Home Buying Guide

Presented By: LaskeyHomes of RE/MAX Properties, Inc. Home Buying Guide

Presented To

Prepared by: Ben Laskey

Presented On:

LaskeyHomes’ Commitment…

LaskeyHomes exists to provide real estate services to our current and future clients with: excellence, integrity, honesty, and reliability.

As cutting edge, highly educated real estate professionals, we promise to provide our services to you in a way that can only be described as EXCELLENT.

You can expect us to have systems in place and follow those systems, so all will go well in your transaction and interaction with our group.

We work hard at our vision of creating a profitable, successful, integrity filled business, by all group members having a laser focus on the task at hand. We strive to work smart, and recognize your value as our client. We make every effort to serve you in the manner you want to be served and to provide service, above none other.

Our certainty is that by doing these things, you will refer us to your friends and family, who might have a real estate need, either now or in the future. Our Team

LaskeyHomes looks forward to serving you in all of your real estate needs. Tom serves as team leader and listing specialist and brings 13 years of Real Estate experience to the team.

Ben, Tom’s son, works as the buyer specialist. He insures that buyers receive the best Real Estate experience possible.

Both Tom and Ben enjoy family time, hiking, fishing, snow skiing, and golfing. Ben is married to Katlyn, together they have a daughter Paisley. Tom is the proud father of both Ben and his younger Brother Weston, currently a student at UCCS. The Buyer Process

The Buyer Process

LaskeyHomes makes sure that the home buying process flows from beginning to end, as smoothly as possible. We monitor the process the whole way through.

Buyer Consultation

 Working Relationships  Exclusive Buyer Agent Services  Financing Options  Needs/Benefits Analysis  Initial MLS Search Pre-Closing & Closing Finding Your Home

 Home Inspection (paid for by  Review some listings on buyer) line  Negotiation and Resolution of  Drive by some listings to Inspection Repairs determine areas  Appraisal Completed (buyer  Schedule Showings for in cost) for financing contracts Home viewings  Additional deadlines met (home  Rolling “Top 3” - CMA & owner’s insurance, title work, Other Information due diligence, surveys, loan Making an Offer qualification, etc.)  Pre-Closing Final Walk Through  Settlement Statement Review, prior to closing  Comparative Sales Analysis by  Obtain Cashier’s Check/Wire for LaskeyHomes closing.  Draft Sales Contracts  Transfer utilities into your name  Earnest Money Check - Amount per  Attend closing and sign docu- MLS ments.  Offer Presented  Receive Keys and Garage Door  Seller accepts, counters, or rejects Openers for NEW home. the Offer. Buyer can do the same in return. Buyer Consultation Working Relationships

Buyer’s Agent  Works solely for Buyer promoting interests of Buyer with utmost good faith, loyalty, and fidelity.  Negotiates and advocates solely for Buyer.  Must Disclose to Buyer or Seller any adverse facts actually known by Buyer’s agent.  Buyer’s Agency required to solidify relationship.

Transaction Broker  “Referee” the transaction.  Make sure both parties are playing by the rules, but unable to help either side negotiate.  Must Disclose to Buyer or Seller any adverse facts actually known.  Default relationship until Buyer’s Agency is signed.

Customer  Unrepresented party in transaction that has not employed a Broker.

Exclusive Buyer Agent Services

 Arrange for you to meet with a lender.  Recommend quality title companies, home  Help to identify what is important to you in a inspectors, and other specialists needed to home. insure quality of your investment.  Set you up on automated search.  Provide any copies of HOA documents for  Provide a convenient website at no cost. review.  Make appointments to show you homes.  Make sure the title conditions are favorable  Arrange for meetings with custom builders/ for you to purchase the property. spec builders if appropriate.  Negotiate repair items from the inspection  Provide information on the dangers of  Walk through the property shortly before radon, asbestos, lead based paint, and meth. closing to verify repairs and condition of the property.  Attend closing with you to help facilitate your understanding of documents being signed.  Continue to be your real estate source, long after you buy.

If you are interested in purchasing New Construction or a For Sale by Owner...We Can Still Represent You  Provide you with Home Warranty information  Allow us to contact the Seller of the home or the on- -site agent. They generally plan to work with a  Write an offer on the property of your choice, buyer that is represented and will still pay our fee. after researching the value of comparable Just get us the contact information and we will properties, seeking the best possible price make the INITIAL call to them. and terms.  REMEMBER, in New Construction, the on-site agent is SOLELY representing the Seller and is foremost concerned with their best interests.

Financing Options

Getting Pre-Approved

It is extremely important that you connect with a qualified lender. LaskeyHomes is pleased to offer the services of the following lenders, that our clients have worked with in the past.

Kevin Smith Will Michaloski Diane Beaumont (Teller County) HomeBridge Financial V.I.P. Mortgage Benchmark Mortgage (719) 231-3643 (719) 226-9115 (719) 687-2112

Your loan officer will review your goals and finances to determine what you qualify to buy.

