Buyer Packet Jim & Suzy Doerr : simplebooklet.com

12 About Jim & Suzy Doerr3 We Are Corcoran Perry & Co. - Live Who You Are 4 The Corcoran DNA6 The Home Buying Process7 Your Wish List: Things To Consider8 Home Features: What Is Important To You?10 Metro Denver: The Mile High City11 Denver Metro Counties12 Denver Metro Neighborhoods14 The Corcoran Perry & Co. Website: A New Generation Of Search15 Financing Your New Home16 Common Closing Costs For Buyers17 Writing An Offer18 Contingencies19 Home Inspection: What It Should Cover20 Final Walk-Through22 Closing 23 Glossary25 Contact InformationBuying Your Home

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2Originally from the Northeast, Jim & Suzy found the beauty of Colorado early on. Their family and careers are all rooted in Colorado which has provided them extensive knowledge of neighborhoods that have stood the test of time and neighborhoods that still present opportunities.With Jim’s previous experience in Colorado’s commercial construction, contract knowledge and love of technology combined with Suzy’s marketing experience, negotiating skills and love of real estate, they are the perfect advocate for buyers and sellers alike.Working out of the Perry & Co. Landmark ofce, Jim & Suzy have always lived in and are especially familiar with Denver and its southern suburbs. Whether you’re looking to buy or sell in the modern, master planned suburban neighborhoods or the classic, traditional urban neighborhoods of Denver, their value to your transaction will be evident immediately.Jim and Suzy love to travel, golf, exercise at Wash Park and spend time with family. Let them take the reins (and the stress) and navigate your next real estate transaction.Jim & Suzy DoerrBroker Associates, REALTOR®

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3We areCorcoran Perry & Co.Live who you are. Four simple words that mean so much. To our customers, it means “imagine the best version of who you are... and now imagine home.” But “Live who you are” also says something about us. It says “We care enough to learn about you. We care enough to ask a little more, to dig a little deeper, to listen a little better. We care enough to use all that we learn to nd you precisely the right home.”“Live who you are” says that we have the craft and resources to make a home yours once we nd it. It says we are experts and consultants and professionals of the highest order. It says “take a journey with a trusted friend.” And most of all it says “our mission goes beyond selling.”When we say “Live who you are” we make a thousand unspoken promises to our customers, and a thousand unspoken commitments to ourselves as professionals. Live who you are. It denes our mission as the best real estate company in the world — a mission we are all proud to make our own.Corcoran Perry. Live who you are.

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6The Home Buying ProcessThe graphic below illustrates what we’ll be doing together to get you from your wish list to moving into your new home. Each stage of the process is important and I’ll be with you every step of the way. Let’s get started! GETTINGACQUAINTEDSELECTINGNEIGHBORHOODS& VIEWING HOMESWRITING AN OFFERCONTRACTMOVE INTO YOUR NEW HOME!Walk-ThroughClosingCounterproposal(s)Your PropertyWish ListSet up the Game PlanExclusive Right-to-BuyLoan ApplicationEarnest MoneyLender’sPre-ApprovalLetterInspectionTitle ReviewAppraisalLoan Approval

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7NEIGHBORHOODSWhat neighborhoods do you prefer? SCHOOLSWhat school systems do you want to be near?TRANSPORTATIONHow close must the home be to these amenities? • Public transportation • Airport • Highways• Neighborhood shopping• Schools• OtherHOME STYLE• What architectural style(s) of homes do you prefer?• Do you want to buy a home, condominium, or townhome?• Would you like a one-story or two-story home?• How many bedrooms must your new home have?• How many bathrooms must your new home have?• What other characteristics must your home have? HOME CONDITION• Do you prefer a newly-built home or an existing home?• If you’re looking for an existing home, how old of a home would you consider?• How much repair or renovation would you be willing to do?• Do you have special needs that your home must meet?Your Wish List:THINGS TO CONSIDERWhat does your future home look like? Where is it located? As you hunt down your dream home, consult this list to evaluate properties and keep your priorities top of mind. Use my Buyer’s Wish List to help you.

