HOME BUYING GUIDE
Elena Gorbounova LLM, BROKER Associate/REALTOR® MCNE, GRI, CELA, CBDA
(703) 625-7888 ElenaYSC@gmail.com www.YourSkylineConnection.com https://linktr.ee/elenagorbounova
The Real Estate Leader RE/MAX sells more real estate than any other brand in the world
The number one RE/MAX brokerage on the east coast
RE/MAX is the number one brand in real estate
ELENA GORBOUNOVA
Elena’s Story With nearly two decades of unwavering commitment in the real estate arena, I proudly wear the badge of your trusted real estate advisor, consistently rated with glowing 5-star reviews. But here’s the twist: I’m not just about property deals; I’m also a fitness enthusiast who hits the gym daily, ensuring that my real estate game is as sharp as my personal health. My roots trace back to Russia, and my global upbringing adds a unique twist to the Northern Virginia real estate market. As a former Senior Professor with an 18-year tenure at a prestigious Russian University, my passport has seen stamps from Europe, Asia, and Africa, enriching my understanding of diverse cultures and traditions—a priceless asset in today’s global real estate landscape. My journey further includes diving into the depths of United States asylum and refugee policy, achieved through a Masters in Legal Law at American University’s Washington College of Law. This legal foundation adds a profound layer to my expertise, ensuring I navigate real estate law seamlessly in diverse contexts. When it comes to guiding clients, I don’t just bring energy and enthusiasm to the table; I come armed with unyielding persistence and unwavering determination. As a results-driven professional, I seamlessly blend aggressive strategies, profound real estate knowledge, and exceptional negotiation skills to guarantee each client’s satisfaction. But here’s the kicker: I’m not here for a mere transaction. My mission is to become your steadfast real estate ally for years to come. Your success, whether it’s a purchase, sale, or investment, is my top priority. So, let’s embark on this exhilarating real estate journey together, where the fusion of my passion for fitness and real estate makes your dreams a vivid and accomplished reality. “Therefore, you can count on me to be your true real estate professional and I promise to be there for you whenever you need me.”
Total Transactions: 899 Total Career Volume: $143,183,000+ Year Licensed: 2005 Ranked TOP 1% of Real Estate Agents / Brokers throughout the Nation RE/MAX Chairman Club / Platinum Club / Lifetime NVAR Top Producer 4
LLM (Legal Law in Masters), MCNE (Master Certified Negotiation Expert), GRI (Graduate, Realtor Institute), CELA (Certified Expert Listing Agent, CBDA (Certified Business Development Agent)
ELLEN ING
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Testimonials Elena had our property under contract just days after being listed. You definitely want Elena on your side when selling or buying a property. Elena is enthusiastic, energetic, relentless, thorough, professional, and honest. She can spot potential issues before they become a problem and work out ways to overcome them. If a problem does develop from an outside source, she is there to fight in your corner and back you up 100%. For Elena, it’s all about her client. She wants - and will do - the best because she really cares. Elena is all that and so much more. We highly recommend her to represent anyone who wants to sell or buy a property. Without a doubt, she is the best out there.” Jeannine & Mitchel Hirschklau, Falls Church, VA 22041 We are immensely grateful to have crossed paths with Elena. She is absolutely the BEST. There is a long list of qualities that make Elena 110% effective. From a deep knowledge of the market to the impeccable way in which she carries negotiations. With her by our side, we knew from the get-go we could only obtain the best possible outcome. From the moment we met she demonstrated not only to be the best in her field but also a wonderful person. It has been a pleasure to get to work with her.” Adriana & Alex Courembis, Alexandria, VA 22302 What a blessing it was for me to select Elena Gorbounova at ‘YourSkylineConnection’ w/ RE/MAX Allegiance as my real estate agent to help me purchase my new home. Elena was tireless in her pursuit for the best deal for me, including seeking the buyer dollars and incentives that I was not aware of asking about, nor knew how to pursue. That alone was worth her engagement. Then add on her daily check-ins throughout the buying process timeline to make sure I was prepared and attentive to the multiple deadlines and “need to do’s” to get the best experience possible, and it was just overall amazing servicing by Elena and her team.” Craig Silverio, Wolfhound Sq, Ashburn, VA 20147 Elena is simply the best at what she does. She has a wealth of knowledge and more importantly the expertise necessary to get the best result for her buyers AND sellers. She works very hard and invests an exceptional amount of time in her work. Even though she is very busy, she is still very down to earth and gets to know her clients and their personal desires. She handles tough situations with strength and has an innate sense of the market. Just fabulous!” Ana Sami, Alexandria, VA 22302 Elena Gorbounova exhibits exceptional negotiation skills, seamlessly balancing assertiveness with a keen understanding of market dynamics. Her strategic approach ensured a favorable outcome for us, getting the higher than the listed price and closing the transaction within 2 weeks. That’s what you get when you hire the services of Elena!” Susanne Registein, Alexandria, VA 22302 Elena managed the sale of my condominium perfectly. She understands the local market based on long experience, research, and analysis. Her grasp of the situation enabled her to advise wisely on the appropriate level of renovations. She is also driven in the best sense of the term; she wanted to bring my property to market, extensively renovated, as quickly
