TheHome BuyingProcess
Your GuidetoPurchasingProperty
JESS OKNIN & JENN HARTERY
LocalExpertise, GlobalConnections.
#1Massachusetts Based Firm
Locally owned and operated, Gibson Sotheby?s International Realty is Massachusetts?s largest independent real estate company and the premier provider in luxury real estate across Eastern Massachusetts With over 700 expert real estate advisors throughout our 33 offices coupled with our powerful network of more than 1,100 Sotheby?s International Realty®offices worldwide, we truly have the power to assist wherever your real estate needs may take you.
33 Local Offices
700+ Local Agents 85 Countries & Territories
1,100 Global Affiliate Offices
Proudly serving Boston,Greater Boston,MetroWest, the North Shore,South Shore,South Coast and Cape Cod.
STEPS TO BUYING A HOME
From initial meetings to the final closing,below is an overview of what to expect throughout the home buying process.
01| GET PRE-APPROVED
Your mortgage lender will review your income asset and credit history to determine what size loan you are eligible to receive Learn more about specialized programs, grants, and eligibility based on your profile
02 | BEGIN THE SEARCH
Once you have determined your budget we will review your wish list, non-negotiables, and timeline
Together we explore current inventory, select properties of interest, schedule private tours and open houses to attend.
03 | OFFER STRATEGY MEETING
Before submitting an offer we will review comparable properties and collaborate on different offer strategies. Discuss ways to make your offer more appealing to the seller, such as, timeline, inclusion, and contingencies ? price is not always the deciding factor
04 | SUBMIT AN OFFER
Once you find the perfect home, we will choose a strategy to position your offer for acceptance. Based on the seller?s response, an earnest money deposit is due and the due diligence period begins.
05 | DUE DILIGENCE PERIOD
After offer acceptance,you will have up to 10 days to select a closing attorney,complete a home inspection,review condo documents,and complete mortgage application requirements.
06 | SIGN THE PURCHASE & SALEAGREEMENT
If all is satisfactory,the seller?s attorney will draft a Purchase and Sale Agreement that outlines final sale price,commissions paid,and purchase This binding contract is subject to attorney review followed by next deposit released (typically 5%-10% of purchase price)
07 | APPRAISAL & RATE LOCK
The property will be reviewed by a licensed professional to assess its value on behalf of the bank Your lender will work with you to review and request any additional documents for underwriting
08 | HOME INSURANCE
Prior to closing, review various options and select your homeowners insurance policy. If in a condominium, understand what is covered by the master insurance policy
09 | FINAL WALK-THROUGH
You will walk through the property with your agent
This will ensure that the home is in the same condition and any agreed upon inclusions, exemptions,or repairs have been met.
10 | CONGRATULATIONS!
You will meet with the closing attorney to sign the closing documents and transfer final payment
Once the transaction is recorded at the Registry of Deeds, you are officially a homeowner! Congratulations,the keys are yours!
PeopletoHaveonYourTeam
BUYER?S AGENT
Take your time to select a buyer?s agent with whom you feel comfortable discussing your goals and priorities. A good agent is knowledgeable in market prices, neighborhood qualities, and the offer process. In addition to helping you shop for homes, using their experienced eye to point out features and flaws in the home that you might otherwise miss,they will negotiate on your behalf and will be your advocate from the beginning of the process right through closing.
REAL ESTATE ATTORNEY
Ask friends, co-workers or your real estate agent for referrals to a good real estate attorney. Don? t be shy about interviewing them, and finding one you are compatible with, who regularly represents home buyers and sellers Your attorney should be reasonably affordable, and ensure comfortability when asking questions
LENDER
Your lender faciliatates the borrowing process of funds to purchase your home, typically in the form of a mortgage Your lender should have a variety of consistently competitive lending programs available based on your buyer profile They should be readily accessible, especially during negotiations of the offer process
HOME INSPECTOR
However similar they may seem, a home inspector is different than an appraiser The home inspector can enter the home buying process either before or after the offer is submitted. The inspector takes a deep dive into the home's condition and points out any areas of structural concern. Armed with this information, the buyer can ask the seller to complete some of these repairs themselves, lower the total purchase price,or terminate the sale altogether.
INSURANCE AGENT
The insurance agent comes in after you have signed the purchase and sale agreement Most lenders will not close the sale until the buyer has purchased insurance on the home Condominiums require master property insurance which may impact the level of coverage needed on your individual dwelling.
CONTRACTORS
If additional assesment is needed following the home inspection or general updates to the property are desired, having a reliable team of vendors available allows for preparation with realistic cost and timeline estimates Your real estate agent is a great reference for local contractors, plumbers, electricians, painters, movers,cleaners,and more
WhyWorkwith aBuyer?sAgent?
