The Buying Process

Beginning with an initial consultation to understand your personal goals, Deborah will take the time to truly understand your timeframe, your budget, your wants, needs, and vision for your future home. In addition, you will be enlightened about the essential forms and disclosures including the Buyer’s Agent Agreement. This will ensure clarity and understanding before proceeding. In addition, Deborah will share comprehensive insights into current and anticipated market conditions including the good, the bad, and the ugly, providing valuable context for decision-making.

The disclosures explain the difference between being a client vs a customer - having representation or not. The Buyer’s Representation document allows you and Deborah to establish a mutual business agreement. This document is designed to increase transparency by laying out Deborah’s obligations to you as your representative, as well as details on the term length, compensation, termination, exclusivity, etc. Once you and Deborah are both aligned with the terms of the agreement, you will be asked to sign before she can show you or send you any properties.

You have found the perfect home and you’re ready to make an offer. Deborah will advise you on formulating a strong but fair, data-driven offer based on the property conditions, the market conditions, as well as the local trend analyses. She will draw up the offer paperwork and discuss the purchase price and terms such as down payment, closing date, sale contingencies, and other stipulations. It is Deborah’s job to guide you through the decision-making process to ensure you are comfortable and confident with all aspects of it. Once an offer is submitted, the Seller may accept, reject, or counter the offer. If the Seller rejects, we’ll be ready with a game plan to make another offer or move on. If the Seller counters, you will enter a negotiation period until an agreement is reached. And this is where you need a broker with experience. Purchase offers and counteroffers require expert-level advice so it’s crucial to have a broker who understands the local market and all of its nuances. Once the Seller accepts... YAHOO! You’re on to the next steps!!

NOTE: In Massachusetts, signing an offer agreement is binding with a refundable, monetary deposit. It will later be replaced and superseded by the Purchase and Sales Agreement. In NY and CT, the offer agreement is verbal and not binding until it reaches the Contract stage. In NH, the offer agreement and the Purchase and Sale are one and the same throughout the transaction.

The Contract or Purchase and Sales (P&S) is the agreement between you and the Seller to purchase the property. In MA, NY, and CT, this is drafted by an attorney you hire to represent you who focuses on the legal details all the way through to the closing. (Don’t worry! Deborah isn't going anywhere! She will continue to be with you every step of the way, working in conjunction with your attorney to make sure the rest of the transaction progresses smoothly)! In these states, the Contract/P&S is typically done after home inspections and other due diligence is satisfied but it can be done beforehand. In NH, it is drafted by Deborah who works with a Title company who does the back end title search, etc., and the closing. In this state, it is typically drafted immediately with the home inspection and due diligence included. The Contract/P&S is a more detailed version of the original offer and includes the purchase price, any unsatisfied contingencies, etc., details the escrow deposit and closing date. Once this document is mutually agreed upon, signed by both parties, and the escrow funds have been deposited, the agreement becomes binding.

The lender will require an appraisal of the property as part of the loan approval process. It is ordered by the lender and paid for by the Buyer. It is an unbiased professional opinion of a home’s worth. They carry a lot of weight, and a closing can hinge on the results as the lender can only lend money up to the value it is appraised for. If the home appraises less than the expected value, you may have the option of renegotiating the purchase price or terminating the deal altogether. Should the latter happen, don’t worry. Deborah will work together with all parties to find a solution so everyone is satisfied.

Deborah will work with you, your attorney/title company/lender to gather all necessary information, documents, closing timelines, etc., and review all other items associated with the closing process. This is also the time to call all service providers and homeowners insurance, etc., to begin service for the date of closing.

You’re almost to the finish line! Now onto the formal closing where you should expect to sign a lot of paperwork! Your lender will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. Both parties will sign all the closing documents, funds are passed to the Seller, the deed is recorded, and ownership is passed to the Buyer.