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Bend Oregon Central Oregon Real Estate Buyer's Guide
1. Real Estate Buyers Guide
Cody Lathrop
Real Estate Broker/Consultant
354 NE Greenwood Ave Ste. 100
Bend, OR 97701
541-419-
Direct: 541-419-4540
Email: codylathrop@gmail.com
2. Buying a Home!
I’m very excited about the opportunity to help people with what may be the biggest
financial investment they’ll ever make: buying a home. My goal is to make this process a
fun, exciting, professional experience for my clients, rather than a horror story like you’ve
heard about or even experienced. To help turn that horror story into a happy ending, I run
my business differently than most Realtors.
I want to be able to assist you on your decision and in every step of this transaction.
Even prior to finding a home, I will assist you with mortgage and financial information. An
astute buyer is wise to get "pre-approved" for financing in order to be in a stronger and
more credible position when it comes time to write a contract to purchase a property. Our
"One Stop Shopping" program saves you time & hassle by providing referrals of the finest
loan officers, real estate attorneys, home inspection engineers and home insurance
agencies. I will help you make sense of all this and will be with you to coordinate these
activities. This guide will give you insight into the home buying process and will explain my
roll as a licensed real estate broker in that process.
3. AS YOUR BUYERS AGENT, I WILL…
• Meet with you to determine your specific housing needs and budget.
• Provide mortgage qualification assistance to facilitate the mortgage
application process.
• Search for homes in the Multiple Listing Service, FSBO and all other
publications.
• Schedule appointments and accompany you on all property showings.
• Complete an extensive Market Analysis on any home selected for purchase
providing factual data on recent comparable sales to assist you in the offer
and negotiation process.
• Assist you in structuring a Purchase Offer and represent your interest in all
negotiations with the seller, maintaining absolute confidentiality.
• Schedule appointments to provide access to the property for inspectors,
appraisers, repairs, etc.
• Constantly review progress, advising of changes in the current market
climate.
• Provide pertinent information about issues that affect the value of the
property.
• Share with you all of the information about the seller.
• Present your offer promptly and assist in preparing it.
• Coordinate and monitor the settlement process, such as clear title, verification
of closing fees, attorney schedule, buyer & seller schedule, final walk trough,
transfer of utilities, homeowner insurance and transfer of keys.
• Provide representation at closing to assure a successful conclusion.
4. Some Helpful Suggestions
GET PRE-APPROVED FOR A MORTGAGE!
Pre-approval lets the seller know you’re serious. If you’re pre-approved, you will be more
likely to make a deal. An astute buyer is wise to get "pre-approved" for financing in order to
be in a stronger and more credible position when it comes time to write a contract to
purchase a property. If you are concerned that you won't qualify for a home loan at least
give it a chance. A loan consultation is free so you have nothing to loose and everything to
gain. The lender will let you know exactly where you stand and what steps are needed to
qualify. Make an appointment to today and meet with a Mortgage Loan Officer as soon as
possible.
PUT PEN TO PAPER
Make a specific list of what you are looking for in a home. What are your priorities? A big
backyard for the kids? A huge master bedroom? A modern kitchen? Know what you want
and go after it. Also, decide where you are willing to compromise and where you aren’t.
This will help in your decision making. For your convenience I've included a checklist on
the next page that will help you narrow down your search if you choose to use it.
LOOK PAST THE DÉCOR
It’s easy to get turned off by a home that is poorly decorated or dirty. Use your imagination
to picture a clean and well decorated house – it could be your dream home.
BE CREDIT CONSCIOUS
Now that you are preparing for homeownership, your monthly debt ratio can affect the
monthly house payment the lender allows. Start saving right away so the lender sees as
much money in the bank as possible (and as little debt)!
DON’T MAKE LOW BALL OFFERS
Sellers get turned off when buyers make very low offers. Make fair offers. Work with your
licensed salesperson to come up with a strategy for the negotiations.