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8• Home ofce(s)• Air conditioning • Close to light rail/transportation• Close to open space/parks• Close to restaurants/nightlife • Dining room • Eat-in kitchen • Solar panels • Family room • Finished basement• Fireplace(s) • Formal living room • Front yard / backyard • Garage (attached or detached)• Great views • Hardwood oors • Main-oor master• Laundry room• Open oor plan • Patio/deck • Pet friendly• Swimming pool or hot tubHome Features:WHAT IS IMPORTANT TO YOU?Must have, would like, willing to compromise, or not important• Wall-to-wall carpet• Garden space• Walk-in closet• Soaking tub• Double bathroom sinks• En suite bathrooms• Guest area• Butler’s pantry• Sunroom• Surround sound system• Wine storage• Kitchen island• Balcony• Tankless water heater• Skylights or sky tubes• Built-in Shelves• Home theater• Heated oors• Attic fans• Dual or triple pane windows• Stone or tile surfaces• Loft

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10Denver – the “Mile High City” at 5,280 feet of elevation covers 154 square miles and has a current population of over 176,492,000 people.From the gorgeous mountains and endless outdoor activities, to the rich history and culture of downtown- Denver has it all. The metro area’s neighborhoods are diverse and unique, each with its own history, architecture, parks, and shops. A quick two-hour drive and you arrive at some of Colorado’s legendary ski resorts, such as Vail and Breckenridge. Not to mention- 300 days of sunshine per year! With so much to offer, Denver has something for everyone. Here at Corcoran Perry & Co. we will help you nd the neighborhood that best suits you so that you can live who you are.Metro Denver THE MILE HIGH CITY

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14According to the National Association of Realtors® Annual Survey of Buyers, 9 out of 10 buyers go to the Internet as an information source in the home search process. As a buyer, you can nd your home by searching in traditional ways - by using an address or a map search, and in new ways - by using our “Near Me” mobile function to help them nd homes within a mile of where they are standing. Plus, our website has options other websites don’t offer, like MLS updates every 15 minutes, search criteria for Under Contract, Sold properties, and Open Houses. Buyers can easily search for Open Houses happening today, tomorrow, or this weekend. We also provide home sellers the opportunity to contribute content to our website through the “This is My Home” and “This is My Neighborhood” comment buttons. To our knowledge, no other company has this SEO-friendly function.Testimonials and agent reviews? We’ve got those too. Other unique features include a Seller’s Net Proceeds Calculator, a more precise Mortgage Calculator and our site is uniquely optimized for mobile device voice searches. When you list with us, you can be assured that your home – whatever its unique and special features – will be showcased and easy to nd on corcoranperry.com.Our Websitecorcoranperry.comA NEW GENERATION OF SEARCH

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15SOME GENERAL TOPICS TO DISCUSS WITH YOUR LENDER There are numerous mortgage loan programs available and a lender can tailor one to t your needs. Here are a few general topics to discuss with your lender:• Income and credit history• Desired monthly payment• Type of loan: Conventional, FHA, VA, Jumbo (non-conforming)• Term of loan: 15 or 30 years• Variable or xed interest rate• Closing costs LOAN APPLICATION CHECKLISTTo help you be prepared, here are some of the documents the lender will be asking you for during the loan process:• Pay stubs• Bank, investment accounts & credit card statements • Most recent tax returns and/or W-2’s• Outstanding loans, i.e. existing home, auto, student loans, HELOCs LENDER SELECTION More than ever, it is important that you use a credible lender. In the state of Colorado all Mortgage Loan Originators are required to be registered on the Nationwide Mortgage Licensing System & Registry (NMLS) and licensed with the Division of Real Estate. For your protection it is highly recommended to use a local, licensed lender who understands Colorado real estate practices and how the contract is structured. Using out-of-state lenders and online lenders can place you at great risk in the transaction. Please let me know if you would like referrals to lenders. LENDER’S PRE-APPROVAL LETTER & LOAN APPROVALOnce you have chosen your lender, they will request permission to pull a credit report and get verication of income and assets in order to help you better determine the price of home you can afford and how to structure the nancing conditions in your purchase contract. From that information the lender will provide you with a “pre-approval” letter to be submitted with an offer. Once a property has been contracted and you have made a formal loan application, the lender is required to provide you with a Loan Estimate within three (3) days of application. The accepted contract, full credit report, employment, income/asset verication and other documents, requested by the lender, will be submitted to underwriting for review, along with the appraisal to obtain full loan approval.FinancingYOUR NEW HOME

