The home buying process requires astute people and project management. I help buyers and investors secure the right property with minimal complications and anxiety.
My clients are confident about the process we undertake and the properties purchased. Their homes reflect their lifestyle and financial goals. – Patricia
Step 1: Understand Your Financial Situation:
- Buying Power
- Mortgage Options
- Current Market Prices & Economic Conditions and How They Will Impact the Process
- Potential Tax Savings
- First-time Home Buyer Programs
Step 2: Select the Right Property:
- Understand how the local MLS system works and how it differs from those in other areas
- Research, tour and analyze inventory
- Compare current inventory with what is generally available in a season
- Analyze risks and rewards
- Review maintenance and utility costs
- Conduct any additional research required at town hall
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Step 3: Make a Reasonable Offer that includes:
- Offer to Purchase paperwork, including preapproval, binder, check for 1% of purchase price, disclosures and any other required forms.
- The amount you are willing to pay
- Closing & Occupancy Dates
- Any contingencies, including obtaining a mortgage, selling a property, building inspections
- Any personal property specifically included or excluded
- If the offer is attractive to the seller, further negotiations are often necessary to make sure all terms are agreeable.
Step 4: Manage the Transaction Process Across Multiple Parties After Buyer & Seller Agree on terms:
- Buyer immediately applies for financing and directs his Realtor to arrange for inspections
- Buyer reviews and signs disclosures,
- Buyer provides lawyer contact information to Realtor
- Seller arranges with his or her attorney for the drawing of the Contract of Sale based on the agreed terms and the inspection results.
- The Contract of Sale includes: Purchase Price, Mortgage Contingency (if applicable), Quality of Title to be conveyed, Date of Possession, Itemized List of Personal Property included in the sale, Satisfactory inspection terms
- The Contract of sale is reviewed by the buyer and his or her attorney and signed usually within 10 days of the accepted offer. It is sent with a check from the buyer for 10% of the purchase price (less the 1% earnest money) to the sellers attorney to be signed by the seller.
Step 5: Trouble Shoot Obstacles and Advocate for Buyer Throughout Entire Process
The time allotted to complete all of the steps that lead up to your closing from the accepted offer date to the closing date is generally 60-90 days. Sellers generally want transactions to close as quickly as possible. Throughout the transaction both you and your Realtor have to make sure all parties are moving the process along and completing each step according to the dates indicated in the binder or negotiated along the way. This requires constant communication between realtors and their clients and also among attorneys, inspectors and mortgage professionals. You and your realtor must be in close contact to monitor the progress of your mortgage and other contingencies to make sure that all the details are hammered out and deadlines are met. Extensions are requested if necessary, and realtors along with attorneys request the information we need to answer your questions and help you feel comfortable with the signing of the contract and closing documents. On the day of closing you will have a final “walk-through” with your agent to make sure that the house is vacant, there is no unexpected damage since the last visit, and in the property is in broom-clean condition