LET US WORK FOR YOU
We are a member of the Multiple Listing Service (MLS). This means we can show you any
listing available in Central Oregon, whether it is listed by us or by another company. We
are also happy to represent you with “Foreclosure” and “For Sale by Owner” transactions.
This means you do not have to waste your time calling for information all over town. I can do
your legwork for you and preview the homes with the features you are looking for so you
only have to look at the “cream of the crop”.
6. WHAT ARE HOME SALE CLOSING COSTS?
Closing costs are simply the fees, costs and taxes associated with the purchasing of a home,
the borrowing of money and the preparation of necessary paperwork to finalize the sale.
The total amount of your closing costs will vary depending on where your new home will be
located, what type of property you are buying, the price of the home and the complexity of
the transaction. It is extremely important that you work closely with your Realtor and lender
in the early stages of the home buying process to determine what these costs could be,
since closing costs can easily represent thousands of dollars. The main categories are:
1. Discounts Points to Buying Down the Mortgage
This fee is optional and can vary significantly from 0.5 to 3 points on the total of the
mortgage. It is a one-time charge that is calculated based on the amount of the
mortgage loan. A buyer would pay this amount up front to reduce the ongoing cost
of the mortgage over the life of the loan. This charge is fully deductible as mortgage
interest.
2. The Costs of Originating the Mortgage
These generally include a variety of fees such as the loan origination fee, the
appraisal fee and the cost of credit reports. There are also other fees that you will be
expected to pay at closing such as hazard and mortgage insurance and interest
accrued on the mortgage between closing date and the end of the month.
3. Taxes and other Local Fees
These charges will vary according to the requirements of local governments. Some
may demand that your property taxes be pro-rated according to when you will
officially become the owner of the house. There can also be personal property taxes,
homeowner's association dues, and other assessments that are specific to the area
that you are moving into.
4. The Cost of Documentation
You will have to pay for any research involving public records and the title history on
the property you are buying. This insures that the title on your property is
unencumbered by other ownership or liens and can be delivered to you at closing.
Other costs include recording and transfer fees that cover the legal recording of the
deed to your name. It is critical that you have a clear understanding of the total cost
of your closing. Your real estate agent or the attorney/escrow company should
supply you with a detailed estimate well in advance of the actual closing.
7. WHAT IS A REAL ESTATE BUYER'S REPRESENTATIVE?
A real estate buyer's representative represents the buyer who is purchasing property
in a real estate transaction. The buyer's representative works for, and owes fiduciary
responsibilities to, the real estate buyer and has buyer's best interests in mind throughout
the process. It is important for the buyer to discuss the buyer's representative's
compensation in the initial interview. In many cases it is recommended that the buyer and
the buyer's representative agree to the terms of compensation prior to viewing properties,
and sign a written agreement based on those terms. The agreement should spell out the
responsibilities of both parties throughout the process.
WHY USE A REAL ESTATE BUYER'S REPRESENTATIVE?
Purchasing real estate is a complex and major transaction with many details to be
handled. A buyer's representative is responsible for protecting the buyer's best interests
and will be the buyers eyes and ears in the market. A buyer's representative will:
• Evaluate the specific needs and wants of the buyer and locate properties that fit
those specifications.
• Assist the buyer in determining the amount that they can afford (pre-qualify), and
show properties in that price range and locale.
• Assist in viewing properties - accompany the buyer on the showings, or preview
the properties on behalf of the buyer to insure that the identified specifications are
met.
• Research the selected properties to identify any problems or issues to help the
buyer make an informed decision prior to making an offer to purchase the
property.
• Advise the buyer on structuring an appropriate offer to purchase the selected
property.
• Present the offer to the seller's agent and the seller on the buyer's behalf.
• Negotiate on behalf of the buyer to help obtain the identified property - keeping the
buyer's best interests in mind.
• Assist in securing appropriate financing for the selected property.
• Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters,
etc.) if these services are needed.
