Gretchen Parker | The Home Buying Process

TheHome BuyingProcess

Your GuidetoPurchasingProperty

WhyWorkwith aBuyer?sAgent?

The decision to purchase a home is likely one of the largest financial and lifestyle decisions you will make By aligning yourself with a trusted advisor,you will be well positioned to find the right property,negotiate fair terms and overcome any obstacles that occur along the way

Leveraging our vast local expertise,industry connections,and resourceful tools,your Gibson Sotheby?s International Realty advisor will not only assist in helping you find the right home, but guide you through the entire purchase process

Give your self every advantage.

Facilitates Property Showings

Closing

Discloses Known Material Defects

Prepares a Comparative Market Analysis

Keeps Your Financial Situation Confidential

Negotiates the Best Price on Your Behalf

Negotiates the Best Terms on Your Behalf

Discloses Adverse Factors Relating to Homes Viewed

StepstoBuying aHome

1

GET PRE-APPROVED

The first step of the home buying process is getting pre-approved for a loan. During this process,your mortgage lender will review your income and credit history to determine what size loan you are eligible to receive

2

BEGIN THE SEARCH

Once you have determined your budget,you and your agent will meet to review your wish list,desired timing,and begin your search.Together you will review inventory and visit properties

3

OFFER STRATEGYMEETING

Prior to preparing an offer,your agent will show you comparable properties and collaborate with you to clearly review different offer strategies.You have the right to a home inspection,a mortgage contingency,and a lead paint inspection Discuss ways to make your offer more appealing or waive contingencies other than home inspection

7

APPRAISAL

The property will be reviewed by a licensed professional to assess its value.

8

HOME INSURANCE

You will need to review various options and select your homeowners insurance policy

9

FINAL WALK-THROUGH

Just prior to the closing,you will go through a final walk-through of the property This will ensure that the property is in the same condition as when you visited previously

4

SUBMIT AN OFFER

Once you find a property that you love,you will choose an offer strategy and discuss with your agent how to position your offer to get it accepted.Based on the seller's response,your agent will guide you through next steps Offer deposit due (typically $1,000)

5

SIGN THE PURCHASE & SALE AGREEMENT

After the offer and terms are accepted,the seller?s attorney will draft a Purchase and Sale Agreement.It states the final sale price and all terms of the purchase This binding contract needs to be reviewed by your attorney prior to you signing it P&S deposit due (typically 5%) 6

FORMALLY APPLY FOR A LOAN & LOCK IN YOUR RATE

Your mortgage lender will work with you to review all final loan documents. 10

CONGRATULATIONS!

Once you sign the final paperwork,exchange the payment,and the transaction is recorded at the Registry of Deeds,you are officially a homeowner Congratulations, you will now receive the keys to your new home

PeopletoHave onYourTeam

BUYER?S AGENT

Take your time to select a buyer?s agent with whom you feel comfortable discussing your goals and priorities in home buying.Agood 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,accessible and not too busy for you

LENDER

Your lender is the one who assists you with borrowing the funds to purchase your home, typically in the form of a mortgage Your lender should have a variety of consistently competitive lending programs They should also be accessible as you may need them on weekends or at night especially during the offer process.

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.

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 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

CONTRACTORS

You may need various contractors throughout the process to assess issues that came up at the home inspection,or provide estimates for work you would like to do once you purchase the home Your real estate agent can usually help you with references for good contractors, including plumbers,electricians,painters, contractors,movers and cleaners.

TheRight Tools forYourSearch

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.

OFFMARKET & COMING SOON

Our powerful network has access to exclusive off market inventory as well as properties before they launch on the MLS.

SOTHEBY'S INTERNATIONAL REALTY®

WEBSITEAND

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.

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.

GretchenParker

A leader in the Gloucester and Rockport markets, Gretchen brings her broad business skills and extensive sales experience to home buyers and sellers throughout Cape Ann She thrives in the fast-paced and varied nature of the real estate business, specializing in luxury home sales, new construction, and investment properties Gretchen has built her career on a foundation of exceptional service and outstanding results, consistently generating repeat business and referrals from her clients Gretchen is a native of Rockport, where her mother was a highly successful Realtor for 35 years After working in international finance and owning a successful high-end retail business overseas for twenty years, Gretchen returned to her hometown with her husband and daughters, where she ultimately found her calling in real estate On the buying side, Gretchen's competitive nature and in-depth knowledge of the local market are invaluable in helping her clients structure winning offers On the listing side, she brings solid data analysis and strategic thinking to her pricing recommendations and consistently gets her clients to the closing table with optimal outcomes Gretchen earned a BA from Bowdoin College and an MBA from London Business School She is entrenched in the local community, having served as a fundraiser during her daughters' school years and in volunteer positions with the Inns of Rockport Steering Committee and Cape Ann Chamber of Commerce A world traveler and an outdoor enthusiast fond of boating, cycling, hiking and skiing,Gretchen is an active member of Sandy Bay Yacht Club and a committed participant in the PanMass Challenge,cycling and raising funds in support of cancer research

