The Quinlan Group
Coldwell Banker Hickok & Boardman
Michaela Quinlan | Jennifer Butler | Victoria Rose
346 Shelburne Road, Burlington, VT 05401
QuinlanVT.com | MQuinlan@hickokandboardman.com | 802-881-1170
Explore your Buyer Consultation
BUYER REPRESENTATION
- You are a Customer UNTIL you become a Client
- By default; Realtors represent a Seller of any home listed in the MLS, until they represent a Buyer.
- Without a signed agreement Realtors are unable to advise a buyer on pricing or offer scenarios.
- An agent’s fiduciary duty to find a property begins once a buyer becomes a client.
- Buyers become clients once they are Ready, Willing & Able to purchase a property.
- Reasons for representation: confidentiality, education, negotiations, market research, advice & counsel.
- Prospecting for Clients; post card mailings, email to VT Realtor roster
- Once you become a Client, always contact YOUR Realtor!
“Office” Hours: M-F, 9-5pm and nights and weekends as needed - Email anytime!
TRANSACTION TIMELINE
- Get Pre Qualified
- Identify Search Criteria/ Buyer Consultation
- Select a Realtor to represent you in your purchase & become a Client
- Property Search
- Make an Offer & Negotiate terms; Likely to make multiple offers before getting Under Contract
- Under Contract: Submit Deposit, Schedule inspection, Select Attorney, Submit financing application
- Approval of financing, 5-6 weeks
- Walkthrough; day before or day of closing
- Closing; pay down payment & closing costs, initial deposit is credited
COSTS
Deposit: Generally about 2-3% of the purchase price; submitted once you come to terms with a Seller and have a signed contract; wire transfer (verbal instructions only) or personal/bank check; held at the Listing Firm; returned to Buyer at closing. Wire Transfer Fraud Disclosure
Inspection: within first week of going Under Contract; ~$500, Radon Test $150, Water Test $150-300
At Closing: Down Payment, Closing Costs (~3%), Utility Prorations; Oil, Water, Wood, HOA, Tax Prebate
CONTINGENCIES
Inspections: Buyer: Structural, Radon, Water, Lead; Seller: Heating, Chimney, Septic, Fire Safety
Financing: Buyer to have the “Clear to Close” from Lender by the Financing Contingency Date
Appraisal: Property to appraise at/ above purchase price, if lower, sellers generally reduce price to appraised value
Suitable Housing: “Contingent on Seller Finding Suitable Housing” aka “CUFSH”; Seller to find rental or purchase
HOW TO SEARCH
MLS... Multiple Listing Service, a database that has all current and historical data on properties that have sold by a broker. Data used for Comparative Market Analysis or “CMA” by listing & buying agents as well as appraisers. Automated search will be set up and feed directly from the MLS.
PROPERTY STATUS
PENDING | UNDER CONTRACT: NA for purchase or showings, still note if there is interest
Backup Offer; in case current Buyer still has to satisfy inspection negotiations/contingencies.
ACTIVE UNDER CONTRACT “AUC” | CONTINGENT : Pending, however still being marketed, *may still allow showings*
ON THE WEB...
QUINLANVT.com: Lots of resources, Lender, Attorney, Inspectors recommendations; Pre qual info
HickokandBoardman.com: Hickok & Boardman website, view upcoming Open Houses
Zillow.com: If you want to monitor FSBOs (For Sale By Owners) you can create your own search
Picket Fence Previews: For Sale by Owners - search doesn’t allow specific criteria, all of VT
Front Porch Forum: Buyer can log into desired neighborhood/areas and prospect (Realtor can not)
RESEARCH...
LOCATION: Check out the MAP, what does the commute time look like for Work, Family, Hobbies, Friends?
EMAIL US! Send Tori with MLS # or address, she will send MLS link to view property documents the listing agent has posted: SPIR, listers card, map, deed, septic/well info, HOA docs.
SPIR | Seller Property Information Report | Seller's Disclosure: This form is the seller’s opportunity to disclose anything about the property that a buyer should be aware of.
DRIVE BY: Test out commute, drive surrounding neighborhoods, view lot if you can without going into a driveway.
YARD SIGNS: Listing agents leave signs on a property until it closes.
INTERNET AVAILABILITY: Visit www.xfinity.com to see if the address has comcast services available. A few other options: Consolidated Communications, Green Mtn Access, Starlink
SHOWINGS...
INSTRUCTIONS: MQ must make a request that needs to be approved by Seller/ Listing Agent.
IN HOUSE AUDIO RECORDING: Use caution when discussing pricing, offer scenarios while inside a listing.
PRE INSPECTIONS: Limited scope inspection available; helps when considering waiving inspection
READY TO START SEARCHING? 1. Catch up on active inventory, 2. Move quick on new inventory.
AGENT COVERAGE: Primarily Quinlan Group but H&B Agents may help as needed
FEE FOR SERVICE
- Property listed in the Multiple Listing Service (MLS)
A cooperation fee is offered through the MLS by the Listing Firm. If that offering a credit less than our 3% fee, the difference can be negotiated into the offer price or can be paid for by the Buyer Client as part of the closing costs.
- Unrepresented Seller (aka For Sale By Owner)
Our fee can be negotiated with the Seller as part of the offer price or paid at closing by our Buyer-Client.
MAKING A COMPETITIVE OFFER
Greater Chittenden County has seen low inventory for years with a very high demand, making it a Seller’s market!
With multiple offers Buyers are told to come in with their “highest and best” offer…
Items to consider: price, escalation clause, deposit amount, additional deposit, % of down payment, local lender, inspections, appraisal, # of contingencies, seller concession, closing date.
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