Prepare To PurchaseHome Buyer Tips and Tricks

Prepare To PurchaseContact The Giles Team – Keller Williams Realty -- Beverly, MA 01915Phone: 978-882-4659Email: GilesTeamRE@Gmail.comGilesTeamRealty.com

Prepare for All Costs! • Down Payment• Loan Origination• Points, loan discount fees• Home Inspection• Appraisal• Credit Report• PMI• Home Owners Insurance• Property Tax escrow• Recording fees• Title Insurance (lender & Owner)

Prepare for all costs• Land Survey• Notary Fees• Prorated costs (property taxes, utilities etc…)• Adjusted costs (oil, propane, etc…)

Hiring a Buyer’s Agent Benefits:• Having someone on your side to navigate and negotiate your way through the entire process• Gaining access to trusted professionals needed during a typical transaction http://

homeproresource.com/MichaelGiles • Convenience of having them schedule showings at time that meet your schedule• Having a buffer between you and the seller

Things to consider:• In most cases the Buyer’s Agent get paid a percentage of the Listing brokers commission meaning it

will cost you nothing• Enter into an Exclusive Buyer Agency Agreement with your Agent • Don’t be afraid to give honest feedback to your Agent

FinancingThis is truly the first step. A Buyer’s Agent can’t show you properties until you know how much a lender would be willing to allow you to finance.

Giving your lender as much information up front will not only get you a more reliable idea of your purchasing power, it will prevent problems down the road when you enter the underwriting stage.

Once you download your copy of our Prepare to Purchase – Buying Guide, you will have a full lender checklist to assure you bring the right documents.

Things to Consider:• Pre approval vs. Pre qualification• What is the best loan program for you• Choosing Your Lender• Do you have a Real Estate Attorney• Having your Credit History pulled• Don’t make any major purchases from this

point until you close

Ready to make the offer• Not only price buy deposit distribution, key dates and contingencies• Making your offer stand out in a multiple offer situation• Electronic Signature and Document Sharing System to assure your offer is

received and reviewed• Sending a complete offer package : Offer, Addendums, Lead Paint

disclosure, first deposit check, Seller’s Statement of Property Condition

Acceptance to UnderwritingThings move fast!!!

Once you have an accepted offer, the clock starts ticking and in most cases you will have @ 2 weeks to accomplish:

• Property Research – Registry of deeds, City Hall, lead paint database etc…

• Home Inspection• Address any structural/safety/high cost issues discovered at

inspection• Negotiate/sign Purchase and Sale Agreement • Complete Loan Application

Underwriting to ClosingOnce you have a signed Purchase and Sale Agreement and completed your loan application it will seem that things come to a halt, but there is a lot going on behind the scenes to get to the commitment letter. This can take another 3 weeks in most cases.• Appraisal• Title Search• Document/Information VerificationYour Job at this point:• Get your homeowners insurance policy in place and have the binder sent to your

lender• Get any further requested information to the loan processor as soon as possible• Don’t make any large purchases or apply for any credit cards, car loans, department

store credit cards. This will affect your credit score witch will be checked again within 24-48 hours of closing.

• Contact Utility/Cable companies to make sure you are ready to have services in your name on day of closing.