Home Buying Process
PRESENTED BY MICHELLE LOCHNER
319.560.7575
michelle@skogman.com
michellelochner.skogman.com
417 1st Ave SE
Cedar Rapids, IA 52401
Michelle Lochner
Your trusted Skogman REALTOR®
Buying or selling a home is a big life moment and it should never feel confusing, rushed, or transactional.
Hi. Welcome. I’m Michelle. I’m a REALTOR® serving the Cedar Rapids Metro Area, and I’m known for being warm, relatable, and steady throughout the process. My clients often tell me they appreciate my clear explanations, my responsiveness, and how comfortable they feel asking questions because there truly are no “bad” ones.
Beyond working with clients, I’m deeply invested in the real estate community. I’m a certified instructor currently teaching Pre-License and Developing Professionalism & Ethics, and I stay actively involved through the Cedar Rapids Area Association of REALTORS®. I currently serve as Secretary of the MLS Committee and am a member of the RPAC Committee. I’ve also previously served as Co-Chair of the Public Relations Committee and been involved in Realtor Development and Governmental Affairs.
I love helping people navigate major life transitions, and I was equally drawn to real estate for the flexibility and independence it offers. That balance allows me to stay present, organized, and genuinely invested in each client I work with.
Outside of real estate, you’ll usually find me behind a camera, reading suspense or thriller novels, floating in a pool like it’s a sport, hunting down ice cream, or communicating fluently in sarcasm. I also enjoy giving back locally, I’m a past President of SaPaDaPaSo and currently serve as Secretary for the Atkins Library Board.
You’ll never be “just another transaction” here — and I’d love to help you move forward with confidence.
Michelle
Our Story
It is no secret that choosing the right real estate agent is essential to the success and enjoyment of your real estate transaction. At Skogman Realty, we believe being the best isn’t something you say, it’s something you are. It’s about listening to our clients’ needs, wants, and expectations and delivering on them – every time. Skogman Realty has been selling homes in the Corridor for 50+ years. No one knows the market better – we sell more homes in the Corridor than anyone. So, rest assured, you’re in great hands.
Why Skogman Realty is the right choice.
The right agent and brokerage can make all the difference.
• Skogman is a name you can trust
• We utilize industry leading technology
We have a network of experienced, knowledgeable agents
• Skogman offers more support, more services, and proven results
• We are the local experts in our community
Iowa City Metro Area
RESIDENTIAL TRANSACTIONS LAST YEAR SKOGMAN AGENTS PARTICIPATED IN
1,726 $365,338 $630,573,589
AVERAGE SALE PRICE SOLD BY SKOGMAN REALTY
1,075 952 SKOGMAN REALTY BY THE NUMBERS...
TOTAL RESIDENTIAL SALES VOLUME LAST YEAR (THAT'S A LOT OF REAL ESTATE SOLD!) SELLERS LAST YEAR & WE HELPED BUYERS LAST YEAR
Understanding Buyer Representation
Real estate agents in Iowa are required to enter into a written agreement with a buyer prior to touring homes, including both in-person and live virtual tours. This agreement is called a Buyers Agreement (BA). The BA establishes a few key obligations for the buyer and the agent.
THEY INCLUDE:
• The term of the agreement;
• The geographic area the agreement covers;
• Compensation to the agent, and the process for funding the agent’s commission.
While Iowa recently adopted this law in 2024, BA’s were already required in many states throughout the US. They became a national law in August 2024, affecting all residential real estate agents and their buyer clients.
With the BA now added as a required step in the real estate process, it provides an excellent opportunity for Skogman to reinforce all the benefits buyers receive by working with a Skogman agent.
Benefits of Exclusive Representation and Compensation
EXCLUSIVE REPRESENTATION:
Buying a home can be a daunting process. Whether behind the scenes, at the negotiating table, or handing you the keys to your new home, your agent is committed to your success.
Skogman agents exclusively represent their clients and ask for the same commitment in return. This commitment is called Exclusive Representation and is detailed in the Exclusive Buyers Agreement (EBA). This mutual agreement establishes a contractual relationship between you, your agent, and Skogman, the brokerage they are affiliated with. It reassures Buyers that their chosen agent will be focused on their specific interests, objectives, and the necessary steps in the home-buying process.
So how does a Buyer’s Agent get paid?
The EBA assists in building trust and a mutually beneficial relationship. It promotes transparency through up-front conversations, provides clarity regarding services the Buyers can expect to receive, and determines how the agent will be compensated.
Buyers in Iowa are required to sign a BA with their agent before they are able to tour properties and prior to making an offer. Here are some things to consider:
• With a BA, your agent is required to prioritize obtaining the buyer side compensation from the seller.
• If the Seller does not offer compensation to the Buyer’s agent or offers less than the BA defines, you can ask your agent to negotiate this through your offer.
