YOUR PARTNER IN THE PROCESS
LINDA LECOMTE, REALTOR®
It's tough to be a Buyer in the Boston and North real estate market. So, don't go it alone.
As your Coldwell Banker Buyer Agent, I am with you every step of the way. I keep you fully informed and expertly advised. And I support you with the best available data, resources, and services.
Then, when you close on your new home, I give you a Free Coldwell Banker Home Protection Plan. It's my way of saying thank you for putting your trust in me.
Scroll down to see how I partner with you every step of the way.
FREE HOME PROTECTION PLAN
Get a Free Coldwell Banker Home Protection Plan when you buy a property with me. The warranty protects you from the cost of unexpected, covered repairs for one year. For example, problems with plumbing, electrical, heating, and air conditioning systems. As well as, problems with devices like ceiling fans, whole-house fans, doorbells, and garage door openers.
But you don’t have to experience a breakdown to begin using your Free Coldwell Banker Home Protection Plan. Immediately after closing, you can use the re-key service to change out locks on your new home. Also, you can start taking advantage of special member offers and discounts that make homeownership easier.
*Limitations and exclusions apply. See agreement for details.
GETTING STARTED
To get you started on your home-buying journey, I typically take you on a few property showings. That way, we can both determine whether we are a good fit to work together.
Once we do decide to move forward, we have a more detailed discussion about your real-estate needs and goals. And at that time, we discuss and enter into an Exclusive Buyer Agency Agreement.
The agreement establishes our commitment to work together exclusively to get you a new home. You legally become my client and I legally become your fiduciary in all aspects of the home-purchase transaction.
You now have a trusted partner on your home-buying journey!
THE POWER OF PRE-APPROVAL
In today's fast-moving market, a mortgage pre-approval is a requirement. Sellers won't accept your offer, unless they are convinced you can afford to buy their home. And some Sellers even require a pre-approval or proof of funds simply to schedule a showing.
To get the process moving — unless you will be paying cash or already have a pre-approval — I can connect you with an experienced Guaranteed Rate Affinity mortgage broker. One of Coldwell Banker's industry affiliations, Guaranteed Rate Affinity is a nationwide lender and features incredibly low rates, fantastic customer service, and a fast, simple process.
FINDING YOUR DREAM HOME
With your budget, home requirements, and buyer representaton established, a serious search for your dream home begins.
I notify you when new listings meeting your criteria hit the market. And I arrange for private showings, when you want to visit a property.
While coordinating showings with Sellers and their agents can be a juggling act. Especially when inventory is tight, and homes are selling fast. I am flexible with my availability to show you homes. And I am diligent in getting you the showings you want most, when you want them.
Our search goes on until we find you the right home.
MAKING THE OFFER
I stay on top of the local market. And I will give you the insight and information you need to make an offer with competitive terms that you're comfortable with, and fully understand. As for offer price, there are many factors that influence the market value of a home. And I will provide a comparable market analysis (CMA) showing the list and sale prices for similar homes in your area. I also will communicate with the Sellers' agent to learn whether there are certain terms — such as a fast closing — that the Seller would look upon more favorably.
NEGOTIATION
Once the offer is written and signed, I present it to the Sellers' agent. At which point, the Sellers can accept the offer and you will provide a small deposit. If the Sellers do not accept the offer, they can either reject it outright, or counter the offer to start the negotiation process.
During negotiations, I strategize with you to ensure the most advantageous terms and acceptable pricing for you and your budget. And I use my proven communications skills to represent you professionally and effectively. In fact, I've successfully negotiated financial concessions for my Buyers — even during a Sellers' market.
THE HOME INSPECTION
Traditionally, property sales are contingent on the results of home inspections. And the Buyer pays for the home inspection.
The inspection traditionally occurs within 10 days of offer acceptance. But we've seen that time frame contract in the current Boston and North market, and some Buyers have even risked waiving the home inspection. The home inspection includes a review of the home's exterior elements like the roof, siding, trim and windows. And a review of the interior — the kitchen and bathroom fixtures and appliances and major systems, like heating and cooling, plumbing, and electrical.
If defects are discovered during the Home Inspection, you may exercise the remedy described in your offer. Or you many negotiate with the Seller to determine what repairs or financial concessions will be made. The terms you agree to are then added to the Purchase and Sale Agreement.
PURCHASE & SALE AGREEMENT
Typically, the Sellers' attorney drafts the Purchase and Sale Agreement (P&S). And at this point, you should have chosen an attorney, as well. If you are seeking a mortage, you will likely work with the same attorney as the lender.
After the attorneys deliberate on the language in the P&S, the involved parties review it. Once you are satisfied with the terms, you sign the P&S. And a second earnest money deposit is required. With a conventional loan, Buyers traditionally put down a total of five percent of the purchase price at P&S. Your total deposit is held in escrow by the Sellers' Real Estate Brokerage and applied toward the purchase price of the home at closing. It is crucial that you fully understand the terms of the P&S. Because if you default on the contract and do not close, the Seller can keep your deposit.
MORTGAGE CONTINGENCY
If your offer includes a mortgage contingency, it is critical you adhere to the terms of the Mortgage Contingency Clause in your P&S. Doing so, enables you to get your deposit back, if you fail to secure a mortgage commitment from your lender by the contingency date. For this reason, it's important to work closely with your loan office to ensure they get everything required in a timely fashion. And I will help you monitor the dates.
TITLE SEARCH
Your attorney will conduct a Title Search of the property, which is an historical review of all legal documents relating to its ownership. The purpose is to ensure that there are no claims against the property title. And it is also recommended that you purchase title insurance. Your title insurance protects you in case the records contain errors or there are mistakes in the review process.
APPRAISAL
As a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the home's value.
CONSUMER DISCLOSURE
In addition to your deposits (the earnest money you put down for the offer and purchase and sales agreement) and your down payment, there are a variety of other costs involved in closing including:
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- Loan origination fees, appraisals and reports
- Surveys and inspections
- Mortgage insurance
- Hazard insurance
- Taxes
- Assessments
- Title insurance, notary and escrow fes
- Recording fees and stamps
At least three days prior to closing, either the closing attorney or your lender will provide you the Consumer Disclosure. It contains the final breakdown of the costs to purchase the home. Now you know the final amount you need to bring to closing. You will be advised on how to deliver the funds, as well as how to avoid wire fraud.
FINAL WALK-THROUGH
I will arrange a final walk-through of the home for you just prior to closing. This is your opportunity to verify the home is in the same condition as promised in the Purchase and Sale Agreement. For example, that it is clean, the Sellers' belongings have been removed, the appliances still work, and so on. If there are issues with the final walk-through, I will be sure they are addressed at the closing. For example, with a hold-back of funds to ensure the situation is remedied.
THE CLOSING
The closing will most likely take place at the Registry of Deeds in the county where the home is located, or at the office of the closing attorney. There may be an hour or two delay after the closing to record the transaction and make it official. At which point, you have the keys and are free to enter the property.
Congratulations! Now go use your Free Coldwell Banker Home Protection Plan to re-key your new home!
BOSTON & NORTH REAL ESTATE BLOG
LINDA LECOMTE, REALTOR®
COLDWELL BANKER REALTY
27 Main Street
Andover MA 01810
OFFICE: (978) 475-2201
DIRECT: (978) 886-4852
© 2022 LINDA LECOMTE, ALL RIGHTS RESERVED.