The Pre-Approval Process will Help in the Following Ways:

 You will know in advance what your payments will be.  You won’t waste time considering homes you can’t afford.  There are many loan options and programs to choose from. Your lender will be able to explain the alternatives and select the one best suited for you.  Having a pre-approval letter will strengthen your offer.  You will have a good faith estimate of your closing costs, explained in detail.  You will have peace of mind.

If you are going to be receiving “gift” money for your purchase, make the lender aware at your initial meeting, so they can instruct you in how to handle that.

Needs/Benefits Analysis

WANTS/NEEDS BENEFITS

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Initial MLS Search Set Up Finding Your Home and Making an Offer Finding Your Home

Review some listings on line When your search on the MLS is set up, you will receive emails with homes that match the criteria of your search. Some of these you will eliminate immediately based on the information you find on line. Others you may want to investigate further, either by driving by or setting up a showing. CRITERIA for your search can be changed easily, just let your LaskeyHomes representative know what you would like to change.

Drive by some listings to determine areas of Interest As you receive new listings from the MLS you may not be familiar with the area where the home is located. Our suggestion would be to do a “drive-by” of the home and familiarize yourself with the area and then determine if you want to schedule a showing. Schedule Showings for in Home viewings There are some listings that you have either already seen on-line, driven by, or just know that you want to see. Those we can schedule at a time that’s convenient for you. Remember, that sometimes a seller will require notice to show their home, so when possible, plan as far in advance as possible so we are able to accommodate the seller’s request.

Rolling “Top 3” - CMA & Other Information As you view homes, we would encourage you to keep your “top 3” in mind. When we get back to the office after viewing homes, we can then provide you with a CMA (comparative market analysis), similar to what we would do if we were representing a seller and trying to determine price. If there is further information that you would like on the home, let us know and we will do our best to find the information for you. Finding Your Home...Other Helpful WebSites

Online Home Searches Our local MLS can be accessed at www.ppar.com. This site has the most up to date information on homes and their status. LaskeyHomes will also be sending you status updates with new listings and updates on previously sent listings.

Not all online information from real estate sites is accurate. Zillow benefits from having more information available, not more accurate information available. When in doubt, just ask us.

Other Helpful Websites  El Paso County Assessor Tax and Property Information www.land.elpasoco.com/

 Checking Crime Statistics www.shr.elpasoco.com/

 School Ranking, Programs, and Locations www.coloradoschoolgrades.com

 Community and Relocation Information www.coloradospringsrelo.com/cs

 Mining Subsidence http://mining.state.co.us/Programs/Abandoned/MineSubsidence

 Mudslide Areas http://www.americangeosciences.org/sites/default/files/Environment-colorado1.pdf

Finding Your Home...A Tool for You to Use

VoicePad a RE/MAX Properties, Inc. Exclusive Home Shopping Tool

If you have a smart phone, we have a wonderful tool for you to use as you are driving around town and notice homes for sale.

Today, we will help you get your smart-phone set up to use this tool. If you don't have your phone with you, follow the directions below.

Allows you to look at:

Specific homes by address School locations Closest Hospitals and Medical Facilities Nearby Shopping Accessible from any Android or Apple Phone

TO USE VOICE PAD: CALL OR TEXT LASKEY TO (719) 576-5888 Making an Offer

Comparative Sales Analysis by LaskeyHomes You have found the home you want to purchase and it is now time to make an offer. LaskeyHomes will help you strategize on making an offer that best meets your goals. It’s not always about the price, but sometimes about the other terms in the contract. Oftentimes we will ask the listing agent, “are there things that would make our offer more appealing than another offer?” That often can guide our course with you, the buyer, in making a strong offer that gets accepted.

Draft Sales Contracts We will draft all of the contracts for you, with your input. The contracts are either approved and written by attorneys for the Colorado Real Estate Commission, or drawn up by attorneys engaged by RE/MAX Properties, Inc. They are legal documents with legal and potential tax consequences, so you are welcome at any point to run them by your own attorney or accountant.

Earnest Money Check - Amount per MLS In Real Estate contracts there is “consideration” given at the time of the contract to show that a Buyer is earnest in their desire to purchase a particular home. Earnest money is either due at the time of writing the contract, or shortly thereafter, as specified by the contract. The amount is negotiable, however, the listing agent will have indicated an amount the Seller is willing to “accept” as earnest money. The earnest money IS DEPOSITED in a trust account, either with the Listing Broker’s Real Estate Firm, or a Title company. Make sure there are funds to cover that amount. IF YOU ARE RECEIVING A GIFT to COVER YOUR EARNEST MONEY, speak to your lender to document that properly.

