josh zuehlke - the wille group buyer guide

JOSH ZUEHLKE, REALTOR

The Wille Group

Coldwell Banker Burnet

BUYER GUIDE 2016

The Wille Group

2015

Our significant

sales of 2015

2505 Lake of the Isles Parkway

Minneapolis

$3,500,000

Represented Buyer

5201 Mirror Lakes Drive

Edina

$1,560,000

Represented Seller

101 Main Street #3

Minneapolis

$1,410,000

Represented Seller

2812 Dean Parkway

Minneapolis

$1,190,000

Represented Buyer & Seller

1701 Irving Avenue S

Minneapolis

$875,000

Represented Seller

1621 Mount Curve Avenue

Minneapolis

$850,000

Represented Seller

4936 Zenith Avenue S

Minneapolis

$775,411

Represented Seller

1775 Humboldt Avenue S

Minneapolis

$620,000

Represented Buyer

4433 Vincent Avenue S

Minneapolis

$574,000

Represented Seller

30 30 71 35 Top

5

Sellers

Represented

Buyers

Represented

Average days

listed on market

Million dollars

in homes sold

And now, 2016… Lake Calhoun, Minneapolis $2,000,000 Edina $1,079,000 Lowry Hill, Minneapolis

$799,000 Armatage, Minneapolis $750,00 Victoria $1,250,000 Edina $715,000

Plymouth $1,299,000 Eden Prairie $2,995,000 Lowry Hill, Minneapolis $2,800,000

Josh Zuehlke, Realtor

Sales team in

Coldwell Banker

Burnet

Joshua W. Zuehlke

Executive Realtor Distinctive Homes Division Top 10 Coldwell Banker Realtor Team Professional Summary

A proven sales consultant and educator committed to building

and managing strategic, long-term relationships. Demonstrated

success in project and customer relationship management,

linking products and services to clients’ needs and objectives,

and generating results through networking, prospecting, qualifying, closing, and

support of the complete sales cycle.

Professional Experience:

Coldwell Banker Burnet – Licensed Realtor, Sales Manager, Development Specialist.

Created and implemented sales and marketing strategies, buyer incentive programs,

and follow-up protocols for an 86-unit town home conversion development.

Todd Allen Homes – Licensed Realtor, Sales Manager, Project Manager. Managed the

complete sales cycle for a 48 unit single-family home development.

Wayzata High School – Teacher. Developed curriculum to increase student

participation and facilitate learning in US History, World Civilizations, Current Events;

special focus on improving effectiveness for ELL, EBD and ADHD students.

Education:

Licensed Minnesota Realtor – 2003-Present

Licensed MN Teacher – 2002-Present

University of Minnesota – 2002-2004

M.A.-level course work in education (5 Cr. Shy of MED)

University of Montana – Missoula, MT – 1997

B.A. Sociology, emphasis in Ethnographic Research

Other:

Personal interests include being a great dad, education, coaching, world travel, and

sports of any kind. Active child sponsor of Common Hope; an organization contributing

to the health, education, and well-being of children in Guatemala.

Joshua W. Zuehlke

Direct: 612-924-7132

Mobile: 612-735-2345

[email protected]

Gavin W. Berg

Realtor

Assistant to Josh Zuehlke

Professional Summary

A dynamic and creative approach to the sales process, Gavin

assists in turning a client’s dream of what a home can become

into reality. With the help of Computer Animated Design (CAD),

he provides visual representations of desired changes – from

paint colors to newly construction floors or additions – that inspire

and excite.

Professional Experience

Coldwell Banker Burnet – Licensed Realtor, Assistant to Josh Zuehlke. Orchestrate entire

process of home buying and selling from initial inquiry to the closing table and beyond

while cultivating professional relationships to ensure continued business.

Lakes Sotheby’s International Realty – Office Associate/Listing Coordinator. Managed

and maintained listings to ensure accuracy from pre-market through the closing

process.

Education

Licensed Minnesota Realtor – 2006 to Present

University of Minnesota – Minneapolis, MN

Other

Gavin’s passion for homes began as a dream to become an architect. While plans

changed, the passion remained and continues to drive his business as a trusted advisor

for his clients with his true and thorough understanding of the design and building

process.

Away from real estate, you will find Gavin at the piano. He finds additional creative

outlets as a concert pianist, recording artist, choir director and composer.

A lifelong Minnesota resident, Gavin now resides on Minneapolis’ Lake Calhoun.

Gavin Berg

Office: 612-924-7123

Mobile: 612-720-4470

[email protected]

Michael W. Wille

Broker, Executive Realtor, Accredited Relocation Specialist, Distinctive Homes Division, Top 10 Coldwell Banker Realtor Professional Summary

An experienced Realtor and business executive with a successful

track record of helping clients achieve their Real Estate goals. My

career mission is to provide service levels that are so exceptional

that our Clients continue to be our primary source of new business.

Professional Experience:

Coldwell Banker Burnet, The Wille Group – Executive Realtor representing buyers and sellers of

residential real estate. Licensed Real Estate Broker in the State of Minnesota.

International Multifoods – President, Foodservice. Corporate Officer.

Ecolab, Incorporated – Vice President, Marketing, Institutional Division.

Cargill, Incorporated – International Director of Marketing and Sales.

The Pillsbury Company – Restaurant and Foodservice management.

General Mills, Incorporated – Marketing positions in consumer foods.

Education:

Northwestern University – Evanston, IL 1983

Kellogg School of Management,

Masters of Management degree with concentration in marketing

Vanderbilt University – Nashville, TN 1982

Bachelor of Arts degree with majors in Economics and Business Administration

Other:

Michael was born and raised in the Lake Minnetonka area and has been a resident of Lowry

Hill for over 28 years. Michael is married, with two children. His personal interests include home

restoration, construction, outdoor activities and travel. He has personally restored two homes

near Lake of the Isles.

