HOME-FINDING PACKET · 2019-09-14 · HOME-FINDING PACKET Ervin Malcuit RE Photographer Drone Pilot REALTOR 907-631-9020 ® Brandy Malcuit REALTOR 907-841-2380 ® [email protected]

HOME-FINDING PACKET

Ervin MalcuitRE PhotographerDrone PilotREALTOR907-631-9020

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Brandy MalcuitREALTOR907-841-2380

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[email protected]

(Website & Web-app)

RECS18550, RECS18340Equal Housing Opportunity.

11127 Old Eagle River Rd. #105Eagle River, AK 99577



Dear Fellow-Resident of this GREAT STATE,

Thank you for the opportunity to help you find your next home!

We understand that buying a home is a major decision. Our goal is to assist you through thehome finding process, making it as efficient, stress-free and successful as possible. The purposeof this Home Finding Guide is to help you understand the process of finding and buying ahome, to acquaint you with the kinds of housing and financing choices that are available andto assist you throughout the home buying process.

In order to best serve you, we will need to spend time with you learning more about your uniqueneeds, both in a home and of your real estate sales professional. Our goal is that you will bedelighted with your home buying experience. Please feel free to call on us at any time, askquestions and share your concerns with us.

Again, thank you for allowing us to help you select your next home.

We’re to serve,

Ervin & Brandy MalcuitREALTOR®

907-841-2380 (Brandy Cell)

907-631-9020 (Ervin Cell)

[email protected] (Email)

AblazeAboutAlaska.com (Website & Mobile App)

A Letter to YOU. . .

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HOME-FINDING GUIDE




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H o m e F i n d i n g G u i d e

Prepared for:

Presented by

Ervin & Brandy MalcuitREALTOR®

907-841-2380 (Brandy Cell)

907-631-9020 (Ervin Cell)

[email protected] (Email)

AblazeAboutAlaska.com (Website & Mobile App)



YOUR NEEDS COME FIRST


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Yo u r n e e d s c o m e f i r s t

Finding and buying the right home is a highly personalized process, and it allbegins by identifying your needs.

As you think about finding a home, the following worksheets can help me clarify your needs.These worksheets explore areas such as:

• The values, interests and priorities you want this move to support.

• The features you are looking for in a home.

• How a neighborhood can best match your needs and lifestyle.

• How the home finding process will need to be tailored to fit your plans.

• The support you expect to receive from us.



L o o k i n g a h e a d t o t h e h o m e f i n d i n gp r o c e s s

The following questions will help identify how finding and buying a home canbe an enjoyable experience for you.

1. How far along are you in the home finding process(just thinking about the possibility of buying a home, ordefinitely committed to making a move)? How longhave been looking for a home?

2. Why are you contemplating the purchase of a home atthis time?

3. What is the time frame? Is there a definite time bywhich you must be settled in your new home?

4. Who will be included in the home finding and buyingdecisions?

5. Have you ever purchased a home before? If so, howmany, and how recently?

6. Thinking of previous home finding experiences, whatwere the most positive features of those experiences? Ifyou have never bought a home before, what are youlooking forward to most in the experience?

7. Were there any unpleasant features of your previousHome finding experiences that you hope to avoid thistime? If you are buying your first home, are there anyproblems or concerns you are worried about?

8. How do you plan to handle the financing of your newhome? Are you aware of your financing options?

9. What are your expectations of me as your real estateprofessional? What specific services and support do youexpect?



D e f i n i n g y o u r i d e a l h o m e

The property you buy will be much more than a house; it will be your home.The following questions can help you describe the things that are mostimportant to you in your ideal home and neighborhood.

1. For some people, “home” means a hub of socialactivity; for others it might be a place to retreat from thepressures of daily life. What does “home” mean to you?

2. Who will be living in your household? Will you oftenhave other family members or friends visiting for morethan a few days at a time?

3. If you will be working outside your home, what wouldyou consider a comfortable commute (in time ordistance)? Will you be working at home?

4. What are the most important activities for the membersof your household? For example, hobbies, recreation,school, entertaining, religious or cultural activities.