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as possible, and she managed the process so that, from “coming soon” announcement to ratified sales contract, was compressed into a remarkably short period of time. Her pricing skills are also unmatched. She accurately assessed the market value of the property. The listing price immediately drew legitimate offers, and the sale price ended up significantly exceeding the listing price. Elena managed this crucial segment of the process with great skill. She has absolute integrity, and she always does exactly what she says she will do exactly when she says she will do it. I also greatly appreciated the way she responded immediately and directly to the relatively few questions I asked during the process, and she took it upon herself to keep me fully informed every step of the way. I can’t imagine finding a more hard-working, effective professional than Elena. Her record speaks for itself, but I want to recommend her without any hesitation or reservation. She’s simply the best.” Phil Cohen, Falls Church, VA 22041 Elena is a PROFESSIONAL. She helped me find my first home and now she has assisted me to rent a condominium which, rented in NO time. The professional pictures and attention to detail made the entire thing a very pleasant experience. I HIGHLY recommend the services of Elena to anyone looking to buy or rent a property!!” Mauricio Reyes, Arlington, VA 22204 Elena was an excellent Realtor. I have known her for many years. The reason I decided to work with her was simple. She takes care of her client. When I purchased my first property here in VA she was representing the seller who I was buying from. She went above and beyond for her client which I was really impressed with. So when I decided to purchase my next property I went with her to represent me. She did an amazing job every week we met to find a home with everything I needed and desired. She stayed on top of it and made it happen. She was in my corner negotiating for me every step of the way. I will continue to work with her while I’m in the DMV area. Not only is she a great Realtor, but a great person who cares.” Jason Henderson, Annandale, VA 22003 As first-time home buyers there was a lot that we didn’t know. Elena was able to educate us and walk us through the entire home buying process. She made sure we knew the ins and outs and made us aware of any red flags she saw that we weren’t experienced enough to pick up by ourselves. She helped us put together a winning offer and also was able to negotiate things with the seller that we thought were impossible in the current market including seller closing cost assistance and seller concessions for repairs. With Elena’s guidance we were able to close on our beautiful home quickly and we could not be happier. When it comes to real estate agents Elena is the real deal, she was so amazing to work with and I would highly recommend working with her if you have the opportunity.” Stefan DeAlmeida, Alexandria, VA 22315
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Testimonials “Elena, your dedication and skill has pulled off a miracle and is testament to your business acumen and tenacity you brought to bear in selling my property. So, I would like to express to your future clients that when people search for someone to help them in buying or selling a home, often they overlook the business acumen and industry contacts a particular Agent/broker may bring to the table. In my case, I knew and respected Elena for these attributes and it paid off handsomely as she sold my Townhome way above asking price in just a single day. But it was not over then as the buyer was forced to withdraw their offer. And quickly as that occurred, Elena relisted my home and in just 12 hours had gained another offer equal in every respect to the first including the exact same price! So, it’s not luck, it’s skill! Elena’s selling process is thorough from start to finish. Her advice and mentoring on how best to prepare for showings is followed up with solid negotiation skills and then reviewing all of the contract T&C’s. She is with you every step of the way right up until closing as she sits next to you while signing. So, when buying or selling a home, having the Best Agent/Broker on your side is a must. Choose Elena, and you can’t go wrong!” Rob Batten, Alexandria, VA 22311 ELENA G. IS SIMPLY THE BEST OF THE BEST! I’ve been involved in twenty residential and commercial purchases and sales in my life in three states. I just completed both a residential sale and purchase using Elena’s expertise. She is simply the best of the best. Elena not only kept an active eye out for my wanted floor plan to come up (with regular updates) but shared my excitement in finding just what I’d been waiting for. She guided me through the bidding process with remarkable success and then used those same skills to sell my own condo at a price I had no reason to expect. Her legal background and her designation as a Master Certified Negotiation Expert were strongly evident. Elena buffered any stress for me despite all the details involved with both selling and moving within