Professional Documents
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43 Hall Avenue, 2 n d F l o o r | Wa l l i n g f o r d C T, 0 6 4 9 2
Table of Contents
CARBUTTI TEAM ............................................................................................................... 3
REALTOR Partners .................................................................................................................................... 3 Operations Team ......................................................................................................................................... 3
Jonathan Carbutti
REALTOR Partners
Our REALTOR Partners are by far the best in the business. The team is recognized as one of the most professional and competent residential real estate sales teams in the Greater New Haven Area. Jonathan Carbutti was consecutively awarded the 2011, 2010, 2009 & 2008 Record Journal Reader's Choice Award for "Best Real Estate Agent." Carbutti & Co. Realtors was also voted 1st Place for the 2011 Record Journal's Readers Choice for the "Best Real Estate Agency." What does that mean for you? A lot of experience on your side of the negotiations in your real estate transaction. Experience alone is not enough to be successful. The entire team is dedicated to continuing education through both real estate seminars and regular in-house training. In addition, the team has earned multiple designations by studying the laws and practices of the real estate industry. The Carbutti Team holds designations in accredited buyer representation member of REBAC, CNE Certified Negotiation-Expert Designation and Senior Real Estate Specialist (SRES) . All agents stay on top of the local market by viewing and comparing properties on a daily basis. They also continually study and research industry trends to determine what the market may hold in the future.
John Carbone
Jacqui Najjar
Sondra Tamborini
John Bossio
There is simply no better qualified nor better prepared team of residential real Tom Buijnarowski estate specialists in town!
Debra Becroft
Operations Team
With many years of experience in real estate, the team of managers assisting in the sale of property is among the best! Countless details need special attention during a real estate transaction. Realistically, no one person can be effective in all areas of real estate, including market research, negotiating, marketing, graphic design, copywriting, and transaction details. Our team's specialized managers focus solely on each phase of the real estate transaction and strive to be the best in the business at what they do. During the sale or purchase of your home, expect to be in touch with these dedicated professionals as they handle all aspects of the transaction.
Don Warner Chris Candido
Amanda Zorovich
Wayne Claxton
THE BROKER/AGENT REPRESENTS THE SELLER (GOOD FOR SELLER, BAD FOR BUYER)
This is the agent who has a written agreement to manage the sale of the seller's home. In addition, if any agent shows you homes without being in a written buyer agent agreement with you, by law they are acting as a subagent to the seller and have fiduciary duties to the seller, not you! In this agreement, the buyer should not tell the agent any information he does not want the seller to know because the agent must disclose to the owner any material information they have.
THE BROKER/AGENT REPRESENTS THE BUYER (GREAT FOR SELLER, GREAT FOR BUYER)
This is how a buyer is represented when they have entered into a written buyer representation agreement with their Exclusive Buyer Agent. The agent must put the interests of the buyer first and foremost and will provide the buyer with any material information they have about the seller.
THE BROKER/AGENT ACTS AS AN INTERMEDIARY (GOOD FOR SELLER, GOOD FOR BUYER)
If the agent obtains written consent from both the buyer and seller in a transaction, they may act as an intermediary to the transaction. The agent must treat each party honestly and fairly and may not disclose any material information about either party to the other. The intermediary agent is in essence the "middle man." The best way for Jonathan Carbutti to represent you in a transaction is as your Exclusive Buyer Agent with a written buyer agency agreement. If we didn't, then we would be unable to represent your best interest.
EXISTING HOMES
Once we know your wants and needs based on our initial consultation, we spend a day previewing properties that meet your criteria. We show you homes listed by any brokerage firm in the area and we are able to narrow a list of hundreds of properties because of factors such as neighborhood or home features. We preview the properties first because we are able to look at several homes in the time it would take both of us to view just a couple. Other agents may make you spend your valuable time driving by homes and then telling them which homes you wish to see. Instead, we narrow the list and show you only the most well-kept homes, in the best areas, at the best value-unless you are looking for a fixer-upper, in which case we will adjust our criteria for narrowing the search. The bottom line is to save you time and money!
We often work with homeowners who wish to sell their home themselves. In fact, many of the listings that our team takes are from people who have tried unsuccessfully to sell their homes themselves. We maintain awareness of all for sale by owner properties in the area and will be happy to arrange a showing for you. In this transaction, you will continue to be represented by us with our buyer's representation agreement. It is the seller who loses, as they complete the transaction with no professional representation.
*Monthly payments listed are principal and interest only. Taxes, insurance, and private mortgage insurance (if applicable) are additional.
3 3
Home Buying
Process Diagram
Start Phase One Start Phase Two
Initial Consultation Information About Brokerage Services Buyer Representation Agreement Home Buyers Guide
Order Appraisal
Mortgage Company
Loan Approval
Loan Pre -Approval
Application for
Final Contract
Negotiate Repairs
Amendment
Home Ownership
The first step in buying a home is to obtain loan pre-approval. This provides you with the information you need to determine how much home you can afford and what type of monthly payment you are comfortable with. In addition, many sellers do not consider offers from buyers who are not pre-approved. We work with several lenders who have proven to offer exceptional customer service and competitive rates. A list of recommended lenders can be found in the service provider list at the back of this guide. You may use one of these, or you may choose one of your own. Three elements are crucial to the purchase of a home: the down payment, closing costs, and qualifying for a mortgage. Here is a quick rundown of what you should know:
Down Payment
Conventional lenders typically require a 20% down payment, although you may be able to find loans with no down payments. With down payments less than 20%, you will likely have to pay private mortgage insurance, which guarantees the lender will be repaid in case of default. Mortgages insured by the Federal Housing Administration (FHA) and those available to U.S. veterans often require very low down payments. Ask your lender if you can qualify for one of these loans. If you have trouble coming up with the down payment, there are some tips to ease the burden: Start early. Begin saving for a down payment as soon as possible. After a few years, it adds up. Ask for a Flex 97 mortgage, underwritten by Fannie Mae. It only requires 3% down provided that you have good credit. Also, you may be able to borrow that 3% on credit cards. Convert stocks. Consider selling stock for the down payment. The housing market is often a better investment. Sell an asset. If you have "toys" such as a boat, extra car, or other asset, consider selling it for the down payment. Borrow from relatives. Today lenders will allow you to use money from relatives as the down payment if it is provided as a gift. Check with your lender for restrictions.
