Mary’s Full Service Approach to Working with Buyers
Whether you're thinking of buying a house for the first time, moving on up or downsizing, there's plenty to think about before you throw yourself out on the open market. Is this the best time? New house or resale? Single-family or Condominium/Townhome? Use an agent or go it alone? What's hot? What's not? What to look for and what to look out for?   It is also important to know that real estate is not national; it’s local. At the end of the day the only market that matters is the neighborhood in the city you are investing/buying in. For instance the media in the first 6 months of 2007 has been painting a dooms day picture for the Bay Area saying sales are off, prices are down and so forth.  In the first 5 months of this year, there has been limited inventory on the Mid-Peninsula causing the number of sales to be lower than the same period last year.   The numbers were off because there have been fewer houses to sell and not because there were no buyers to buy.  Because of this lack of inventory we have experienced since the first of the year multiple offer situations with many properties going substantially over the asking price. To ensure you stay focused on the local real estate market, Mary  has her pulse on the local market and will keep you informed immediately on any changes that will positively or negatively affect your decision to buy. That’s invaluable!   As a real estate expert for the Mid-Peninsula, Mary will guide you through every step of the home buying process with her exceptional market knowledge and brilliant negotiating skills.
How To Begin the Process of Buying a Home?
Start by thinking about your situation.   ·      Why do you want to buy a home?   ·      What is your financial situation? ·      Do you need time to correct any problems with your credit report? ·      How much can you afford in a monthly mortgage payment?    ·      How much space do you need?   ·      What areas of the cities and neighborhoods on the Peninsula do you like?   Your home should fit the way you live with spaces and features that appeal to your lifestyle.  Before you begin looking at homes, make a list of your priorities: ·      What neighborhoods/cities?   ·      Close to local schools, your job, or public transportation?   ·      Single family home or a townhome/condominium? ·      How many bedrooms, baths, etc.?   ·      What type of lot?   ·      What kinds of amenities?   Many new home buyers mistakenly think that they will “just know” when they “walk into the one.” While some buyers DO fall instantly in love with a home, this is not the norm. You'll find your home search is easier, and you will be more confident in your decision, if you take a systematic approach to your search.   Mary recommends that you make two lists: Your “must haves” and your “wants”. ·      Your “must haves” are the absolute necessities: location, school district, 1-story or 2-story, turn-key, fixer, bedrooms, baths, family room, eat-in kitchen, level lot, privacy, etc.   ·      Your “wants” are the qualities you would like but are not a necessity:  hills, flatlands, large lot, style of house, remodeled kitchen and/or baths, fireplace, hardwood flooring, pool, etc. It’s important to develop a realistic approach and stay open-minded because no home is perfect! You may not be able to get everything you seek within your price range. On the other hand, you may find a great deal on a home that is slightly different from what you were looking for. That is why the “must have” list is so important. It will help you stay objective.  By taking the time to articulate what you need and want in your new home, Mary's daily previewing of new listings could potentially save you an enormous amount of time and money after all, time is money!
How To Select The Right Real Estate Agent and When?
Every buyer is different.  Some prefer to work with an agent from the start while others prefer to search for houses using the Internet, newspapers, and Open House signs before selecting an agent.  Either way you want to make sure you have a local real estate agent. Don't wait until you find a house to find an agent. When it’s time, you want an agent who is your advocate and will represent your best interests. In order to do this, they need to listen well, understand your needs and provide you with satisfactory answers to the following questions: ·      How long have you been a Realtor? -    Experience counts when it comes to your representation. ·      What areas do you specialize in? -    Knowledge of your areas of interest and the required disclosures is critical. ·      Are you a full time Realtor? -    Availability is key, you never know when you’re going to find the right house and/or need answers NOW! ·      What days of the week do you take off? What happens when you take vacation? -    Availability is key, as the real estate market never closes. ·      Who are the lenders you would recommend and why? -    Having a relationship with an experienced lender can be crucial to your successful close on a home as well as agent knowledge of loan programs. ·      How will you keep me apprised of properties that fit my specifications? How frequently can I see them? -    Being notified immediately of new listings on the market and being able to get out and see them quickly is important as well as being notified of new listings not yet on the market or upcoming price reductions. ·      Once we find a house, what do you do then? -    Getting and reviewing disclosures, comps for the neighborhood to see if you want to write an offer. ·      How do you advise me when writing an offer? Negotiate counter offers? Multiple offers? Multiple counter offers? Contingencies? -    Experience and reputation plays a large part in this knowledge of neighborhood, houses, inspectors/inspections and all disclosures are of major importance as well as good relationships with other agents in the real estate community. Thousands of dollars and/or better terms may depend on your agents’ ability to present and negotiate offers, counter offers and contingency removals. ·      What happens once we’re in contract? -    An agent has to be a problem solver and very detailed oriented as a myriad of roadblocks may occur preventing you from moving into your new home. ·      What happens once I get the keys?                                                                       