synergy homebuyer experience

Why hire an agent, when you can Hire a TEAM?

Synergy HomeBuyer Experience

Table of Contents Synergy Mission Statement 3

Why Buy with Synergy? 4

Synergy Services vs. “The Other Guys” 5

Selecting the right broker 8

Real Estate Myths 9

About Synergy 11

Meet the team 14

Communication with Buyers 16

The Buying Process 17

Real Estate Life Plan 18

The Process 19

Short Sale vs. Foreclosure 21

Cost of Buying 23

Understanding Agency 25

Agent vs. Transaction Broker 26

Inspection Options 27

Getting Started 29

Synergy

Mission Statement

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o help our clients with their Real Estate needs and provide them with an unparalleled customer service experience on a consistent basis. ur mission is intentionally simple. We realize that you are going to see our passion for Real Estate and our clients reflected in our daily actions more than our written words. We are excited to have you as a potential client and we hope that you find this information on the Synergy HomeBuyer Experience helpful. We look forward to serving you.

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ongratulations on your big decision to purchase a home! Buying a home is a big decision and with the help of Synergy Real Estate Team it can be a fun and exciting process.

The real estate market is always evolving and we’ve come together as a team to provide our clients with the best information and service available.

The purpose of this packet is to give you the information you need to get comfortable with the home buying process.

Our team based approach provides our team members with the freedom to focus on what is most important… our clients! We believe a broker attempting to do everything on their own is not as fully capable of providing the best service on a great & consistent basis.

ere confident in the level of service we provide our clients and we guarantee satisfaction when you choose to Buy your home with Synergy. To back this up we build into every buyers agreement a clause which states that if you, the Buyer, are not satisfied with the level of service being provided, you can cancel the buyers agreement at any time. Our goal is to never have someone use this clause but it is there for your peace of mind.

You won’t find this clause standard anywhere in the market but we believe any company that is going to talk the talk about being great at customer service should be willing to guarantee their clients satisfaction without hesitancy.

Why Buy with Synergy? C

The Synergy HomeBuyer Experience Guarantee:

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ypically one agent tries to operate his/her own business without the use of a team and consequently they are often working on their business tasks rather than on their clients needs.

e have a team based approach and leveraged our time so your Synergy Agent can spend their energy on clients needs rather than on business tasks best done by someone else. Agents who try to do it all on their own will eventually provide poor service to their clients which will in the end cost clients money. With the Synergy Team this is avoided and the agent is able to focus on you, the client.

Benefit to you: You’ll always have an agent available for you and a well informed team there for additional support at any time.

“The Other Guys”

Synergy Service

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“The Other Guys”

Synergy Real Estate Team

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hen negotiating many other agents will either try to tell you what to do in a controlling manner or will completely leave it up to you and say “its your call” to avoid liability.

e take a consultative approach and help you negotiate with Sellers. You may be a fine negotiator but you’re not in Real Estate every day so we will always provide you with information, suggestions, and insights as to what we see working and what you can expect in the negotiations.

Benefit to you: We provide our informed opinions and support in your decisions. Ultimately you are the decision maker and you’ll make the best decisions when you are properly advised.

rockers typically do the minimum continuing education required to keep their licenses.

e love learning and we’re always seeking to find new courses to expand our minds and give us new ideas that can serve our clients. We will never know it all and that’s what makes it interesting.

Benefit to you: We’re always learning new ideas that help our clients and we are not stuck in doing things the way “they’ve always been done”.

Negotiations: Synergy Real Estate Team “The Other Guys”

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Continuing Education: “The Other Guys” Synergy Real Estate Team

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any agents do not have the time, experience, or desire to stay current with technologies so they just continue doing what they have always done leaving the client missing out on the best way to find a home.

e utilize technology to find the best listings online on all the major real estate and social media websites. In addition, we use technology such as EContracts to handle all the signatures and transfer all documents electronically.

Benefit to you: The vast majority of Sellers sell their homes online so maximizing your search online is critical. Signing contracts electronically keeps things simple and environmentally friendly throughout the process.

Synergy Real Estate Team “The Other Guys”

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Technology:


hether you choose to use Synergy to buy your home or not these are the following questions you should ask any agent which you interview. When you pick an agent you are selecting the person that will represent you to the world in the purchase of what is likely one of your biggest assets. So, be informed and choose wisely!

