Drive Around

v  Does it look like a place you´d like to live?

v  Is it near places you´d rather avoid?

v  What will it look like during commuting time?

v  What´s it like at night?

Quality of Schools

v  What is school performance?

v  Average test scores?

v  College bound percentages?

v  National merit finalists?

v  Spending per students?

v  State ranking?

Education/Income Profile

v  What is the household income?

v  The education level?

v  Occupation?

v  Family type?

Crime Rate

Compare neighborhoods on a per capita basis for crime.

Cultural Amenities

Proximity to the University, galleries, entertainment, theaters, orchestras, etc.  Even if you don´t frequent them, they can help set the tone for an area and increase the resale value.

Property Values

Steady or increasing values generally mean a sound investment.  It is almost always the best to buy the smallest, least expensive home in the best neighborhood you can afford.

Future Growth

If you are not planning on staying in your new home for a number of years, an abundance of new construction being planned could affect you resale.  Equally true, however, is the existence of higher end properties that could increase the value of yours.

Your REALTOR is the best source of information on property and neighborhood information.  There are also numerous Internet sites, such as JohnJHoward.com, JohnJHoward.net, Realtor.com, union-county.org, and others that can assist you in your search.

Home Buying Guidelines

v  If you have to resell soon, don´t buy an unusual house.

v  Even if the quality of the school district doesn´t matter to you now, remember it might someday be important to another buyer.

v  Brand new homes may be lower in maintenance costs, but it can be higher in out of pocket expenses.

v  There are no perfect homes.  Be ready to make compromises and concessions.  Know what is most important to you and be ready to give on those things that aren´t.

v  Location, location, location - some things don´t change.

v  Supply and demand is a critical issue.  Be ready to move quickly when you find what you want.

v  Pay attention to floor plans.  Changing layouts of rooms can be costly.

v  Get preapproved for your mortgage loan prior to making an offer.

v  Be an educated buyer.  Learn as much as you can about the market before you buy.

v  Always make your offer to the seller contingent on a home inspection.  It is money well spent.

v  Compare mortgages - an artificially low interest rate could have enormous hidden costs.

v  When interest rates are low - go for a fixed rate mortgage.

v  Redoing kitchens and baths can be costly - check these out carefully.

v  Imagine a home is vacant.  Do not be swayed by decorating - the furnishings will leave with the seller.

v  Vacant homes appear larger than they are.  It may be a good idea to measure to make sure your furnishings are going to fit.

v  Landscaping is there not just to make the home look good - it can save thousands of dollars over the years in utility bills.

v  Buy the best home you can afford in the best neighborhood you can afford.  You are almost always better off with the least expensive home in the area rather than the most expensive.

v  Pay attention to the original listing date of the properties you look at; sellers tend to be more flexible the longer the home is on the market.

v  Be honest and open with you agent; he or she works for you and can best help you if they have a good understanding of your needs.

v  You´ll know the right home for you when you see it and it will have very little to do with logic - don´t ask us how it works - it just does!

From Offer to Closing

Once your offer has been presented to the seller the negotiating process begins.  There are likely to be numerous counter-offers going back and forth between you and the seller.  There are a few important things to remember:

Your offer is just that - an offer - until it has been accepted and agreed to by both you and the seller.  At any time during the negotiating process another offer could come in and cause you to be in a multiple offer situation ? or worse - lose the house completely.  A wise buyer will try to come to an agreement with the seller in a reasonably short period of time.

Many contracts have stipulations on when the buyer must make his mortgage application.  Please be sure to check your contract and abide by its requirements.

If your contract calls for a home inspection and attorney review, please choose both of these as quickly as possible and let your agent know who they are.  Your service providers have a limited amount of time to protect your interest.

Be sure to comply with all requests of your lender after the mortgage application has been done. Failing to produce the correct documents or information in a timely manner can jeopardize getting your mortgage processed on time.

Generally, the buyer accompanies the home inspector at the inspection.  Please allow at least 2-3 hours for an average inspection.  More time may be necessary for a large home.

Your agent will act as coordinator for all activities from this point and will keep everyone in the loop as far as what is going on.  The lender, home inspector, attorneys (if used), the other REALTOR, the Title Company (or escrow agent) will all be performing necessary duties during this time.

If necessary your agent and your attorney will work together to negotiate any repairs that were noted during the home inspection.  Remember, routine maintenance items are not the type of thing that should be noted and negotiated.

Your walk thru will be scheduled as per your sales contract.  Your agent will schedule this with you, the seller and the listing agent.  It should happen just prior to closing.

If all of this sounds a little overwhelming, don´t worry you´re in good hands.  Our agent has been through this many times and they will be there for you during the entire process.   Relax and enjoy the experience.

It´s Time to Make an Offer

Put yourself in the sellers shoes and imaging how they will react to everything you´re about to put in your offer.

Oral promises are not legally enforceable when it comes to the sale of real estate.  Please be sure you have communicated everything you want in the offer to your agent.