5. What are one or more features you liked most abouthomes you have lived in previously? This mightinclude: style, floorplan, yard, view and neighborhood.

6. What is something you disliked about the house orneighborhood where you have lived previously, andthat you would want to avoid in your next home?

7. What are the most important “must have” featuresof your ideal home and neighborhood? Why are theyimportant?



HOME-FINDING PROCESS


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I n i t i a l C o n s u l t a t i o n• Determine your needs and priorities• Review “agency” choices and select appropriate

working relationship• Discuss financing options

F i n d i n g t h e R i g h t H o m e• Sales professional to show you properties based

on your criteria• Evaluate each property with sales professional• Choose the right home

R e a c h i n g a n A g r e e m e n t w i t h aS e l l e r

• Present your offer• Negotiation of terms and possible counteroffers• Agreed-upon sales contract with seller

P r e p a r i n g a n O f f e r• Review comparable sales to determine offer price• Review progress of loan pre-approval; decide on

financing• Decide on other terms (inspections, possession date,

personal property, etc.)• Prepare earnest money deposit

C o m p l e t i n g t h e S e t t l e m e n t P r o c e s s• Deposit of earnest money• Review seller’s property disclosures• Review preliminary title report• Roof, termite and other inspections• Remove any remaining contingencies• Arrange for homeowners insurance• Arrange for home warranty• Arrange for movers• Final walk-through of property with sales

professional• Provide balance of down payment and closing costs• Sign documents• Loan funding• Recording of title• Receive keys from sales professional• MOVE IN!

O b t a i n i n g F i n a n c i n g• Find a mortgage company• Consult with a loan officer• Pre-qualification• Complete loan application• Obtain loan pre-approval• Provide requested documentation

• Property appraisal• Loan processing• Final loan approval

H o m e f i n d i n g p r o c e s s

Finding and buying a home typically includes many of the following elements.We will be your resource and guide every step of the way.



We have access to virtually every property for sale in this market, and willshow you the homes that best match your requirements, including:• All homes marketed by eXp Realty’s Real Estate Network members• All properties listed by other brokers through the Multiple ListingService (MLS)• Properties not necessarily on the open market yet• Many properties offered “For Sale By Owner”To save you time, hassle and duplicated effort, contact me for additionalinformation on properties you see, regardless of whether or not they are beingoffered by an eXp Realty Real Estate sales professional. I can obtainimportant facts about homes you see:• Advertised in newspapers or buyers’ guides• On the Internet (Zillow, Trulia, etc.)• In open houses• Displaying “For Sale” signs• For Sale By Owner (FSBO)

.ORGwww.

Yo u r s o u r c e s f o rp r o p e r t y i n f o .

Our fully-featured WEB-SITE and WEB-APP enableyou to search the Alaska MLS for home/property onthe go or in the privacy of your own home as well asgive you many different ways in which you cancollaborate with us while you make this BIGdecision!

Check ‘em out!You’ll thank us later!

We’re just. . .ABLAZE ABOUT

ALASKA!

AblazeAboutAlaska.com(Mobile Web-APP)

www.AblazeAboutAlaska.comwww.AlaskaMLS.org

(Full Websites)



www.AblazeAboutAlaska.com

H o w t o l o o k a t h o m e s

Discovering the right home should be an exciting event. As eXp Realty RealEstate sales professionals, our commitment is to make your home search asstress-free and efficient for you as possible.

• Identifying up-front what is affordable will save time and frustration in thehome finding process. It is important to consider the financing options available and tobegin the mortgage pre-approval process as soon as possible.

• From the multitude of properties currently on the market, we will select those thatmost closely meet your unique needs and interests. It is best to preview only a fewhomes at a time.

• We will schedule time to look at homes and neighborhoods. We will arrange showingappointments with the sellers or their brokers.

• If the seller or their real estate professional is at the property when we are there, itwould be best for you to limit your conversation with them.

• You can use the Home finding Worksheets we give you to evaluate each property.

• In order to help us find the right home for you, we will ask you to tell us your thoughtsabout each property you see – the positives and the negatives. We will continue toassess your needs and buying criteria.



