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MRES Buyer Seminar
Transcript of MRES Buyer Seminar
-Relocating Professionals and their families from all over the country and sometimes abroad.
-Buyer Specialist's with strong negotiating skills.
-Over 85% of business gained through referrals.
-Re-sales of privately owned homes, condominiums and new construction.
-Buyer agency representing buyers in many price ranges and stages of their lives.
-Ability to create and influence the marketability of property for quick sale and high dollar.
-Large number of homes closed per year in Forest Hills, Crieve Hall, Brentwood, Oak Hill, etc. McCracken Real Estate Services
Buyer's Seminar 2011
Find Your Way... Home! Meet Our Team Jane McCracken Jane's Expertise
-Over 33 years of full time Real Estate Sales and Proven Marketing experience with over 100’s of clients and relocations.
-Over 20 years experience as a relocation specialist.
-A native Nashvillian with excellent geographic knowledge of Davidson and Williamson Counties.
-Certified Residential Specialist (CRS)—the highest designation awarded to sales associates in the residential sales field. The CRS designation recognizes professional accomplishments.
-Graduate, Realtor Institute (GRI)—designation indicates to buyers and sellers that you have made a commitment to provide a high level of professional service. Designee’s attended 90 intensive hours of training covering subjects such as contract law, professional standards, marketing, and finance.
-Member National Association of Realtors (NAR)
-Member Williamson County Association of Realtors (WCAR) 2010, 20 years with GNAR.
-Recipient of the Awards of Excellence Designation 22 Years (This designation is awarded to Realtors with sales volume in excess of $1,000,000 annually and a minimum of 5 closed sales per year)
-#2 Producer in Green Hills Market Center in KW Southeast Region 2005.
-#3 Producer in State of TN at the KW Region 2006.
-Awarded #9 Producer in Southeast Region at KW Region 2006.
-Top Group Award in 2007, 2008 & 2009 for McCracken Real Estate Services: Keller Williams Green Hills. Jennifer Bryant Sherry's Expertise
-Combined 33 years of Real Estate Experience.
-A native Nashvillian with excellent geographic knowledge of Davidson and Williamson Counties.
-ABR Designation- Accredited Buyer Representative.
-SFR Designation- Short Sale and Foreclosure Accreditation.
-Member of GNAR, NAR, and TAR.
-#4 Agent in October 2006 for Silver Pointe Properties.
- Recently Completed 19 Hours of Continuing education. Jennifer joined McCracken Real Estate Services in November 2010. Her role is one of administrative support for Jane & Sherry, an extra contact person for clients and transaction parties, director of marketing, and an oversight on the daily operations of McCracken Real Estate Services. ...What You Can Expect From Us
Real Estate professionals dedicated to providing a level of service that is unsurpassed in the Nashville market.
We are offering you, the Buyer, a personal performance guarantee that outlines what You can expect from us.
-We will hold your interest paramount at all times and pledge honesty and truthfulness in all dealings.
-The service you receive will be caring, compassionate and timely. We will listen to your needs and concerns and will treat them as if they were our own.
-We will provide advice and counsel throughout your home buying process
-We will provide you with updates of current market activities that affect your neighborhoods and areas of interest.
-We will answer your phone calls promptly, assist in finding answers to your questions and assist with solutions.
-We will negotiate on your behalf with potential sellers to secure the best price and we will guard and protect all confidentialities.
-We will guide you through the home inspection process. Our relationship with several top notch inspectors ensures great service.
- We will put you in contact with several Home Insurance Agents to get you the best rate possible.
-We will follow through from now until closing and beyond. If there is a problem with any aspect of the transaction, we will do all in our power to assist you in finding a solution.
-You have our word that your real estate experience will be as positive as possible. We will follow up and do all we say we will do, or you can cancel your buyer's agreement—no questions asked! ...Prequalification and Pre-Approval
You’ll need to think about obtaining a loan
How much you will be able to borrow before you start looking at homes (The basis upon which you can determine the feasibility of buying a particular home and will allow us to only show you homes in your price range).
Address this part of the home buying process by getting pre-qualified or pre-approved.
*While these terms sound the same, there are some important differences between them: PREQUALIFICATION
Pre-qualification is a non-binding estimate of your ability to borrow based on informal questions about your income, job stability, credit history and current monthly expenditures.
