FINDING YOUR NEW HOME

BUYER REPRESENTATION IS USUALLY FREE

• Agents are typically paid by the sellers agent, so do be afraid of having representation
• However, Buyers having representation and professional counsel is critical

Welcome to the fun and exciting dream of owning your own home!

READY FOR THE RIDE OF YOUR LIFE?

• This is an exciting, frustrating scary process for everyone
• Believe me when I tell you...you will experience all of those feelings and more!
• There's so much to talk about so let's get started.

Dream the Dream
This is the "wish list". What is it you'd like the have in your new home? Bedrooms, bathrooms, garage, fireplace, what town, what style...these are just a few of the questions we need to come together on. The key is be realistic. Everyone wants a 6000 sq foot Colonial, with 4 beds and 3 baths but...what's realistic?

FINANCIAL QUALIFICATION:

• The best buyer is a qualified buyer and in order to be that you must talk to a lender to determine how much they'll lend to you in a mortgage. After that you need to decide how much you’re comfortable investing on a monthly basis...You should own your home not your home owning you!

DIFFERENT TYPES OF HOMES WE'LL SEE IN THE MARKETPLACE

• Seller sale: The Best! 1 buyer, 1 seller. Everyone is serious and vested. Typically negotiations and the process goes reasonably smoothly

Untitled Slide

• Foreclosed or Bank Owned: These aren't as good as a Seller sale but they're better than something called a short sale. There's a number somewhere in a file and the first person to offer that will win. Typically these need substantial work.

BUYERS AGENCY CONTRACTS

• Many agents want you to sign a contract...don't they trust you?
• Be careful what you commit to, for how long and are there any “outs”

NOW THE SEARCH IS ON...

• You’ll search high & low through every means possible.
• When you find a possibility, ride by. Check out neighbors, cars, houses. Get a "first impression"
• Try to keep one house on the top of your list, everything else has to knock that one off.

OPEN hOUSES

• Open houses are fun, interesting and appealing
• CRITICAL you must sign in with your agents name as your representative
• Keep a “Poker face” (then call your agent)

YOU FOUND IT!!!!

• First understand this could be house number 5, 8, 10 or even 1!
• You must have the faith and trust that good agents see 100's every month. They know value and won't steer you wrong.

TIME TO MAKE THE OFFER...

• It’s important to do a comprehensive analysis to validate our investment
• Prepare an offer detailing all of your terms, conditions and amount
• That offer can be either accepted, rejected or countered but you need to apply logic and patience

MULTIPLE OFFERS AND DISAPPOINTMENT

• In today's market multiple offers are typical and when you're in that position you must be aggressive but secure to win
• And unfortunately ready yourself for a couple of disappointments before you WIN!!!

OFFER ACCEPTED!

• So you won! Once your offer is accepted you should move swiftly into Purchase and Sales agreements. Most agents use a standard RI REALTORS Association form that basically says the same thing as our offer but now in 5 pages.

INSPECTION TIME!

• You now will have 10 days to do formal/professional Inspections.
• Average investment is $500-$750 and very well worth it to protect you from the unknown as best as possible.
• No property is prefect...inspectors point out everything, your job is to separate the big things from the little things

So you’ve now found your new home, negiotated price and terms, got through inspections and finished your mortgage application now what...

Try to sit back and relax...easier said than done believe me. Your representative should be working hard with everyone involved to get you to the closing table! Lenders, attorneys, fire inspectors, other agents

IT’S CLOSING DAY!

• You’ll start your day with a “walk-through” at the house to be sure it’s in the condition we expect.
• Then you’re off to the Attorneys or lenders to sign about 600 pieces of paper...

The reality is there’s about 3 important documents
1) Federal Lending disclosures 3 days ahead
2) The deed transferring the property from them to you
3) The mortgage doc’s showing all payment details

AT THE END OF THE DAY IT ALL SAYS...

• If you pay you stay, if you don’t you won’t 😂

CONGRATULATIONS!

QUESTIONS???

SAMPLE PAPERWORK

• Agency form
• Offer form
• Purchase and Sales Agreement
• None of this is frightening at this point