Does the agent work full time? Does the agent have the experience needed to represent me well? How will the agent find me the right home? Does the agent have a team to support him/her with all the details involved in Real Estate? Does the agent have a defined plan for me to review?

Do I feel comfortable with the agent and will they be someone I will work well with?

Does the agent have references I can call? Does the agent have a defined method of communicating with me regularly? Do I have a good “gut feeling” about the agent and do I trust them? Am I selecting the agent solely because I know them or will they “Save” me money?

Selecting the Right Broker

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t’s a buyers market and I can throw out a lot of lowball offers and get a great deal.

n general it is still a buyer’s market but it’s also starting to get very competitive. Well priced homes that are priced right won’t even counter offer lowball offers, they’ll be rejected.

Real Estate

Myths

iguring out what I should offer on a property is easy if I use a valuing home site like Zillow or Trulia.

hese websites that provide home values are all based on computer formulas who don’t know the areas, neighbors, improvements, etc. Relying on these sources for an accurate valuation is never wise. Our agents spend hours researching an area and looking at active & sold comps before we ever place a value onto a property.

Myth Truth

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Myth Truth

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hort sales and foreclosures are the best deals out there.

ome times they can be great deals but some times the work needed on these properties is underestimated by the buyers. Short sales can waste a lot of the buyer’s time and fall apart all the way up until the day of closing so what looks like a great deal might be a mirage.

ith everything I can find on the internet and on TV I don’t need an agent to find me a house to buy.

nformation on listings is abundant but only a professional who is focused on real estate full time can keep up with the changes in the market and the documentation required to conduct a transaction. In addition, many listing agents are very hesitant to work with buyers who do not have representation because there are many chances for miscommunications due to the buyer’s inexperience in real estate.

Truth Myth

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Myth Truth


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About SYNERGY REAL ESTATE TEAM


Can One Agent do all this? (and still have time for you)

The SYNERGY Real Estate Team Can!

AGENT


Team Diagram

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ory is the founder of Synergy Real Estate Team. In addition to providing long term vision for Synergy he has over 10,000 hours as a Real Estate Broker & Investor. Cory also coaches people nationwide on real estate investing. Cory brings expertise, perspective, and value to every client he serves

Managing Broker / CEO

Broker Associate oe enjoys serving buyers and sellers in the

Denver Metro area and helping them meet their real estate objectives. In addition to being a broker, Joe has experience in investing, financing, & private lending. Joe serves the team by constantly striving to improve the service standards all Synergy Brokers provide to their clients.

Director of Operations randi serves the team and its clients as the

merchandising manager for new listings. In addition to helping clients prepare their homes for sale, she serves as the administrative manager for the team. Brandi has hands on experience working on a wealth of renovation projects providing value to all our clients.

Meet the Synergy Team


Cory Wilks

Joe Phillips

Brandi Wilks

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Marketing Director im serves the team by helping its Realtors maximize the technology available to them which in turn serves our clients. Not only is he great with technology but he is also involved with traditional financing as well as private lending. He is trained in brokerage & real estate investing.

Listing & Buyers Specialist

athy serves as both the listing & buyers specialist for our company. She enjoys working closely with clients to understand their exact needs and then supports them in their needs. Her constant work with clients helps her understand the continual shifts of the marketplace and in turn provides ultimate value to our team


Meet the Synergy Team

Jim Ahlin

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Kathy Sangster

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e are always available for our Buyers and any questions they have. Because we have a team approach, if you can’t reach your primary contact the rest of the team will be there to assist you. We never want our Buyers to feel neglected or in the dark so we have the following regularly scheduled communications in place:

HOW DOES SYNERGY COMMUNICATE WITH BUYERS?

1. Buyer updates every week on Thursday during the “Search Period” including tour scheduling every week.

2. Buyer updates every 2 weeks on Thursdays during the “Under Contract Period” to discuss progress with seller and Buyer Contract Deadlines.

3. Minimum of 1 visit every month to the property or more as needed.


Communication with Buyers

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The Buying Process

here are several different types of buyers, do you fit into one of these types? Let’s discuss it and figure out which category you fit into because the more we understand about you the better we can serve you. If you don’t know right off hand we will figure it out together.