Offer Presented LaskeyHomes will present your offer to the Seller’s agent and usually attach a pre-approval letter from your lender. We will be sure to make the best case for the offer and why we think the Seller should accept it. How- ever, ultimately to accept, counter, or reject the offer is the Seller’s decision.

Seller can accept, counter, or reject the Offer. The Buyer can do the same in return with any counter received by the Seller. We will guide you through this and help you negotiate terms that are acceptable to you. We may also ask you in situations where you are either competing with other offers or where there is a stalemate to consider what your “NO REGRETS OFFER” might be. This is an offer that you put forth that you are happy with, if it is accepted, but are also o.k. with it if the Seller rejects the no regrets offer. You Are Under Contract.. Now What? Pre-Closing & Closing

Home Inspection (paid for by buyer) Home inspections are a routine part of nearly every resi- dential purchase, whether a resale or a new-construction home.

It’s important to make sure you know exactly what you’re buying. A thorough home inspection greatly reduces the possibility of unpleasant surprises later. Having the property inspected is the buyer’s right and responsibility. The cost varies depending on the size and features of the property.

The inspection period can also include any other inspections deemed necessary by you or the general home inspector (i.e. structural engineer, roof inspection, etc.)

RE/MAX Properties, Inc. recommends the following minimum standards when choosing an inspector:

 Membership in ASHI (American Society of Home Inspectors) and ad- herence to its Standards of Practice and Code of Ethics

 Errors & Omissions Insurance

 Written Report at Time of Inspection

Suggested Home Inspectors:

Joe Loyd – Sharpsight Home Inspections (719) 323-3895

Peter Robberson – Welcome Home Inspections (719) 622-8808

Joel Fraser – Pillar to Post Home Inspections (970) 306-1972

Pre-Closing & Closing

Negotiation and Resolution of Inspection Repairs Once the Inspection is completed and we have received the written report, together we will evaluate it and determine which items you might want to ask to have repaired. Remember, we are looking for non-cosmetic items and items that are not related to just routine homeowner maintenance, as pointed out on the inspection report.

We will then put together the Inspection Objection and the Seller will either accept, counter, or reject the list of repairs with an Inspection Resolution.

Appraisal Completed (Buyer Cost) During the time between mutual execution of the contract (MEC) and the appraisal deadline, your lender will or- der the appraisal for the home. Once received back from the appraiser, your lender will then let us know the appraised value and if there are any conditions on the appraisal (additional repairs, etc.) If the appraised value is lower than the contract price we will provide you with the options that you can exercise at that point.

Additional Deadlines (home owner’s insurance, title work, due diligence, surveys, loan qualification, etc.) As we are working our way toward closing, there are several other deadlines, as described in Sec 3 of the contract to purchase. We will be keeping you aware of those and making sure that we meet those deadlines, or if necessary, ask for an extension on a deadline. Both the seller and buyer have deadlines to meet in the contract.

Pre-Closing Final Walk Through Shortly before closing day, we will conduct a final walk through with you, of the home. This is to determine if the repairs have been made, as well as if the property is in the same or better shape as it was when you first viewed the property, excluding normal wear and tear.

Settlement Statement Review, prior to closing Obtain Cashier’s Check/Wire for closing Prior to closing your lender and/or the title company will send us the settlement statement that you will be sign- ing at the closing table. Either your lender or we will review the statement for accuracy and to make sure it fol- lows the terms of the contract. If you have to bring money to closing, there will be an amount on this statement and you will need to either wire the funds or obtain a cashier’s check for closing, made out to the title company. Pre-Closing & Closing

Transfer Utilities into Your Name Prior to closing you will want to contact the utility companies to arrange for utilities to be transferred to your name. We will provide you with the information on who to contact, if you don’t already have that information

Attend Closing and Sign Documents The time has arrived to finalize the purchase of your home. We will attend closing at the title company, named in the contract. You will have both loan documents and real estate documents to sign. Most of these you will have seen prior to closing. You will need to have a driver’s license or other picture i.d. with you (passport, mili- tary i.d.) so the closer can notarize the documents needing notarized.

Receive Keys and Garage Door Openers for NEW Home Once the closing has been completed and funds have disbursed to the various parties you will receive the keys to your home, as well as any garage door openers. CONGRATULATIONS -- you have completed the journey. Of course, if there are friends or family that we can assist through this or the selling process, we would be honored if you would share their names with us and ours with them.

Complete an Online Zillow/Google Review The last thing we would ask you to do is to complete an online Zillow/Google review of our services. We truly appreciate receiving 5 stars. We will send you an email on how to do that.

Tom and Ben Laskey RE/MAX Properties, Inc. 2630 Tenderfoot Hill Street, Suite 100 Colorado Springs, Colorado 80906

(719) 576-5000 ~ Office (719) 648-9634 ~ Tom (719) 301-8255 ~ Ben

[email protected] www.LaskeyHomes.com