Michael Wille

Office: 612-924-7122

Mobile: 612-860-7040

[email protected]

Jennifer Carpenter

Realtor

Top 10 Coldwell Banker Realtor Team


Jennifer brings over 15 years of sales experience to the Wille

Group team. With extensive experience in real estate, she works

closely with both buyers and sellers to achieve their goals and

provide a fun and positive experience.


Coldwell Banker Burnet – Licensed Realtor, Business Manager of The Wille Group.

Orchestrate entire process of home buying and selling from initial inquiry to the closing

table and beyond while cultivating professional relationships to ensure continued

business. Strong focus on corporate relocation and transitioning families to a new

home and community.

JMS Custom Homes – Director of Sales.

Sales, marketing and client management for a custom homebuilder in the western

suburbs of Minneapolis. Responsible for a wide knowledge of properties and markets,

house plans and options.

Education

Licensed Minnesota Realtor – 2011 Present

Minnesota State – Mankato, MN

University of Minnesota – Minneapolis, MN

Other

Growing up frequently re-locating throughout the country (living in 24+ homes) – gave

Jennifer an early exposure to the world of real estate. Both grandfathers and father

were commercial and residential builders – so the draw to the industry may be

hereditary!

Before Real Estate, Jennifer spent over ten years in the luxury retail industry as a

fragrance and cosmetic buyer. She has lived in the Minnetonka area for the past 25+

years and recently relocated to SW Minneapolis. Personal interests include spending

time with her husband Curt and three grown children, yoga, traveling, and cooking.

Jennifer Carpenter

Direct: 612-924-7152

Mobile: 612-242-5729

[email protected]

Janelle Mattson

Realtor

New Construction Specialist


Janelle brings energy, creativity and over 15 years of sales and

marketing experience. With a passion for new construction, she

works with clients hand-in-hand, skillfully guiding them through

the entire process from beginning to end while ensuring a fun,

positive, experience.

Education

Licensed Minnesota Realtor 2010-Present

University of Minnesota, Twin Cities – Bachelor of Arts Degree in Journalism with an emphasis

on Public Relations, Advertising and Marketing


Coldwell Banker Burnet – Licensed realtor for the Wille Group. Effectively work with buyers &

sellers while providing a full concierge-style service throughout the process and beyond.

Ridge Creek Custom Homes – Director of Sales & Marketing. Guides agents and buyers

throughout the entire home building process to ensure a smooth, seamless experience. She

also oversees various marketing efforts including the website, social media & home tours.

Involved in land acquisition and the overall process of building & marketing model homes.

Pulte Homes – Sales Consultant. Worked with buyers & agents in a specific new home

community of the Twin Cities throughout the build process.

Cambria – Market Representative. Acted as a product liaison with a variety of industry-

related clients including builders, remodelers and cabinet designers.

Midwest Home Magazine & Twin Cities Luxury Home Tour – Sales Representative. Networked

and worked with several local builders, remodelers, designers and showrooms to market their

products and services in their magazine, the Fall Home & Garden Show and Luxury Home

Tour.

Other

Janelle has always had a love for the housing industry and all things home and garden (HGTV

is always on in her home!). Outside the job site & real estate office she enjoys spending time

with her two sweet boys, relaxing with a good cup of coffee, traveling and staying active.

Janelle Mattson

Mobile: 612-387-8885

[email protected]

About Us – The Wille Group

The Wille Group Methodology for Professional Real Estate Services

A significant percentage of revenue is invested in advertising our clients’ properties

to build awareness and attract buyers.

An exclusive list of over 5,000 of the most affluent residents in the Twin Cities metro

area is actively maintained in order to present all new listings to a potential high-

income client database.

Extensive experience with appraisals and market analysis allows us to establish the

ideal price in order to achieve the maximum number of offers.

Unique home inspection training helps identify items that should be corrected

before listing your home, eliminating missed sale opportunities.

Proven techniques sell your home at the maximum price:

- Conduct pre-list networking which frequently generates multiple offers

- Mail promotional materials to neighbors and surrounding properties

- Advertise in local papers and magazines, premium positioning online

Impeccable attention-to-detail in completing required forms and MLS listings.

Experience dealing with multiple-offer situations — with a trained negotiator that

can maximize offers and gain agreements on other important issues.

Qualify all serious buyers — ensuring that all accepted Purchase Agreements result in

closings.

Follow-up with buyer’s mortgage banker and title company ensure smooth closings.

Michael J. Wille: Broker, Executive Realtor, Accredited Relocation Specialist, Distinctive

