Chuck Patterson, Realtor

614-878-6431 (Office)
614-302-0874 (Cell)
email: realestate@chuckpatterson.com

Buyer's Agent services are FREE to the Buyer!

You can (and should!) have a Realtor that represents YOUR interests in a real estate transaction.
When serving in this capacity, the buyer's Realtor is called the "buyer broker". In Ohio, buyer broker services are provided
to the buyer at the SELLER'S EXPENSE.

Here's how it works:

When a seller lists their property for sale with a Realtor, they agree to a commission.
Usually, and for the sake of simplicity, we will
assume that commission is 6%.

If the LISTING AGENT brings a buyer for the property, the seller pays the 6%*. If another agent brings the buyer for the property, the seller pays the same 6%. The commission funds are divided between the buyer's brokerage and the seller's brokerage. It costs you no more for the purchase*
and it costs the seller no more to sell.
The difference is, YOU have someone that is exclusively charged with protecting YOUR INTERESTS in the transaction.

Why am I a "buyer's agent" and
what does that mean?

The real estate market has changed drastically
in the last couple of years. Selling a house is difficult. The high number of foreclosed homes means the market is saturated with many choices and many "motivated" sellers.
I made the concious decision to concentrate on
the most active facet of residential real estate.
I will continue to list homes for clients that I
am also representing on a purchase,
but for now I will not be listing any properties
outside of that circumstance.

*In some cases a listing agent will agree to a variable rate listing, meaning that they may choose to lower the commission rate if they
"have both sides of the deal".

Yes, my services are FREE to buyers but
this does not mean that buying a home comes
without money being spent.
Even in "0 Down" purchases,
you will likely incur some expenses.
Here are some typical costs you should expect:

Home Inspection
A general price range is from $250-$350 for a typical home. Each inspector sets their own rates.
I am happy to recommend some inspectors with
whom I have worked and been satisfied.

Appraisal Fees
Again, as a general rule these appraisals will cost around $400.00. That amount is more often than not
CREDITED BACK TO YOU at closing.

Homeowner's Insurance
There is no general rule to be applied in this case.
Your insurance costs will depend on
the area in which the house is located,
the purchase price of the home and in some cases
your credit score will play a part.
Different companies have differing rules.
I generally advise my clients to be sure to
speak with the agent or company that handles
their auto policy. Usually, there is a discount for insuring everything with the same company.

Earnest Money Deposit
While not REQUIRED in the state of Ohio, more
and more common is the practice of sellers requiring an earnest money deposit when considering an offer. The buyer gets this money back at closing or
it can be applied to the principal of the mortgage.
The seller is trying to protect their interests by
"assuring" the buyer is serious, has means and
intends to close. Unfortunately it is not
uncommon anymore for a buyer to
simply not show up to close on the
purchase. In the meantime the house has
been off the market and unavailable to
other potential buyers while everyone waited
on a transaction that never happened.

There is a logical and prudent order in
which things should be done. If you
come to me and say you want to
buy a home, you will get this advice:

First, get pre-qualified for the mortgage!
The fact is, most sellers and listing agents want
to see a letter of pre-qualification before they will
give the offer any serious consideration.
Know also that different credit situations
require different types of lenders and loans.
Ask me to recommend a lenders that would be best
for your situation. You have the option
of choosing any lender you want to
choose, but the fact is, this is a relationship
business and if you are working with a lender I
know and trust, someone with whom I have
a good working relationship, they will likely do all
they can to make things work for you, MY client.

Be honest in your description of what
you NEED and what you WANT in a home.
Once we have your pre-qulification letter,
we start searching MLS for listings
that match what you want.
If you are sure you don't want a detached garage,
make sure I know that.
We don't want or need to waste time;
yours, mine or the seller's.

Please keep the scouting party to a minimum.
Too many people will distract you and that is not good. Too many times I have agreed to show homes to a couple only to show up and meet the couple,
their two kids, his mom, her dad, cousin Vinny who come for a visit and the next door neighbor that once knew a woman that was married to a guy that had a brother that drove by a real estate office in 1978.
You need to be able to concentrate
on the house without distraction.

Be ready to buy, please.
The fact is, time is money.
Gasoline has been as high as $4.00 a gallon and it may be again. I can't spend hours and burn gas
for sight seeing. If you ask me to
schedule a showing appointment for a
home, please do so with the belief
that you may buy that home.
I once drove 43 miles to show a house
only to discover that the "buyer" wanted
to compare those hardwood floors to her
hardwood floors so that she could estimate
the value of her home
that she was listing with another Realtor!
Some agents charge a fee, a deposit to buyers
that is refunded at closing and kept by the
agent if the buyer fails to close.
To this point, I have avoided doing this, but
a few more trips like that may change my mind.

Know your power, but be reasonable.
This is very definitely a "buyer's market".
The number of homes for sale is large,
the huge number of foreclosed homes means that
many homes can be bought for extremely reasonable
prices and the sellers realize they have
to be very flexible if they want their home
to be one of the homes that sells.
This does not mean that a home listed for $200,000
can be "stolen" for $100,000
but it does mean negotiation is the rule.