The Process of Buying a Property
- I will Introduce Myself, My Qualifications, and those of my firm.
- I will Answer Any Questions You May Have Regarding Qualifications
- I will Review How I Represent You and My Responsibilities to you
- I will Discuss Your Responsibilities to Me
- I will Explain Procedure of Choosing Properties and Setting Appointments
-We will review your needs, wants and wish list
- I will explain how the mls works
-We will go over basic finances and estimated budget. What is available in your price range which fits your criteria
-Review the basics of the contract
-Review how agents get paid
-Review buyer representation
-Review the roles of attorneys and title companies in the process
Once we find the property you would like to purchase:
Time is of the essence……….We don't want you to miss out on the property you've decided on to someone else…..
- We Will Sit Down and Go over the Contract and the Terms We Would Like to include, such As:
- All personal property to be included, closing costs, improvements, etc
- Financing terms
- Closing date
- Attorney and inspection terms
- Completion of necessary riders (lead paint, property disclosure, etc.)
- Any other negotiable items
- We will review the comps and determine the offering price
- When Completed, You Will Sign the Contract.
- I Will Contact the Listing Broker that We Have an Offer.
- I will then discuss the terms of this offer
- The other party and their broker will review the terms of the offer to determine if and what their counter will be
- The other broker will contact me to negotiate their counter offer- We may negotiate back and forth multiple times or it can be once. Negotiations can take a day or a week.
Once Everyone Involved Agrees on the Terms of the Offer (price, closing date, etc.):
- The contract is signed by the seller and all parties involved receive a copy
- “Time is of the essence” - Receipt does not take place until myself or you receive a copy, at which time, the “clock starts ticking”.
- Sellers and buyers contact their attorneys and/or title companies.
- Copies of the contract are forwarded to the attorneys and/or title companies and the lender for their review as outlined in purchase contract.
- Copies of the contract are forwarded to the lenders and associations, when applicable.
- An inspection may or may not be performed upon your request (as outlined in purchase contract) but, is highly recommended. After which, any mechanical or structural defects of concern shall be negotiated by myself and/or the attorney with the seller/their agent to be remedied.
- Your lender/mortgage broker should be contacted to proceed with loan application as outlined in purchase agreement once these items are worked out. Be sure to provide them with all necessary documents to complete your mortgage application.
- NOTE: please keep paycheck stubs, bank statements and tax forms handy as they may be requested by your lender up until the day of closing.
- The listing agent coordinates any requirements by condo association, when applicable.
- You will provide, when applicable, to the condo association any additional documents, information, or funds.
- You will meet with the condo/homeowners association, when applicable.
- The listing agent/attorney/title company obtains certificate of insurance for condo, when applicable.
- I will provide your attorney/title company with any additional documents they may request.
- As outlined in purchase agreement, terms of attorney’s approval, property inspection and mortgage requirement are met in a timely matter.
- 24-48 hours prior to close of escrow you will do a final walk-thru coordinated by me. It is generally the hour or so before closing.
- You will be notified the day prior to closing the amount of final funds you will need to have wired to the title company by the attorney/title company and/or lender.
- Close of escrow takes place and moneys are distributed. This will take approximately 2 1/2 hours. You will recieve your keys, copies of all paperwork and any excess funds
CONGRATULATIONS ON YOUR NEW HOME!!!!!!!
Note: Is important that all terms of the purchase agreement are met in a timely and responsible manner - or it may constitute a breach of contract.