Homes Division

Joshua W. Zuehlke: Executive Realtor, Distinctive Homes Division

Jennifer Carpenter: Realtor, Business Manager

Gavin Berg: Realtor, Assistant to Josh Zuehlke

Janelle Mattson: Realtor, New Construction

http://www.willegroup.com/about-us/michael-j-wille/

http://www.willegroup.com/about-us/joshua-w-zuehlke/

http://www.willegroup.com/about-us/jennifer-carpenter/

http://www.willegroup.com/about-us/gavin-berg/

http://www.willegroup.com/about-us/janelle-mattson/

Client Testimonials “We found Josh to be the consummate professional - great knowledge of the market, excellent follow-through, creative problem-solving, astute listener...and all combined with a friendly, warmhearted and upbeat demeanor. We highly recommend Josh and his team to anyone seeking a satisfying, positive and successful real estate experience.” -John & Diane R. "Thanks Josh. "You rock"! and I appreciate all of your hard work. I wouldn't hesitate to recommend you to people who may be looking for a top real estate agent. This house was a very unique and you got it sold!" -Jeff W. "Josh Zuehlke has our highest recommendation. We hired Josh to handle the sale of our home after we had tried unsuccessfully to sell it through another broker. The sale of our home was a complicated transaction involving multiple parties during a very difficult market. “Josh was a bright, consummate professional every step of the way. He supplied us with good information on market conditions, cultivated good relationships with other parties involved in the transaction, and handled the negotiations with finesse. He had great attention to detail and follow-through. “We couldn't have been more pleased with our decision to hire Josh, and have no hesitations in recommending him." -Anna & Bob “Choosing Josh to guide the process of selling the family home was guided by three objectives. 1) The correct company. The Coldwell Banker Burnet Lakes office was the clear standout in leading the market in the Minneapolis Lakes area. 2) The right group. The Willie Group represents the upper bracket of the market and holds a strong steadfast position as a leader in this market segment. Most importantly this leadership position is 11 years in the making ... a very important consideration. 3) The best agent. Josh Zuehlke has established himself as one of the most active and successful agents among his pier group. When interviewing, Josh arrived armed with all relevant data needed to establish the go forward plan which enabled frank direct discussion. The price range was discussed along with the advantages and drawbacks of each position within the range. After the price was set Josh managed the details connected with the marketing, showing, sale and closing of the property. We have referred Josh three times since our closing and each time we received glowing reports. We are not that easy to please, we expect a lot from a professional and Josh delivered in every respect.” -Jeff & Brenda L. “We had a very specific idea of what we wanted in a home, but were overwhelmed and uneducated about the process. After being introduced to Josh Zuehlke we were soon at ease. We realized that finding the place that we dreamed of was not only possible, but that the search was going to be enjoyable as well. Our circumstances in buying were uncertain and difficult. Josh was very personable and up-front, always suggesting possibilities and carrying through in the very best of our interest. With the help and hard work of Josh, we own a wonderful home. We will always put our trust in Josh Zuehlke and the rest of the Wille Group at Coldwell Banker Burnett with our real estate needs.” -Shane F. & Bryan S. “Thank you so much for you assistance with our first time home buying experience. It was truly a please working with you. -Dylan F. & Jennifer L. “As a first-time homebuyer, the process of finding and purchasing property can be extremely intimidating. When we met Josh Zuehlke, those jitters were instantly relieved. Josh was attentive, very knowledgeable, honest, and made us feel like he had known us for years. We could not have asked for a better experience for our first purchase, and highly recommend Josh for any realty needs.” -Erik and Kelly T.

HOME BUYING PROCESS

Get your finances in

order

Start

Meet with a real estate

agent

Determine your wants and

needs

Get pre-approved for a

home loan

Search for a home

Present and negotiate an

offer

Perform inspections and

other tests

Satisfy the requirements

of the purchase agreement

Handle any last minute issues

The closing You’re a

homeowner!

©2015 Burnet Realty LLC. All Rights Reserved. Coldwell Banker Burnet fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Real estate agents affiliated with Coldwell Banker Burnet are independent contractor sales associates and are not employees of Coldwell Banker Burnet.

ASSISTING OUR BUYERSThis is what your Coldwell Banker Burnet affiliated sales associate can provide to assist you in your

home search and purchase process.

• Buyer Counseling Session: Conducts a buyer counseling session to discuss your needs and goals, and plans your property search.

• Buyer Agency Alternatives: Discusses agency alternatives for you and the sellers.

• Buyer Representation Agreement: Presents and explains the representation agreement and the benefits it offers.

• Buyer’s Package: Provides you with the pertinent information you will need during the buying process.

• Financing Qualification: Offers to arrange to have you pre-approved with our mortgage company.

• Coldwell Banker Sales Associates: Presents your property search criteria to the Coldwell Banker Burnet sales Associates. The goal is to present you with properties as they debut or before they appear on the open market.

• Property Showing: Shows you properties that meet the criteria you have selected.

• Property Evaluation: Discusses the positive and negative features of a property that may affect its value and future resale.

• Property Disclosure: Reviews with you all inspection reports and other documents pertaining to the condition of the property and disclose all physical defects of the property that are known to us.

• Review of Seller’s Written Disclosure: Thoroughly reviews with you the seller’s written disclosure statement to enable you to accept or specify the remedy for each fault disclosed.

• Home Warranty: Explains to you the option of a home warranty plan to reduce your risk of repair when purchasing a property.

• Home Inspections: Recommends that you obtain a professional home inspection.

• Home Inspection Remedies: Works with you to request the seller remedy the items you specify.

• Estimate of Funds Required: Provides you with an approximate preliminary estimate of closing costs and down payment requirement anticipated in the transaction.

• Offer Preparation: Prepares a written offer on the property you choose to purchase, with terms approved by you.

• Negotiation Strategy: Prepares a negotiation strategy for the property you have selected.

• Offer Presentation: Presents your purchase offer in the most favorable light possible.

• Walk-Through: Accompanies you on a thorough walk-through of the property (if one is provided for in the sales contract) before closing.

• Closing the Sale: Monitors and informs you of the progress of the purchase agreement.

• After-Sale Service: Contacts you after the closing to follow up on remaining details or service needs.

• Service Satisfaction Survey: Provides you with a confidential opportunity to give an evaluation of our services.


CBBurnet.com

Home buyers looking in Minnesota and Western Wisconsin head to CBBurnet.com to find their

perfect home.

Special Features

• Search for your dream home by city, state, address or MLS number directly from the home page

• Fast search results offer you at-a-glance details of property listings with multiple views

• Save your searches and sign up for email and new property alerts

• Search for properties, agents and offices directly from your mobile device

• Share your favorite properties with your friends via email or social media networks

• Neighborhood and community information gives you insight into all local areas

• Special searches for just listed, open houses, and luxury Previews listings

ColdwellBanker.com

Award-winning ColdwellBanker.com is one of the industry’s leading web sites with an average of

1.1 million* potential buyers among its visitors each month. The site features easy-to-use search functions

and direct links to CBBurnet.com, where consumers can find more details on any property.