• Most importantly, fully-represent the buyer throughout their real estate
transaction.
8. ABOUT EXIT REALTY AND MY PRINCIPAL BROKER
Just a little over 12 years ago EXIT was introduced in Toronto, Canada. The vision of
this company came from one of the most successful agents/recruiters in Canada, Steve
Morris. His goal was to build a company to unlock the opportunities for agents with EXIT
Realty’s Formula of Sponsoring and commitment to providing it’s agents with world class
training. In just 10 years EXIT has become the #7 largest real estate franchise in North
America and the FASTEST growing real estate franchise in the history of real estate! With
nearly 1500 franchises now open and close to 50,000 agents recruited, EXIT is poised to
continue its extraordinary growth and outflank the competition in every aspect of the real
estate business. Please visit www.exitrealty.com if you would like to learn more.
The EXIT Realty Bend office opened in July of 2006 and has quickly become one of
the most active offices in Central Oregon. With more than 20 agents and a TEAM
atmosphere dedicated to getting the job done professionally for our clients, EXIT Realty
Bend has quickly received national attention as a leader in real estate, not only in our
Central Oregon, but a leader in the United States!
Jim Mazziotti is the Owner/Principal Broker of EXIT Realty Bend. Jim and his family
relocated to Central Oregon in 2002 after operating a successful real estate office in the
Midwest. Jim has served as a City Councilman, President of the Chamber, President of The
OAED Development Group and has been a community leader for many years. He has a
Bachelor of Arts from Upper Iowa University and is a graduate of Leadership Bend. Jim has
been a Realtor for 16 years and has experience in residential, commercial and resort
property. While a resort specialist at Eagle Crest Resort he was a top producer for the
townhomes and resort properties represented by Eagle Crest Properties. His EXIT Realty
Bend office was awarded the 2009 "Exit Franchise Office of The Year" for both the Northwest
and Midwest Regions of EXIT Realty Corp. Jim was also awarded with the 2009 "Franchisee
of The Year," again, for both the Northwest and Midwest Regions of EXIT. Jim holds the
prestigious Accredited Buyers Representative (ABR) Designation awarded by The National
Association of Realtors and is a certified John Maxwell coach, trainer and speaker. Jim is an
exceptionally precise and comprehensive thinker, strong team leader and creative and
innovative spokesman.
9. MY REAL ESTATE BIOGRAPHY
A 24 year resident of Bend, Cody Lathrop sells residential and commercial
properties not just in Bend, but in the entire surrounding Central Oregon area. He
has nearly 10 years experience in sales, customer service and retail marketing with
outstanding sales records and many happy repeat customers throughout the years.
Cody enjoys taking a direct, hands on approach with his clients and is well supported
by his superb office support staff and team at Exit Realty Bend. His business partner
and principal broker at Exit Realty Bend have a combined 30 years experience in the
real estate industry and are there at the drop of a dime to support him in every aspect
of the business. Cody Lathrop’s extensive knowledge and experience in sales and
business provides him a unique view of the real estate market and market trends that
he is able to share with his clients to help them make the best decisions for their
needs and desires. He has worked with and learned from some of the industry’s top
agents and coaches to enhance his understanding of the market and all aspects of
real estate.
Cody Lathrop has earned an Associate of Arts degree from Central Oregon
Community College and a Masters degree in Business Administration from Oregon
State University. This education provides the solid background on which his career
has been built. Cody’s work ethic didn’t start in the real estate business but has
followed him into the industry. He has been extensively involved in High School,
PNSA, USSA, Collegic and MBSEF ski racing where he has achieved many top
finishes and has earned the designation of Oregon Scholar athlete and lead Nastar
Pacesetter. Cody Lathrop consistently retained above a 3.5 G.P.A in both High
School and College and was a top sales producer for Clearwire High Speed Internet.
