Y O U R E X P E R T BUYER'S GUIDE

Y O U R E X P E R T BUYER'S GUIDE

Wendy Monday 10+ Years Licensed REALTOR Top Producing Agent in PARKS EXPERIENCE LEADERSHIP & MEMBERSHIPS National Association of REALTORS (NAR) Greater Nashville REALTORS (GNR) GNR Chair Environmental Committee 2012 GNR Chair Young Professionals Network 2011 REALTOR 2008 present PARKS, Director of Development 2011 2014 Zeitlin & Co. Realtors, Managing Director 2007 2011 The Governors Club, Director of Marketing 2001 2007 Temple Hills Club, Membership Director 1999 2001 Graduate of the University of Tennessee, Bachelor of Arts in English GNR Graduate Leadership Class 2009 Urban Land Institute Nashville chapter Home Builders Association of Middle Tennessee HBAMT Committee Chair Parade of Homes US Green Building Council Middle TN USGBC Board of Directors & Executive Committee Secretary 2010-2012 PARKS #1 BROKERAGE IN NASHVILLE $2.25 BILLION in total sales volume in 2017 Highest average sales price of the top 5 firms in the market Highest per agent productivity of the top 5 firms in the market Most luxury listings and luxury buyers in the market

P R E P A R PRE-APPROVAL BUYER AGENCY AGREEMENT HOME SEARCH E C O N T R A C WRITE OFFER NEGOTIATE CONTINGENCIES T C L O S E SIGN LENDER DISCLOSURE WIRE FUNDS SIGN DOCUMENTS YOU RE CLOSED!

PRE-APPROVAL Sellers need to know you are financially ready to buy. A pre-approval letter must accompany any offer you make. FOR PRE-APPROVAL, YOU MAY NEED... PRE-APPROVAL IS... YOUR SOCIAL LAST YEAR S LAST YEAR S a letter from an accredited source indicating that you are eligible for a loan up to a certain amount. Usually takes less than 24 hours, you receive a letter indicating you ve been pre-approved. SECURITY # FOR A CREDIT CHECK TAX RETURNS W2 PRE-APPROVAL IS NOT... a loan application or guarantee of loan approval. 2 MOST 2 MOST RECENT PAY RECENT BANK STUBS STATEMENTS

HOME SEARCH QUESTIONS TO ASK IN TODAY S MARKET How fast are homes selling in our local market? Am I likely to face a multiple offer situation? What kind of homes sell the fastest? What s the list-to-sales price ratio in the area I want to buy? BUYER FEARS losing to another offer missing something paying too much something wrong with property

CONTRACT We use the standard Tennessee Association of REALTORS (TAR) contract and forms for your transaction. There are over 100 forms available to use during a transaction depending on the nature and complexity of the deal; these are forms used in every transaction. PURCHASE & SALE AGREEMENT A 10 page document that is the heart of the contract. Outlines the terms of the offer including price, timelines, contingecies, etc. BUYER REPRESENTATION AGREEMENT Outlines my duties to you as your agent. It does not obligate you to pay for my services. The commission on the home you purchase will be paid by the seller. CONFIRMATION OF AGENCY Establishes the representation for both the buyer and seller in the transaction. DISCLAIMER NOTICE States that the real estate brokers are not home inspectors, termite inspectors, etc. Recommends hiring independent, qualified professionals for inspections. DISCLOSURE OF AFFILIATED BUSINESSES PARKS owns other real estate related businesses and whether or not you choose to use their services we disclose this information to you. GET A HOME INSPECTION AND SURVEY Outlines the various inspections available to the buyer as part of your due diligence and what to expect from them. It is your responsibility to be an informed buyer. VENDOR LIST Furnishing referrals for Vendors is done only as a courtesy and does not constitute any warranty or representation of the vendor. COUNTER OFFER Counters to the original offer will be made on this form. All terms included in the original offer remain the same except for changes specified on this form. PROPERTY CONDITION DISCLOSURE Sellers furnish a Property Condition Disclosure unless the property transfer is exempt. The seller completes the form to the best of their ability. This document does not take the place of a home inspection by a licensed inspector. You sign a copy to acknowledge receipt. REPAIR/REPLACE AMENDMENT Once the home is inspected, repairs may be requested by the buyer. Once those repairs have been negotiated and agreed upon, this form is completed and signed and becomes part of the contract. NOTIFICATION FORM Provides official notice from one party in the transaction to the other in writing in accordance with the provisions of the Purchase and Sale Agreement.

NEGOTIATE There are many negotiation points in a contract. The most obvious is price, but other factors come into play. THE FLOW OF NEGOTIATIONS Make an offer on the Purchase & Sale Agreement. 3 THINGS TO REMEMBER: Terms are as important as price. Does your closing date line up with the sellers needs? Are you well qualified with a reputable lender? Can you move through the contingencies in a timely manner? Do you have the cash for you own closing costs or do you need to negotiate those with the seller? Time is of the essence. Respond to counteroffers in a timely manner. Sellers are looking at how you will be to work with during the contract to close process. Know what you re dealing with. The side with the most information will do better. I do the background research to help you craft an informed offer and counter offer. Seller accepts or counters. Buyer + seller agree and sign. We have a binding agreement. The binding agreement date (BAD) sets the timeline for deadlines in the contract. You submit an earnest money check. It will be cashed. It is applied to your costs at closing.