Realtor.com

This site includes 90% of the listed properties in the United States. Coldwell Banker Burnet’s properties

on Realtor.com are enhanced listings which means each listing includes a detailed description and

multiple property photos.

ColdwellBankerPreviews.com

International site dedicated to luxury real estate.

OpenHouse.com

Visit for a complete list of open houses.

COLDWELL BANKER BURNET WEB RESOURCESBeginning Your Search

* Compete.com, Jan-Dec 2014


Personal Property Search Tools

Saved SearchesYou can save up to ten different custom property searches.

Once they’re saved, you can quickly and easily perform

the same search anytime you return to our site. There

are several places throughout CBBurnet.com which allow

you to add to and edit your Personal Property Search

preferences.

Open House RemindersThis feature automatically informs you about open houses

scheduled for Coldwell Banker Burnet listings. Once

you’ve saved your property search criteria, you can choose

to receive Open House Reminders. Your Open House

Reminder will arrive in your email every Friday.

Saved PropertiesWhen you find properties that you like, you can save them

in your personal search portfolio by clicking on the “Save

this Property” button. Then you can quickly find them again

when you return.

Just Listed Email AlertsThis feature automatically emails you when new properties

that match your search criteria come on the market. Once

you’ve saved your property search criteria, you can choose

to receive Just Listed email alerts.

MappingYou can view home search results on a map. You can choose

between aerial, road and hybrid views.

HOME SEARCH TOOLSBeginning Your Search


HOME FINDING NEEDS WORKSHEETFinding the Right Home

Features Preferences Rate 1-5Importance

View

Size of Lot

Landscaping

Topography

Location

Convenience to Work

Convenience to Transportation

Convenience to Shopping

Convenience to School

Convenience to Day Care

Nearby Recreational Facilities

Near Police and Fire Protection

General Appearance of Properties in Area

House Value Relative to Area

Exterior

Architectural Style

Curb Appeal

Foundation Condition

Roof Condition

General Exterior Condition

Deck/Patio

Pool

Garage

Other

Interior

Floor Plan

Room Sizes

Bedrooms

Bathrooms

Living Room

Family Room

Bonus/Game Room

Dining Room

Kitchen Amenities

Fireplace

Basement

General Interior Condition

Total Score

Other Considerations

The more your Coldwell

Banker Burnet Realtor®

knows about what you

want, the easier it will

be for them to help you

find the right home.

Take time to complete

this page and then

discuss it with your

sales associate.


HOME FINDING EVALUATION WORKSHEETFinding the Right Home

Property 1 Property 2 Property 3 Property 4 Property 5

Property Address

List Price / Taxes

View

Size of Lot

Landscaping

Topography

Location

Convenience to Work

Convenience to Transportation

Convenience to Shopping

Convenience to School

Convenience to Day Care

Nearby Recreational Facilities

Near Police and Fire Protection

General Appearance of Properties in Area

House Value Relative to Area

Exterior

Architectural Style

Curb Appeal

Foundation Condition

Roof Condition

General Exterior Condition

Deck/Patio

Pool

Garage

Other

Interior

Floor Plan

Room Sizes

Bedrooms

Bathrooms

Living Room

Family Room

Bonus/Game Room

Dining Room

Kitchen Amenities

Fireplace

Basement

General Interior Condition

Total Score

Positive Features

Negative Features


HOME PURCHASE NEGOTIATIONFinding the Right Home

How long has the property been on the

market and what is the average market

time in this area?

Why: Market times indicate supply and

demand for properties in the area and can

give you an idea of whether it’s a buyer or

seller driven market.

Have there been any price reductions

during the listing period?

Why: A price reduction may indicate a

seller’s desire to attract an offer.

What is the price range of recent sales

in the neighborhood?

Why: This information may indicate the

home seller’s expectation.

Are there any other active offers being

considered by the home seller?

Why: Knowing if you are competing for

a property with another home buyer may

affect the terms of your offer to purchase.

What is the motivation of the seller?

Why: Motivation is a key element in any

negotiation. As an example, if the seller has

already purchased a new property, your

ability to close quickly may be an attractive

element of the negotiation.

What improvements have been made

to the property?

Why: Recent enhancements can effect

the buyer and seller’s perceived value

of the property.

When would the seller like to move?

Why: Knowing when the seller wants to

move can be helpful during negotiations.

What personal items are included

in the sale?

Why: Anything the seller is willing to leave

behind that you won’t need to buy when

you move in has real value. Consider those

items in your offer.

Can I have copies of all home

seller disclosures?

Why: Most states require all home sellers to

provide property disclosure statement(s)

for your review.

* Depending on the type of agency relationship you have with your sales associate, he or she may not be able to assist you with these specific questions.

Here are some important questions you should ask your Realtor® and why you should ask them.*

We Recommend...

If you will be financing

the property, get

preapproved for

a mortgage prior

to making your

offer. This will show

the seller your

commitment and

ability to perform.


INTEREST RATE FACTOR CHARTFinancing Your New Home

This chart will help you calculate your

monthly principal and interest payments

for both fixed and adjustable rate loans

at various interest rates over 15 and

30 years.

Start by finding the appropriate interest

rate, then look across to the column

indicating the desired term of the loan.

That number is the interest rate factor.

This is the dollar amount required

each month to amortize $1,000 over

the specified term. To calculate your

principal and interest payment, multiply

the interest rate factor by the total loan

amount in $1,000s.

