Georgia Mountain Real Estate, Buyer Representation, Buyer Agency

 Tips for obtaining a mortgage loan:

• Scrutinize your credit report
  Clean up any discrepancies
  Be prepared to explain to creditors any negative hits
  Obtain letters from past creditors that clear any negative hits
  Supply these letters to the three major credit bureaus to either have the discrepancy removed or have the letter attached as further documentation
  Credit Bureau:  Equifax, Experian, TransUnion

   

  Shop 'til you drop for the right mortgage 

  • Mortgage brokers
  • Mortgage lenders
  • Banks
  • Credit unions
  • Look up any terms you do not understand Mortgage Glossary

   

   

  Understand ALL $$$ costs associated with your loan

  • Broker fees
  • Origination fees
  • Underwriting fees
  • Administrative Costs
  • Mortgage payment
  • Mortgage insurance (PMI)
  • Interest rate (Annual Percentage Rate APR)
  • Yield Spread Premiums
  • Commissions
  • Escrow
  • Closing Costs
  • Be sure every single fee is explained and that you understand what, why and how much they cost
  • Use the FDIC's (Federal Deposit Insurance Corporation) 
  • Mortgage Shopping Worksheet      

   

   

  Understand the terms of your loan

  • How much down payment is required
  • Term of the loan
  • Fixed Rate (FRM) vs. Adjustable Rate Mortgage (ARM)
  •      ARMs - Ask What, When and How
  •      What is the starting rate and What is the ceiling
  •      When and How will adjustments happen
  •      How much will an adjustment cost
  • Negotiate the fees of your loan
  • Make sure the lender hasn't reduced one fee and raised another
  • Lock in when you are satisfied with your loan rate and terms
  • Try to lock in other fees as well
  • Request a written lock-in letter from your lender
  • Request a written loan commitment that guarantees the terms you have locked into.  This carries a tremendous amount of weight with a home seller.
  • Understand and know the expiration of your lock in and what happens when it expires.

   

  If I were your Real Estate Agent and you were my Buyer - I would tell you to contact Donna@ellijay.com with questions and ask me for referrals of competitive and reputable mortgage lenders, home inspectors, and appraisers.    

             

  
   

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   Georgia and North Carolina Mountain and Lakes Board of Realtors

   

   

  
  Below, select desired reports and complete the form provided:

• At no time will your email address or other personal information be given out to a third part without your written authorization.

  
   

• A Realtor who will listen to your wants an desires and is dedicated to finding the right property for you.  A serious and motivated Realtor readily available virtually 24/7, dedicated to a serious and motivated Buyer.
  
• Preview properties when and if necessary prior to showing.  Utilize every possible means of advertising to find your mountain home, such as but not limited to:  (MLS)Multiple Listing Service(s); (TREB); The Real Estate Book, Homes and Land; Real Estate Internet sites; TV, Magazines, Newspapers, (FSBO) For Sale By Owner; network with other Realtors to research properties currently on the market.
  
• Keep up-to-the-minute on new properties being marketed; price reductions; changes in the market place, local activities.  Offer Buyer Representation with a Buyer's Agreement so that YOU the BUYER are fully represented.  My loyalty for your loyalty.  
  
• Refer you to Mortgage Professionals (not "home loan salespeople") who will find the best rate and financing option for your home loan.
  
• Negotiate the best deal possible with a signed Buyer's Agreement.
  
• Professional guidance with Buyer's Agreements, direct you to the experts in financing; home inspections; homeowner's insurance; taxes; schools; Home Owner's Associations, etc.
  
• Facilitate the entire buying process through to a successful closing.
  
• A Realtor who is analytical, detailed and organized and pursues industry certifications through regular and ongoing continuing education to ensure you are getting a highly trained professional agent.
  

  A Realtor who will be completely honest and fair with all clients whether good news or bad, I will be forthright at all times.

REPRESENTING THE BUYER ***  BUYER'S AGENCY AGREEMENT

Buyer's Agent (A benefit that costs you the buyer nothing) $$$

??? When you the buyer contact an agent for assistance and the agent provides assistance to you, who do you think the agent is representing ??? 

You may be surprised to know that the agent you contacted who is providing assistance to you is acting as a transactional broker and not Your buyer's agent.  The agent represents the seller!  That's right, the seller.  You the buyer; however,  may have several choices in which to choose how your brokerage firm and its agents will work with you.  Such as:

• You may want them to represent only You as a buyer's agent
• You may be willing to allow them to represent both you and the seller as a dual agent
• You may agree to them representing only the seller (seller's agent or subagent)
• You may agree to a designated agency where one agent within the firm represents the seller and another agent within the same firm represents the buyer
  Note:  Some agencies will offer you a choice of these services, others will not.  Be sure you understand what your relationship is with the firms and its agents, what the agent will be doing for you in a transaction and put the agreement in writing as soon as possible.

          and 

• to promote Your best interests
• to follow Your lawful instructions 
• to disclose all material facts which could influence Your buying decisions
• to be loyal to You
• to use reasonable skill, care and diligence
• to account for all monies that they handle for You
• to keep confidential information about you to the sellers or their agents cofidential
  

So you should avoid telling the seller's agent anything you would not want disclosed to a seller prior to signing a Buyer's Agency Agreement.  Until you hire a brokerage firm and its agents as your Buyer's Agent by signing a Buyer's Agency Agreement, the firm and its agents work for the seller.

Remember, without a signed Buyer's Agency Agreement, the firm and its agents will be acting as the Seller's Agent and must try to obtain for the seller the best possible price, terms and provide the seller with any information about you (the buyer) even personal, financial or confidential that will help the seller.  Seller's agents are compensated by the seller.  Buyer's agents are compensated by the seller if the property being sold/purchased is in a multiple listing service.  If the property being purchased is a For Sale By Owner, the buyer may be responsible for compensating the Buyer's Agent in the event the For Sale By Owner refuses to pay commission.

 IMPORTANT INFORMATION FOR PROSPECTIVE HOME BUYERS from Georgia Association of Realtors (GAR)

PROTECT YOURSELF WHEN BUYING A HOME
Suggestions for Prospective Home Buyer

Please contact donna@ellijay for a complete (free) copy