a three-week period. I was in contract the day we made my offer and sold my condo within 5 minutes of the open house ending. Elena’s insistence on staging was spot on. Additionally, I was impressed by her demeanor with all other players involved with the buying and selling process. She was both driven and pleasant-a very welcome feat these days. Her strong character was evident in how she conducted herself. Not only have I found a Realtor for future transactions, but feel I’ve found a friend. Who would have expected a buy and sell to go so smoothly and happily?! This is the Realtor you want!” Janice McLean, Alexandria, VA 22302 The Universe could not have aligned me with a better realtor! Elena G. got me from an offer to closing in three weeks. From our very first interaction, she was punctual, professional, and straightforward. As busy as she is, I felt like her only client. I appreciated that she responds to calls, texts, or emails within 24 hours or less. I also appreciated that Elena explained everything that I needed to know about this purchase and our partnership to get to closing. I look forward to continued partnership with Elena, she is a Powerhouse Realtor/Broker who definitely gets Results!! Thank you! Thank you! Thank you! I can’t wait to move into my new home!!!” Sherlene Parsons, Falls Church, VA 22041
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Unique Services for Buyers
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I only work with a small number of great clients at once to ensure a personal touch
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I preview properties weekly on your behalf
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I contact producing for their “coming soon” listings getting you early notice
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I contact the agents in my office for their “coming soon” listings
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I contact agents in other companies for their “coming soon” listings
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I monitor local “coming soon” Realtor Facebook groups
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I will negotiate aggressively on your behalf
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I will work with your lender and our affiliates to ensure a smooth transaction and closing
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I will follow-up with you after the sale
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My response to your questions is guaranteed with a Communication Guarantee
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RE/MAX ALLEGIANCE
Why RE/MAX Allegiance • Number One Selling RE/MAX Brokerage on the East Coast • The Most RE/MAX Offices on the East Coast • Top Producing Professionals • Over 7,000 families served in 2022 • Innovative Technology & Marketing • Community-Minded Culture
The Real Estate Professionals RE/MAX Allegiance was formed in 2003 with the merger of three RE/MAX brokerages, some of which date back to 1978. For 40 years since, we and our Associates have helped hundreds of thousands of families buy, sell and invest in real estate. Today, RE/MAX Allegiance is recognized as the largest RE/MAX brokerage on the east coast and one of the most productive real estate companies in the United States. We are a full service brokerage specializing in residential sales, commercial sales, leasing and new development projects in the most desirable neighborhoods in Washington, D.C., Northern Virginia and Hampton Roads. Our team of top producing real estate professionals has access to innovative technology and marketing that allows them to achieve exceptional results on each client’s behalf. The experience of our real estate professionals and deep knowledge of the market allow us to deliver the best service throughout all stages of the transaction, ensuring the highest level of client satisfaction.
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Greater Washington
12 CONVENIENT LOCATIONS
Hampton Roads 13
RE/MAX ALLEGIANCE
Representation and Relationships Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written seller agency agreement is required which sets forth the duties and obligations of the broker and the seller.
Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction-broker. Real Estate License Law Requires That Working Relationships Be Defined and Disclosed
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CONGRATULATIONS on your decision to purchase a home
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The Home Buying Process 1.
Get Pre-Approved
2. View Homes 3. Select Your Forever Home 4. Write An Offer & Submit Earnest Money 5. Negotiate Counteroffers 6. Title Search & Commitment 7. Obtain A Home Inspection 8. Negotiate Repairs With Seller 9. Complete Loan Process And Order Appraisal 10. Loan Package Submitted To Underwriting 11. Loan Approval 12. Settlement Statement Received 13. Final Walk Through 14. Closing 15. Move In 16. Make It H me
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THE HOME BUYING PROCESS
Get Pre-Approved Meet With a Lender to Get Pre-Approved It’s vital that you work with a local mortgage lender or loan officer. Each state has their own rules and guidelines for processing and closing loans. To avoid painful delays and the possibility of losing out on a home you love, choose a local lender. I am pleased to offer the services of lenders right here at our office. Your loan officer will review your goals and finances to determine what you qualify to buy.