For example:Interest Rate: 4.0%Term: 30 yearsFactors per $1,000: 4.77Total Mortgage: $152,600

4.77 x 152.6 = $728

This is a calculation of principal and interest only. It does not include property taxes, insurance, association dues, or other charges.

Find an online mortgage calculator at

CBBurnet.com.

Interest Term Term Interest Term Term Rate 15 Years 30 years Rate 15 Years 30 years

4.0 7.40 4.77 8.0 9.56 7.34

4 1/8 7.46 4.85 8 1/8 9.63 7.42

4 1/4 7.52 4.92 8 1/4 9.70 7.51

4 3/8 7.59 4.99 8 3/8 9.77 7.60

4 1/2 7.65 5.07 8 1/2 9.85 7.69

4 5/8 7.71 5.14 8 5/8 9.92 7.78

4 3/4 7.78 5.22 8 3/4 9.99 7.87

4 7/8 7.84 5.29 8 7/8 10.07 7.96

5.0 7.91 5.37 9.0 10.14 8.05

5 1/8 7.97 5.44 9 1/8 10.22 8.14

5 1/4 8.04 5.52 9 1/4 10.29 8.23

5 3/8 8.10 5.60 9 3/8 10.37 8.32

5 1/2 8.17 5.68 9 1/2 10.44 8.41

5 5/8 8.24 5.76 9 5/8 10.52 8.50

5 3/4 8.30 5.84 9 3/4 10.59 8.59

5 7/8 8.37 5.92 9 7/8 10.67 8.68

6.0 8.44 6.00 10.0 10.75 8.77

6 1/8 8.51 6.08 10 1/8 10.82 8.87

6 1/4 8.57 6.16 10 1/4 10.90 8.96

6 3/8 8.64 6.24 10 3/8 10.98 9.05

6 1/2 8.71 6.32 10 1/2 11.05 9.15

6 5/8 8.78 6.40 10 5/8 11.13 9.24

6 3/4 8.85 6.48 10 3/4 11.21 9.33

6 7/8 8.92 6.57 10 7/8 11.29 9.43

7.0 8.99 6.65 11.0 11.36 9.52

7 1/8 9.06 6.74 11 1/8 11.44 9.62

7 1/4 9.13 6.82 11 1/4 11.52 9.71

7 3/8 9.20 6.91 11 3/8 11.60 9.81

7 1/2 9.27 6.99 11 1/2 11.68 9.90

7 5/8 9.34 7.08 11 5/8 11.76 10.00

7 3/4 9.41 7.16 11 3/4 11.84 10.09

7 7/8 9.48 7.25 11 7/8 11.92 10.19


THE FINANCING PROCESSFinancing Your New Home

How to Apply for a Mortgage

1. First complete the loan application. An application

fee may be required by the lender.

2. The lender begins processing the application.

3. The lending institution requests an appraisal of the

home, a credit report and verification of employment

and assets such as bank accounts.

4. The lender will provide a booklet containing specific

loan information and a good faith estimate of closing

and related costs.

5. An estimate of your loan costs in the form of an initial

Truth in Lending Disclosure Statement (Reg Z) is issued.

6. The lender evaluates the application along with

supporting documentation, and approves the loan.

7. Once you sign the closing documents, the loan

is funded.

8. The lender disburses the funds to the settlement

or closing agent. The seller is paid and the title to

the home is yours.

9. The appropriate documents are recorded at the

county recorder’s office.

Documents Needed to Apply for a Mortgage

When you apply for a mortgage, you will need to furnish

information regarding your income, expenses and obligations.

It will save time if you have the following items available:

• Two most recent pay stubs

• W-2s for the last two years

• Federal tax returns for the last two years

• Last two months bank statements

• Long-term debt information (credit cards, child support,

auto loans, installment debt, etc.)

Repairing Past Credit Problems

Have you had situations in the past that have put

blemishes on your credit?

Some lenders will work with you to find a credit solution.

They have special programs and financing options that

allow you to get a mortgage even with minor credit

blemishes. However, it is in your best interest to keep your

credit report in good standing.

Here are some helpful hints for your credit report:

• Never go over 90 days past due on any accounts

• Keep your credit card debt below 50% of your

monthly obligations

• If paying bills after the due date, always pay within

the grace period

15


FINANCIAL FAQsFinancing Your New Home

Q. What is the difference between

“prequalified” and “preapproved”?

A. A prequalification consists of a discussion

between a home buyer and a loan officer.

The loan officer collects basic information

regarding the customer’s income, monthly

debts, credit history and assets, and then

uses this information to calculate an estimated

mortgage amount for the home buyer.

The prequalification is not a full mortgage

approval, but estimates what a home buyer

can afford.

A preapproval, on the other hand, is a

comprehensive approach using basic

information as well as electronic credit

reporting. Preapprovals, in most cases, are

true mortgage commitments. The lender

commits to financing your home and indicates

the total mortgage amount available to you.

Q. What types of mortgage programs

are offered?

A. Currently, there are numerous different

mortgage products available, including,

but not limited to:

• 15, 20, and 30-year fixed rate loans

• Adjustable rate loans

• New construction financing

• VA and FHA loans

• 5 and 7-year balloon loans

All mortgage products have their own benefits

and disadvantages. Talk to your financial

institution to discuss which product is best

for you.

Q. How long does it take to process

a mortgage application?

A. Usually about 45 to 60 days, although it can

take as few as seven days and as long as

90 days for some transactions.

The actual time depends on how quickly the

lender can get an appraisal of the property,

a credit report and verification of employment

and bank accounts.

Continued on next page...

Answers to these financial questions will help you get a basic understanding of the financing

process. Of course, your Coldwell Banker Burnet Realtor® can assist you in finding all the

information you need to know to make a sound decision on the purchase of a new home.


