The majority of my buyers, come to me as referrals. Referrals from my family, past clients, friends, relatives, neighbors and from many of my vendors. It's amazing how much more the buyer trusts you, from day one, when they are a referral client.
1) We meet and have a buyer preparation meeting. In the state of Connecticut, we have buyer agency law. You cannot take out a buyer to look at properties, unless you have signed them up with our state contract. It is a good law. After all, buyers do need guidance and proper attention. We read over the purchase contract and the various forms that are included with the offer that they will be making. We discuss the process of the home inspections, the deposits, obtaining homeowner's insurance, working with a banker and working with an attorney who will assist with the closing.
2) Funny, I let them know, at that first meeting with me, that they may look at ten homes or more. Only they will know when they walk in that home, that it is the one for them. So many of my clients look at me with amazement, every time this happens. If I meet with a buyer that was not referred to me, I offer them a list of my clients that they may contact if they have any questions or concerns about the process and my reputation.
3) I advise them to meet and discuss with a banker to obtain a preapproval letter. That way they will learn about the different financing options available to them. Living within a comfortable mortgage payment. When we write an offer on a home, it must be accompanied by a preapproval letter. The seller is entitled to know that you are a valid buyer when considering your offer. The only information will be address specific and state that the buyer is pre-approved and his rate.
4) We discuss the type of home that a buyer would need to meet their needs. Location, size, garage, yard size, etc. This is different for everyone.
5) I suggest that we view three homes, each time we have an appointment. This can be several times a week. I try to arrange my schedule to allow for showings several times a week.
6) If they happen upon a home that they do like, we do a return visit the next day, or as soon as possible. Sometimes, the buyers like to bring along a family member to verify their find:)
7) If they haven't found that "dream home" yet, we continue to look. After all, people are moving, every day for one reason or another.
8) We found it! Okay, let's make that offer. As a buyer's agent, I perform a comparative market analysis for them on that property. I can advise them on the amount to offer, the deposit amounts, inspection dates and what to request in the contract, concerning the personal property that is in the house. ie, light fixtures, fireplace tools & doors, appliances, etc. Depending on their situation, the closing date is negotiable and must be agreed to by the seller.
9) Negotiations begin! I am in constant contact with my buyers and keep them informed of each response from the seller's agent. I can and do advise them, but, ultimately, the decision is theirs. After all, it is their home, their future.
10) It's a Win! All parties have agreed! We are buying a home! Now, the next process begins. Offering the buyer's information to an attorney. Making sure the bank and the attorney have all the copies of the contract and addendums, if needed. Setting up the appointments for the inspections of the home. I ask to do this, immediately. That following week if everyone is available. The buyers attend the home inspection. It is very informative for maintenance requirements, as well as, finding issues that may need immediate attention prior to the closing. In Connecticut, the home inspector, pest inspections, the septic, lead and well companies, must be licensed contractors. Making sure that all contingencies are met on time and repairs are completed prior to closing. Sometimes, a credit is offered by the seller for repairs. It just depends on the situation and what the parties will agree to. Now, you will need to look into a homeowner's insurance policy.
11) Walk thru! The day before the closing, or the morning of the closing is the best time for the buyer to walk through his potential home. If you visit the home too soon, it may not be vacated by the seller. If the home is vacant, you would want to make sure that no damage has occured since that last visit to the home. Most walk thru's are successful and take about thirty minutes or less.
12) Congratulations! We are on our way to the closing! Typically, the sellers and their attorney attend the closing. Sometimes their agent will attend. The closings, in my community, are held at the office of the buyer's attorney. The attorneys try to arrange a convenient time for both of the parties. You will be signing many papers. The attorney will slowly explain what each page means. You will be signing many pages, so, be ready to sign your autograph!
When everything is signed by you, some of the forms are then, signed by the seller and his attorney. Next, is the passing of the keys. Any last minute questions for the seller? The attorney? Me? :)
It's official! You now own a piece of America! What a wonderful feeling that is! I will be stopping by from time to time. I like to visit my clients and check in to make sure that everything is going well. It's always enjoyable for me to stop in and see how much my clients have improved the homes that they have purchased. Their personal touch makes that new house, their new home!
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