The pre-approval process will help you in the following ways: • You will know in advance what your payments will be. • You won’t waste time considering homes you cannot afford. • There are many loan options and programs to choose from in today’s market. Your lender will explain the alternatives to help you select the one best suited for you. • Sellers do not accept offers without a pre-approval letter attached. • You’ll have an estimate of your closing costs and we will explain them to you in detail. • You’ll have peace of mind.
Best Piece of Advice: Take the pre-approval one step further and get a full loan approval. This is the best approach.
Your Mortgage Pre-Approval Checklist Copies of Your ID Copies of Your Social Security Card Pay Stubs Tax Returns and W-2s or 1099s Bank Statements Retirement Account Statements 18
Investment Account Statements Proof of Rent Payment and/or a Reference from Your Landlord Mortgage Statements* Property Tax Bills* *If you currently have a mortgage
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THE HOME BUYING PROCESS
How to Stay Approved DO’s During the Loan Process: • DO stay current on your payments. Even if you are selling your current home, make sure you’re still paying your mortgage on time; one late notice may cost you. The same goes for car payments, credit cards, student loans, and any other debt. • DO continue to use your credit as normal. Changing your pattern may raise a red flag, causing your credit score to go down. When in doubt, ask your mortgage broker for guidance. • DO keep copies of all important financial documents: check stubs, W-2’s, tax returns, bank and investment account statements, rental agreements, etc. If asked to provide any of this info, you’ll be ready! • DO respond promptly and provide your lender the documents they need to process your loan.
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THE HOME BUYING PROCESS
DON’Ts During the Loan Process: • DON’T close credit card accounts. Keeping accounts open after you have paid them off lowers your debtcredit ratio. If you close a credit card account, it may appear that your debt ratio has gone up. Your lender can advise you on this. • DON’T apply for new credit or give your personal information to anyone else who might run your credit report. Multiple credit inquiries may hurt your score. • DON’T make career moves. Your mortgage lender must verify your employment, so it’s crucial to maintain your employment status. • DON’T make large deposits into your bank account unless 100% necessary. If you must, save the documentation showing where the funds came from. • DON’T make any major purchases such as a new car, boat, furniture or appliances until after your loan has closed. • DON’T file for bankruptcy or divorce.
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THE HOME BUYING PROCESS
Home Warranties Home Warranty - Added Protection A home warranty can give you peace of mind when buying a previously owned home. It is possible to negotiate for a warranty when you make an offer on a home (unless you are in a fierce competition) or you can purchase a basic for yourself for approximately $400. Some components require an additional insurance rider. Here are some examples of what could be covered:
Systems Covered: • Appliances • Electrical • Roof Leaks • Gas Fireplace • Hottub • Septic Tank • Well Pump • Heating System • Ductwork • Plumbing System • Water Heater • Sump Pump • Exhaust Fans • Central A/C
Home Warranty: • Protect yourself against costly repairs and breakdowns due to normal wear and tear. • Peace of Mind. You can relax, knowing when a covered item breaks down help is just a phone call away. • Renewable and Transferable. The protection plan can be renewed and it stays with the property. • Protect Your Wallet. For a small service fee, you will receive up to 14 months of protection from sudden, unexpected failures of your mechanical systems • Access. You have access to the best contractors available, 24 hours a day, 365 days a year. • Homeowners’ Insurance. You may not know it, but your homeowners’ policy does not cover your mechanical systems and appliances. Home warranties supplement your insurance in this way.
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THE HOME BUYING PROCESS
Home Search Process I will: • Discuss the benefits and drawbacks of each home in relation to your specific needs and the value in the market • Keep you informed as the market changes. Communicate with your lender • Check with fellow brokers and in the MLS database for new listings that meet your criteria • Keep you up-to-date on changing financial conditions that may affect the housing market • Be available to answer your questions • Discuss market trends and values relative to properties that may be of interest to you. Show you new construction homes as well as pre-owned homes if you desire As a licensed Realtor, I can show you any property that is made available for sale with a cooperation agreement. If you should see an ad in the newspaper, a sign in a yard, a listing on Zillow or any other website or hear of a possible property from a co-worker, call me and I will get all the information possible for you. If you want to view the home, I’d be happy to show it to you!