FINANCIAL FAQs, CONTINUEDFinancing Your New Home

Q. What documents will I have to provide?

A. Be prepared to provide verification of income

(including a pay stub and recent tax returns),

bank account numbers and details on your

long-term debt (credit cards, auto loans,

child support, etc.). If you’re self-employed,

you may also be required to provide financial

statements for your business.

Q. Could anything delay approval of my loan?

A. If you provide the lender with complete,

accurate information, everything should

go smoothly.

You may face a delay if the lender discovers

credit problems, such as a history of late

payments or nonpayment of debts, or a

tax lien. You may then be required to submit

additional explanations or clarifications.

You should also be sure to notify your lender

if your personal or financial status changes

between the time you submit an application

and the time it is funded. If you change jobs,

get an increase (or decrease) in salary, incur

additional debt or change your marital status,

let the lender know promptly.

You may also be delayed if the home you

selected fails to appraise for the agreed

purchase price.

Q. What’s included in my house payment?

A. Principal and interest on your loan. Depending

on the terms of your loan, the payment may

also include homeowners insurance, mortgage

insurance and property taxes.

Q. Can I pay those other things separately?

A. Not if it’s an FHA or VA-insured loan. With

most other loans, you can pay your own taxes

and insurance if you borrowed no more than

80% of the purchase price or appraised value

of your home. Check with your lender to be sure.

Q. What do the closing costs include?

A. Closing costs cover processing and

administration of your loan. In addition to a

loan fee, you’ll usually be asked to prepay

interest charges, to cover the partial month

in which you close, and impounds for property

taxes, hazard insurance and mortgage insurance.

Q. When do my mortgage payments start?

A. Usually about 30 days after closing. The actual

date of your first payment will be included

in your closing documents.


ESTIMATED BUYER’S COSTSFinancing Your New Home

Loan Items:

• Loan Origination Fee: $________

• Appraisal Fee: $________

• Credit Report: $________

• Additional Loan Fees: $________

Prepaid Items:

• Interest: $________

• Hazard Insurance: $________

• Mortgage Insurance: $________

• Taxes: $________

• Assessments: $________

• Other Fees: $________

Title and Closing Charges:

• Escrow, Settlement or Closing Fee: $________

• Title Insurance: $________

• Attorney’s Fee: $________

• Other Fees: $________

Recording Fees:

• Recording Fees: $________

• Tax Stamps: $________

• Other Fees: $________

Additional Settlement Charges:

• Survey: $________

• Pest Inspection: $________

• Home Warranty: $________

• Home Inspection Fee: $________

• Other Fees: $________

Total Settlement Charges: $________

Down Payment: + $________

Total Estimate of Buyer’s Costs: $________

Amount Financed: $________

Interest Rate: %________

Term: ____Years

Estimated Monthly Payment:

• Principal & Interest: $________

• Mortgage Insurance (if any): $________

• Property Taxes: $________

• Homeowner’s Insurance: $________

• Association Fees (if any): $________

Total Monthly Payment: $________

PROPERTY ADDRESS:

Sales Price:

$

Down Payment:

$

Amount Financed:

$

NOTE: This estimate has been prepared to assist the buyer in computing costs. Lenders and other related services will vary in their charges; therefore, these figures are not and cannot be guaranteed by your local Coldwell Banker Burnet office or sales associate.


ADDITIONAL BUYER SERVICESOne-Stop Shopping

Buying a home is one of the most exciting experiences in a person’s life. Making the process

smooth and anxiety-free is a Coldwell Banker Burnet specialty.

The Coldwell Banker Burnet Concierge program helps both home buyers and sellers find reputable movers and service

providers to make repairs or enhancements to their homes. To learn more about Concierge, talk to your Coldwell Banker Burnet Realtor®, or call 877-897-7505.• All Concierge vendors are thoroughly screened • Database includes hundreds of local and national vendors • Many Concierge vendors offer discounts to Coldwell Banker Burnet clients

The fastest, simplest, most convenient way to finance your home. To apply the

same day, talk to your Coldwell Banker Burnet Realtor® about details or visit PHHOnline.com.

Protecting your home takes more than homeowner’s insurance.

Unexpected major appliance and system breakdowns can prove to be very costly. Our Home Protection Plan offers you the satisfaction of a quick repair, and if necessary, replacement of malfunctioning appliances and systems from dishwashers to furnaces.

Moving into a new neighborhood can be a little overwhelming. There are so many details that require your attention – moving companies, painters, school

enrollment, utilities, etc. Another item you’ll need to consider during this hectic time is insurance for your new home. That’s where we’d like to offer you a hand. Call (888) 717-1776 for a quote.

This free utility connection service makes connecting your cable, high speed Internet, telephone services, and many of your other utilities easier than ever. Connection Services allows you to connect your household services in minutes and save yourself hours on the telephone. Plus, you are guaranteed to receive the best prices from each vendor. Coldwell Banker Connect is truly a one-stop shop for connecting all of your utility services.

To use Connection Services:1. Log on to CBBurnet.com/Utilites2. Enter your user name and password or new address3. Start connecting your services

Developed to allow our sales associates to better manage the title and closing

process on our clients’ behalf, Burnet Title is an in-house company whose first priority is the business of Coldwell Banker Burnet clients. Benefits include:• Beginning the title search at listing to ensure a smooth closing (selected areas)• Competitive pricing• Discounts with presentation of previous title policy• Closing at convenient locations

Now that you are relocating to the Midwest, do you need to sell your current home? Let your agent refer you to a Realtor in our Cartus Broker Network. You will have an experienced relocation specialist to assist you in pricing and marketing your home.

CONNECTIONSERVICES


INSURANCE AGENCY, INC.