H o m e F i n d i n g Wo r k s h e e tEvaluation of (property address)Size (number of rooms or square footage H/O assoc. due $ Asking price $Date visited Most memorable feature

I n t e r i o rOverall condition

Floor plan

Bedrooms/baths

Living room

Family room/dining

Kitchen/laundry

Heating/air

Other features

E x t e r i o rOverall condition

Paint and trim

Roof

Deck/patio/pool

Garage

Landscaping/fence

Other features

L o c a t i o nAppearance of neighborhood

House value relative to area

Distance to work, schools, etc.

L o c a t i o nFavorite features

Least desirable features

Comments



S u b m i t t i n g a n o f f e r

Once you have found the right property, the next step is to make a purchaseoffer to the seller.

D e t e r m i n e t h e p r i c e y o u w a n t t o o f f e r.

• The price the seller is asking may or may not reflect realistic market value.

• The best way to determine market value is with a Comparative Market Analysis(CMA) showing similar properties that sold recently, those that are currently activeon the market and those that failed to sell.

• We will discuss with you an estimate of costs associated with purchasing thisproperty.

D e c i d e o n f i n a n c i n g .

• We will review together the status of your loan pre-approval.

• We will work together with your loan officer to explain financing options and helpyou determine the mortgage plan that best fits your requirements.

D e c i d e o n o t h e r i s s u e s t h a t a r e i m p o r t a n t t o y o u , s u c h a s :

• Items of personal property you want included with the house.

• Warranty, inspections, repairs or other home enhancements by the seller.

• Closing date and possession.

W e w i l l p r e s e n t y o u r o f f e r.

• The seller will have three choices: accept your offer as it is presented; reject itcompletely; or propose adjustments to your offer (counter offer).

• If there is a counter offer, you can choose whether to accept it, reject it or counter it.

Once you have reached agreement with the seller, you will have a firm contract to purchasethe home.



C o m p a r a t i v e M a r k e t A n a l y s i s

S u b j e c t p r o p e r t yAddress Bdrms Baths Gar Age Style Terms Dys/Mkt List $ Sale $ Remarks

S i m i l a r p r o p e r t i e s t h a t s o l d r e c e n t l yAddress Bdrms Baths Gar Age Style Terms Dys/Mkt List $ Sale $ Remarks

S i m i l a r p r o p e r t i e s n o w a c t i v e o n t h e m a r k e tAddress Bdrms Baths Gar Age Style Terms Dys/Mkt List $ Sale $ Remarks

S i m i l a r p r o p e r t i e s t h a t f a i l e d t o s e l lAddress Bdrms Baths Gar Age Style Terms Dys/Mkt List $ Sale $ Remarks

Prepared(Buyer’s

By(Buyer’s

Date



I m p o r t a n t w a y s t o p r o t e c t y o u ri n t e r e s t s

There are several ways to help support a trouble-free home purchase:

• A written property disclosure statement from the seller will reveal any problemswith the house and the surrounding area that you need to know about.

• Professional inspections can reveal structural, roof, termite and other problems withthe property that the seller will need to remedy.

• A home warranty can give you peace of mind by providing repair-or-replacecoverage of major home operating systems and appliances.

• A preliminary title report informs you of any problems with the property’s title anda policy of title insurance protects your rights to the property.

• A walk-through before closing will allow you to make sure all required work hasbeen taken care of and that the property is ready to become yours.



C o m p l e t i n g y o u r h o m e p u r c h a s e

Many details need to be taken care of in order for a home purchase to becompleted. It can take 15-90 days to complete all the steps involved in ahome-sale, depending on the complexity of the transaction. We will work closelywith everyone involved in the transaction to help ensure that it moves ahead assmoothly as possible:

• Explain to you in detail all the steps that will occur, and answer any questions youmight have.

• Work with the seller’s broker to see that they fulfill their responsibilities under thecontract.

• Stay in touch with the settlement officer, title officer, lender and others to helpcoordinate their activities and to help keep the transaction moving forward.

• Communicate with you on a regular basis so that you can stay informed and asworry-free as possible.



A s m o o t h t r a n s i t i o n t o y o u r n e w h o m e

Here are some things to consider as you make the move to your new home. Wecan suggest local professionals for many of these services.