When it’s time to write the offer, I will: • Contact the listing agent to see if there are any other offers or circumstances to be aware of • Research comparable sales
You will: • Get an updated pre-approval letter • Have funds available to write a check for earnest money
You may want to: • Drive the neighborhood • Check out local amenities
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THE HOME BUYING PROCESS
Viewing Homes After our initial consultation I will have a good idea of what your wants, needs, price range, and desired locations are. I will create a custom search for you that will update you automatically via email when any home meeting your criteria comes on the market or has a price change. Next, we will schedule appointments to view the homes that are best for you. Whenever possible, I will make sure that you have a copy of the MLS information, flyer or other marketing material on the home. Most often, the homeowner will be absent during showings, but should they be present, we will proceed politely and not engage in negotiations with the home owner. It is possible that there will be other buyers waiting to see the same home. We will wait patiently in line and I encourage you to keep your interest and motivation to yourself. When a home appeals to you we will have a detailed discussion and I will take notes of things that will be relevant to writing a strong offer. I will point out any damage or repair items that may cause an issue. Don’t be surprised if the first home you see is the perfect one for you, and don’t be discouraged if none of those you visit the first day are what you want. I am committed to finding the house that you will call home, and I will work diligently until you find it. Usually, we will be able to find the home of your dreams rather quickly from a selection of homes that best fit the desires you expressed. The limits of seeing homes are: • Lock box hours
• Seller availability
• Builder hours
• Hours of notice and availability
• Coordinating schedules
• And sometimes tenants
Pets are not allowed to attend showings.
For Sale By Owner Home Search Can you represent me in a For Sale By Owner situation? A homeowner trying to sell their home on their own is usually doing so in the hope of saving some money by not paying a listing commission. Like any other transaction I can help you: • negotiate the terms of an offer • order a title commitment
• arrange for inspection(s) and negotiate repairs
• obtain all HOA covenants, meeting minutes and financials
• coordinate closing
• review settlement statement
In most cases, a homeowner selling their home without the help of a listing agent will work with a buyers agent if the agent brings them a buyer. If you should see a home “For Sale By Owner” and want the advantages of my services, please allow me to contact the homeowner and set the showing appointment.
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THE HOME BUYING PROCESS
New Construction Home Search Why Should I Use an Agent To Purchase a Home from a Builder? The advantages of having me help you purchase a new home are the same as those for purchasing a resale home. I can provide you with valuable insight into the new construction industry, help you find the right home and the right home builder, and negotiate the details based on the quality and amenities of the property and availability in the market. The builder has a professional real estate representative who watches out for his or her best interests, and you need and deserve the same expert representation watching out for yours. Buying a new home is a little more difficult and timeconsuming than buying a resale home. I can guide you through this process. Having spent years working with builders, RE/MAX Allegiance has a rapport with local builders. It is very important that your interests be professionally represented when you are entering into a contract for a semi-custom or a build-to-suit home. These transactions are complex and the contract details must be exactly in order to protect you and to ensure that you get exactly the home you want!
Make sure the builder knows you’re working with a real estate professional. Many builders will require that you give up your right to representation if you visit their model homes without an agent on the first visit. Therefore, please call me if you would like to look at some model homes, so you are given the representation you deserve! The builder will pay the buyer’s agent’s fee just like the seller pays in other real estate transactions. If you happen to be out driving and see a model home that you want to check out, give them a copy of my business card and fill out their “registration” form with your name and mine. Call me right away and tell me if their homes interest you so we can discuss the benefits of that particular builder and community. 28
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Write an Offer Once you find a home you’re interested in purchasing, it is time to write the offer.
You will… • Get a current letter of pre-approval from your lender • Have funds available to write a check for earnest money • Check out crime and school statistics online • Drive around the neighborhood and parks to get a feel for the area • Visit the local grocery store • Check out and enjoy the local amenities
I will… • Call the listing agent • Pull comparable sales • Write the offer • Negotiate the price • Collect your earnest money • Handle any contingencies
Negotiating • I will represent you to the sellers’ agent. Do not contact the seller directly • How aggressive the offer should be depends on the supply and demand in the market. We will discuss the best offer for the property you find • The details of what price to offer, whether to ask the seller to pay closing costs and how much, whether to ask for a home warranty, any other date considerations, contingencies or inclusions, we will discuss at the time of the offer to get you the best deal possible
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THE HOME BUYING PROCESS
After Your Offer is Accepted The following is an example of a four week closing timeline after acceptance of your offer. Your lender will let us know what is the right amount of time for closing.