All real estate agents are NOT the same, so what makes us different? And why would you hire Mary over the next agent?   Mary is a seasoned agent with over 20 years of experience ...A huge benefit to you, as a buyer, and to all of her clients .  She is a  full time realtor with a vested interest in being your advocate. She prides herself on being available to you when you need her   NOT   when she is available to you.   Along with the deep cutting edge resources within the nations Number 1 broker, Coldwell Banker, Mary is well versed on the Peninsula and has  a strong team of lenders, inspectors, insurance brokers, tax specialists and trades people.   She knows the cities, the neighborhoods, the schools.  She will help you focus your search.  She  knows what to look for in a house.  How to find a lender and financing package appropriate for you.   What to look for in the inspection and environmental reports.   It may seem overwhelming at first but Mary will  guide you through this whole process so when it comes time to make an offer on an house you will be as informed and as confident as possible. This is what she does!  She knows the real estate market and she  knows how to make the real estate market work for you.
She will guide you through the land mines and pitfalls that can occur before you write an offer, during the offer process and during the escrow period. The biggest pitfall can be a communication breakdown during the offer and contingency removal process.   Thousands of dollars may depend on her ability to present and negotiate an offer, counter offers and subsequent contingency removals. The most benefit to you, the buyer, is that you have an advocate on your side, Mary Duvall .   She will explain/discuss all the documentation, the financing, disclosures, deciphering seller disclosures and inspection reports, help you hire the right inspectors. She wants you to know all the physical defects of a property, what it means now and what it might mean in the future also other potential problems, such as traffic, crime rates and declining property values, as well as the seller's motivations for selling. “Thinking strategically is what helps me  negotiate effectively on my clients’ behalf” says Mary.  “Counseling my  clients to make an informed decision about one of the biggest financial investments in their lives is my top priority.”  she  adds: “I like to sit down with my prospective buyers and map out a strategy so I can help them accomplish their goals.  I help them focus on their search and their true needs and wants.” In these fast moving technological times, Mary is constantly in the forefront, upgrading her systems as needed, making sure her  buyers instantly receive all the properties that meet their specifications.  She is  always networking with other real estate agents to see if houses can be seen or offers made before the properties are actually put on the Multiple Listing Service.  Mary's  good relationships with other agents plus her excellent reputation often go a long way in getting her offers accepted. Teamwork is one of her greatest assets and she uses it to her clients’ advantage. Never losing her smile and humor,  offering encouraging words and unwavering support, she is always there to make this sometimes stressful endeavor as pleasant and as upbeat as possible.  Clients appreciate Mary's patience and her ability to really listen to what her clients want.	“Her strategic guidance and market intuition are phenomenal” -Greg J.   “With all that is going on in the Bay Area real estate market and all the horror stories people tell, we are constantly amazed at the good fortune we had to have you as our real estate agents. You listened and understood our needs and what we were attempting to accomplish. Not only did we find the house we loved, but in this incredibly tough market, you secured the home for us with six other competitive offers. Amazing!” -Jenny & Jim M..   “She has a ton of experience in the area; her subsequent relationships proved invaluable as we bought and sold with her.” -Sheila B.   “appreciated your enthusiasm, energy, patience and promptness. You educated me in the technicalities, listening actively and responding with clarity to my questions. Your knowledge of the market, coupled with your talent for communication and negotiation, combines to form a dynamism that achieves great results your knowledge of the day-to-day market scenario was vital” -Jenny H.   “During our three months of house hunting you showed us houses that met our specifications and as we became more finely tuned you were able to adjust. Demonstrating a tremendous ability to match the people to the house and a thorough knowledge of the Mid-Peninsula housing market. With respect to the technical, financial and legal aspects of the actual home purchase, we felt extremely confident with your experience and advice.” -Carol and Mark L.
How Much House Can You Afford?