4 w e e k s b e f o r e y o u r m o v e

� Contact and contract with a reputable moving company.

� Have school records transferred.

� Arrange to transfer (or take with you) medical, dental and other important records.

� Prepare to transfer your homeowners and auto insurance to be sure you will becovered for any unforeseen disasters.

� Hold a garage sale to get rid of unneeded items; arrange to place excess items instorage.

� Keep track of moving-related expenses. (Check with your accountant to find out whatexpenses will be deductible).

3 w e e k s

� Obtain and mail change-of-address cards to the post office, subscriptions, credit cardcompanies and important contacts.

2 w e e k s

� Arrange for final utility reading at your former residence the day after your move andhave utilities and phone turned on at your new home the day before you move in.

� Close or transfer bank accounts.

� Terminate newspaper delivery service.

� Arrange for transfer of vehicle licenses and driver’s licenses.

� Have an extra supply of prescription medications for the next four weeks.

� We will schedule a final walk-through of the property to make sure everything is inorder.



Week of your move� Keep valuable financial records and personal papers with you; do not pack them with

the rest of your household goods.

� On closing day, the home purchase documents record and the home is yours.

� Move in!

A f t e r y o u m o v e i n

� Consider plans for landscaping design, installation and maintenance.

� Review home security requirements and systems.

� New home furnishings, appliances and interior decorating will help make the houseyour home.

Enjoy your new home!



FINANCING YOURHOME PURCHASE


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F i n a n c i n g y o u r h o m e p u r c h a s e

Unless you are in a position to pay all cash for your home, you will need to obtaina home loan (mortgage) to complete the purchase. We will assist you in this processto help ensure that you obtain the financing that meets your needs.

• Being pre-approved for a loan before you submit an offer will put you in a strongernegotiating position and can save time in the loan approval process.

• We can put you in touch with experienced loan officers at leading mortgagecompanies. Your loan officer will be your principal guide through the financingprocess.

• Various financing options may be available to you, including:

– Fixed Rate Mortgage

– Adjustable Rate Mortgage (ARM)

– Government-assisted (FHA or VA) financing

– Seller-assisted financing

• You can expect the lender to ask for standard information regarding your income,expenses and obligations.



U n d e r s t a n d i n g y o u r c r e d i t s c o r e

W h a t i s a c r e d i t s c o r e ?

A credit score is a number that reflects your credit risk level, typically with a higher numberindicating lower risk. Your credit score is a fluid number, and it changes as the elements inyour credit report change. For example, payment updates or a new account could cause yourscore to fluctuate.

FICO® scores are your credit rating. Scorescan range from 300-850, higher is better. YourFICO® score is calculated based on your ratingin five general categories:

• Payment History

• Amount Owed

• Length of Credit History

• New Credit

• Types of Credit Used

W h a t i n f o r m a t i o n i m p a c t s m y c r e d i t s c o r e ?

Generally, credit scores are affected by elements in your credit report, such as:

• Number and severity of late payments

• Type, number and age of accounts

• Total debt

• Recent inquiries

W h a t a r e s c o r e f a c t o r s ?

Score factors are the elements from your credit report that drive your credit score. Forexample, such elements as your total debt, types of accounts, number of late payments andage of accounts are what determine the outcome of your credit score. Score factors can havea positive or negative effect on your credit score.

NEW CREDIT10%

LENGTHOF CREDITHISTORY

15% AMOUNTSOWED30%

PAYMENTHISTORY

35%

TYPES OFCREDIT USED

10%



How do I improve my credit score?• Paying your bills on time is the single most important contributor to a good credit

score. Even if the debt you owe is a small amount, it is crucial that you makepayments on time.

• Minimize outstanding debt, avoid overextending yourself and applying for creditneedlessly.

• Use the credit you already have to prove your ongoing ability to manage creditresponsibly. Applications for credit show up as inquiries on your credit report,indicating to lenders that you may be taking new debt.

• If you do have negative information on your credit report, such as late payments, abankruptcy, public record item or too many inquiries, your best strategy is to pay yourbills and wait. Time is often your best ally in improving credit.