The First Time Buyer: If this is your first purchase we’ll take the time to walk you through the basics. No one understands a process like this without first experiencing it so take as much time as you need and ask lots of questions! We’ll take the time to make sure you’re comfortable with the process.

The Move Up Buyer: Have an expanding family or an increasing income and want to move into something that fits your lifestyle a little better? This is a buyer who’s owned real estate before and may need to sell their home to move to a new one. We can help you make that transition (and be sure to ask about our listing discount for our sellers who also use our services to help them buy their next home).

The Down-sizing Buyer: Kids moved on and need less space? Or maybe just tired of maintaining or paying for more home than you need? In this phase of life your needs may have changed and what’s important to you has probably also shifted.

The Second Home Buyer: Want a place to get away to and enjoy? This is a very unique buyer and we can work with you to find the exact right place for you. If it’s out of our area we have contacts with resort area brokers and we’re happy to connect you with them.

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The Real Estate Life Plan

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uying a home can be daunting if you think about all the things that need to be done and you don’t have a road map to follow or a guide to help you along the way. To solve that problem for our clients we have laid out a road map and we have a team here to guide you through the process and answer any questions that come up along the way. So lets begin!

STEP 1 et up a no obligation options interview with a Synergy Agent. This is a no obligation meeting where we will meet with you to fully understand your needs and help you to do the following: Determine your wants and needs in a home, Discuss what is most important to you, Explain how we serve you, Discuss any obstacles we need to overcome to buy a home, Connect you with lenders who can pre-qualify you for financing if needed, and Determine the funds needed to make your move.

STEP 2 et pre-qualified with a lender. Finding a home you want to buy before you are pre-qualified is always a frustrating experience because the buyer can miss out on a home they really love. Lending has changed and

getting approved takes longer than it used to so we need to get started early. Plus, until you are pre-qualified you don’t know what amount you can purchase a home for so it makes it very difficult to determine what homes to show you. We are happy to offer referrals for some lenders who can help.

our homes. Ok, now that we have determined what we’re looking for and we’ve figured out how we’re going to finance it, we can go out and look for homes. At Synergy you’ll have access to your agent as well as a Buyers Specialist who’s sole job is to understand your desires and find the right home for you. We’re committed to keeping you informed on new properties and work with your schedule to show them to you.

STEP 3


The Process

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STEP 4 ake an Offer. Once you find the right home for you we’ll help you determine the value of the property and make an appropriate offer. What you offer and the terms of the contract are up to you, we are here to support you, offer our advice and provide you with the insights we’ve learned over time. Remember, this is one of the biggest decisions you will make so use our team for all the support in making the best decision and we will do our best to guide you.

STEP 5 ue Diligence Period. Once an offer is accepted we’ll help you analyze the property to look for any issues before your earnest money becomes non-refundable. During this period we’ll provide our contacts and experience to help you: Review the title to the property, Inspect the physical condition of the property with multiple inspections, Work with you and your lender to make sure the loan is approved, Help you understand the insurance, HOA and insurance costs associated with the property, Negotiate again with the seller if we’ve uncovered any issues with the property , If you don’t like what you see during this period you can cancel

the contract and get your earnest money back. We will make that decision together and will support you in whatever choice you make.

STEP 6 losing. We’ll assist you in preparing for the day of closing and for your move. We’ll schedule a final property walk through with you and attend closing personally so you’ll have someone by your side for any last minute hiccups. With a team supporting you throughout the whole process closing day can be a fun and exciting experience!

STEP 7 ost Closing. We’re building life- long relationships with our clients (who often turn into “friends” and not “clients”) so we’re here to support you after your closing with anything you need. We will always welcome your feedback on how we did with serving you and ways you see that we can improve. Our number one goal is our client relationships. Also, the best compliment you can give us is to refer us to someone you know. Our job with our clients doesn’t end with closing. It has only just begun.



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‐ A “short sale” is when the seller is attempting to sell the home for less than what the bank is owed on the loan secured by the home.

‐ The seller often times has not received the bank’s approval for a short sale so even if they agree to the buyer’s offer it doesn’t mean the bank has agreed. (bank must approve the sale!)

‐ The bank ultimately has to agree to lose money for the transaction to close which can cause some deals to fail.

