 |
|
|
|
Looking to Buy a Home?
My Philosophy
Buying real estate is one of the most important financial decisions you will ever make. It pays to leave as little to chance as possible in this difficult and sometimes confusing
process. That is why having an experienced expert on your side is important.
To help you better understand what is needed and things you must do in the home buying process, here are some topics that you might find useful.
BUYERS GUIDELINES – 3 Easy Steps
Congratulations!
You are one step closer to the American Dream of Homeownership! Homeownership offers a number of benefits including building equity, tax deductions, and creating a place you can call Home.
Is your hard earned money currently paying rent? “Stop paying your landlords mortgage” Buy a home and start building your own equity by paying YOUR mortgage. Also, the equity you earn is yours and overtime your home should increase in value.
Buying real estate is one of the most important financial decisions you will ever make. It pays to leave as little to chance as possible in this difficult and sometimes confusing process. That is why having an experienced expert on your side is important.
I look forward to helping you purchase your new home. The following will explain things you must do and what is needed. This is designed to help you feel as comfortable as possible by providing you with an overview of what’s to come. Below are the basic steps of the home buying process. It has helped many first time home buyers over the years and hopefully it will help you.
STEP ONE
Get Pre-Approved for a Mortgage
Getting pre-approved for a loan is one of the most important steps in the home buying process. WHY?
1. To determine the price range of homes you can afford. This will save you time by not looking at homes that are out of your price range.
2. So I can generate a list of homes in your price range for you to go see.
3. It will make you a stronger buyer when it’s time to submit an offer on a home, especially if there are multiple offers. Mostly all sellers want to see a pre-approval letter submitted with all offers. It would be stupid for them to accept an offer and take their house off the market before see proof that buyer is financially able to purchase the property. If not, they could lose 30+ days of market time, and possibly a good, pre-approved buyer.
4. Sellers are more likely to accept a lower offer from a buyer that is pre-approved than accepting a higher offer from a buyer that is not pre-approved.
5. Being pre-approved will also speed up the entire mortgage process once you’ve found the home you want to buy.
“Sellers want serious buyers that are ready, willing, and Pre-Approved”
So take the time to speak with a mortgage lender. Their specific questions in regards to your income, debt, credit rating, current monthly expenses, and down payment, will help determine the purchase price you can afford.
STEP TWO
Find a Home You Like
• To assist me in giving you great service, we must complete a Buyers Worksheet. When completed, it will help me understand what kind of home you want, i.e.: property type, location / cities or towns, price range, number of bedrooms, baths, amenities, etc. I will then input this information in the Multiple Listing Service (MLS) Database, so that all the properties that match your criteria will automatically be emailed to you within 15 minutes from being entered in the MLS. This will save you lots of time by not to search all the 3rd party real estate website like: trulia, Zillow, etc. not to mention all the inaccurate info the delay to hitting the site. The MLS is in real-time and has the most accurate information.
• Drive-by’s. You must check your email daily for: new listings, listings that had a price reduction or that came back on the market. Review all the information and photos on the property. If everything looks good, asap drive by the house to see if you like its location and curb appeal. If at that point you like it, contact me asap and I will make an appointment to see the inside.
• I can show you any house listed on the market with any real estate office from the MLS Database.
• Location is the key. The location of your new home is the one thing you can never change, so choose it wisely.
STEP THREE
Buy the Home
• Write an offer and I will present it to the sellers asap with the pre-approval and deposit check.
• I'll explain the entire buying process to you / Flow Chart.
• I will provide you with expert advice, keep you informed, and handle all the details throughout the entire transaction.
• Try to have the offer accepted by both parties.
• Obtain a Home Inspection, at which I will accompany you.
• I will review the Purchase and Sales Agreement with you.
• Provide additional deposit stated on Purchase and Sales Agreement.
• You apply for the loan.
• Wait for the loan commitment.
• Obtain insurance binder on home.
• I will accompany you on final walk-through home prior to closing.
• I will attend the closing with you. CONGRATULATIONS on your new home!
• You move into your new home.
• I will stay in touch with you even after you purchased your new home to ensure your satisfaction.
"I have built my business the old fashion way, through word of mouth, repeat business, and excellent customer service. My motto is to under promise and over deliver.”