D i s c l a i m e r :

Credit bureau-based scores cannot use demographics prohibited under the Equal CreditOpportunity Act, such as race, color, religion, national origin, gender, age, marital status,receipt of public assistance or exercise of rights under Consumer Credit Protection Act.Scores used by individual lenders may use such elements as income, occupation, and type ofresidence in determining their own custom credit score.



W h a t c a n y o u a f f o r d ?

Realistically assessing your finances upfront will streamline the home findingprocess.

S t e p 1 M o n t h l y I n c o m eWages, salaries, business income after expenses

Interest, dividends or rental income

Other income (alimony, child support, pensions or Social Security)

Total Monthly Income $

S t e p 2 M o n t h l y N o n - H o u s i n g E x p e n s e sFood/clothing

Medical (include insurance premiums and prescriptions)

Life insurance

Child care

Automobile expenses (loan, insurance, maintenance)

Education/student loans

Travel/recreation

Monthly credit card payments

Monthly bank loan payments (other than a mortgage)

Alimony or child support you owe

Savings and investments

Income taxes

Total Monthly Non-Housing Expenses $

S t e p 3 A m o u n t Av a i l a b l e f o r M o n t h l y H o u s i n g E x p e n s e sTotal Monthly Income (Step 1)

minus total Non-Housing Expenses (Step 2)

Total Amount Available for Monthly Non-Housing Expenses $

S t e p 4 M o n t h l y E s t i m a t e d H o u s i n g E x p e n s eMortgage loan payment (principal and interest)

Property taxes

Mortgage insurance

Homeowner’s insurance (liability, flood, fire)

Utilities (heat, water, electricity, gas, trash removal)

Maintenance and repairs

Other (assessments, homeowners association dues)

Total Monthly Estimated Housing Expenses $

Compare Step 3 and Step 4 Totals. The Total Monthly Estimated Housing Expenses (Step 4) should not exceedthe Amount Available for Monthly Estimated Housing Expenses (Step 3).

CO

MP

AR

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E s t i m a t e o f C o s t s

It is helpful to have an estimate of the costs associated with purchasing ahome.*

S t e p 1 M o n t h l y I n c o m eTitle insurance

Settlement fees

Recording fees

Property tax (pro-rated)

Loan origination fee

Appraisal

Credit report

Other loan fees

Interest on new loan (pro-rated)

Home warranty

Termite inspection

Other inspections (roof, property inspection, geological, etc.)

Homeowners insurance

Other:

Other:

Total estimated closing costs $

E s t i m a t e d m o n t h l y p a y m e n tPrincipal and interest

Property tax

Homeowners insurance

Private Mortgage Insurance (PMI)

Homeowners association dues

Total estimated monthly payment $

H o m e P u r c h a s e S u m m a r y *Purchase price of home

Down payment

Amount financed

Estimated closing costs

Estimated monthly payment

*This is a preliminary estimate only. Actual costs will vary depending on the property, the lender and otherfactors. You will receive a detailed breakdown of costs prior to closing of the transaction.



L o a n A p p l i c a t i o n C h e c k l i s t

The following information is typically needed when applying for a mortgage.

P u r c h a s e c o n t r a c t a n d p r o p e r t y i n f o r m a t i o n��Copy of the sales contract��Mailing address and property description��Contact information for access to the property��Plans and specifications (new construction only)

P e r s o n a l i n f o r m a t i o n��Social Security Number��Age��Years of schooling��Marital status��Number and ages of dependents��Current address and telephone numbers��Addresses for the past seven years��Current housing expenses (rent, mortgage, insurance, taxes)��Name and address of landlord or mortgage holder for past two years

E m p l o y m e n t h i s t o r y a n d i n c o m e��Two years of employment history, with complete details of each job��Recent pay stubs and two years of W-2 forms��Complete tax returns and financial statements if self-employed��Written explanation of employment gaps��Records of dividends and interest received��Proof of other income

A s s e t s��Complete information on all bank and money market accounts��Two months of bank statements��Current values of stocks, bonds, mutual funds and other investments��Vested interest in retirement funds��Value of life insurance��Information on vehicles you own��Information on real estate you own��Value of significant personal property you own

L i a b i l i t i e s a n d d e b t s��Itemized list of all current debts (loans, credit cards and other bills)��Written explanation of past credit problems��Full details of bankruptcy during the last seven years

F e e s��Credit report and appraisal fees (usually $500 or less)



H o w we c a n h e l p y o u

We will apply my knowledge and expertise to help you find the right home.Here is what you can expect from us:

• We will work with you at every stage of the homefinding process, from the initialselection of properties to view, through the presentation of a purchase offer, toobtaining financing and the completion of the transaction.