You need to get pre-approved for a mortgage prior to spending too much time searching for houses. You want to be sure you are looking at houses that fit comfortably within your price range and don’t want to waste your time or your emotions looking at homes you can’t afford.   Mortgage lenders are chiefly concerned with your ability to repay the mortgage. To determine if you qualify for a loan, they will consider your credit history, your monthly gross income and how much cash you'll be able to accumulate for a down payment. Applying for a mortgage is like taking a final exam: You earn a grade. A lot of money rides on the grade you get on your mortgage. If you get an A, the lender will quote you its best rate and terms. An A-minus might cost a little more in rate and fees. B pricier still and C costs even more.   Making your grade Your grade depends on a number of factors, including your: ·      credit score (a number between 350 and 900 that reflects your creditworthiness); ·      debt ratios (percentage of before-tax income that will go toward the mortgage and toward all debts, including mortgage); ·      loan-to-value ratio (the amount borrowed as a percentage of the cost of the home); ·      recent payment history.   Every lender grades a little differently. A lender has a chart, called a matrix, which helps the loan officer determine your grade. Using your credit score as a starting point, the lender assesses your payment history and your ability to repay (by looking at the debt and loan-to-value ratios) to arrive at your grade.   Lenders use different formulas for arriving at debt ratios. Most prefer that you spend no more than 28% of your gross (pretax) monthly income on housing expenses or PITI (principal, interest, taxes and insurance), this is called the front ratio.  Total debt-to-income is the back-end ratio. This shows how much of your gross income would go toward all of your debt obligations, including mortgage, car loans, child support and alimony, credit card bills, student loans and condominium fees. The percentage of total debt-to-income ratio can vary depending on the loan product.   Your down payment determines the loan-to-value ratio. Usually the more money you put down equates to a lower interest rate and lower loan fees.   Recent payment history is the most important factor because it is counted twice. First, your payment history affects your credit score. Second, lenders grade you harshly for late payments on mortgages, credit card and other debt payments in the past two to five years.   It’s crucial you work with a seasoned loan agent who knows financing and completely understands your unique situation. Let Mary  will put you in touch with one of the reputable lenders she trusts to evaluate your buying power.
10 Questions to Ask Your Mortgage Lender
Here are the 10 key questions to ask at application time to help you find the best overall mortgage loan. If you have already selected a lender and are ready to apply, make sure you have the answers to these questions first.   What is the interest rate on this mortgage? How many discount and origination points will I pay? What at the closing costs? When can I lock the interest rate and what will it cost me to do so? Is there a prepayment penalty on this loan? What is the minimum down payment required for this loan? What are the qualifying guidelines for this loan? What documents will I have to provide? How long will it take to process my loan application? What might delay approval of my loan?   Mary can offer further explanations to each of the questions above so you can better understand the importance of each question. If this is something that would be helpful to you, just let her know.
“The Search”
Now that you know how much house you can afford, it’s time to get excited and start seriously searching. While you can do this on your own, an easier and more effective way would be to contact Mary and put her extensive knowledge of the Peninsula, its cities and neighborhoods, to work for you.  She will listen to your requirements, help clarify your priorities and further educate you as to the pluses and minus of the neighborhoods you are considering. Remember, you can always make changes to your house, but you can never change its location. It is the location that is the critical factor in real estate.   An automated search will be created notifying you when properties matching your criteria come on the market. Mary is constantly in touch with a network of top producing agents like herself  oftentimes learning of new listings before they hit the market, and then alerting you immediately.   She previews properties matching your criteria on a daily basis, makes herself   aware of possible price reductions that would then put the particular property within your price point and contact you immediately when a possible property is found.     You will probably start amending your lists of “wants” and “needs” as you start seeing more neighborhoods and houses. Some features will become more important and others less.  Mary will continually point out both positive and negative features of the house, lot, street, neighborhood and city.  She will continue to refine your search criteria to narrow in on the houses and communities that appeal to you. This is a process that could take weeks, months or longer.
How To Make The Market Work For You?