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16There are a variety of fees and expenses that you will have to pay at the time of closing. Prior to closing, after the lender has nal loan gures, those will be given to the title company. Not less than three (3) days prior to closing the title company will provide you and the lender with a copy of the Settlement Statement so that you can compare your actual closing numbers with the Loan Estimate. TYPICAL COSTS INCLUDE:• Additional commission of $200-$500 • Appraisal, typically paid for up-front; will be included on the HUD statement as POC (paid outside of closing) • Credit report• Deed recording and notary fees • HOA fee escrow (prorated) • ILC (Improvement Location Certicate) or survey• Insurance escrow for homeowner’s insurance, if paid as part of the mortgage *• Loan origination fee• Points, or loan discount fees, which you pay to receive a lower interest rate• Private mortgage insurance premium (PMI)• Property tax escrow (prorated), if paid as part of the mortgage *• Title insurance policy premiums • Water/Sewer escrow (prorated)You will typically pay for a professional home inspection, however this is paid up front to the home inspection company and not part of your actual closing costs.Cash at closing is the total amount you must bring to the closing, which consists of all closing costs and down payment due, less your earnest money and any credits given by seller. PRORATION: Various costs are usually paid on either a monthly or yearly basis. Proration is a way for you or the seller to properly pay and/or get credit for a bill that is outstanding. Example: The water company usually sends a bill each month for the water used during the previous month. Assume you buy the home on the 6th of the month, you would owe the water company for only the days from the 6th to the end for the month; the seller would owe for the rst ve days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.Closing CostsCOMMON CLOSING COSTS FOR BUYERS

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17EARNEST MONEYAt the time an offer is written and presented, or at a date determined in the contract (Alternative Earnest Money Deadline), you will be required to provide earnest money. The form of earnest money is typically a personal check or wire transfer. Your earnest money will be deposited and held in a trust account of either the Listing Brokerage or Title Company. Earnest money represents your intent to purchase the property and is typically based on the value of the property or length of time until closing. Think of earnest like a deposit.At closing your earnest money will be applied to your cash due at closing. Cash due at closing consists of your closing costs, down payment (for a loan) and/or the remainder due of the purchase price. In the event you terminate the contract subject to your rights in the contract, your earnest money may be refunded to you. If you fail to provide written notice under the terms of the contract, or you fail to complete the purchase after all contingencies have been met, you may forfeit your earnest money deposit to the seller as liquidated damages.COUNTERPROPOSALWhen an offer is presented, the seller may want to change one or more terms of the contract; i.e. the price, dates, or other items that may not meet the seller’s expectations. The seller will then write a counterproposal with their preferred changes. If these changes are acceptable, you will sign the counterproposal and will be considered under contract. If these changes are not acceptable, you may have the option of further negotiating the offer until contract terms are reached which are agreeable to both you and the seller. Writing an OerIn Colorado, real estate purchase contracts have to be in writing. Verbal contracts are not enforceable and properties cannot orally be put on hold. Corcoran Perry & Co. uses the standard contract approved by the Colorado Real Estate Comission.

