WhyWorkwith aBuyer?sAgent?
As you embark on the journey of purchasing a home, we recognize the significance of this milestone for you and your family It is crucial to have a reliable team by your side, providing you with the confidence and comfort needed when making such an important decision In addition to your agent, your dedicated team will comprise of your attorney, your lender, your home inspector and your insurance agent Together, we will offer a well-rounded support system to assist you throughout the entire home buying process.
Throughout the journey, we are committed to providing you with guidance and support, ensuring that you have all of the information needed to make well-informed decisions. Our collective goal is to make your home buying experience rewarding and fulfilling, safeguarding your interests every step of the way Together, we will help you realize your dream, whether that's becoming a first time homeowner, buying a second property or downsizing
We have the keys to where you want to be ? and we'll lead you home
#1Real Estate Team in Arlington since 1991
#1Office in Massachusetts According to the Boston Globe 2024
#1Team Gibson Sotheby's International Realty 2024
Top 100 Agents and Teams Worldwide
From initial meetings to the final closing, below is an overview of what to expect throughout the process of buying a home.
01| GET PRE-APPROVED & BEGIN THE SEARCH
After thoroughly exploring various properties and familiarizing yourself with the real estate market, you've come across a property that you are eager to make an offer on This is an exhilarating, yet nerve-wracking moment, but rest assured, your team is fully prepared to support and guide you throughout the entire process. Having already reviewed the necessary offer forms and secured your pre-approval letter, our primary aim is to ensure your success in acquiring this home Let's walk through the process and timelines involved in submitting an offer and what follows once your offer gets accepted
02 | OFFER STRATEGY MEETING
We will show you comparable properties and collaborate with you to review different offer strategies. You typically have the right to a home inspection, a mortgage contingency, and a lead paint inspection We will discuss ways to make your offer more appealing and the implications that come along with it, including having a pre-inspection or waiving your rights to other contingencies.
03 | SUBMIT AN OFFER
Once we present your offer, it will generally be valid for 24 hours, allowing the sellers time to review and consider your proposal. Sometimes, the offer might be accepted immediately, but in other cases, if there are multiple offers, negotiations will commence, and it may take 24-48 hours for a decision to be reached.
04 | DEPOSIT & INSPECTIONS
Upon acceptance of your offer, your good faith deposit, typically ranging from $1,000 to $5,000, will be placed in the escrow account Subsequently, you'll typically have 4-7 days to conduct inspections and assess whether you are satisfied with the property's condition Should any issues arise during the inspection, you have the option to withdraw your offer or negotiate with the seller If the Purchase and Sale Agreement is not signed, your initial deposit will be refunded
05 | SIGN THE PURCHASE & SALE AGREEMENT
While the inspections are taking place, both your attorney and the seller's attorney will be working to draft and negotiate a Purchase and Sale Agreement that satisfies both parties Meanwhile, you'll be finalizing your loan program and choosing a lender The signing of the Purchase and Sale Agreement usually occurs within 3-10 days of the offer being accepted, at which point, a second deposit, usually 5% of the purchase price, is required and placed in the same escrow account.
06 | FORMALLY APPLY FOR A LOAN & APPRAISAL
Within one day of signing the Purchase and Sale Agreement, you'll complete your mortgage application and submit it to your lender The lender will typically need 3-4 weeks to approve the loan and conduct an appraisal of the property Once the lender provides a mortgage approval letter, confirming that all of your documents have been reviewed and the appraisal is complete, we'll be ready to proceed to the closing stage
07 | HOME INSURANCE
You will need to select and purchase your homeowners insurance policy prior to closing. Your insurance agent will review all options with you
08 | CLOSING DOCUMENTS
During this time, the attorney will be diligently preparing the necessary closing documents and ensuring everything is in order for a smooth closing on the specified date Throughout the entire process, we are here to assist and make sure your journey to homeownership is a successful one
09 | FINAL WALK-THROUGH
Just prior to the closing, you will conduct a final walk-through of the property This will ensure that the property is in the same condition as when you visited previously.
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
What toExpect from YourBuyer?sAgent
A buyer's agent represents you, the buyer, during the home buying process. The agent has a fiduciary responsibility to represent only the home buyer's best interest in all aspects of the home buying process
Similar to a Listing Agreement, buyers execute an Agency Agreement for professional services and representation between themselves and Gibson Sotheby's International Realty. This confirms the compensation for the buyer's agent and brokerage It should be noted that the amount a brokerage charges is not fixed by law; the commission amount is negotiable,and brokerages may set minimum compensation
ChoosingYour Lender
When submitting an offer to purchase a home, it is essential to include a pre-approval letter from a reputable lender This letter demonstrates to the seller that you are a serious and qualified buyer. To assist you in this process, we have established strong working relationships with trusted lenders who offer different loan programs to suit your needs.
By obtaining a pre-approval letter, you demonstrate that you have undergone a thorough financial assessment and that the lender has reviewed your creditworthiness and ability to secure financing This level of preparation instills confidence in the seller, showing that you are well positioned to proceed with the purchase
We are happy to provide you with a list of lenders our clients have used They will guide you through the necessary steps and help you secure the best loan program for your specific requirements
ChoosingYour HomeInspector
Scheduling a home inspection is a crucial step in the home buying process and typically takes place within 4-7 days of your offer being accepted The inspection will cover various aspects of the property, including the structural integrity, mechanical systems, pest issues and radon levels among other relevant items specific to each property.