• Communication is important. We will want to agree to a system of regular contacts(whether in person, on the phone, by mail, fax or email) so that you can be keptinformed at all times.

• We will give you reliable information and solid advice so that you can makeinformed decisions. Please don’t hesitate to ask questions.

It is our hope that you will be so pleased with our service that you will turn to us for adviceon your future real estate needs.



WHO WE ARE


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About Us. . .E r v i n & B r a n d y M a l c u i t , R E A LTO R ®

SUMMARYWe are Ervin & Brandy Malcuit (a husband & wife real estate team), knownas "Malcuit Duo" (Malcuit Duo, LLC) with eXp Realty. We have beenmarried to each other for over 21 years and have 10 amazing children(yes, all ours). As successful business owners for more than 20 years, wehave found what we love in life - PEOPLE! People, to us, are what definesuccess. Now, with some of our children coming of age and joining in thefamily business of real estate, we have re-branded to be known asAblazeAboutAlaskaGroup. We are looking forward to serving you and yourloved ones for many years to come! To put it another way... It's all aboutYOU. Serving you and those you love is the bread and butter for us andthose we love. Our strategy is simple: work hard, work smart, be honestand pay attention to our clients' needs. We invite you to... Try us....You'lllove us!



C o r e v a l u e s

We are guided by these core values:

• C u s t o m e r F o c u s e d

We keep our promises and behave with integrity at all times.

• Wo r t h y o f Tr u s t

We place our customers and their needs in the forefront.

• M u t u a l R e s p e c t

We foster an environment that encourages individuals with diverse backgrounds andtalents to contribute creatively and grow to their fullest potential.

• W i n n i n g

We set challenging targets and reward employees for achieving those targets, whileconducting their business activities with integrity.



GLOSSARY OF TERMS


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G l o s s a r y o f t e r m s

Adjustable Rate Mortgage (ARM) – A mortgage where the interest rate is subject tochange over the term of the loan as determined by market influences such as interest rates onTreasury securities.

Amortization – The process of paying debt by installments of principal and earned interestover a fixed period of time.

Annual Percentage Rate (APR) – A measure of how much interest credit will cost,expressed as an annual percentage.

Appraisal – An expert judgment or estimate of the value of real estate, made by an appraiser,generally for the purpose of obtaining a real estate loan.

Balloon Loan – An amortized loan calling for one large payment for the remaining amountdue at a specified time during the amortized period.

Closing Costs – All fees and charges paid at closing for services including the lender ormortgage broker, and certain other fees paid to third parties for services that the lenderrequires the borrower to purchase.

Credit Application – A form used by a lender to obtain personal, financial and creditinformation to appraise an applicant’s credit worthiness.

Credit Report – Also known as consumer credit information, the report contains informationabout a consumer’s identity, credit relationships, any court actions, consumer statements andprevious inquiries into that file.

Credit Score – A number typically between 330 and 830, that lets lenders and othersdetermine how likely someone is to pay loans and credit cards.

Debt – A specified sum of money that is legally owed from one to another.

Debt-to-Income Ratio – The ratio of a borrower’s monthly payment obligation on long-termdebt divided by the monthly income.

Discount Points – A lump sum paid to the buyer’s creditor to reduce the cost of the loan.This payment can either be required by the creditor or volunteered by the seller in a loan tobuy real estate.

Down Payment – Amount paid up front when arranging credit, sometimes referred as cashdown.



Equity – The financial difference between the current market value and the amount owed.

Escrow – Property or money held by a third party until the agreed upon obligations of acontract are met.

Escrow Account – Monies collected from the borrower’s installment payments for thepurpose of paying property taxes and insurance. An escrow account is typically requiredwhen the loan is more than 80% of the property value.