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18TITLE INSURANCEUnlike casualty insurance (auto and health, for example) which protects against future events, title insurance protects against losses arising from unknown or undisclosed defects in the past ownership chain of title. A title insurance premium is a one-time at fee normally paid by the seller at the time of closing. Generally, the title insurance company will provide legal defense against any challenges to an insured’s ownership and will reimburse the insured nancially for losses as a result of hidden defects in, or encroachments to, ownership rights. TITLE REVIEWThe title search will check to determine if there are liens, encroachments or easements on the property. In addition, this review will check for restrictive covenants and if applicable, restrictions from a Home Owner’s Association (HOA). HOMEOWNER ASSOCIATION (HOA) & COMMON INTEREST COMMUNITY (CIC) DOCUMENT REVIEWIf in an HOA community, the seller will be required to provide you with copies of all CIC Documents outlining all restrictive covenants. I advise you to read these carefully to make sure you are comfortable with any conditions or restrictions imposed on homeowners by their governing HOA. DUE DILIGENCE REVIEWDocuments such as prior/existing surveys, soils report, architectural plans, and leases are provided by the seller as requested and should be reviewed by you prior to the deadlines in the contract.HOME INSPECTIONMost buyers hire a professional home inspector who is paid a non-refundable fee at the time of service to assess the condition of the property. Home inspectors typically examine the components of a house from roof to basement and alert you to any major problems. Please let me know if you would like referrals for inspection companies, such as sewer scope, lead-based paint, structural or roof inspectors, for example. APPRAISALThe appraisal, which is required by the lender/mortgage company and paid for by the buyer, is an estimated value of a property by a licensed real estate appraiser. LOAN CONDITIONS Following the appraisal (and assuming the appraised value is equal to or exceeds the contract price) the lender submits the loan to their underwriter for nal loan approval. WALK-THROUGHBy terms of the contract, you have the right to a walk-through of your new home prior to closing. This is the time to ensure that the property is in the same condition that it was at the time the contract was accepted and to insure the seller has completed any items that were agreed to in an inspection settlement/resolution. ContingenciesContingencies are conditions or “safety valves” written into real estate offers and contracts to prevent a buyer from being forced to buy a house that is unsatisfactory, either structurally or nancially.

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19Source: American Society of Home Inspectors (www.AHSI.org) Go to their website to try a virtual home inspection. The following are the basic health and safety elements that a home inspector will check. You can also use this list to help you evaluate a property you might purchase. STRUCTURE: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected. EXTERIOR: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection. ROOFING: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of ashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylights, and chimneys. PLUMBING: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems. ELECTRICAL: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room. HEATING: The home’s heating system, vent system, ues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.AIR CONDITIONING: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system. INTERIORS: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at: • Walls, ceilings and oors• Steps, stairways, and railings• Countertops and cabinets• Garage doors and garage door systems VENTILATION/INSULATION: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unnished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage. HAZARDOUS MATERIALS: Asses for any asbestos, lead-based paint, radon and mold on the property.FIREPLACES: They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and ue, and describe solid fuel burning appliances. Recent ue cleaning should be veried.Home InspectionWHAT IT SHOULD COVER:

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20It’s guaranteed to be hectic right before closing, but you should always make time for a nal walk-through. Your goal is to make sure that your home is in the same condition as it was at the time of contract. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Final Walk-Through:WHAT NOT TO OVERLOOKMAKE SURE THAT:• Repairs you’ve requested have been made. Obtain copies of paid bills and warranties.• There are no major changes to the property at time of contract.• Carbon monoxide detectors are installed per Colorado law. • All items that were included in the contract — draperies, lighting xtures, etc. — are still there.• All appliances and xtures included in the contract i.e. range/oven, refrigerator, dishwasher, washer and dryer are operating properly.• Water heater, heating & A/C system are working properly.• Screens and storm windows (if included in the contract) are in place or stored.• Doorbell, alarm system, intercom (if included in the contract) are operational. • Garage door opener and other remotes are available.• No plants or shrubs have been removed from the yard.• Instruction books and warranties on appliances and xtures are available.• All personal items of the sellers and all debris have been properly removed. (Check the basement, attic, and every room, closet, and crawlspace.)