First Week • Earnest-money check is deposited • Submit loan application • Arrange for property inspections
Second Week • Attend property inspections • Make repair requests to seller • Confirm that all information requested by the mortgage company has been submitted • Review title commitment • Review any home owners association documents
Third Week • Confirm that repairs have been completed • Promptly deliver any additional information your lender requests • Appraisal is complete (could be in week 4) • Arrange for mover
Fourth Week • Walk through home to verify completed repairs • Contact title company for wiring instructions • Arrange for settlement and signing of papers • Arrange for transfer of utilities 32
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THE HOME BUYING PROCESS
Home Inspection Home Inspections and Why You Should Obtain One Home inspections are a routine part of nearly every residential 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. RE/MAX Allegiance recommends the following minimum standards when choosing an inspector: • Membership in ASHI (American Society of Home Inspectors) and adherence to its Standards of Practice and Code of Ethics • Errors & Omissions Insurance • Written report at the time of inspection
Your inspection report should include a walk through of the following: • Foundations, basements and structures • Basement floor and walls, proper drainage and ventilation, evidence of water seepage • Exterior siding, windows, and doors • Porches, patios, decks and balconies
capacity, and distribution • Interior walls, ceilings, floors, windows, and doors • Stairways, cabinets, and countertops. • Attic, including structure, insulation, and ventilation
• Roof type, material and condition, including gutters and downspouts.
• Fireplace - chimney, damper, and masonry, and all functionality and components of a gas insert
• Interior plumbing system
• Garage - doors, walls, floor, opener
• Hot-and-cold water system, the waste system and sewage disposal, water pressure and flow, and hotwater equipment
• Built-in appliances; dishwasher, range, microwave, refrigerator and washer and dryer, if included
• Electrical system including type of service, number of circuits, type of protection, outlet grounding and the load balance • Central heating system - energy source, type of cooling equipment,
• Ground slope away from foundation, condition of walks, steps, and driveway • Radon levels (if you choose to pay the additional cost for the test)
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THE HOME BUYING PROCESS
Your home inspector may recommend a more detailed examination of the roof, furnace or foundation, by a licensed contractor. You might question the necessity of an inspection on a newly built home. However, realize that even though city inspectors have passed certain phases of the construction process according to building code and the home has received a certificate of occupancy, there could be numerous small items that you’ll discover later that you wish someone had pointed out to you. There is also the possibility that the city inspector missed something.
Inspections for Different Circumstances Standard Home Inspection
$200-$600
Additionally: • Possibly hire a structural engineer $400 • Consider a radon test
$100-$400
• Well Inspection
$300 per hour
- Radon Mitigation Radon is a common, naturally occurring gas that comes up out of soil as radium decays and can condense in a house. The EPA has deemed radon as hazardous to lung health. A radon mitigation system costs between $1000 - $1600, depending on the size and nature of the foundation.
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THE HOME BUYING PROCESS
Title Insurance What Is Title Insurance? A Title Insurance Policy is a guarantee by a title company that a thorough investigation of the title to the property has been conducted and that you have been notified of any outstanding claims to the property. The title insurance company reports any defects in the title in the form of a Title Commitment so that these matters can be corrected. It is important that you know of all claims on the property and have them resolved and declared removed prior to you taking title to the property. The Title Commitment will carefully detail what items of encumbrance are not covered by the policy. You can either get these items resolved or bow out of the transaction. Title insurance covers matters that occurred before the policy’s effective date but were discovered later. Your policy will detail what is covered, what is not covered, and the effective date. Title insurance is issued by the title company when they are certain the property is free from all liens, encumbrances, interests, etc., and the insurance guarantees such. This is so the title can be legally transferred to the buyer to be used as security for the lender’s funds. This is why title insurance is required by the lender. Your lender has an interest in knowing that you and the lender are the only parties with claims to the property. The title insurance company thoroughly searches the public records to uncover any unpaid taxes, mortgages, judgments against previous owners, easements, and other court actions or recorded documents that can affect title to the real estate. The insurance also provides protection against any defect in the public record such as forgery, similar names, error in the records, etc., and protest against any undiscovered or unrecorded claims that may arise in the future. When title insurance is issued, the title-insurance company accepts the responsibility for any and all claims on the property prior to your purchase if they do not find the claim or call it to your attention prior to your purchase of the property. That responsibility includes defending your title in court, if necessary (at their expense), or bearing the cost of settling the claim (if it proves valid) in order to perfect your title and keep you in possession of your property. Unlike other forms of insurance, the original premium is your only cost as long as you or your heirs own the property. There are no annual payments required to keep your Owner’s Title Policy in force. Title insurance protects you twice—it notifies you of claims against the property and insures you against any future claims on hidden items.