To ensure a smooth and timely inspection, we recommend reaching out to the inspectors even before your offer is accepted This way, you can establish contact with them and determine which one you feel most comfortable working with. We have longstanding relationships with many reputable home inspectors, and we can provide you with their contact information upon request Additionally, we can supply you with the link to the state of Massachusetts licensed home inspector list, giving you the freedom to explore other options
Having a thorough and reliable home inspection is crucial in understanding the property's condition and potential issues. The inspection report will be instrumental in making informed decisions about the purchase and could also serve as a basis for negotiations with the seller, should any significant concerns arise
ChoosingYour Attorney
Having an attorney on your team is an essential aspect of the home buying process Your attorney will play a vital role in safeguarding your interests throughout the transaction They will review the offer you make, negotiate the Purchase and Sale Agreement, assist in preparing for the closing and be present during the closing to ensure everything runs smoothly
Working closely with your attorney, you can navigate legal complexities, understand the terms of the agreement and have confidence in your decisions. They will protect your rights and ensure that the terms of the contract align with your best interests
In some cases, your lender may provide a list of attorneys they work with, and it can be advantageous to use the same attorney. Since both you and the lender have a shared interest in the successful completion of the purchase, having a unified legal representation can streamline the process If you do not have an attorney, we can recommend several, all of whom have proven to be reliable and knowledgeable in real estate transactions
TheRight Tools ForYour Search
DEPOSITLINK
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.
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
SOTHEBY'S INTERNATIONAL REALTY®WEBSITE AND APP
Our enhanced website, now in 14 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
Don? t TakeMyWordForIt ...
TakeTheirs
?Mike Pallotta helped me sell my aunt's home after her death The house had been my Grandmother's prior and part of my family for over 60 years Mike knew this was an emotional unfamiliar process for me He was kind,caring and patient Mike's communication was spot on He explained every step and what to expect next He listened and made sure I was comfortable with any decisions to be made Mike was helpful and always quick to respond to any questions, concerns or updates Throughout the whole process he was professional and very knowledgeable The dedication from him and his team went above and beyond Mike brought me comfort throughout the whole selling process I would recommend Mike to my family & friends looking to buy or sell I was in the best of hands! Thank you Mike?
? Joan W, Seller
?Mike Pallotta thoroughly explained the selling process and kept in very good communication with me throughout all of the steps of planning, prepping, pricing, showing, and then selling my condo in a transparent and engaging manner All steps were at my own pace, and were neither excessively dragged out nor rushed I still can? t believe how smoothly it all progressed along The timeline he initially set out was realistic and proved to be so helpful in my knowing what to expect and when He provided options related to a pricing model,and explained his philosophy and rationale behind it; it proved extremely accurate I will definitely keep Mike in mind for anyone needing a capable, experienced, and proactive real estate professional, knowing they?ll also greatly benefit from his efficient, detail-oriented team members who provide additional valuable support I?m very grateful for all of the many times that Mike Pallotta and his team of professionals went that extra mile? at all hours of the day and weekends? to make a potentially and typically anxious time far less stressful He was always responsive and timely with my million questions that came up Numerous family members have now sought realty services from Mike Pallotta, and I?m very confident that others will also do so in the future as home ownership opportunities unfold!?
? Nicole L., Seller
"I cannot say enough good things about Mike and Gibson Sotheby?s Realty We were going through a very stressful process of moving our 96 year old father from his home to Assisted Living while my siblings and I were literally spread across the US from Mass to California and Florida.Mike and team made the process easy and understandable from start to finish They took care of every detail,accommodated our unique family circumstances,and ultimately sold and closed the house on a rapid schedule I have been through many real estate transactions and none have been as well organized and executed as they were under Mike! Our family is forever grateful for his support and real estate skills "
? Carol E , Seller
?Mike Pallotta thoroughly explained the selling process and kept in very good communication with me throughout all of the steps of planning, prepping, pricing, showing , and then selling my condo in a transparent and engaging manner All steps were at my own pace , and were neither excessively dragged out nor rushed I still can? t believe how smoothly it all progressed along The timeline he initially set out was realistic and proved to be so helpful in my knowing what to expect and when He provided options related to a pricing model , and explained his philosophy and rationale behind it; it proved extremely accurate I will definitely keep Mike in mind for anyone needing a capable, experienced, and proactive real estate professional, knowing they?ll also greatly benefit from his efficient, detail-oriented team members who provide additional valuable support I?m very grateful for all of the many times that Mike Pallotta and his team of professionals went that extra mile ? -at all hours of the day and weekends? to make a potentially and typically anxious time far less stressful He was always responsive and timely with my million questions that came up Numerous family members have now sought realty services from Mike Pallotta, and I?m very confident that others will also do so in the future as home ownership opportunities unfold!?
? Lorraine F, Seller
LocalExpertise, GlobalConnections.
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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 500 expert real estate advisors throughout our 25+ 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.
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