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22On the day of closing, ownership of the home is transferred from seller to buyer, and you become the new homeowner. A closing specialist with the title company conducts the closing. In addition to organizing numerous documents, the closer collects and disburses funds for both the seller and the buyer and ensures that documents are correctly signed and recorded with the county clerk. Certain monies are credited to you, i.e., your earnest money deposit, and seller paid closing costs (per the contract terms) and others are debited. Some expenses, such as the property tax, are prorated between you and the seller. Example: If you close on July 1st, the seller credits you with one-half of the annual property tax for the six months the seller owned the property. When the tax bill comes due, you will be responsible for paying the entire amount. If this amount has been paid with your monthly mortgage payment and held in an escrow account, the mortgage company will pay this direct to the county tax assessor on your behalf.The closer prepares a ledger of debits and credits showing the exact amount of money you will owe at closing. You will need a cashier’s check or wire transfer for that net amount. If you choose to wire your funds for the closing, please call me directly for instructions to avoid wire fraud. The real estate industry and all parties to an active real estate transaction are targets of cyber criminals. The safest way to insure you have the correct wiring instructions is to physically pickup a copy of the wiring instructions from the title company. If this is not convenient, please contact me to facilitate an easier way to conrm the correct wiring instructions.The closer prepares a ledger of debits and credits showing the exact amount of money you will owe at closing. You will need a cashier’s check or wire transfer for that net amount. In addition, it is important for everyone listed on the contract to bring photo identication to the closing. After all parties have signed the closing documents, and funds have been collected and distributed, you take title to your new home! You will take possession of the property according to the terms specied in the contract. Keys, garage remote controls, miscellaneous information and forwarding addresses are given at this time.Congratulations! ClosingTHE CLOSING IS THE FINALE OF THE HOME-BUYING PROCESS.

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23GlossaryREAL ESTATE TERMS YOU MAY HEAR AS YOU’RE BUYING YOUR NEW HOME. HOME WARRANTYService contract that may vary, but typically covers the repair and/or replacement cost of appliances, i.e. refrigerator, range, water heater, etc. as well as selected items, i.e. heating and plumbing systems. They are optional in re-sale homes and can be paid for by the seller or the buyer. New home construction typically provides for a builder home warranty on specic items.LIENLegal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation. LISTINGA property being sold by a real estate agent and advertised in the MLS. MLS (MULTIPLE LISTING SERVICE)Online service enabling brokers to provide & maintain a searchable database for information of available and sold properties in a geographical area. It is the proprietary information of the brokerage rm who has obtained a listing agreement with the property seller. PMI (PRIVATE MORTGAGE INSURANCE)Required on most conventional loans with less than 20% down payment. The payments for PMI are included in your mortgage payment and protect the lender should you default on the loan. On FHA loans, you will pay an MIP (Mortgage Insurance Premium) which accomplishes the same purpose. SHORT SALESale of real estate in which sale proceeds fall short of the balance owed on the property’s loan. Occurs when a borrower is behind in payments and cannot pay the mortgage on the property, but the lien holder agrees to allow the owner to sell the property at a moderate loss (amount less than the outstanding balance of the loan) to avoid foreclosure. ZONINGProcess of planning for land use by a city, county and/or state agency to allocate certain kinds of structures in certain areas. It may include restrictions to such areas as height of buildings, use of green space, density, use of lots and types of business. Example: an area may be zoned for single-family residential, condominiums, commercial or retail, or a mix of two or more uses.AMORTIZATION Schedule of loan payments that establishes the amount of payment to be applied to the principal and amount to be applied to interest, usually on a monthly basis, for the full term of the loan. BANK-OWNED/REO PROPERTY Property owned by a lender, typically a bank, government agency or government loan insurer, after an unsuccessful sale at a foreclosure action.

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24CIC A common interest community. COVENANTSA promise to engage in or refrain from a specied action (including restrictive covenant, a restriction on the use of property.)DEEDDocument that, when recorded with your local government, demonstrates ownership of a property. Transferred from seller to buyer at closing. EASEMENTA right held by a property owner or governmental entity to make use of the land of another for a limited purpose, such as a right of passage for utilities. ENCROACHMENTBuilding or structure which is in whole or in part on a neighboring property. ESCROWFunds held in reserve both prior to closing (for example, the earnest money deposit) by a third party, and after closing by the mortgage company to pay future taxes and homeowners insurance. In some areas, “escrow” also refers to the closing process. FSBO (FOR SALE BY OWNER)Real estate that is sold without the assistance of a real estate agent. FSBO can refer to both the individual selling the property or to the property itself. HOME OWNER’S ASSOCIATION (HOA)An owner’s group, whether in a condominium, townhouse or single-family subdivision, that establishes general guidelines for the operation of the community, as well as its standards.

Buyer Packet Jim & Suzy Doerr

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