"I would love to Help You find a home"
Let’s use my 28+ Years of Experience in Sales & Marketing to find a home FOR YOU Contact David Now! Cell: 781-475-3693 dave@davetass.com
See my reviews on my homepage or  and 
|
What I will do... For You:
• Explain the entire buying process to you.
• Provide you with Expert Advice throughout the entire transaction.
• Furnish you with a 3-Step Buyers Guidelines sheet.
• Help you get pre-approved for a loan.
• Complete a Buyer Qualification Form (if needed).
• Create & Update a Buyer’s Worksheet to find out what kind of property you are looking for, i.e.: style home, number of bedrooms, price range, city, location, amenities, etc.
• Complete a VIP Buyer Referral form (if needed).
• Furnish you with city maps.
• Based on the information you gave me on the Buyer’s Worksheet, I will input your property search needs / amenities in the Multiple Listing Service Database, so that all the properties that fit your criteria will be emailed to you. The Multiple Listing Service, is the #1 Database used by real estate agents in Massachusetts to search for homes for sale for their buyers, complete with the homes’ Information & Photos.
• Set-up & arrange all appointments for property showings for you.
• Show you homes in the cities and areas you like. I can show you any house listed on the market with any Real Estate office from the Multiple Listing Service Database.
• Work for you to get you the best deal.
• Negotiate in your best interest throughout the entire transaction.
• Obtain a Field Card or Public Record sheet.
• Complete an Offer / Contract to Purchase Real Estate for you.
• Submit a pre-approval with all offers that justifies the amount of the offer.
• Submit the deposit to bind the offer.
• Complete & Submit an Escrow / Deposit form for the deposit to bind the offer (if needed).
• Complete & Submit with all offers a Massachusetts Mandatory Licensee-Consumer Relationship Disclosure (required by law).
• Complete & Submit with offers a Property Transfer Lead Paint Certification Form (required by law, per 1978).
• Review & help you complete a Seller’s Statement of Property Condition (if needed).
• Review & Negotiate all contracts in your best interest.
• Try to have offers accepted by both parties.
• Keep you informed & up-to-date throughout the entire transaction.
• Create & Update a Flowchart on the property you are buying.
• Create & Update a Service / Sales Checklist.
• Handle all the details throughout the entire transaction.
• Schedule a date & time for the Home Inspection, which I will attend with you, with: seller’s agent, seller, & you.
• Review & Negotiate in your best interest on problems that may arise from the Home Inspection.
• Obtain: Condominium Documents, Master Certificate of Insurance, Annual Budget, Original 6D Certificate & Request a Condominium Questionnaire & furnish them to: you, bank attorney, and / or attorneys (for condos only, if needed).
• Draft & Complete a GBREB Purchase & Sales Agreement for you (if needed).
• Review the Purchase & Sales Agreement with you.
• Complete & Submit an Escrow / Deposit form to deposit the additional deposit upon executing the Purchase & Sale Agreement (if needed).
• Inform you when to apply for the loan.
• Assist you in finding and applying for a mortgage.
• Get Purchase & Sales Agreement signed by you & seller.
• Schedule a date and time for the bank appraisal (if needed).
• Meet the appraiser at your house for the appraisal (if needed).
• Draft & Complete 6 different Contracts & Extensions (if needed).
• Be there to deal with any problems that come up.
• Confirm that you receive the bank commitment letter on or before the commitment date.
• Inform you when it’s time to obtain an insurance binder on the property.
• Inform you when it’s time to call the utility companies to furnish them with the info they need to transfer the accounts under your name.
• Confirm the closing date & time with: you, seller’s agent, bank attorney, and / or Attorneys.
• Accompany you and schedule a date & time for the final walk-through with: you, seller’s agent, & seller, (if needed).
• Tell you what you will need to bring to the closing.
• Calculate for any remaining heating oil adjustments before closing (if needed).
• Complete a Closing Worksheet.
• Attend the “Closing” / “Passing of Papers” with you.
CONGRATULATIONS on your new home!
• Furnish a Declaration of Homestead form (if needed).
• Stay in touch with you even after you purchased your new home to ensure your satisfaction.
* Paperwork, that consists of over 30 documents which include: Contracts, Agreements, Disclosures, Extensions, Forms, Checklists, & Worksheets.
