your lender to get insurance on the contents of your condo, an HO6 policy. Appraisal Another requirement of your lender will be an appraisal of the property to ensure it is worth what you have agreed to pay for it. Your loan officer will ask for a check to pay for this in advance, usually about $350, or $450 for FHA Financing. Total Estimate ($200,000 home example): Earnest Money $2,000.00 Inspection 350.00 Insurance 800.00 Appraisal 350.00 TOTAL $3,500.00 Closing Costs This involves lender fees, closing company fees, title insurance fees, taxes, and monies to establish escrow accounts. We estimate closing costs to between 3.0-4.0% of the purchase price. This amount can be added to your mortgage to reduce your out of pocked expense. You may also ask the Seller in your offer to pay some of the closing costs (up to 3%). Down Payment Your preference and loan program will determine this amount. Down payments range from 3.5% to 20% of the purchase price. Some or all of this money can come from gift funds. Total Out of Pocket ($200,000 home with 5% down): Prior to Closing $3,500.00 Down Payment 10,000.00 Less Earnest Money ( 2,000.00) Closing Costs 6,000.00 TOTAL $17,500.00
WHO S THE SELLER? Traditional Traditional sales are just as the name implies sales between the homeowner and a buyer. Conditions of the sale are negotiated between both parties and typically authorization is not required from the homeowner s lender to close the sale. Most traditional sales include a seller disclosure documenting the condition and any repairs that have been made to the home. Short Sale Short sales have become more common in recent years with the decline in home values. Unlike a traditional sale the homeowner must obtain approval for the sale from their creditor, usually a bank, in order to proceed with the sale. The creditor is involved because the homeowner is selling the property for less than what is currently owed. In some cases there are multiple creditors and approval must be obtained from each one in order to successfully close. Patience is very important to this type of purchase since it is not uncommon for a seller and buyer to wait one to four months for the bank to respond to the request for a short sale. There are many reasons for a homeowner to request short sale from the bank and the homeowner must provide substantial information to the creditors in order for a complete evaluation to take place. Many short sales are not approved. It is not uncommon for the bank to counter an offer after they have completed a value analysis on the home or ask the homeowner to contribute to the financial shortfall. A home offered as a short sale may be in foreclosure but this does not mean the home has been taken back by the bank. In the state of Minnesota there is a 6 month redemption period where the homeowner has an opportunity to bring the loan current before the foreclosure action is executed. Foreclosure When homes are past the 6 month redemption period and the bank has taken the home back to market and sell to offset the shortfall on the loan they are considered a foreclosure. These homes are also referred to as lender owned and are listed at a price the lender deems fair market value. These homes are sold with no warranties since the lender is not familiar with the history and condition of the home besides what can be discovered by a visual inspection of the home. In some situations the bank will only consider cash offers due to the condition of the property. Though there is greater risk in buying these homes and buyers are encouraged to enlist the services of a professional to inspect the home for possible defects, they are priced on average 20% below market price. If there are appliances or other personal property in the home, the bank will not allow a buyer to include these items on a purchase agreement, only real property can be conveyed in these sales. It is rare for appliances or other personal property to be removed prior to closing but that is a risk the buyer must take. Because the lender is already taking a major loss on the property low ball offers are often rejected especially when the home has only been on the market for a relatively short time. When submitting offers, the bank or an assigned servicer is receiving the offers directly and response times can range anywhere from 24 hours to 7 days. Estate Estate sales are increasing as the baby boomer population is aging. These sales can include a seller that has passed or has become incapacitated and their trust or state is selling the property. It is not unusual for these sales to be as-is since the property owner is not directly involved to provide disclosures. In some situations additional paperwork must be filed to settle the estate through probate which can take a few months if the process has not begun prior to receiving an offer on the property. The condition of these homes varies greatly so inspections are encouraged.
HOW REALTORS GET PAID As a consumer in the real estate market, you benefit from the serviced of an experienced REALTOR* throughout the home buying or selling process. But even though you may not be footing the bill, it s important that you understand how real estate agents are paid. The sellers of the home agree to pay a commission to their real estate company based on a percentage of the home s sale price. This commission is then split with the real estate company that represents the buyers of the home. And finally, the real estate agents involved in the sale of the home are paid by receiving a share of the commission by their respective real estate companies. Did You Know: REALTORS* are self-employed, and receive no salary or benefits. They get no paid vacation time, insurance, company cars or expense accounts from their broker. REALTORS* are only paid for results----if and when they successfully close a property transaction. Edina Realty REALTORS* are paid the same whether a buyer purchases a home listed by Edina Realty or another broker. As independent contractors, REALTORS* have ongoing out-of-pocket expenses similar to those of any small business. Business Expenses: all property advertising advertising and marketing of their services marketing materials and direct mail for sale sign installation lock boxes, open house signs Edina Realty Hotline MLS* access fees computer hardware and accessories internet, long distance, cellular services postage and courier fees business cards, stationary, office supplies business insurance, self-employment tax continuing education courses personal assistant (salary, taxes) technology fee and, many pay monthly office rent
VIEWING PROPERTIES One of the most exciting aspects of buying a house is looking at different properties in your price range and seeing houses in all sizes, conditions and styles. It s the best real estate education of all.
WRITING YOUR OFFER
ONLINE RESOURCE GUIDE Go on My Website to Find Your Online Reference Guide www.susanlindstrom.edinarealty.com You ll find useful links for the following and more! Real Estate Documents, see samples of a Purchase Agreement Moving Costs & Setting up Utilities Neighborhood Maps and Information Average Replacement Costs Search for Properties, Save Your Favorites Find links to apply online for Mortgage Services Check out the Title Closing Center closest to you Search for DAPs, Down Payment Assistance programs Don t forget to set up your FREE online account at EdinaRealty.com Save properties, set up auto searches and get notified when new listings come on the market, or your favorites have updated information!
PLEASE REMEMBER As we are searching for your new home: Let me know if your plans change Tell me if you want to see a home listed with another agent Tell me if you want to see a home that is for sale by owner Tell me if you want to meet with a builder or look at new construction Tell me if you feel the need to talk with another agent If I am out of town, please contact my colleague