Buyers Agent

Why use me as your buyer’s agent?
As an buyer’s agent, I will work to serve you and save you money on all Gulf Coast properties.
I represent you, the buyer, and not the seller. I have excellent knowledge of the local real estate market. I’ll help you find the right property and negotiate for the lowest price and best possible terms. I will treat you as a client, not as a customer.

Will I have access to all resources like the Multiple Listing Service? Absolutely yes and even more! I can send you information on every property listed by every Realtor and also show properties that are “for sale by owner” I can also represent you on new properties by national or custom builders at no additional cost to you.

How do you facilitate the transaction? When you decide to purchase the selected property, my objective becomes to make the process simple and easy for you. I complete all offer to purchase contracts (for resale) and review all developer contracts and even seek the advice of a local real estate attorney. Once an agreement is reached I can schedule all inspections, get quotes for insurance, provide names of mortgage lenders and track all closing functions through the actual closing of the property. You are not even required to be here when the closing takes place. Funds can be wired to the closing firm and I will be there to make sure everything goes as planned.

How much will it cost to use you as our buyer’s agent? NOTHING! I am paid only by the seller of the property you purchase. The question is “How much will it cost me if I don’t use Shannyn as my buyer’s agent?”

Remember,
Your property is probably the single largest purchase you will ever make. In making this important investment, let me help save you time, frustration and money!

Documents needed for a loan application

  1. Copies of W-2’s for the last two years;
  2. Copies of paycheck stubs for the last 30 days (most current);
  3. Copies of checking and saving account statements for last 3 months (all pages);
  4. Copies of quarterly or semi-annual statements for checking, savings, IRA’s, CD’s, money market fund, stock, 401k, profit sharing, etc.;Income Tax Forms;
  5. Copy of sales contract when ratified;
  6. Employment history for the last two years (address any gaps of employment);
  7. Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company.
  8. Rental property copies of leases plus mortgage information.
  9. Canceled earnest money check when it clears or corresponding bank statement, if applicable;
  10. Commissioned or bonuses income — if 25% or more of base, must have 2 year tax returns;
  11. Check for the expense of appraisal & credit report;
  12. Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
  13. Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
  14. If paid off mortgage in the last 2 years, need copies of HUD1;
  15. Copy of drivers license for applicant and co-applicant.

SELF-EMPLOYED BORROWERS

  1. Copies of most recent 2 years tax returns (with all schedules including k-I’s, if applicable);
  2. Copy of current profit & loss statement and balance sheet;
  3. Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company copies of W-2’s and/or 1099 forms.

DOCUMENTS WHICH MAY BE REQUIRED

  1. Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
  2. Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
  3. Divorce Decree if applicable;
  4. Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue for at least 3 years.

DOCUMENTS NEEDED FOR FHA/VA LOANS

  1. FHA: Copy of social security card and drivers license for each applicant and co-applicants;
  2. VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper; Name and address of nearest living relative; and, Child Care information.

All loans subject to credit approval.

TRID GLOSSARY Truth-in-Lending Act RESPA Integrated Disclosures

CFPB (Consumer Financial Protection Bureau): A governmental agency created as a result of economic downturn of 2007-2009 and the Dodd Frank Act. It was tasked with creating
reform within the financial sector and enforcing laws that help to protect consumer’s interests.

Closing Disclosure (CD): The form designed to provide disclosures that will be helpful to consumers in understanding all of the costs of the transaction. It will replace the HUD-1 and Final TIL forms starting October 3rd.

Escrow Breakdown: Lists what costs are included within the monthly escrow payment.

Good Faith Estimate (GFE): A disclosure that estimates all fees paid before closing, all closing costs, and any escrow costs the borrower will encounter when purchasing a home. This must be supplied by the lender within three days of the borrower’s application so that the borrower is able to make sound decisions when shopping for a loan.

HUD-1 Settlement Statement: A standard form which is used to itemize services and fees charged to the borrower by the lender
when applying for a loan for the purpose of purchasing or refinancing real estate.

“In 5 Years”: Found on the Loan Estimate, the “In 5 Years” amount is the total dollars the borrower will have paid in principal, interest, mortgage insurance, and loan costs as well as the total dollar amount of principal the borrower will have paid off.

Loan Estimate (LE): The form designed to provide disclosures that will be helpful to consumers in understanding the key features, costs, and risks of the mortgage loan for which they are applying.

Real Estate Settlement Procedures Act (RESPA): A federal law that was first passed in 1974. One of its main objectives is to help consumers become better shoppers for real estate settlement (closing) services. Another aim is to eliminate kickbacks and referral fees that add unnecessary costs to settlement services.

Settlement Agent: The party involved in completing a transaction between a buyer and seller. This is done through the transfer of securities to the buyer and the transfer of cash or other compensation to the seller.

Total Interest Percentage (TIP): The total amount of interest paid over the loan term as a percentage of the loan amount.

TRID: Truth-in-Lending Act RESPA Integrated Disclosures: Rules that amend existing requirements for mortgage disclosures where the Initial TIL and GFE are being replaced by the single Loan Estimate Disclosure and the Final TIL and HUD-1 are being replaced by the single Closing Disclosure form. The purpose of the rule is to simply the loan process and make it more transparent and easier to understand. The use of the new forms go into effect October 3rd, 2015.

Truth in Lending Act (TILA): A federal law intended to promote the informed use of consumer credit by requiring disclosure about its terms and costs.

Truth-in-Lending Statement (TIL): This statement contains information regarding the annual percentage rate, the finance
charge, the amount financed, and the total payments required for the
loan.

TRID Considerations

Closing Disclosure Checklist

Guide to Understanding TRID Forms

Selling Real Estate From Destin To The Beaches Of South Walton