‐ Short sale properties can often times be neglected because the owner doesn’t care any more

‐ Banks are slow to respond and difficult to deal with

any people are aware that there are good buying opportunities because of the abundance of foreclosures in the last few years. What many people are not aware of is that buying foreclosures or short sales also come with many pitfalls. Here is a little bit of information about both.

‐ A foreclosure is a property that has been taken back by the bank and is now being sold.

‐ Foreclosures can be in rough shape because they often times are neglected or abandoned

‐ Buyer competition for well priced foreclosures is very competitive, driving up prices

‐ Banks typically have contracts that are a little unique from normal transactions

‐ Foreclosures can typically close in 45 days or less similar to normal deals

‐ Foreclosures are usually better fits for owner occupant buyers compared to short sales



Short Sales Foreclosures

Short Sales vs. Foreclosures M

‐ Short sales are very difficult for owner occupant buyers because they can fall apart at the last minute and the timing of the closing is next to impossible to predict

‐ Short sale buyers need to be very patient and flexible or they will end up frustrated.

‐ Short sales can take 2-6+ months to close

‐ If the short sale does not get approved the property typically is foreclosed, which means the bank takes it back and will then sell it to recoup their money.

‐ A foreclosure will typically go to auction and those auctions can be very competitive.

‐ If you want to buy at an auction most times you will not have an opportunity to see the property prior to biding on it.

‐ If you buy a foreclosed property that is listed for open market the property may already have several offers on it.

ynergy Real Estate Team has experts in both the short sale and foreclosure areas. If you have questions about if a short sale or foreclosure property is best for you please ask one of our specialists on our team who would be more than happy to assist you in any way they can. These two types of properties can be difficult to work with and have higher risks then a retail home but also often have higher rewards with price discounts.



Short Sales Foreclosures

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ere are the typical costs you can expect to pay when buying your home. We will provide you with a detailed estimate costs sheet once we have a property that you are interested in purchasing so we can determine the costs involved. For now, here is a general reference of buyers costs.

TYPICAL BUYERS COSTS Brokers Fees: Brokers fees for the buyer are typically paid for by the seller and not the buyer unless otherwise agreed upon. If the buyer is responsible for paying the fees it will be + / - 3.0% of the sales price. Half of the Title Closing Fee: Typically this amount will be between $150-$200. The Seller is responsible for paying the other half. Closing Costs: Unless the buyer receives a closing cost concession from the seller the buyer will be responsible for a large portion of the closing costs. These costs include loan fees, appraisal fees, documentation fees, underwriting fees, courier fees, pre-paid property insurance, pre-paid HOA fees and more. The buyer’s lender can help get an estimate of these costs as they can range anywhere from $1,000+.

Down Payment: Depending on the loan program most buyers will put down 3.5% -20% on the purchase of their home. Not all people are eligible for all loan programs so getting pre-qualified before looking for homes is critical. Moving Costs: Keep in mind you’ll have expenses for moving and furnishing your new home. A large truck rental will run about $100 / day. Storage units will be anywhere from $50-$200 / month.

Other Fees: The Buyer will likely get an inspection on the property which will typically run from $200-$500. The lender may also require an appraisal that will cost anywhere from $500-$700 typically.

Closing Costs + Down Payment + Moving Costs = Total cash needed to move



Costs of Buying

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Buying Tip

f you are willing and able to do some fix up work yourself on a property then do it! Many times your agent can negotiate the purchase price of a property based on its condition. You could end up saving more money then you would spend fixing it up!

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Understanding Agency YOUR OPTIONS

hould I hire a Buyer’s Agent or a Transaction Broker and why is it important to me as the buyer?

Many people do not realize that there is a big difference in the service they are receiving depending on how they answer that question. We’ve found that most people don’t understand the difference because they don’t do real estate every day. At Synergy we strive to serve all our buyers as their Buyer’s Agent, rather than as a Transaction Broker. Before we serve you as your Buyer’s Agent we’ll have you sign a Buyer Agency Agreement that is the document that will explain all the details of our relationship. For now, take a look at the comparison below and see which relationship you think serves you best.

Buyers Agent: Performs all the “uniform duties” of a broker per Colorado State law (basic services of brokerage)In addition, a Buyer’s Agent agrees in writing to: Promote the interests of the buyer with the utmost good faith, loyalty and fidelity, Seek a price and terms that are acceptable to the buyer, Counsel the buyer as to any material benefits or risks of a transaction that are actually known by the broker. Think of Buyer Agent as a “coach” in your corner, advising you based on knowledge and experience.