BUYER'S AGENT
Educates and explains the home buying process with necessary toolkit for success
Customizes property showings based on your buyer profile with showings around YOURSCHEDULE
Provides exclusive access to properties coming soon and off-market
Discloses adverse factors relating to homes viewed for comparison
Shares up to date market insights & preparation of comparative market analysis for interested homes
SELLER'S AGENT
Communicates with Listing Agents,researches sellers and gathers data on properties prior to offer
Explains offer documents to negotiate the best price and terms on your behalf
Provides a strong network of vendor and referral partners to streamline the homeownership journey
Continues relationship beyond the sales transaction
Maintains personal confidentiality with fiduciary duty to YOU as the buyer
Fiduciary duty is solely on behalf of the Seller
Hosts open house viewings of the property
Facilitates single person showings around their own schedule
Provides Buyer with Offer Documents to be completed independently
Answers general property questions and only discloses necessary material defects
Cannot provide referrals for Home Inspectors, Attorneys,Contractors,or Other Vendors related to the sales process
JessOknin
Global Real Estate Advisor
781775 3610
JessO@GibsonSIR.com
556 Tremont Street,Boston,MA 02118
Jess began her career in Real Estate at Gibson Sotheby?s International Realty on a company team before transitioning to be a solo agent the following year.Her business has doubled year over year,leading her to establish her own team, in just her 4th year as a Realtor® Jess also assists with mentoring and educating new Gibson Sotheby?s International Realty agents
Growing up in Sharon,MA and graduating from UConn,Jess always knew Boston would be home and formally set roots as a South Boston homeowner in 2020 Jess now guides other first time buyers in achieving homeownership She has worked with over 1,500 clients in securing the best property to fit their needs Jess has made an imprint on the South Boston rental market working closely with landlords and investors to list new properties Visualizing spaces for home improvements,staging properties for photos,and customizing video walkthroughs are just some of the creative skills she offers clients.Jess has always had a knack for sales,developing
transferable skills from all her past endeavors
She has a unique ability to turn strangers into valuable connections as well as bring her different spheres together through hosting community events She is integrated into the neighborhood by partnering with local businesses to add continued value to her clients beyond the real estate transaction
Jess is involved in volunteer work with like minded professionals via the Greater Boston Association of Realtors®(GBAR) as the Young Professional Vice Chair,GBARMembership Committee Member,and South Boston Chamber of Commerce.Jess also coaches youth soccer through the Volo Kids Foundation and is passionate about advocating for individuals with disabilities In addition to real estate,Jess runs her family business,The Original Party Trolley of Boston,coordinating transportation services for weddings,birthdays,corporate outings and more Her goal is to foster repeat business by being part of many milestones in her client?s lives
JennHartery
Global Real Estate Advisor
508 269 2144
Jennifer.Hartery@gibsonsir.com
556 Tremont Street,Boston,MA 02118
Licensed in 2015,Jenn Hartery is a Realtor with experience orchestrating a thorough, communicative,and approachable plan for each client during the home search.Jenn operates with integrity and has a detail-oriented mindset to offer white glove service to clients at every price point She has built her client based through rental transactions and property management to establish trust at the early stages,which then converts to larger investments Jenn has represented both Buyers and Sellers in Greater Boston and the South Shore Jenn?s passion for real estate has been ingrained since childhood as she attended open houses with her Realtor mother throughout the MetroWest With ties to Newton,Lexington,Charlestown,and Boston,she is capable of guiding clients in Boston,the suburbs and beyond!
Following graduation from the University of Connecticut,Jenn built her customer service and analytical skills at Liberty Mutual as an Underwriter,before transitioning her expertise to
Real Estate Jenn has been a resident and integral community member of South Boston for over thirteen years Today,Jenn is an active member of the Greater Boston Association of Realtors.Jenn engages in charitable causes supporting individuals facing homelessness through Rosie?s Place and HomeStart In her free time,Jenn loves international travel,creative writing,and spending time with loved ones.
TheRight ToolsForYourSearch
REALSCOUT
A collaborative home search tool that allows our clients and their buyer?s agent to share listings, compare properties and spotlight market alerts throughout the home buying process.