Fixed Rate – The rate of interest charged for credit that does not change over the life of theloan.

Foreclosure – The legal action of the lender to take back possession of any property used tosecure repayment for the loan when a debtor fails to meet the payment obligations.

Installment Loan – Debt borrowed for a specific purpose such as automobiles and realestate. The debt is paid in regularly scheduled installments over a specified period of time.The account is closed when the debt is paid.

Interest – The charge for the use or loan of money typically expressed as a percentage. Theinterest rate remains constant in a Fixed Rate Mortgage.

Lien – Legal document used to create a security interest in another’s property. A lien is oftengiven as a security for the payment of a debt. A lien can also be placed against a consumer forfailure to pay what is owed.

Loan Origination Fee – The fee lenders charge for making a loan. Example: 1% for a$100,000 mortgage equals a $1,000 loan origination fee.

Market Value – The worth of something determined by a willing buyer and seller in anopen market. Market value can fluctuate depending on supply and demand and other marketforces.

Mortgage – A written agreement to repay a loan. The mortgage serves as proof of anindebtedness and states the manner in which it shall be paid.

PITI – Refers to the combined monthly amount of “Principal, Interest, Taxes and Insurance”paid in the financing of real estate.

Principal – The original balance of money loaned. As the loan is paid over time, theprincipal is the remaining loan balance.



Private Mortgage Insurance (PMI) – Loans with smaller down payments involve greaterrisk for the lender, who requires protection in case the loan goes into foreclosure. Anythingless than 20% down payment usually requires PMI.

Property Taxes – The annual real estate taxes charged to property owners based on theassessed value of the property.

Revolving Debt – Debt on an account that the borrower can repeatedly use and pay backwithout having to reapply every time credit is used such as credit cards.

Term – The length of time you have to pay back a loan.



ALASKA REAL ESTATE COMMISSIONCONSUMER DISCLOSURE

This Consumer Disclosure, as required by law, provides you with an outline of the duties of a real estate licensee (licensee).This document is not a contract. By signing this document you are simply acknowledging that you have read the informationherein provided and understand the relationship between you, as a consumer, and a licensee. (AS 08.88.600 – 08.88.695)

There are different types of relationships between a consumer and a licensee. Following is a list of such relationshipscreated by law:

Specific AssistanceThe licensee does not represent you. Rather the licensee is simply responding to your request for information. And, the licenseemay "represent" another party in the transaction while providing you with specific assistance.

Unless you and the licensee agree otherwise, information you provide the licensee is not confidential.

Duties owed to a consumer by a licensee providing specific assistance include:

a. Exercise of reasonable skill and care;b. Honest and good faith dealing;c. Timely presentation of all written communications;d. Disclosing all material information known by a licensee regarding the physical condition of a property; ande. Timely accounting of all money and property received by a licensee.

RepresentationThe licensee represents only one consumer unless otherwise agreed to in writing by all consumers in a transaction.

Duties owed by a licensee when representing a consumer include:

a. Duties owed by a licensee providing specific assistance as described above;b. Not intentionally take actions which are adverse or detrimental to a consumer;c. Timely disclosure of conflicts of interest to a consumer;d. Advising a consumer to seek independent expert advice if a matter is outside the expertise of a licensee;e. Not disclosing consumer confidential information during or after representation without written consent of the consumer

unless required by law; andf. Making a good faith and continuous effort to accomplish a consumer's real estate objective(s).

Neutral LicenseeA neutral licensee is a licensee that provides specific assistance to both consumers in a real estate transaction but does not“represent” either consumer. A neutral licensee must, prior to providing specific assistance to such consumers, secure a Waiverof Right to be Represented (form 08-4212) signed by both consumers.

Duties owed by a neutral licensee include:

a. Duties owed by a licensee providing specific assistance as described above;b. Not intentionally taking actions which are adverse or detrimental to a consumer;c. Timely disclosure of conflicts of interest to both consumers for whom the licensee is providing specific assistance;d. If a matter is outside the expertise of a licensee, advise a consumer to seek independent expert advice;e. Not disclosing consumer confidential information during or after representation without written consent of the consumer

unless required by law; andf. Not disclosing the terms or the amount of money a consumer is willing to pay or accept for a property if different than

what a consumer has offered or accepted for a property.