* Basically, I do everything it takes to help you buy a new home. Using my 35+ Years Experience in Sales & Marketing, we will find a HOME FOR YOU!
All of the above may sound simple, however, anyone who has been in the business long enough knows that it's the small things that can blow a deal, especially when emotions are involved.
|
|
Tips Do Not Make Any Big Purchases
Hold off on making any major credit card or car purchases while you're waiting to apply for a mortgage. Monthly payments you're obligated to pay will be counted against you and reduce the amount of the mortgage loan you'll be offered. Even if you've been pre-approved for a mortgage, that approval is subject to last-minute evaluation of your financial situation and a spending spree for appliances, furniture, and other items intended for your new home may wreck your chances for buying it.
Do Not Try to Rehab Your Credit Before You Buy
It may seem counterintuitive, why wouldn’t you want to make sure your credit is in shape before you apply for a mortgage? Doing this could affect your ability on receiving a loan. Even paying down credit card balances, which is a good thing as far as your credit scores and debt ratios are concerned, could be a problem. It could also leave you short the cash you need to qualify to get the loan. You can make some big mistakes. Consult with your mortgage loan officer or a financial expert before making any moves to build your credit score.
The 3 Different Types of Homes to Choose From
There are 3 types of homes for you to consider: condominiums/townhouses, singles, and multi-families.
With a condo, you only own your single unit, but upkeep responsibilities are minimal and if available, you are free to enjoy shared amenities such as: exercise room, clubhouse, pool, tennis courts, etc., with fellow homeowners in the association.
A single-family home will need up keeping. Lawns to mow, snow to shovel, interior and exterior maintenance, but the privacy you have in owning the house with and yard is very satisfying. Owning a multi-family makes you a landlord with responsibilities to tenants, but it will also provide you with rental income to help pay your mortgage. The trade-offs are: more upkeep and repairs, finding new tenants, collecting rents, shared yard and overall less privacy, etc.
One may be better suited to your budget and lifestyle than another. But, now is the time for you to choose which type will work best for you.
Location, Location, Location
I personally feel that the homes location is one of the most important decision you will ever make in the home buying process. There are many circumstances to consider that are based on your homes location. i.e. how long it will take you to go to: family and friends, work, stores, schools, etc. Also, all the traveling expenses: gas, vehicle maintenance, public transportation, etc. Oh, what is your time worth? If possible, it may be wise to make sure the amenities you need and frequently traveled locations are in close proximity to your new home.
If you have children, you may be looking for quality schools, day care, and a neighborhood populated by young families. If you like to spend a lot of time outdoors, then being near parks, jogging trails and bicycle paths may influence your decision. Using examples like these, you can narrow down your housing choice.
Determine Your Search Criteria
Doing some preliminary planning before you begin your home search will make the entire process more manageable and less overwhelming. Making sure you end up with the right home involves figuring out exactly what amenities you need and want in a home in combination with affordability. After getting pre-approved for a mortgage, you can start your “Search Criteria List”. To simplify and help you create your list, I broke it down into 3 topics, this one and the following two.
Begin your home search by making a list of the: price range, type of home (condo, single, or multi-family), cities (preferably 1 to 3), and the number of bedrooms.
As you decide on the type of home you want and the amenities that are important to you, think about your needs in the near future. Try to buy a home that you can adapt to your future needs.
The more specific you can be about what you're looking for from the outset, the more effective your home search will be. Also keep in mind, that in the end, every home purchase is a compromise.
If at any point you are unsure or have questions, please contact me. It would be my pleasure to help you.
Must Have List
Now it is time to make a "must have list" to decide which amenities are absolutely essential, (list in order of importance). Knowing what you are looking for will not only help you focus your search but will also help me understand your needs so that I can assist you better.
Examples of these requirements might include: a driveway, ample storage space, easy access to public transportation, etc. Much depends upon where you are in your life. Obviously, the more items on your list, the harder and potentially longer it may take to find a home that works for you.
Wish List
A "wish list" is optional. This list should include the amenities that would be nice, if you happen to find them, but are not absolutely necessary. Realistically for the first-time buyers, you probably will not get everything on your wish list. You will find that many of these items can be updated or added in the future. Such items you may hope for may include: granite countertops, a deck, central air conditioning, a garage, or a pool. Balancing needs and wants in combination with affordability helps you make informed decisions as you look for your new home.