YOUR RIGHTS AS A BUYERUnderstanding the Language

Inspections

Minnesota state law requires that before signing

an agreement to sell or transfer residential real

property, the seller shall make a written disclosure

to the prospective buyer that includes all material

facts of which the seller is aware that could adversely

and significantly affect an ordinary buyer’s use and

enjoyment of the property; or any intended use of the

property of which the seller is aware.

Wisconsin state law requires listing, selling and buyer

broker agents to perform a reasonable, competent

and diligent inspection of the property to detect

observable adverse facts material to the transaction,

if they are given access to the property. Any adverse

material facts discovered must be disclosed to all

interested parties. A “Listing/Selling Agent Inspection

Form” provides a standardized format to document

the fact that such an inspection was performed and to

record any defects discovered.

Seller Disclosure

Minnesota State law requires sellers to provide buyers with a Residential Property Disclosure Statement.

This report indicates any known material defects in the property that the seller is aware of (ie. flooding

problems, leaky roof, cracks in the foundation, faulty furnace, air conditioning or plumbing, or lot line

disputes)

By indicating knowledge of any defects in a property through this report, a seller is not obligated to

make repairs. However, if you have signed a contract and then receive information through this report

about any defects, you can rescind the contract within the number of days stated in your contract.

Wisconsin state law requires all property owners who transfer real property to furnish, not later than 10

days after acceptance of a contract of sale or option contract, to the prospective buyer of the property,

a completed copy of a “Real Estate Condition Report” including disclosure of general descriptions of

potential defect in the property.

Sellers must also disclose known information on lead-based paint hazards before selling a house. Sales

contracts include a federal form about lead-based paint in the building. Buyers will have up to 10 days to

check for lead hazards.

CONNECTIONSERVICES


Adjustable Rate Mortgage (ARM) A mortgage with an interest rate that changes over time in line with movements in the index. ARMs are also referred to as AMLs (adjustable mortgage loans) or VRMs (variable rate mortgages).

Adjustment Period The length of time between interest rate changes on an ARM. For example, a loan with an adjustment period of one year is called a one-year ARM, which means that the interest rate can change once a year.

Amortization Repayment of a loan in installments of principal and interest, rather than interest-only payments.

Annual Percentage Rate (APR) The total finance charge (interest, loan fees, points) expressed as a percentage of the loan amount.

Appraisal An estimate of the property’s value provided by a professional appraiser.

Assumption of Mortgage A buyer’s agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (usually the seller) from liability.

Balloon Payment A lump sum principal payment due at the end of some mortgages or other long-term loans.

Binder Sometimes known as an offer to purchase or an earnest money receipt. A binder is the acknowledgement of a deposit along with a brief written agreement to enter into a contract for the sale of real estate.

Buydown Permanent - prepaid interest that brings the note rate on the loan down to a lower, permanent rate. Temporary - prepaid interest that lowers the note rate temporarily on the loan, allowing the buyer to more readily qualify and to increase payments as income grows.

Cap The limit on how much an interest rate or monthly payment can change, either at each adjustment or over the life of the mortgage.

Cash Reserves The amount of the buyer’s liquid cash remaining after making the down payment and paying all closing costs.

CC&Rs Covenants, conditions and restrictions. A document that controls the use, requirements and restrictions of a property.

Certificate of Commitment The lender’s approval of a VA loan, which is usually good for up to six months.

Certificate of Reasonable Value (CRV) A document that establishes the maximum value and loan amount of a VA guaranteed mortgage.Chattel Personal property.

Closing Statement The financial disclosure statement that accounts for all of the funds received and expected at the closing, including deposits for taxes, hazard insurance, and mortgage insurance.

Commitment Period The period during which a loan approval is valid.

Condominium A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surface (walls, floor, ceilings) serve as its boundaries.

Contingency A condition that must be satisfied before a contract is binding. For instance, a sales agreement may be contingent upon the buyer obtaining financing.

Conversion Clause A provision in some ARMs that enables home buyers to change an ARM to a fixed rate loan, usually after the first adjustment period. The new fixed rate is generally set at the prevailing interest rate for fixed rate mortgages. This conversion feature may cost extra.

Cooperative A form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements.

CRB Certified Residential Broker. To be certified, a broker must be a member of the National Association of Realtors, have five years experience as a licensed broker and have completed required Residential Division courses.

CRS Certified Residential Specialist. This designation is recognized industry-wide as the symbol of excellence in residential sales and is the highest designation awarded in the residential real estate sales industry.

GLOSSARY OF REAL ESTATE TERMSUnderstanding the Language


Debt Ratios The comparison of a buyer’s housing cost to his or her gross or net effective income, and the comparison of a buyer’s long-term debt to his or her gross or net effective income. The first ratio is housing ratio; the second ratio is total debt ratio.

Due-On-Sale Clause A clause that requires a full payment of a mortgage or deed of trust when the secured property changes ownership.

Earnest Money The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.

Escrow A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties’ instructions and assuming responsibility for handling all of the paperwork and distribution funds.

Equity The difference between what is owed and what the property could be sold for.

FHA Loan A loan insured by the Federal Housing Administration (of the Department of Housing and Urban Development).

Federal Home Loan Mortgage Corporation (FHLMC) Called “Freddie Mac”; a part of the secondary market, particularly used to purchase loans from savings and loan lenders within the Federal Home Loan Bank Board.

Federal National Mortgage Association (FNMA) Popularly known as “Fannie Mae”; a privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by the FHA or guaranteed by the VA, as well as conventional home mortgages.

Fee Simple An estate in which the owner has unrestricted power to dispose of the property as he wishes, including leaving by will or inheritance. It is the greatest interest a person can have in real estate.

Finance Charge The total cost a borrower must pay, directly or indirectly, to obtain credit according to Regulation Z.

Fixed Rate Mortgage A conventional loan with a single interest rate for the life of the loan.

