WHO am I and WHY am I here?

Realtor® since 1992

REALTOR®ABR, ASP, E-PRO

Jamie L. WallaceJamie L. Wallace

My name is

Realtor Special Achievement 1994 & 2005

REALTOR® of Year 2006

President NCWAR 2007, Member PATH – Committee of Columbia Valley Housing

Association.

Chairperson for City of Wenatchee Affordable

Housing Task Force

ANNNND...

REALTOR® VS. License AgentREALTOR® VS. License Agent

Code of Ethics

MembershipProfessional DevelopmentResearch, & exchange of information.•National Association of Realtors® - largest professional association in world.•NCWAR®- Douglas, Chelan, & Okanogan Counties.•MLS (Multiple Listing service)to share information.

(link)

OK now, OK now, whichwhich REALTOR REALTOR ®? ®?

Attitude, perspiration and perseverance

They aren’t all the same... They aren’t all the same... Seek an

approachable, knowledgable advocate Know his/her strengths: residential? New construction? First-time homebuyers? Income properties? Foreclosures?

Make sure you have compatible communication styles Full time vs. part time

Professionalism, knowledge and attention to detail Comprehensive knowledge of loan products and requirements

LAW OF LAW OF AGENCY:AGENCY:

Duties of a Licensee –

Exercise reasonable skill & care

Deal honestly and in good faith

Present all written offers, notices and communicationsDisclose all material facts known by licensee not apparent or ascertainable

To account for all monies and property received

To provide a pamphlet on Law of Real Estate Agency – before any agreements, or offers are signed

To disclose in writing to all parties who the licensee represents

Seller’s Agent Seller’s Agent pledges pledges toto......

• Be loyal to the seller by taking no adverse action

• Timely disclose any conflicts of interest

• Advise the seller to seek expert advice

• Not disclose any confidential information, except under subpoena or after termination of the agency agreement

• Make good faith and continuous effort to find a buyer for the property (except when under contract)

Buyer’s Agent Buyer’s Agent pledges to...pledges to...• Be loyal to the buyer by taking no adverse actions

• Disclose any conflicts of interest to the buyer in a timely manner

• Advise the buyer to seek expert advice on matters relating to the transaction

• Not disclose ANY confidential information – even after the agency relationship is terminated

• Make a good faith and continuous effort to find a property for the buyer (except if under contract unless agreed upon)

Other Issues in Agency Other Issues in Agency LawLaw

Duration of Agency – in writing or until transaction or performance is complete Compensation – In any real estate transaction broker can be compensated by the seller, the buyer, a third party or sharing between co-op brokers

Vicarious Liability – principle is not liable for an act, error, or omission by an agent

Give information on new listings and/or market conditions to advise you on negotiating strategies

Provide the buyer with a market analysis on a property

Present written offers to the seller in person

Assist buyer in finding financing and insurance suitable for you

Schedule inspections, inform buyer of all events, deadlines and closing progress

Attend inspections and closing with the buyer

Agent agrees to look for suitable properties not currently on the market.

The agent agrees to research properties in certain market areas suitable to buyers needs.

Things a buyer’s agent may do for Things a buyer’s agent may do for youyou

The Buying The Buying Process:Process:

1. Affordability: location, utilities, maintenance costs.2. Location: Neighbors, proximity, best value in neighborhood?

3. Cost: Is it a fixer-upper or well maintained and updated?

Where to start?Where to start?

Here’s a link to paperwork examples

We are a TEAM! We are a TEAM!

Hot Sheet & automatic searches

Check the interwebs: realtor.com, zillow, etc. – not craigslist!MLS searches: new, expired, withdrawn

Networking with other agents and others

Unrepresented Sellers - FSBO

Newspapers & Magazines – sometimes dated

Looking for a particular community?

Important factors to Important factors to considerconsider

Proximity to your life circle

Remember: you can’t change your neighbors...

Check out the home in morning, afternoon & night.

Get Information on the Neighborhood!Appreciation Rates, Crime, Schools & More...

Do the numbers work? Fixer Asking Price $119,900. Estimate Cost of repairs $18,000. Costs for overages/risk $10,000. Equity Closing Costs/finance $2500. Final Costs $32,500.

Value of comparable repaired homes $129,900.

The actual acquisition price should range

$92,500-$97,500.

Repair should not be more than 20% of purchase price.

Get Smart Get Smart about Real about Real

Estate Estate and Realityand Reality

Return on investments: Time, labor, hard costs

Be realistic –  Talents, concerns, pitfalls, procrastination, opportunities,

real cost, etc.Look beyond cosmetics: good structural condition, location, site, etc.

Obstacles: Can the home be changed to meet your needs, does the neighborhood support values, will there still be function problems?

Purchase and SalePurchase and Sale

The Sword

Tools that you have to assure the seller lives up to the agreements

The Shield

Contingencies that protect you during the

purchase process.

Interest Rates at 3.25%

Home loan $150,000.

Your estimated monthly payments are $652.81 and you will pay $85,011.41 in interest over the life of the loan

Interest Rates at 4.5%

Home loan $150,000.

Your estimated monthly payments are $760.03 and you will pay $123,610.07 in interest over the life of the loan.

Why we say it’s the best time to buy in years:

Interest rates and prices

Any Any questions?questions?

CLICK CLICK HERE!HERE!

Congratulations!Congratulations!And good luck! And good luck!