INSPECTION AN INSPECTION IS... Refer to lines 7-10 of the Tennessee Association of REALTORS (TAR) Get A Home Inspection form. The inspection is your time to evaluate the home without the influence of anyone who benefits financially from the purchase. Your licensed home inspector is the unbiased expert on the condition of the property. 1. Hire a licensed home inspector. Meet the inspector at the end of the inspection if possible to review and discuss the inspection while in the home. 2. Discuss the inspection results with the inspector. This is a critical step. As a licensed REALTOR, I do NOT interpret home inspection reports. Don t be afraid to ask your inspector for clarification or further information. 3. Get the inspector s advice on what to request to be repaired. You create a list of repair request items and the home inspector s input is valuable. 4. Provide a list of items to ask the seller to repair. 5. The Seller either a) accepts, b) counters, c) rejects and terminates the contract. 6. Once you and the seller have agreed upon a list of repairs, we transfer the list to a Repair Amendment and both parties sign. Evaluate the physical condition: structure, construction and mechanical systems. Identify items that need to be repaired or replaced. Estimate the remaining useful life of major systems, equipment, structure and finishes. AN INSPECTION IS NOT... Refer to lines 254-256 of the Tennessee Association of REALTORS (TAR) Purchase & Sale Agreement. Buyer waives any objections to items of a purely cosmetic nature (eg decorative, color or finish items) disclosed by inspection. Buyer has no right to require repairs or alterations purely to meet current building codes, unless required to do so by governmental authorities.

APPRAISAL YOUR LOAN OBLIGATIONS Your lender must know whether the house you are interested in buying is worth the amount you are willing to spend. They are loaning you the money, so if you default they are stuck with the house. Within 3 days: provide seller with name and contact info for your lender make applicaton for the loan and pay for the credit report AN APPRAISAL IS... A written estimate of a property s market value completed by an independent thirdparty appraiser. The value is based upon a market analysis of recent sales prices for similar properties in the area, and the property s physical condition. Within 14 days: request that the appraisal be ordered and pay for it secure home owners insurance notify lender of intent to proceed and have available funds to close per loan estimate We must notify the seller of the lender s name and contact info and confirmation of these actions in a timely manner or be in default of the contract.

CLOSING CHECKLIST Provide additional docs requested by lender. OUR PARTNERS IN CLOSING Arrange in advance for utilities to be turned on in your name on day of closing. Review & Sign Closing Disclosure 3 days before closing. Lender Prepare loan documents and submits to underwriting. Be prepared to provide lender with any additional required financial documents. Schedule wire transfer for closing funds. Do final walk-through. Sign documents with the Title Company. YOU BOUGHT A HOUSE! Title Company Prepare & distribute the closing disclosure. This is the accounting of transaction. You must sign to verify that you have received a copy 3 days prior to closing. Provide wire instructions for your closing costs and downpayment. Order title insurance. Title insurance is required by lenders and protects against title defects. Prepare closing documents and walks you through signing them.

FAQ Q: HOW MANY CLIENTS HAVE YOU WORKED WITH? A: Over my 10+ years in Nashville real estate, I ve sold hundreds of homes both as a buyer s agent and a listing agent. I am consistently on the Top 50 PARKS agents list. Last year I closed 34 total transactions for a total sales volume of $12.2M. According to the National Assocation of REALTORS survey, last year the average REALTOR closed 12 transactions with a total sales volume of $1.8M. Q: HOW DO YOU GET PAID? A: The seller pays the commissions for both the listing agent and the buyer s agent. You do not pay commission for my services as buyers. Q: WHAT SERVICES DO YOU OFFER THAT GO ABOVE AND BEYOND? A: Finding properties FIRST is where I shine. My strong professional connections to our fellow agents hep me learn about properties BEFORE they hit the MLS. Q: WHEN AM I COMMITTED TO WORKING WITH YOU? A: When both sign a Buyer Representation Agreement. It does not obligate you to pay any commissions, however it does create a fiduciary relationship between you as the buyer and me as your agent. I am legally obligated to protect your interests and represent you according to the Tennessee Association of REALTORS and National Association of REALTORS ethical and professional standards. Q: WHO ELSE WILL I WORK WITH? A: The buck stops with me, but I have a team of people who help me. My assistant Kellie Lutito will be your contract concierege and she ll help with scheduling and paperwork. Your lender will be very involved as well, and we ll communicate regularly. Lastly the title company will organize the closing documents and perfom the actual closing for you! Q: WHERE DO YOU SPECIALIZE? A: I specialize in helping clients that I enjoy working with and who enjoy working with me.

615.642.1313 wendy@wendymonday.com PARKS IN THE GULCH 311 12th Ave S 37203 615.522.5100 @wendymondaysellingnashville