Fully Indexed Rate The maximum interest rate on an ARM that can be reached at the first adjustment.

Gift Letter A letter from a relative stating that an amount will be gifted to the buyer, and that said amount is not to be repaid.

Government National Mortgage Association (GNMA) Called “Ginnie Mae”; a government part of the secondary market that deals primarily in recycling VA and FHA mortgages, particularly those that are highly leveraged.

Graduated Payment Mortgage A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.

GRI Graduate, Realtors Institute. A professional designation granted to a member of the National Association of Realtors who has successfully completed courses covering Law, Finance and Principles of Real Estate.

Home Inspection Report A qualified inspector’s report on a property’s overall condition. The report usually includes an evaluation of both the structure and mechanical systems.

Home Warranty Plan Protection against failure of mechanical systems within the property. Usually includes plumbing, electrical, heating systems and installed appliances.

Index A measure of interest rate changes used to determine changes in an ARM’s interest rate over the term of the loan.

Initial Interest Rate The introductory interest rate on a loan; signals that there may be rate adjustments later in the loan.

Joint Tenancy An equal undivided ownership of a property by two or more persons. Upon the death of any owner, the survivors take the decedent’s interest in the property.

Jumbo Loans Mortgage loans that exceed the loan amounts acceptable for sale in the secondary market; these jumbos must be packaged and sold differently to investors and therefore have separate underwriting guidelines.

Lien A legal hold or claim on property as security for a debt or charge.



Loan Commitment A written promise to make a loan for a specified amount on specified terms.

Loan-To-Value-Ratio The relationship between the amount of the mortgage and the appraised value of the property, expressed as a percentage of the appraised value.

Lock-In The fixing of an interest rate or points at a certain level, usually during the loan application process. It is usually done for a certain period of time, such as 60 days, and may require a fee or premium in the form of a higher interest rate.

Margin The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

Mortgage Insurance Premium (MIP) The mortgage insurance required on FHA loans for the life of said loans; MIP can either be paid in cash at closing or financed in its entirety in the loan. The premium varies depending on the method of payment.

Mortgage Life Insurance A type of term life insurance often bought by home buyers. The coverage decreases as the mortgage balance declines. If the borrower dies while the policy is in force, the mortgage debt is automatically covered by insurance proceeds.

Negative Amortization Occurs when monthly payments fail to cover the interest cost. The interest that isn’t covered is added to the unpaid principal balance, which means that even after several payments the borrowers could owe more than they did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments that aren’t high enough to cover the interest.

Origination Fee A fee or charge for work involved in evaluating, preparing, and submitting a proposed mortgage loan. The fee is limited to one percent for FHA and VA loans.

Payment Cap The maximum amount the payment can adjust in any given time frame.

PITI Principal, Interest, Taxes and Insurance.

Planned Unit Development (PUD) A zoning designation for property developed at the same or slightly greater overall density than conventional development, sometimes with improvements clustered between open, common areas. Use may be residential, commercial or industrial.

Point An amount equal to one percent of the principal amount of the investment or note. Lender assesses loan discount points at closing to increase the yield on the mortgage to a position competitive with other types of investment.

Prepayment Penalty A fee charged to a borrower who pays a loan before its due. Not allowed for FHA or VA loans.

Private Mortgage Insurance (PMI) Insurance written by a private company protecting the lender against loss if the borrower defaults on the mortgage.

Purchase Agreement A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract, or agreement for sale.

Rate Gap The difference between where the rate is now and where it could adjust to on an ARM. Also used to compare the difference between a current conventional rate and that of an ARM.

Realtor® A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors®.

Regulation Z The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.

Tenancy In Common A type of joint ownership of property by two or more persons with no right of survivorship.

Title Insurance Policy A policy that protects the purchaser, mortgagee or other party against losses.

VA Loans A loan, made by a private lender, that is partially guaranteed by the Veterans Administration.



USEFUL WEB SITESFor More Information

Real Estate & Community Informationwww.CBBurnet.com Airportswww.MSPAirport.com www.RochesterIntlAirport.com www.St.CloudAirport.com

Careerswww.JoinCBBurnet.com www.MinnesotaJobs.com

Educationwww.GreatSchools.org Local Knowledgewww.Patch.com News & Informationwww.StarTribune.com www.TwinCities.com www.CityPages.comwww.PostBulletin.com www.SCTimes.com www.WCCO.comwww.KSTP.com www.MyFoxTwinCities.com www.KARE11.com

Professional Sportswww.Timberwolves.com www.Twins.MLB.com www.Vikings.com www.Wild.NHL.com

State Government Information www.State.MN.us www.State.WI.us

Tourismwww.ExploreMinnesota.com www.DiscoverWisconsin.com

Transportationwww.MetroTransit.org www.RochesterBus.com www.StCloudMTC.com www.NorthstarTrain.com

NOTES

Real Estate & Community Informationwww.CBBurnet.com Airportswww.MSPAirport.com www.RochesterIntlAirport.com www.St.CloudAirport.com

Careerswww.JoinCBBurnet.com www.MinnesotaJobs.com

Educationwww.GreatSchools.org Local Knowledgewww.Patch.com News & Informationwww.StarTribune.com www.TwinCities.com www.CityPages.comwww.PostBulletin.com www.SCTimes.com www.WCCO.comwww.KSTP.com www.MyFoxTwinCities.com www.KARE11.com

Professional Sportswww.Timberwolves.com www.Twins.MLB.com www.Vikings.com www.Wild.NHL.com

State Government Information www.State.MN.us www.State.WI.us

Tourismwww.ExploreMinnesota.com www.DiscoverWisconsin.com

Transportationwww.MetroTransit.org www.RochesterBus.com www.StCloudMTC.com www.NorthstarTrain.com