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Why Title Insurance Is So Important! To understand why a title search is so important, you must understand the nature of real estate. Real estate has always been considered a person’s most valuable possession. It is such a basic form of wealth that many special laws have been enacted to protect ownership of land and the buildings that stand on the land. The owner who is selling the property has extremely strong rights, as do his/her family and heirs. Also, there may be others who have “rights” in the property you are going to buy. These may be governmental bodies, contractors, or any other individuals who have perfectly proper unpaid claims against the property. Unscrupulous owners may have taken out a second mortgage on the home prior to closing. Anyone who has such a claim in the property you are buying is, in a sense, a partowner. The property may be sold to you without the knowledge of other parties who have claims against the property. Without a title check conducted by the title-insurance company, you know nothing about such claims at the time you buy. All such claims remain attached to the real estate you are purchasing and not to the previous owners. The title company will notify you of all liens, encumbrances, and interests in the property so that these can be resolved by the current owners prior to the sale. Proof of a “good” title—a title free of any liens, encumbrances, or interests—is important because otherwise you are liable for the claims. Title-insurance policies are standard. Owner’s policies usually do not cover one or more of the following matters (often referred to as “Standard Exceptions”), unless an additional premium is paid and/or extra investigative work or a survey is done and the necessary evidence is furnished to the title company. When the evidence is furnished and the insurance coverage is given, this is frequently referred to as “Extended Coverage.” The Standard Exceptions are: • Claims of people who turn out to be living in the house (such as prior owner’s tenants or someone living without your knowledge on your property) if their presence there isn’t a matter of public record. • Boundary-line disputes. • Easements or claims of easements not shown by public records. • Unrecorded mechanic’s liens (claims against the property by unpaid homeimprovement contractors). • Taxes or special assessments left off the public record. Other important exclusions from coverage include zoning, environmental protection laws, matters arising after the effective date of the policy, and matters created, suffered, or assumed by the insured.
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All the Costs Do I pay my Realtor? • Only a flat fee commission will be paid to RE/MAX Allegiance at the time of closing
How Does my Realtor Get Paid: • Listing Brokerage Firm • Builder - New construction • Home Owner - For Sale By Owner
Right Away • Earnest Money • Earnest money is applied toward purchase at closing.
At Inspection • There can be several – pay at the time of service
Appraisal • The appraisal will be a part of closing costs paid at closing
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Who Pays for What at Closing? The seller usually pays for the following: • The commissions to both seller’s and buyer’s agents in most transactions • Half of the Title Closing Fee. (except for VA loans, where the seller pays 100%) This is determined in the purchase agreement • Recording fees to clear all documents of record against the seller • Tax pro-ration for the time of seller ownership. This is for any unpaid taxes at the time of transfer of title • Any unpaid homeowner-association dues and assessments according to the contract
The buyer usually pays for the following: • Lender’s title-policy premium • Real Estate Closing Fee (unless you are a veteran and getting a VA loan; then the seller pays 100%) • Recording charges for all documents in buyers’ names • All new loan charges (except those required of the seller by the lender) • Interest on a new loan from date of funding to 30 days prior to first payment date • Assumption/change-of-records fees for takeover of existing loan. (Assumptions are rare) • Appraisal • Improvement Location Certificate (if required or at buyer’s discretion). • Hazard insurance premium for the first year. Reserve account for taxes and insurance • Your lender will provide you with a settlement statement that shows exactly what you will owe 3 days prior to closing
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Access to Property & Walk-Through You will have opportunities to make appointments to revisit the home for inspections. We will do a walk-through a week or so prior to close to check on the status of any required repairs. The final walk-though will be shortly before closing to ensure that the condition of the property is as you contracted to purchase with no damage or surprises.