When you’re finished creating your personalized "Search Criteria List”, “Must Have List”, and “Wish List”, share them with me to aid in finding your new home.
Do Not Limit Your Search to Ads, Open Houses, or the Internet
With newspaper ads, flyers, and hundreds of real estate web sites, buyers can easily find listings themselves. But if the information isn’t accurate and up-to-date, what good is it. Many homes that are listed in ads or web sites have already been sold or have an accepted offer. Most third party web sites are 3 to 6 days behind the Multiple Listing Service (MLS), which could cause you to miss out on a hot property that sells fast. By working with me, this would not happen (see below, Get Professional Help).
Open houses are great in helping you “do your homework” as I call it. It’s a good way for buyers to educate themselves about the different: neighborhoods, areas, local amenities, and most importantly, the home prices in different areas.
Your best course of action is to contact a real estate agent which uses the MLS to locate homes for sale, which is in real-time. This is a membership service that is unavailable to the general public.
Get Professional Help
In today’s tech savvy world with so much information about homes available online, some home buyers assume they can buy a home without a real estate agent’s help. But this strategy often backfires. The real estate agent’s role isn’t just about finding listings and showing you properties, this is just the beginning. The real value is about preparing, presenting, and negotiating your offer in a way that will help get it accepted. Furthermore, experienced agents have a strong network in the market, which can give you an added edge. Most importantly, there’s bound to come a time during the complicated real estate transaction when you have serious doubts or big questions. Your agent can be the trusted adviser you need to walk you through to the closing.
The person you choose should listen to you and ask you certain questions to find out about your housing needs and preferences. This is one of the most important steps in order to build a good relationship and find the right home for you.
If you work with me, I set you up in the Multiple Listing Service (MLS) with the type of property you want, price range, cities, amenities, etc., so the only thing you have to do is check your email. Within 15 minutes of a property being entered into the MLS, you will receive an email with the properties: price, address, details, photos, etc. No more wasting time looking through old ads and out dated web sites. It’s that easy. Call me now for more info.
Another great value is that using the right real estate agent is FREE! Throughout all the years that I helped buyers purchase homes, none of them ever paid me a cent. The only thing I ask for is loyalty. Weather working with me or another real estate agent, get help.
Know What You are Signing
Reading and understanding contracts involved in homeownership can be complex and packed with jargon that the average person might not understand. There may also be a number of contingencies in the offer and the purchase and sales agreement which may be modified, but the time to review and possibly modify them is before execution, not after.
If you are unsure, ask questions. You need to understand what you’re signing before you pick up a pen. Your decision is binding.
Shopping for a Home
It is important to see as many open houses as possible so that you can develop an understanding of the market and get a better idea of what price range homes are listed for in the area. I would highly recommend, only going to properties that are in your price range.
Due Diligence
Take a listing sheet with photo to each house you visit, even if you are just doing a drive-by. Use it to take notes on the features you like or dislike about the house. i.e.: your first impression, nice street, small yard, needs exterior work, big bedrooms, finished basement, etc. List what changes you would like to make and what really stands out. Give each home a 1 to 5 star rating.
Be Organized
Keep handy the items that will assist you in maximizing your home search efforts. Such items should include:
1. A map with your areas of interest highlighted.
2. Pen and paper for taking notes as you search.
3. Digital camera to help refresh your memory on individual properties.
4. A file with all the properties that you seen with your agent or at open houses with hand written notes on them.
Check Out the Neighborhood
If you really like a house and are thinking about buying it, drive-by it at different times of the day to see how things are. You may notice nuances you missed earlier. You may also consider talking to the neighbors to see how the neighborhood is or any other concerns you may have. i.e.: school district, traffic patterns, noise, etc.
Parking
If you have a vehicle and are looking to purchase a home without parking, look into where you can legally park, especially in the winter during snow emergencies.
Put on Your Poker Face
No matter how much you've fallen in love with a house, don’t let the sellers or the seller’s agent know. Otherwise, if you submit an offer, the seller will gain the upper hand in negotiations. Some mistakes can cost you serious money, and this is one of them.