Price
Have your REALTOR do a comparative market analysis for you.  That will show you

the fair market value of the property.  The following factors could affect your offer price:

v  Property condition

v  New home improvements

v  Market conditions (that old supply and demand again)

v  Seller´s motivation

v  Seller concessions -  do you want them to give you a carpet allowance?

v  Asking them to help you with closing costs?  If you are, expect to pay a little more.

Earnest Money

You will be putting up some money to show the seller you are sincere about purchasing his home. Your agent can give you guidelines for how much this should be.

Financing contingency

You will probably need to get a mortgage.  Even if you have been preapproved, the lender will still need time to have the appraisal done, order title, etc.  Your agent can advise you as to how much time you need.

Home Inspection

Don´t skip this, whether it´s because you think you can check out the house yourself or you want to save the money, a professional inspector can save you money in the long run and  it's money well spent in the long run.  But remember, no home is perfect and small maintenance-type things found by the home inspector should not be part of any renegotiations with the seller.  And don´t skip your final walk-through just because you had a home inspection.

Disclosures

Make sure you received all the property seller disclosures.  Federal law requires the seller give you a lead based paint disclosure if the property was built prior to 1978 and most states or local areas require the seller to disclose any material defects of which they have knowledge.  Look over these documents carefully,  your recourse is limited once you sign them by the laws that govern the sales contract.

Multiple Offers

It doesn´t have to be a "hot" market for a seller to have the luxury of choosing between multiple offers on their property. If you find yourself in a multiple offer situation don´t panic and don´t withdraw your offer ? you may be the highest bidder and won´t even know it if you pull out.  Go through at least one round of negotiations before you decide to withdraw.  Have a price in your mind of where you want to go and stay in the game until that price has been reached.  Too many buyers lose the property by pulling out too soon.

Interviewing Agents Checklist

What to look for in an agent

• Someone who is dedicated to their profession

• Someone who takes the time to determine  your needs

• Someone who listens and responds to your requests

• Is familiar with the area in which you have an interest

• Is knowledgeable about the properties in your price range

• Is willing to work with you until your needs are fulfilled

• Professional designation ABR, GRI, CRS

• Strong references from previous buyers

Questions to ask a prospective agent

• How long have you been in real estate?

• Are you a full time agent?

• Are you familiar with this area?

• How many homes did you sell last year?  How many were in this area?

• What was the average price?

• How many buyers are you currently working with? How many sellers?

• Where do you feel your strengths lie?

• Will you handle all aspects of my transaction, or do you have assistants?

• Can you give me the names of three buyers with whom I can check your references?

• Do you have full access to the Multiple Listing Service?

OUR PLEDGE OF PERFORMANCE

Because We are committed to preparing you to be an educated buyer, we will:

v  Give you the most vital information on available homes

v  Keep you aware of changes in the real estate market

v  Arrange a tour of areas, schools and key points of interest

v  Provide neighborhood information on municipal services, schools, churches, etc.

v  Check applicable zoning and building restrictions

v  Disclose all known facts about properties 

v  Collect pertinent data on values, taxes, utility costs, etc.

v  Point out strengths and weaknesses of all properties you choose to view

v  Explain forms, contracts, escrow and settlement procedures

v  Discuss loan qualification and processing

Because we are committed to helping you save time, we will:

v  Provide ready access to all listed properties

v  Assist you as needed on all unlisted properties

v  Help you select for viewing only those homes that fit your needs

v  Show you homes only in the price range most suited to you finances

v  Provide you a list of qualified attorneys, home inspectors or other service providers

v  Arrange for necessary property inspections

Because we are am committed to helping you find the best value, we will:

v  Prepare studies of property values in chosen areas

v  Perform a market analysis on chosen properties

v  Discuss financing alternatives

v  See that you get a complete estimate of all costs involved

v  Advise on offers on properties

v  Write and present your purchase agreement to the seller

v  Negotiate on your behalf

Because we are committed to you - we will do all of this - PLUS:

v  Keep your personal information confidential at all times

v  Stay in touch with you from the day you start your search until the day you move in

v  Coordinate all aspects of the sale and closing

v  Be reimbursed with a commission only when we have successfully closed the transaction

____________________________________________                        __________________________

Agent Signature                                                               Date

Phone 541.663.9000    Fax 541.663.9028          Website www.JohnJHoward.com       

Property Comparison Worksheet

Rank each item 1 through 5

Property Information:

Exterior:

Interior:

Convenience to:

Further Buyer Information

How long have you been looking for a home?                                                                                                                  

How long have you been doing that?                                                                                                                                    

Have any agents shown you homes?                                                                                                                                    

What was your relationship with them?                                                                                                                             

What did you sign with them?                                                                                                                                                 

Did you see anything you liked?                                                                                                                                             

What kept you from buying it?                                                                                                                                               

Describe your ideal home:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

If we weren´t able to find everything in the price range and location you want, what would you consider compromising on?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

Are there some items that are "deal breakers" ? things you won´t compromise on?                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

Tell me a little about your lifestyle, how you entertain:                                                                                                                                                                                                                                                                                                              

Is there anything else I need to know ? any other requirements or needs?