• If you have requested through the Purchase Agreement that the Seller compensates your agent and the Seller refuses your request, you have options. Your agent will help you negotiate a compromise with the Seller to make the transaction acceptable on both sides or you can decline to purchase that property.
• Once signed, the BA is legally binding.
Buyer’s Agents are paid for their work only when your purchase is complete - at close of escrow - regardless of the amount of time they have been working with you, the number of offers they may write with you, or the number of houses they have toured with you.
The compensation paid for Buyer-side representation is not exclusively paid to the agent: Compensation is shared with the Brokerage to cover operating expenses and it’s used to offset the agents business expenses.
Work with an Expert
The bottom line is this. Real estate agents are indispensable specialists, educators and negotiators, providing valuable guidance for one of your most significant life decisions.
An agent’s commission is compensation for thousands of hours they have already invested to develop the knowledge and understanding needed to guide you to a successful offer and through the escrow process to closing.
Why Work with a Realtor®?
A Realtor® is a member of the National Association of Realtors and adheres to a strict Code of Ethics. While every Realtor is a real estate agent, not all real estate agents have the additional education, time, and commitment to be a Skogman agent. All Skogman agents are required to obtain 80 hours of additional education within their first full year of business. To maintain their real estate license, they are also required to complete 36 hours of continuing education every three years.
A home purchase is one of the biggest investments you will make. Buying or selling a home is not a simple click-and-purchase like buying a plane ticket online; no amount of scrolling on the internet can replace having a professional by your side during this potentially complex, unfamiliar, and lengthy process. Our agents are trained and seasoned, offering you a competitive advantage. As your personal real estate advisor, your agent will listen, understand your needs, guide you through all the paperwork, negotiate on your behalf, navigate risk, and strategize with you throughout the buying process.
IMPORTANT BENEFITS:
• Expertise and Market Knowledge – Including pricing, expectations, neighborhoods and amenities.
• Market Trends – Inventory, Buyer/Seller markets, interest rates.
• Purchase and Pricing Strategies – Contingencies, comparable properties, competition, and multiple-offer scenarios.
• Support and Guidance Throughout – Provide as much information as possible based on your wants and needs: neighborhood details, floorplans, community.
• Risk Mitigation – Help you understand and navigate your way through disclosures, contingencies, and contracts, reducing the potential risk of costly mistakes, and ensuring all documents are properly prepared, reviewed and filed.
• Honed Negotiation Skills – Work diligently to negotiate the most favorable terms and keep as much money in your wallet as possible.
• Real Estate Psychology – Guiding you through the emotional highs and lows, ensuring your judgments remain clear and transactions continue to move forward.
• Due Diligence – Helping Buyers conduct property inspections, review disclosure documents, assess the condition of the property, and recommend professionals for further inspections and evaluations.
• Strong Network of Professionals – From inspectors to mortgage lenders, these relationships can speed up your process, strengthen your investment, and uncover premarket opportunities.
• Financing Options and Strategies – From recommending well-respected, local lenders, to discussing all-cash offers, down payment options, and leveraging interest-rate fluctuations.
• Transparency Throughout - Explain Agency Relationships and compensation for professional services.
• Continual Learning and Evolving – Agents’ ongoing education and training of the market and its regulations, to provide the best services and experience to our clients.
• Coordinating a Sell then Buy – From managing finances to finding an interim place to live, managing time frames, and coordinating the move.
• Project Management – From stagers, landscapers, painters, inspectors, movers and haulers, to prep your home in the best light for the market expectations, or to coordinate renovations prior to move in.
SKOGMAN’S 6 STEPS TO
buying a home:
CHOOSE AN AGENT
1.
2.
Select a trusted real estate agent to represent your interests and to help you navigate through this complex process. Ask family, friends, or co-workers who they have had a great experience with or interview someone that impresses you at an open house. Once you’ve selected your Realtor®, you will enter into an Exclusive Buyer Agreement.
START THE LOAN PROCESS
It’s important as a buyer you establish some kind of financing before you make any serious home offer. The “pre-approval” process allows lenders to take a look at your finances and credit history in order to determine the amount of money you can afford for a mortgage.
To get pre-approved for a loan, you need to contact a lender. Your Skogman Realty agent can help you find a lender that you feel comfortable with and that offers programs bestsuited to your needs.
MAKE A WISH LIST & START YOUR SEARCH
3.
4.
5.
Consider your non-negotiable items on your wish list. What can’t you live without? Do you have to have 3 bedrooms? Do you need to be close to work and school? Do you have to have a pool? Write down your “must-haves” and your “would-be-nice” items and start searching with the help of your Skogman REALTOR®.
MAKE AN OFFER & NEGOTIATE COUNTEROFFERS
Once you have found the right home, your REALTOR® helps negotiate the terms of the sale, including price, possession date and any seller’s concessions, if applicable.