He is a member in good standing of the Local Association of REALTORS, State
Association of REALTORS, and the National Association of REALTORS in addition to
the Central Oregon Multiple Listing Service. Cody feels that being a Realtor is about
more than joining professional associations, he believes REALTORS should be
involved in the communities where they work as well. He has served his community
in many capacities which include I Heart Bend, MBSEF Junior Ski Coaching, and
Operation Turkey Basket. Cody Lathrop and Exit Realty also support Habitat for
Humanity and to date they have donated over $2 Million to the charity and built more
than 15 Habitat Homes. Through these activities and more he has obtained many
strong references that will attest to his outstanding character and integrity.
Cody Lathrop understands the stresses and hassles involved in the buying,
selling, and relocation process and he strives to alleviate these concerns for his
clients as much as possible. Whether buying or selling, be it your first home, your
last home, or building your investment portfolio, Cody has the knowledge and
experience to deliver the unsurpassed service you deserve. His goal is always to
provide trusted professional service and friendship to people from a position of
strength and he can’t wait to help you achieve your dreams.
10. Frequently Asked Questions
Many buyers do not fully understand the home buying process and what role a real
estate agent plays. The following are some of the most frequently asked questions
that buyers ask or don’t fully understand.
What does it cost as a buyer to use an agent?
The compensation that a sales agent receives typically comes from the seller’s
proceeds. In other words, there is not cost for a buyer to use an agent in a traditional
agent/buyer relationship. In a buyer agency agreement, there may be some cost to
the buyer, but even these agreements are usually worded so that the agent is
compensated from the seller.
Can my agent give me information regarding properties from other companies?
Yes, if that other company is a member of Multiple Listing Service (MLS) – which most
real estate companies are. For Sale By Owner (FSBO) properties are not listed in MLS
so an agent likely wouldn’t not be able to provide information regarding them.
However with a buyer agency agreement, your agent may be able to help you
purchase a FSBO.
What if I find a property on my own?
You should contact your agent and not the property owner or the agent listing the
property. Having the address or the MLS number is a very helpful and will assist
your agent in gathering information regarding the property.
What type of information will my agent need?
An agent will need any type of information regarding the property you are looking
for that is important to you. For example, number of bedrooms, garage size, price,
location and number of bathrooms are common criteria. Other considerations
include the school district, type of home (ranch, tri-level, etc) and room sizes. Keep
in mind that a search that is too specific may narrow your list of properties too much
while one that is too broad may give you more properties to look at than you have
time to go through! An agent may also ask you for other information such as hobbies
or activities you enjoy, children’s names, birthdays, etc. This type of information
fosters more of a “friend” relationship than a “business” one and makes the home
buying process much less stressful.
Can I go to open houses without my agent?
You can go to open houses without your agent. However, you need to make sure that
you indicate you are working with an agent already. If you don’t, your agent might
not be able to help you write an offer on that property in the future.
11. How can I find out about new properties?
You’re agent should be able to accommodate your particular situation whether it be
via e-mail, phone calls, etc. Clients with e-mail capability can receive automatic
updates from the MLS system as soon as new listings are entered.
What if I am unhappy and want to switch agents?
Let the first agent know that you are unhappy and the reasons why. See if you can
work out the issues with them. If not, tell the agent you no longer want to work with
them and find another agent.
Summary
When purchasing real estate, a sales agent can be an invaluable resource if you
remember your responsibilities:
• Work with just one agent.
• Make sure you tell your agent everything.
• Always tell other agents you are already working with an agent.
• Consider your agent your friend.
If you have any questions regarding purchasing a home or would like me to be your
agent, please give me a call. I want your home buying experience to be as easy and
enjoyable as possible and will do everything I can to ensure you find the home that is
right for you.
Cody Lathrop
Broker/Consultant
Real Estate Broker/Consultant
354 NE Greenwood Ave Ste. 100
Bend, OR 97701
541-419-
Direct: 541-419-4540
Email: codylathrop@gmail.com