Global Real Estate Advisor 978 394 4708

Gretchen Parker@GibsonSIRcom

208 Main Street,Gloucester,MA 01930

Thereviewsspeak forthemselves

"Bothasabuyerandaseller,I haveexperiencedthat I aminthebest ofhandswith Gretchen.Duetofamilymovesformyhusband'scareerI haveboughtandsoldhomes in4statesoverthepast35years.I canconfidentlysaythat Gretchenisthebestagent I haveeverworkedwith Gretchenmadeit herbusinesstounderstandexactlymyneeds andinterestsinapotentialproperty,andproposedappropriatenewlistingsassoonas theycameout.Shewasmeticulousindeterminingthespecificsofthevalueofa proposedpurchase.Heradviceiscarefullyresearchedandsound.Recentlysheguided methroughapossiblecontractthat becameunsatisfactoryafterinspection.Gretchen lookedcloselyatthedealwithmyinterestsinmind,determiningit wasinadvisable. LaterwesucceededinfindingamuchbetterplaceformyneedswhichI purchased.I amstillverypleasedwithit.I amthankfultohavefoundGretchenandcannot recommendherhighlyenough.Sheiseminentlyprofessional,personable,hardworking andthoroughlyexpert intheCapeAnnrealestatemarket."

"Gretchenwasfabulouswithmyhomepurchasefromstarttofinishandbeyond.She recommendedandset upappointmentswithvariousinspectorsandcontractorsand joinedmeinmeetingthematthehouse,askingquestionsthat I didn'tthinkof.A couplemonthsafterclosing,shecontinuestorecommendcontractorsforworkthat needstobedoneonthehouse.She'sbeensohelpfulwithout everbeing pushy--makingrecommendationsbut lettingmemakethefinaldecisionwithout pressure.I highlyrecommendGretchenParker!"

"MyhusbandandI weresofortunatetohavestumbledonahouseinRockportthat wethoughtwasafind.ComingfromLexingtonweknewalmost nooneinthearea. LuckilyacontractorfrombothtownsintroducedustoGretchenParker.Asfortunate asweweretofindthishouseourluckcontinuedinfindingGretchen.Gretchenwas sooutstandingineveryaspectofthishomepurchasethat weaskedhertosellour homeinLexingtonaswell.Everyoneknowsusingalocalbrokertosellpropertyis thenumber#1rule.Yet GretchensteppedinandourLexingtonpropertysoldtheday thebidswereopen,overaskingprice.Fromourfirst conversationI couldtellthisshe wassomeonewewantedtoworkwith Shewasprofessional,yet understanding Her guidancewasthoroughandperfect buthergreatestqualitywasthat sheknowsthe limits.Gretchenknowshowtodeterminethevalueofpropertiestherebysavingher clientsfromspendingunnecessarily.Sheisourrealtorforlife.Wecouldnot recommendhermorehighly."

"InmylonglifeI havemet andworkedwithanumberofrealestateagents,andI have neverworkedwithanyoneonarealestatetransactionwhoisasthorough, knowledgeableandarticulateasGretchen.Wemet herwhenwewerefirst lookingfora homeintheCapeAnnareaandshewasrepresentingahomethat wewereinterested in.Shewassoremarkablyandthoroughlyversedinallaspectsofthehousethat it was asifshehadstudiedthehomefordecades.Herpresentationmadesuchaprofound impact onusthat eventhoughwedidnot buythehouse,whenwemovedtothearea twoyearslater,werememberedhowexceptionallyeffectiveshewasandcalledher whenweenteredthemarketforanewhome.Andnot onlydidwefindthehouseofour dreams,afairlycomplicateddealbecamefarsimplerandrelativelytroublefreebecause ofher.Sheis,quitesimply,anextraordinarypractitionerofherprofession,andI recommendherstronglyandwithout theslightestreservation."

""Outstandingrealtor.Went aboveandbeyondineveryaspect ofourtransaction. Couldnot haveaskedformoreeffort orprofessionalismfromarealtor.Exceptional transaction."