Transaction Coordinator: Performs all the “uniform duties” of a broker per Colorado State law (basis services of brokerage) but is not obligated to do items 1-3 listed above that Buyer Agent does. Think of a Transaction Broker as a referee..trying to keep the peace but neutral regarding the interests of both the buyer and the seller.

So why would anyone want a Transaction Broker? For the most part we don’t see why any client would want a Transaction Broker over a Buyer’s Agent. We do know that many brokers don’t offer Buyer Agency because they feel a Transaction Broker role limits their liability to you. If they aren’t agreeing to look out for your interests if something goes wrong they have no liability. We believe in the service we provide and we think Buyer Agency is in your best interests.



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BEING INFORMED IS CRITICAL t Synergy Real Estate Team we pride ourselves in helping our clients have their own homes inspected very well prior to their earnest money becoming non-refundable. By inspecting the home thoroughly using multiple inspectors you as the buyer are going to have the most information possible to use in negotiations with the Seller and for your own peace of mind. Below is a list of inspections our buyers can choose from. It’s a long list but don’t worry, we’ll coordinate everything for you and be at the inspections personally. Compare all these options below to what most brokers provide, which is just one general home inspector.

This is a home inspector who goes over the whole home, points out any issues and provides us with a comprehensive written report we can use to negotiate with the Seller. I very strongly recommend this be done. I estimate it will cost between $300-$500 for most homes but it may be more in higher price ranges.

General Inspection:

High levels of radon can cause cancer if someone is exposed to it over a long period of time. See more info in this packet about radon. If you are concerned about it the cost is $20 for a test and if there is a high level of radon we can request the seller install a mitigation system.

Radon Inspection:

Sewer Scope: A contractor will come to the home and send a camera down the sewer line all the way to the main connection. If they see any issues in the DVD we'd then be getting bids and asking the Seller to fix the issue. You can never tell if a sewer line is bad, even in newer homes, so I strongly recommend getting this done. The cost is roughly $120 and it could save you $5,000- $15,000 if there


Inspection Options

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When there are visible cracks or signs of poor grading and/or drainage we recommend a structural engineer be hired to investigate the issues and make a recommendation. Structural concerns are very important to address and if any visible issues exist I highly recommend it be done. The estimated cost is $150 for the engineer to come out and then another +/-$75 per hour for their time working on the job. This is not cheap but it is money well spent, especially if they find a big issue prior to you purchasing the home.

Structural Engineer:

Mold / Moisture Inspection: A contractor specifically trained in this area will come through and seek out mold or moisture issues that are often hard to detect. Because this can be a health issue I strongly suggest this be done. This contractor does this for free as a service since we bring them repeat business.

HVAC Inspection:

A Specialist in this area will analyze the heating and cooling systems and make suggestions. This contractor does this for free typically as a service since we bring them repeat business.

Electrical Inspection:

Plumbing Inspection:

Other MISC Inspections:

A specialist in this area will analyze the electrical components and point out any deficiencies. This contractor does this for a small fee of $50-$75 as they are licensed and held accountable by the state.

A specialist in this area will analyze the plumbing components and point out any deficiencies. They will also provide a report and or bid if there are any issues that they have noticed. Typical cost for this is $50.

Termite Inspection: Available if general inspector sees any cause for concern. Not typically done but available if you want it.

Roof Inspection: Available if general inspector sees any cause for concern. Not typically done but available if you want it. This contractor does this for free and provides a bid.

Lead Based Paint: Available if general inspector sees any cause for concern. Typically disclosed by seller. Cost $100.



How do I

Get Started? e realize this was a lot of information and we commend you for taking the time to read it. You are buying a valuable asset and by having this information up front we figure now you will be better prepared for the process. To get started please call or email the Synergy Real Estate Team Broker that provided you with this information booklet. If you don’t yet have a Synergy Agent here is our General Contact information. Thanks for your time and we look forward to serving you!

Synergy Real Estate Team Inc. 720-545-9000 Office | 720-545-9007 Fax

www.SynergyRET.com

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synergy homebuyer experience

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