For a Successful Closing Walk-through prior to closing to make sure the property is in the condition agreed upon in the contract. Review the Settlement Statement with your agent and or lender prior to closing. Bring all monies to closing in the form of good funds (cashier’s check or wire). Bring current ID All purchasers must be available to sign or someone must have a Power of Attorney to sign for them. Let your agent know in advance if this is the case. A new Power of Attorney may be required. It is possible to close on a property even if you cannot be in town on the day of closing. Make sure your agent knows if any of the buyers will be out of town on the day of closing so that documents can be prepared in advance. Your agent or another representative of the brokerage will attend the closing with you. Once the title documents are executed by both parties and the loan package is signed (if it is not a cash purchase) and the wire arrives from the lender, you’ll receive keys. 47
THE HOME BUYING PROCESS
Moving In One month before your move: Arrange for moving your furniture and personal belongings either by hiring a moving company or renting a truck. Get estimates from several moving companies or truck-rental companies and be sure to obtain a hand truck (appliance dolly) if you’re moving yourself. Gather moving supplies: boxes, tape, rope, and anything else you might need. Plan your travel itinerary and make transportation and lodging reservations in advance if you are driving to your new home. (Leave a copy with a friend or relative.) Some moving expenses are tax deductible, so you will want to save your moving- expense receipts for tax deductions, including meals, lodging and gasoline or mileage. Record expenses incurred during your house-hunting trips. Develop a plan for packing, such as packing last the things you use the most. Use different colors of tape for each room. Notify others of your new address: post office, charge accounts, subscriptions, relatives and friends, national and alumni organizations, church, mail order clubs (books, videos, catalogs), firms you have scheduled payments with, and your past employer to make sure that you receive W-2 forms and retirement-account information. Save your old address labels to speed up filling out change-of-address forms for your new address. Notify federal and state taxing authorities or any governmental agency necessary.
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Two weeks before your move: Notify and get refunds from your present utilities: gas, electric, water, cable, and phone. Arrange for services at your new address. Notify phone company and arrange for service at your new address. Have your car serviced if you are driving a long distance to your new home. Recruit people to help you on moving day. Arrange for someone to take care of your pets and children during the move. Confirm moving company or rental-truck arrangements.
One day before your move: Keep moving materials separate so they don’t get packed until you are finished. Pick up rental truck if you are moving yourself. Fill up your car with gas and check oil and tires.
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Home Buyer Wish List Not Important
Maybe
Important
Use this wish list when considering what features are important for your new home:
Home Basics Asking Price ______________________________________________ Real Estate Taxes __________________________________________ Type of Home:
Single Family
Townhome
Condo Other____________
Style of Home _____________________________________________ Age of Home ______________________________________________ Neighborhood _____________________________________________ Views ____________________________________________________ Waterfront ________________________________________________ Near Work ________________________________________________ Near Schools ______________________________________________ Freeway Access ____________________________________________ Public Transportation _______________________________________ Near Recreation Areas ______________________________________ Neighborhood Covenants/Restrictions _________________________
Home Specifics Overall Look/Feel of Home __________________________________ Ready To Move In __________________________________________ Number/Type of Renovation Projects __________________________ Number of Stories __________________________________________ Type of Heat/AC ___________________________________________ Energy Conservation Features ________________________________ 50
Not Important
Maybe
Important
THE HOME BUYING PROCESS
Green or Environmental Features _____________________________ Garage Size _______________________________________________ Number of Bedrooms _______________________________________ Number of Bathrooms ______________________________________ Closet/Storage Space _______________________________________ Open Floor Plan ___________________________________________ Living Room ______________________________________________ Fireplace _________________________________________________ Kitchen ___________________________________________________ Master Bedroom Location ___________________________________ Office/Den/Work Room _____________________________________ Finished Basement _________________________________________ Patio/Deck _______________________________________________ Backyard _________________________________________________ Pool _____________________________________________________ Landscaping ______________________________________________ Shed _____________________________________________________
Other _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ 51
Elena Gorbounova LLM, BROKER Associate/REALTOR® MCNE, GRI, CELA, CBDA
(703) 625-7888 ElenaYSC@gmail.com www.YourSkylineConnection.com https://linktr.ee/elenagorbounova
5100 Leesburg Pike, Ste 200 Alexandria, VA 22302 MyAllegianceHome.com