OFF MARKET & COMING SOON
Our powerful local network has access to exclusive off market inventory as well as properties before they launch on the MLS PIN
SOTHEBY'S INTERNATIONAL REALTY®WEBSITE AND APP
Our enhanced website now in 16 languages engages millions of buyers via high-resolution photography, 3D virtual reality tours, and ultra-high-definition videos. Listings from around the globe can be accessed seamlessly on any device and mobile users can directly text their buyer's agent from any listing page
DEPOSIT LINK
A simple, secure, and efficient way to send earnest money deposits electronically Payments clear in less than 24 hours You can safely send your deposits from anywhere. Track the status of transfers in real-time with your phone
Glossaryof Terms
Adjustable-Rate Mortgage (ARM)
Also called a Variable-Rate Mortgage, an ARM is a home loan with an interest rate that adjusts over time based on the market
Amortization
The length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term
Annual Percentage Rate (APR)
The cost to borrow money as a yearly percentage It's a more complete measure of a loan's cost than the interest rate alone It includes the interest rate plus discount points and other fees.
Appraisal
An unbiased professional opinion of a home's value by a licensed appraiser needed to secure a loan. The appraisal will be ordered by your Lender and is typically paid for by the Buyer
Assessed Value
The dollar value assigned to a property by an assessor for tax calculation purposes. It may differ from the appraised value and/or market value
Certificate of Title
Legal document issued by a government agency that indicates proof of ownership of property.
Closing
The point at which the deed to a property is legally transferred from the seller to the buyer and all documents are recorded Also known as Settlement
Closing Attorney
In Massachusetts, real estate closings are considered the practice of law, so there will be an attorney overseeing the closing transaction and reviewing title and clearing title issues The Closing Attorney will also be an agent of a Title Company and be able to issue a Title Insurance Policy for the benefit of the Buyer and the Lender
Closing Costs
The expenses over and above the property's price that Buyers and Sellers incur to complete a real estate transaction These costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees,attorney fees,etc
Closing / Settlement Statement
A document confirming the purchase price and summarizing all of the closing costs and credits due to and from the Buyer and Seller
Commitment
An agreement to loan a specified amount to a purchaser
Comparative Market Analysis (CMA)
An assessment of the attributes and selling prices of comparable properties recently sold or on the market used to determine current market value
Contingency
Any requirements in a contract which must be completed before the contract can be considered ready for performance
Deed
A deed is a tangible document signed by the seller, or grantor, of a property It confirms transfer of ownership from one party to another
Discount Points
Also called mortgage points or simply points, discount points are a form of prepaid interest One point equals one percent of the loan amount
Earnest Money
A sum of money given to bind an agreement or an offer made to show good faith
Equity
The difference between what you owe on your mortgage and what your home is currently worth.
Escalation Clause
A special provision in a purchase offer that states that a prospective buyer is willing to raise their offer on a home should the seller receive a higher competing offer until it reaches the maximum price the buyer is willing to pay for the home.
Escrow
A neutral third party holding assets or funds before they are transferred from one party in a transaction to another.
Fixed-Rate Mortgage
Interest rate and monthly payments remain the same for the entire term of the loan
Homeowners Association (HOA) Fee
A monthly fee the homeowner is responsible for. HOA fees typically cover the costs of maintaining common areas, such as lobbies, elevators, landscaping, and amenities, and common utilities, such as water/sewer, garbage disposal, master insurance and property management
Interest
The cost of borrowing money expressed by a percentage rate
Lien
A security claim placed on a property until a debt is satisfied.
Market Value
The price a property should bring based on comparable sales, economic conditions and market trends.
Mortgage
A type of loan used to purchase property The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest The property then serves as collateral to secure the loan.
Multiple Listing Service (MLS)
A Multiple Listing Service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another?s listings of properties for sale with the goal of connecting homebuyers to sellers Below are statuses you will see within MLS updates:
New / Active
The property is either newly listed or active on the market
Contingent (CTG)
The property has an accepted offer Typically, the property is still available to be seen for potential backup offers
Under Agreement (UAG)
A purchase and sale agreement has been signed The buyer is moving forward with the purchase
Back on Market (BOM)
The property is available for sale again after a prior offer or contract fell through
Principle
The outstanding balance of your mortgage
Private Mortgage Insurance (PMI)
An insurance premium charged by a Lender to Buyers with less than 20% down payment PMI insures the Lender in the event that the Buyer should default on the loan.
Purchase and Sale Agreement (P&S)
The Purchase and Sale Agreement is the contract between the Buyer and Seller of real estate. It sets out the obligations of each party from the time the property is taken off the market to the closing.
Title
Title denotes ownership rights: It is the bundle of rights that dictates who has legal or equitable interest in the property. It also details the limitations on ownership
Title Insurance
An insurance policy that protects against any errors or claims that may arise about ownership
Title Search
An examination of public records to confirm that the Seller owns the property and it is free from unsettled items,claims or liens