Knowledge of the local market in essential in the house search. Some neighborhoods are much more desirable than one a block or two away.  As you look at houses, you need to have your agent/advocate advised you as to whether a house is under priced, priced at market value or over priced and whether that particular neighborhood is “hot” and requires immediate action if you re interested or if you have time for more thoughtful evaluation.  Each one of these scenarios requires a different offer writing approach.  Mary's up-to-date market knowledge will keep you a step ahead of the “house hunting competition.”. It’s real estate season – or is it?  Is it a seller’s market or a buyer’s market?  Or is it a balanced market? Though it might be a buyer’s market in general on the Peninsula, some neighborhoods may not. Be a contrarian: Don’t buy when most buyers are. Are there windows of time: When is there more leverage for buyers. Tax timing: It can play a role if a seller has to close by Dec. 31st Opportunism: Layoff announcements or a planned corporate headquarters can translate to more inventory and increased seller motivation.  If you have been listening to the media for the first half of 2007, you would think the local market is crashing all around us thereby making it a buyer’s market.  Nothing is further from the truth.  Sales were off because there was very little inventory in the first five months of 2007.  The Mid Peninsula experienced a constant stream of multiple offers with many properties selling substantially over their asking price.  Now that summer is upon us the market has changed again but not in all price ranges and not in all cities or neighborhoods. Home-buying "seasonality" can vary from market to market.  Knowing real estate is not national, it is local, Mary's pulse on her local market week-to-week, month-to-month, season-to-season is an invaluable insight she provides to buyers.  As your advocate, she will continually advise you of the smallest of changes making the current local market work for you.              Call Mary  now!
Now That You Found It
Homebuyers often hesitate after they've found the right home because they're not confident about their decision, or their decision-making process. Your home is probably the largest investment of your life, and it's normal to feel butterflies in your stomach before putting your first home under contract. However, if you do your due diligence - and you have followed the steps above - then you will have your bases covered. If you've found a home that meets all of your "must haves," most of your "wants," is in the right neighborhood and school district, and within your budget - it's the home for you! Make your decision.  Don't wait and let another buyer take YOUR home! Finding your new home is only the beginning of the home buying process.  There are a whole host of complexities that follow:   ·      What to offer, how and why; ·      How do the disclosures and inspections affect the offer; ·      What are the comparable sales for the area; ·      How long has the home been on the market ·      Are there multiple offers; have there been any offers ·      Has the price been reduced ·      What if the appraisal doesn’t match the offer price;      While only you can decide how much you are willing to pay for a property, Mary can gather critical information for you regarding the factors that impact how much you should consider paying for the home. Through an extensive search of comparables sales, you will not only know of the properties which have sold within the last 6 to 12 months, you will also learn of all Pending and Active properties. Staying on top of the market and disseminating important facts and information, Mary actively guides you through all the documentation, disclosures and inspection reports. She wants you to know current market conditions, all the physical defects of a property, any detrimental items going on in the neighborhood, city, county as well as other potential problems, such as traffic, crime rates and declining property values. You need to be well informed and able to make the best decisions possible. Together she will plan a strategy for getting the most advantageous terms for you, at the price you are willing to pay for the property.
What’s an Escrow?
Buying a home involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner.   For the protection of the buyer, seller and lender the escrow process was developed.  The escrow holder is a neutral third party that maintains the escrow and impartially oversees the escrow process, ensuring all conditions of the sale are properly met.   It’s during the escrow process where all parties, including the lender, need to perform. Your agent/advocate needs to stay on top of the process to ensure any roadblocks that arise are handled immediately. Mary will do better than that by keeping her buyers one step ahead by recognizing and handling potential roadblocks before they happen.
What are Closing Costs?
Closing costs or settlement costs are an accumulation of separate charges paid to different entities for the professional services associated with the buying and selling of real estate.   Here are some typical closing costs you, as the buyer, may incur: ·      Loan Fees: In connection with the processing of a new loan, these may include points, origination fee, credit report, appraisal report ·      Title Insurance: Ensures a buyer they have a marketable title, or in the case of a lender to ensure its lien position. ·      Recording Fees: Assessed by a county recorder’s office for recording the documents of a real estate transaction. ·      Escrow Fees: For services rendered in preparing documents necessary in the consummation of a real estate transaction. ·      Additional Settlement: Taxes, insurance, impounds and interest prorations.   You will be given an Estimated Settlement Statement once you’re in escrow. Your agent/advocate should carefully review this statement with you soon after it is received; ensuring all costs and fees are understood and inline with what is known to be customary. Mary DOES!
Congratulations! It’s Closing Day / Moving Day!
Successfully representing you on the purchase of your home is only the beginning. Even after you move in, even after you’ve made one or many mortgage payments, Mary continues to be your advocate. Should any issue or concern arise, Mary will be there for you! Mary looks forward to assisting you, your friends and family with any real estate needs that may arise for years and years to come.