The decision to purchase a home is likely one of the largest financial 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 appear along the way.
Leveraging our vast local expertise, digital tools and industry connections, Frann Bilus will not only assist in helping you find the right home, but guide you through the entire purchase process.
THE BUYING PROCESS
1. Connect with Frann Bilus
2. Initial Discovery
An in-person meeting (ideally) to get to know one another. In this meeting, we will discuss a series of foundational subjects in order to guide our search and ultimately find your “right” home. You will receive a custom buyer packet for review. We’ll go through a funnel process, and prioritize key features.
3. Research and Search
We’ll establish initial search criteria and priorities. I’ll set up a custom online search through RealScout so you receive listings automatically as they are released.
4. Funding Your Purchase
It’s important to know what you can you afford to buy and how will you pay for it prior to starting your search or very early on. Speak with a lender and/ or your financial advisors. A lender will outline the steps in the financing process and how to prepare for securing a loan, and review financing options. If you’ll be financing any portion of the purchase, get an initial pre- approval letter. With any offer, you’re going to need a pre-approval letter or you’re going to need to substantiate your funds to support the purchase. After pre-approval, we can further refine your search parameters.
5. Visit Properties
Leveraging your search results, select properties you’d like to see. I’ll create an efficient property tour based on your selection. You’ll receive a schedule in advance (although always subject to change) and a packet including the schedule and detailed listing sheets when we meet to visit properties. By seeing properties together, I’ll hear first-hand and in real- time what you like and what you don’t like, provide real-time suggestions for how you could make the property better fit your needs and guide you on what questions to ask to better understand the property, possibly expand your thinking and provide an alternative perspective.
Upon reflection of the homes visited, provide feedback on those specific properties and to guide the search going forward. This is a perfect opportunity to make pivots in the search criteria. The Process continues until you find the right property.
7. Review Market Data
Determine price. Offer price and other terms. Frann will provide guidance on how to prepare an offer to be competitive in the current market landscape and will work with you to help you prepare an offer package.
8. Make an Offer
When you have found the property that is right for you, it’s time to make an offer. I’ll guide you every step of the way, from providing market data and insights on price, how to make your offer competitive if not strong in today’s market, which includes factors in addition to price, such as timing, financing and contingencies. And, when ready, I’ll draft your offer for review and final approval and signature. I’ll arm you with the best data and insights so you can make the best decision possible.
9. Due Diligence
Once offer is accepted, it’s time for the due diligence such as a home inspection inspection to better understand the condition of the home and ultimately what you’re buying. For single family homes, review any building permits for construction work or zoning restrictions, if necessary. For condos, review condominium documents, master deeds, declaration of trust, rules and regulations, financials and meeting minutes.
10. Hire an Attorney
You’ll need an experienced real estate attorney who will guide you through all the legal aspects of purchasing a property including Purchase & Sale Agreement, Condo document and financials, title search, deed and preparing all the closing documents and possibly handle the actual closing. Before retaining an attorney, ask about all the legal costs associated with completing a transaction so that you have a clear understanding of what costs, in addition the home itself, you’ll need to pay.
11. Submit Loan Application
Once the inspection is complete, and you know you’re moving forward to the Purchase & Sale agreement, it’s time to start the official loan application with the goal of securing a financing commitment and loan by the agreed upon dates with the seller.
12. Sign Purchase & Sale Agreement
In Massachusetts, we use a 2-step process: the offer and the Purchase and Sale (P&S) Agreement. The P&S is a more detailed legal contract, is usually drafted by the Seller’s attorney and reviewed by your attorney. Ultimately, your attorney will review with you and the seller’s attorney until an agreement is reached and both parties are ready to sign. Upon signing the P&S, you typically must deliver 5% of the purchase price (including a $1,000 deposit with the offer). All funds are held in escrow until the closing. Once the P&S is signed, you are committed to complete the transaction unless any of your contingencies yet to be satisfied cannot be met.
13. Manage the Process
Once the P&S is signed, you’ll need to stay in touch with and on top of your lender (if financing) to complete the loan application process and insure the process is moving along in a timely manner. The bank will arrange for appraisal, title search and finalize the paperwork to clear the loan. And, you’ll need to stay in touch with your attorney, on any necessary paperwork for the purchase.
14. Prepare for and Schedule the Closing
Discuss the closing process with your attorney so you know the steps and what items you’ll need to complete the transaction. The attorneys will schedule the closing including the date (consistent with your agreement), time and place and notify you exactly what you need to do, items and documents you’ll need to complete the transaction.
15. Final Walk-Through
On the morning of the closing, we’ll do a walk through of the property to make sure it’s in the same physical condition as when your signed your Purchase and Sale Agreement.
16. Complete Transaction
On closing day, you’ll sign the legal documents, including the mortgage agreement between you and your lender, the agreement between you and the seller transferring ownership of the property and you’ll deliver the funds. Once the transaction is on record with the Registry of Deeds, the home is yours!