CONTRACT TO CLOSING
There’s a lot that happens between an accepted offer and closing. Your real estate agent will help you navigate through this process. You’ll want to have inspections done on the home you’re buying and you will also need an appraisal and insurance.
FINAL WALK THROUGH & CLOSING
6.
Before closing, we’ll go through the home for a final walk through to make sure the home is still in the same condition it was in when we wrote the offer. Then it’s time for closing! Final mortgage documents are reviewed and signed. This takes approximately one hour. If you’re bringing funds to closing, a certified check is required as well as your photo ID.
Understanding Your Budget
Before starting your home search process, it’s important to evaluate your financial situation, confirm your budget, and familiarize yourself with mortgage options.
Your REALTOR® & mortgage lender can help you evaluate:
• Monthly HOA payments
• Property taxes
• Homeowner’s Insurance
• Utilities
• Commuting costs
Additional costs to consider:
• How much financing can you qualify for
• Your credit history and credit score
• How much will you need for a down payment
• Items included in your mortgage payment
• What will your monthly payments look like
• Possible financing choices
• Current interest rates
Insurance Coverage: A Key Step in Your Home Purchase
Homeowners insurance is a required step in buying a home — and planning for it early helps avoid last-minute delays at closing. Your policy must be in place before your loan can be finalized, and the right coverage protects both your new home and your peace of mind from day one. Why It Matters
• Required before closing
• Protects your home, belongings, and liability
You Have a Person at Skogman Insurance
• Helps you budget accurately
• Ensures coverage starts on move-in day A real person. Local expertise. Coverage you can trust. skogmanins.com | 319.366.6288
Skogman Insurance helps homebuyers navigate coverage with clarity and confidence. Our local agents work closely with Skogman Realty and Skogman Homes, so they understand your home and what coverage makes sense — without guesswork.
Creating Your Wish List
After you talk with your lender to determine what price point you are comfortable with and qualify for financially, talk with your agent about the home you have in mind. With professional guidance, you should be able to find and buy the home you desire.
To get started in the search, your Skogman agent will help you narrow down your preferences into a list of all of the must have/non negotiable features. Examples include distance from work, number of bedrooms, bathrooms, etc. Also, consider how long you’re going to live in this home. Will you need a home that will accommodate different life stages? Do you have or plan to have children? Are you approaching retirement?
Your agent will utilize all of the available resources to find your next home: MLS (Multiple Listing Service), new construction, REALTOR® open houses, agent networking, off-market properties, HUD and bank-owned properties. You also have an opportunity to sign up for daily listing alerts, letting you know when a property that fits your criteria, hits the market
WISH LIST CONSIDERATIONS:
o Price
o Style
o Neighborhood
o Views
o School District
o Near Work
o Near Schools
o Near Shopping
o Interstate Access
o Near parks/trails
o Heating/Cooling
o Garage size
o Upgrades
o Number of bedrooms
o Number of bathrooms
o Fireplace
o Storage space
o Eat-in Kitchen
o Office
o Finished basement
o Fenced in yard
o Landscaping
Create a My Portfolio Account on Skogman.com!
If you're searching for your next home, or just curious about the market there is no better tool to help you quickly find homes that meet your needs and wants.
With an account you can:
• Save your favorite listings
• Save searches with your important parameters
• Be emailed with new listings that meet your criteria
• Be notified of changes to your saved listings such as a price reduction or when a property goes off the market
• Keep track of homes you have recently viewed
Making The Offer
Your Skogman agent will help you write a winning offer, taking into account current market conditions, competition, and fair market value.
Several factors should be considered in your offer:
• Purchase Price
• Loan Contingency
• Inspections
• Earnest Money
• Personal Property
• Possession Date
• Agent Compensation
Inspections
Once the offer is accepted, the transaction is officially in contract. Now it’s time to do home inspections. This is a great way to educate you as the buyer as to the current condition of the property. There are a variety of inspections available such as a general inspection, pest, termite, structural/engineering, radon, and more. Your agent will help you determine which inspections should be conducted. If something comes up in the inspection that is unsatisfactory, you have the option to request repairs or renegotiate price.
Final Walk Through
This is the last time you walk through the home before you go to closing. The purpose of this walk through is to make sure the home is in the same condition it was when you wrote the offer. It’s a good time to verify completion of requested repairs.
Closing
Closing is the legal transfer of ownership of the home from seller to buyer. It’s a formal meeting that most parties involved will attend. At closing, a closing agent will review the terms of your loan and explain each document. Once all the paperwork is signed, you will be given the keys to your new home! Congratulations! You’re a homeowner! WELCOME HOME!
After your closing, you are now officially a homeowner! Unpack and enjoy your home! Congratulations! As your Trusted REALTOR®, I’ll stay in touch to see how things are going.