goal is to be YOUR
Know what you can afford
One of the first things you'll want to do is speak with a Loan Officer to determine your purchasing power. Once you obtain your Mortgage Pre-qualification or Pre-Approval, then you can decide what you are willing to spend.
Pre-qualified vs. Pre-approved.
Pre-qualification is when you speak with a Loan Officer about how much money you make, your debt, and how much money you have for a down payment. Based on this general information the Loan Officer will give you a rough estimate of what loan amount you qualify for.
Getting pre-approved is a more involved process. The Loan Officer will take all pertinent information regarding your finances, verify your credit score, etc.
A pre-approval letter will show sellers you are ready, willing and able to buy their home.
I have an obligation to my fellow agents to show their property to willing, ready and able Buyers.
Know what you are looking for
You want to purchase a home that suits your lifestyle, determining your wants and needs is key to finding that home.
Knowing where you would like to live, whether it is a specific community or neighborhood, good commute location or certain school district, will make your home search easier.
Take into consideration how long you plan to live in this home. Know what compromises, if any, you are willing to make, location, amenities, price.
Find your Real Estate Professional
A good Real Estate Professional doesnt just help you find a home, they guide you through the complex and emotional process of purchasing a home. You may even want to interview several Real Estate Professionals so that you can find one you have complete confidence in and a good rapport.
Purchasing a home is in all likelihood one of the biggest financial decision that you can make. For that reason it is important to have an expert on your side.
Find your Home
The PINERGY (MLS) system has an automated listing search that I set my Buyers up on. Matching properties are automatically emailed to you, daily.
If Internet access is a problem, I will keep an eye out for properties that meet your criteria and call you with the information.
Taking a drive by a property to get a feel for the area is a great way to decide if it is one you would like to view with your Real Estate Professional.
Have your Real Estate Profesional schedule a showing. Combining showings of 2 or 3 properties can be very helpful. Seeing more than 3 properties in an outing and the houses can begin to blur.
Some buyers know after one showing, that this is "the one". Some buyers need at least one or more visits. I won't hurry you and am happy to show you the property as many time as you need to see it, to be sure it is "the one".
Making Your Offer/Negotiations
An offer is a legally binding statement of your interest in purchasing that property. The offer will be submitted with a deposit also known as earnest money or consideration.
Prior to writing up your offer, I will provided you with a Comparable Market Analysis (CMA) on the property. A CMA is a snapshot of the current market, providing you with data on what price comparable properties recently sold at.
We will discuss what you are willing to pay, your deposit, time frame for Closing, negotiation strategy, and any other contingencies, including a Home Inspection.
I will submit your offer to the seller's agent and negotiate on your behalf. The seller can either 1) Accept your offer 2) reject your offer or 3) counteroffer.
If the seller counter offers, you can either 1) Accept your offer 2) reject your offer or 3) counteroffer.
The negotiation period can involve numerous counter offers, making it an emotionally draining and stressful time for you. My job is to help guide you through the process and keep you focused on the end result.
My philosophy is that both sides should walk away satisfied with the terms, looking forward to a smooth Closing.
The offer has been accepted when terms have been reached and all parties have signed the offer form.
Once the offer has been accepted, you have 10 days to complete your Home Inspection.
A good inspector will find problems or issues with the home which you and your Real Estate Professional may not be able to see. The Inspector will be able to explain the problems and solutions so that you have a complete understanding.
Your home inspector will give you detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
- evaluate the physical
condition: structure, construction, and mechanical systems;
As your Buyer Agent, I will provide you with a list of licensed Home Inspectors. Once you schedule the Home Inspection, I will notify the seller's agent and attend the Home Inspection.
I will discuss your concerns with the seller's agent to see if we can come to a mutually satisfactory resolution, if that is what you want. The seller is not obligated to resolve your concerns.
If you are dissatisfied with any issue raised by the Home Inspection and your offer is subject to "Satisfactory Home Inspection", you are entitled to withdraw and have your earnest money returned.
& Sales Contract
The Seller's side provides a draft copy of the proposed P&S. This may be the Massachusetts Association of REALTORs® (MAR) standard Purchase and Sales Agreement or it may be drafted by the Seller's Attorney.
A Real Estate Professional is not an Attorney and cannot give you legal advice.
It is in your best interest to have an Attorney review the contract, advise you on the terms and negotiate with the Seller side on changes. I am happy to provide you with a list of local Real Estate Attorneys.
I will be monitoring the process to ensure the dates outlined in the offer will be met and preparing an extension if the Attorneys. are still in negotiations.
Once the P&S has been signed by all parties, I will provide a copy to your Loan Officer.
Preparing for Closing
Closing is the meeting where ownership of your new home will be legally transferred to you.
Once your Loan Officer has the P&S they can order the Bank Appraisal and proceed with completion of your loan application. They will issue a Mortgage Commitment Letter by the date indicated in the P&S. Once underwriting has reviewed the loan application, a clear to close will be issued and the Closing time and location will be scheduled.
My job is to track the completion of all contingencies and conditions required under the P&S. I will keep you informed of the progress of the transaction.
You will need to obtain a Home Owner's Insurance Binder prior to Closing. The day before Closing, you will want to contact the utility companies to let them know you will be Closing the next day and the utilities will need to be set up in your name.
The Closing Attorney's office will provide a HUD-1 or RESPA Settlement Statement either the day prior to or the morning of the Closing..
This document itemize
all charges for the transaction, giving each party a complete list of
their incoming and outgoing funds. You will need to bring a bank check,
in the amount specified on the settlement statement, to the Closing.
We will do a walk through prior to Closing to confirm the condition of the property. I will address and resolve any issues with the seller's agent, prior to Closing.
I will attend the Closing with you, when the paperwork is completed and recorded at the Registry of Deeds, the property is legally yours - congratulations!