If authorized by the consumers, the neutral licensee may analyze and provide information on the merits of a property ortransaction, discuss price terms and conditions that might be offered or accepted, and suggest compromise solutions to assistconsumers in reaching an agreement.

Designated Licensee

In a real estate company, a broker may designate one licensee to represent or provide specific assistance to a consumer andanother licensee in the same office to represent or provide specific assistance to another consumer in the same transaction.

08-4145 (Rev. 02/2015) Page 1 of 2

ACKNOWLEDGEMENT:

I/We, have read the information provided in this Alaska Real Estate(print consumer’s name(s))

Consumer Disclosure and understand the different types of relationships I/we may have with a real estate licensee. I/We

understand that Ervin & Brandy Malcuit of(licensee name) (brokerage name)

will be working with me/us under the relationship(s) selected below.

(Initial)

Specific assistance without representation.

Representing the Seller/Lessor only. (may provide specific assistance to Buyer/Lessee)

Representing the Buyer/Lessee only. (may provide specific assistance to Seller/Lessor)

Neutral Licensee. (must attach Waiver of Right to be Represented, form 08-4212)

Date: Signature:(Licensee)

Date: Signature:(Consumer)

Date: Signature:(Consumer)

THIS CONSUMER DISCLOSURE IS NOT A CONTRACT

08-4145 (Rev. 02/2015) Page 2 of 2

EXP Realty, LLC

ALASKA REAL ESTATE COMMISSIONWAIVER OF RIGHT TO BE REPRESENTED

About This Form:

Occasionally, a licensee is “representing” a consumer (buyer or lessee) that has interest in acquiring a property whereanother consumer (seller or lessor) is also “represented” by the same licensee. Prior to showing the property, the licenseemust obtain written approval from both consumers to change their working relationship from representation to providingspecific assistance in a neutral capacity. AS 08.88.610

In Alaska, real estate licensees are required by law to provide this document, prior to providing specific assistance to theparties, in conjunction with the Alaska Real Estate Consumer Disclosure (form 08-4145), outlining the duties of a real estatelicensee when acting in a neutral capacity.

Duties of a Neutral Licensee: A neutral licensee is a licensee that provides specific assistance to both consumers in a realestate transaction.

Duties owed by a neutral licensee include:

a. Exercise of reasonable skill and care;b. Honest and good faith dealing;c. Timely presentation of all written communications;d. Disclosing all material information known by a licensee regarding the physical condition of a property;e. Timely accounting of all money and property received by a licensee;f. Not intentionally taking actions which are adverse or detrimental to a consumer;g. Timely disclosure of conflicts of interest to both consumers for whom the licensee is providing specific

assistance;h. Advising a consumer to seek independent expert counsel if a matter is outside the expertise of a licensee;i. Not disclosing consumer confidential information during or after representation without the written consent

of the consumer unless required by law; andj. Not disclosing the terms or the amount of money a consumer is willing to pay or accept for a property.

Date Date

Real Estate Licensee Date Real Estate Company

If authorized by consumers, the neutral licensee may analyze and provide information on the merits of a property ortransaction, discuss price terms and conditions that might be offered or accepted, and suggest compromise solutions to assistthem in reaching an agreement.

Additional Authorization:I hereby authorize the “neutral” licensee to engage in the following conduct in a good faith effort to assist in reaching finalagreement in a real estate transaction:

Analyzing, providing information, and reporting on the merits of the transaction to each consumer;Discussing the price, terms, or conditions that each consumer would or should offer or accept; orSuggesting compromises in the consumer’s respective bargaining positions.

Date Date

08-4212 (02/2015)

Ervin & Brandy Malcuit EXP REALTY, LLC

Documents

HOME-FINDING PACKET · 2019-09-14 · HOME-FINDING PACKET Ervin Malcuit RE Photographer Drone Pilot REALTOR 907-631-9020 ® Brandy Malcuit REALTOR 907-841-2380 ® [email protected]