When a homebuyer is convinced this is the home for them, communicate with your agent. You want to leave yourself as much room for negotiations as possible.
Home Inspection
Once you have made an offer on a home and it got accepted, you should schedule a home inspection conducted by an independent authorized licensed and insured home inspector. If the inspector finds hidden problems with the property, I would suggest renegotiating the price rather than having the seller do the repairs, providing you still want the home. In my many years of real estate, I have heard stories of unsatisfactory repairs which in turn have postponed and even cancelled the home purchase. If needed, get a professional estimate.
In rare situations, depending on the market and many other factors, you may want to decline having an inspection. Before ever doing this, contact me for more details.
Choosing the Right Type of Mortgage
If you choose an adjustable rate mortgage, your monthly payments could go up. I feel it is safer and smarter to choose a fixed rate mortgage with a payment you can afford because it can’t go up, unless your taxes are included and they go up. In the future, if the interest rate goes down, refinance. It’s a no brainer. Consult with a reputable lender to see what’s best for you.
Homeowner's Insurance
Lenders require that you have homeowners insurance, to protect both your interests and theirs. Like everything else, be sure to shop around for insurance that fits your needs.
All the above may seem rather overwhelming.
That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.
Top 11 Home Buying Mistakes and How to Avoid Them Whether you are looking to buy your first home or are planning to purchase your next home, it is critical that you consult with an experienced and licensed real estate agent to help you avoid some of the most common mistakes buyers make.
1. Not doing your homework. Knowledge is priceless. Tremendous information is available on the internet. There is no excuse for entering the market unprepared. Be diligent so that you can have confidence in your purchase. 2. Not getting pre-approved. You are in a better position to go house hunting knowing how much you can afford and that you have financing. This will also make you a stronger buyer when it’s time to submit an offer on a home, especially if there are multiple offers. It also shows the sellers you are a good buyer and can afford it. Take the time to talk with a bank or mortgage representatives. It is one of the most important steps in the home purchasing process.
3. Not thinking about the future. Most people buy based on what fits their needs now. But try your best to think ahead so that within the next 5 to 10 years, your home will still fit your family and/or needs. Because your lives are constantly changing, it is hard to foresee years in the future, but give it your best shot, it could save you thousands of dollars.
4. Choosing a poor location. Even within a neighborhood, location matters. Is there a shopping center out the back window? Is it on a noise street? Is it across the street from a dump?
5. Overlooking an inferior floor plan for an attractive exterior. It may have gorgeous curb appeal, but you don't live outside. No matter how attractive the exterior, you need the interior layout to work for you.
6. Not getting what you want because you’re impatient. You need time, this is a big decision. Impatient decisions can lead to mistakes. When you find the right home, you’ll know it.
7. Overlooking how the house will function for your family. How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office?
8. Waiting for the interest rates to drop. Unless the interest rate is unusually high, it shouldn’t be an issue. If it is slightly higher, the small difference usually is much less than the appreciation of the home which will inevitably happen.
9. Waiting for a better market. Unless the real estate market is over inflated, like in 2002 to 2005, it’s time to buy. Who really knows when the right time to buy is? History shows that real estate increases in value in long term investments.
10. Trying to find the perfect home. Does a perfect home really exist? Even if you had a brand new home built, after living in it for a year, you would probably be saying: “Oh, I wish I had …, or I wish I put the washer & dryer upstairs instead of …, etc.” Because our lives are always changing, you will never find, “the perfect home”. So don’t miss a great home waiting for the perfect one.
Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Remember, it is very hard and expensive to change a homes size and layout, verses changing a homes cosmetic looks.
11. Having buyer’s remorse - not buying at all. There may be surprises, no place is perfect. But if you can afford to buy a home and you don't make a purchase, you'll lose the benefits of tax deductions, building home equity, and any appreciation in value. If you are renting, you are accentually paying the landlords mortgage, instead of your own.
Final Thoughts
One of the first things I do when helping new buyers find and purchase a home is to go over the “4 Most Important Factors When Buying A Home”. They are: Affordability, Location, Size, & Layout. If you buy a home that does not fit your criteria, you may encounter problems and be unhappy in the near future.
If you are thinking of buying a home or just have questions, call David!
“Hire Someone Who Cares”
|
|
|