Closing Costs No matter what home you buy, there will be closing costs. These can include discount points, title insurance, escrow fees, attorney fees, a termite report, recording fees, appraisal fees, document preparation fees, notary fees, and loan underwriting fees. Usually, these are due in cash, but sometimes they can be folded into the mortgage.
TASK: INSPECTION
Upon acceptance of your offer, you will arrange for an inspection of the property. This needs to be completed during the inspection contigency period so that if something is discovered during the inspection (that you cannot live with and the seller is not willing to fix), you may cancel the contract and have your earnest money deposit returned immediately. The enclosed service provider list offers a directory of licensed home inspectors. The inspection will take two to four hours and expect to be present for the entire inspection so the inspector can review the findings with you. All homes will likely have a long list of minor repairs. However, we are mainly looking for major mechanical or structural defects to the property. The cost of the inspection varies based on the size and features of the home and will range from $300 to $500. This payment is due at the time of the inspection.
After the Inspection, we will complete an amendment to the contract. This amendment will include any items that were discovered during the inspection that you would like the seller to repair for you. We will negotiate on your behalf with the seller for the repairs you want completed. Once an agreement on repairs to be completed has been reached, you will forfeit your right to rescind the agreement..
In order to close on your new home, you need to arrange for Homeowner's Hazard Insurance. You will need to notify your lender of the insurance company you choose, a contact name, and a phone number. The enclosed service provider list provides names of insurance agents that our clients have used in the past and have been very satisfied with. You may receive a discount by having your car insurance and homeowner's insurance with the same company, so check with your current insurance agent as well. We recommend that you obtain at least two estimates from different agents and then make a decision.
TASK: TRANSFER UTILITIES AND SCHEDULE SERVICES TIME FRAME: Two WEEKS PRIOR TO CLOSING
You will need to transfer the utilities to your name before moving into your new home. In order to save money on hook-up fees, call ahead and ask the utility companies to transfer the billing to your name upon cancellation by the seller. In the enclosed service provider list you will find utility information for area municipalities. If you need further information, please call us; we are here to help you.
TASK: HUD 1
One day prior to closing, or sometimes just hours prior to closing, the title company will complete the HUD 1 settlement statement. This is the document that tells us how much money you will need to bring to closing. We will call you with this amount and to tell you the location of the closing. You will then have a cashier's check made out to the title company in the correct amount according to the HUD 1. Bring this check along with your driver's license to closing.
Service Providers
Services
MORTGAGE COMPANIES
Ascend Financial Network Jason Garbus 203-787-9892 office 203-785-0124 fax info@ascendfinancialnetwork.com www.ascendfinancialnetwork.com Allied Funding Group Paul Martin 203-914-5626 office 203-294-4334 fax Mortgage Masters Inc. Dave Beckman 203-641-8287 office 203-548-9152 fax
CONTRACTORS
Empire Construction David Vumback, Jr., Owner 203-269-3559 office 203-537-0360 cell 203-269-7107 fax owner@empireconstructionllc.com K.C. Construction Chris Holcomb, Owner 203-537-2774 cell
LANDSCAPE
Lawncare, Etc. LLC Kevin Cyr, Manager 203-497-9023 office 860-662-1404 cell www.lcetc.com Ahlgren Landscaping LLC Chris Ahlgren, Manager 860-748-0780 Office http://www.ahlgrenlandscaping.com/ QRiver Land & Lawn Care Justin Royea, Owner 203-774-4188 cell www.qriverlandandlawncare.com
CARPET CLEANING
Steves Carpet Care Plus Steve Kokoszka, Onwer 203-530-4798 cell 203-235-6576 fax
ATTORNEYS
Carbutti Law Firm, LLC Mark Carbutti 203-269-8222 office 203-269-9777 fax www.lawcp.com mcarbuttii@lawcp.com
PLUMBING
Affordable Plumbing (CT. Licensed) Phil, Owner 203-915-4243 cell
INSURANCE
C ITY OF C HESHIRE
Electric CT Light & Power 800- 286- 2000 Www.cl-p.com Water/Sanitation South Central CT Regional Water Authority 203-562- 4020 www.rwater.com Gas Yankee Gas 800- 989- 0900 www.yankeegas.com Telephone AT& T www.att.com Cable TV Comcast 866- 886 - 6838 www.comcast.com
C ITY OF DURHAM
Electric CT Light & Power 800- 286- 2000 Www.cl-p.com Telephone AT&T www.att.com Cable TV Comcast 866 -886 -6838 www.comcast.com
C ITY OF B RANFORD Electric United Illuminating Company 800 676- 7052 www.uinet.com
Water/Sanitation South Central CT Regional Water Authority 203-562-4020 www.rwater.com Gas Southern CT Gas 800- 659-8299 www.soconngas.com Telephone AT&T www.att.com Cable TV Comcast 866- 886- 6838 www.comcast.com
C ITY OF HAMDEN
Electric CT Light & Power
Jonathan Carbutti Carbutti & Co., Realtors 43 Hall Avenue, 2nd floor Wallingford, CT 06492 (203) 269-4910 x12 www.carbutti.com