There are no fees involved to be pre-qualified. Your estimate will not be guaranteed and you are not obligated to choose the services of the lender who pre-qualified you.
Pre-qualification will allow me to tell prospective sellers that your chances of loan approval are good when formal application is made. This will be to your advantage when you enter into negotiations for the home as the seller can be reasonably assured you will qualify.
Your loan is not guaranteed, and your pre-qualification is based on the accuracy of the information you provide to the lender. PRE-APPROVAL
Pre-approval does represent a formal loan commitment.
Pre-approval is available from most lenders and affords the homebuyer the benefit of processing your loan application while shopping for a home.
Choose your lender carefully as this will be a time consuming and documentation intensive process.
It can take seven to ten days to get pre-approved depending on the documentation required for your individual situation.
Most lenders will charge a fee with the understanding that the money will be applied to your closing costs if you are approved. If you choose a different lender for your loan, the fee is non-refundable.
Once the loan is approved the lender will issue a formal credit approval up to a specified dollar amount in writing. With this written approval in hand, your bargaining position will be greatly enhanced when making an offer. ...Choosing Your Lender
Choosing a lender for your mortgage loan can be a stressful experience, so things to keep in mind:
Every lending institution is different.
Some mortgage Brokers have access to a variety of loan programs while mortgage Bankers each have their own, specialty programs that they only do in-house.
Getting the right loan for your home is critical to your long term financial success.
Getting the wrong loan could cost you thousands of dollars. There are numerous factors to consider. ...What To Expect At A Closing Residential real estate closings are handled in several different ways among the various states.
In some states closings occur with the assistance of an attorney who specializes in real estate transactions; escrow companies predominate in others.
In Tennessee, title companies typically handle the process. REPRESENTATION
If a lender is financing the acquisition, the lender will usually have a list of designated attorneys from which the borrower is allowed to select.
Some lenders have only one designated attorney to handle the closings. Regardless of whether a choice is permitted, the attorney represents only the lender.
Because of ethical considerations due to a possible conflict of interest among the various parties to a closing, an attorney representing the lender should not represent any other party to the closing.
If representation is desired by the borrower with respect to the closing or contract of sale, independent counsel should be obtained.
If a lender is not involved in financing the transaction, the purchaser will select an attorney to represent his or her interest. FUNCTIONS
An attorney selected after the signing of the contract of sale to handle the closing customarily will examine the title to the property, prepare the sale and loan closing documents, conduct the closing, arrange for the recording of the closing documents, issue the lender’s and, if desired, owner’s title insurance, and disburse the lender’s and/or purchaser’s funds.
In some states an escrow company conducts a closing from which proceeds are not disbursed until after the closing documents are recorded.
Disbursement of funds at most Tennessee closings occurs immediately after all closing documents are signed and other lender and/or contract conditions aresatisfied.
Therefore, most closing attorneys require a cashier’s check or similar instrument for the purchaser’s net purchase proceeds. CLOSING COSTS
Payment of and limitations on the amount of closing costs are determined by the contract of sale.
If a lender finances the transaction, the purchaser will be responsible for negotiating the precise amount of the closing costs.
Most lenders will be subject to certain federal regulations governing disclosure of a “good faith estimate” of settlement charges to be given to the borrower within three business days following loan
In order to prevent unpleasant surprises at closing, the purchaser should become familiar with and understand the limitations of such an estimate.
If more precise figures are required by a purchaser, it should be requested at the time of loan application since the good faith estimate is the limit of federal
Closing costs are collected at the time of closing, usually by payment of a net purchase figure which includes the purchaser’s equity, the closing costs, and pro-rations and other adjustments.
Payment of discount points by separate check for tax purposes must usually be approved in advance by the lender.
Closing costs and their individual components will vary among lenders and closing attorneys. For example, certain items included in a lump-sum quote by one lender may not be included in another’s quote.
Thus, a purchaser should at least inquire whether the initial quote includes all of those costs which can
reasonably be expected to be paid at closing.
Closing costs do not include escrows for property taxes and
insurance. Furthermore, closing costs quoted by a lender usually do not include the cost of an owner’s title insurance policy. Now More From Jane & Sherry! Sherry Reynolds