FROM START TO FINISH
REAL ESTATE 101 

The following is a basic guide to the process and services we will provide to you as your Buyer Broker. It does not cover all of the issues or possibilities that may arise while purchasing Real Property, but we will be there to help so don’t worry!

PRE-QUALIFICATION – You probably have a good idea of what you can afford to spend on a real estate purchase, but it can’t hurt to verify the numbers with a lending institution. It will make the property search much less confusing, helping to avoid disappointments and sparing you the anxiety of rushing around to find a lender when you are ready to purchase.

The pre-qualification, pre-approval, process is relatively easy. You can do it on the internet or at your local bank, where they may even know you. They will check your credit, review your report and obtain a numeric rating. You will be asked some questions about yourself as well as income & expense information, which they will accept at face value, requiring written documentation when you apply for the loan. They will then get back to you with a good idea of what they could do for you. You will be given a pre-qualification letter subject to a list of conditions which you will need to meet when applying for a loan. With that in hand we’re off and running.

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SEEING WHAT'S AVAILABLE - Searching for a property should be fun! You can start by going to our IDX search engine, for all current listings from every MLS member in Berkshire County. Once there you will be able to email your queries to us, we will promptly get back to you with complete listing information & try to answer any questions you might have.

CLICK HERE FOR IDX: INTERNET DATA EXCHANGE

You can also let us help, just take a few minutes to fill out the form we have provided, we will get back to you with what we think might work for you.

CLICK HERE TO LET US HELP

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DISCUSSING THE POSSIBILITIES – At this point we will need to review what has been found, possibly narrowing down the list, giving us a chance to  learn more about your needs, dreams and wishes and you a chance to have your questions addressed, giving them our best shot.

CLICK HERE TO CONTACT US or WE CONTACT YOU

ROAD TRIP – Time to see if it looks as good as on paper!      

You can certainly do a “drive by,” as we call it in the trade, if that is practical for you. If that will require a trip of any length, then we will skip to the chase and set up the necessary appointments to view the properties.

CONTACT US & WE'LL GO FROM THERE

VIEWING ANALYSIS – After our house tour we will re-evaluate what we have seen and what will be the next step. Assuming nothing worked for you, we will have gained new and more information about what would work for you & what we will do to improve our chance for success.

MAKING AN OFFER – Our efforts have paid off and we have located the property that you have decided is right for you. We will review the property’s range of value based on many variables, such as, age, size, and condition, of the home as well as location, quality, and quantity, of the land. The analysis will be as involved as the property requires.

After determining a price range that would be acceptable to you, we will assist you to make a written offer. The offer will contain all terms, conditions and contingencies to protect your interests in addition to all required disclosures.

The Berkshire MLS, working with legal council, has developed standardized documents to expedite the various aspects of real property transactions.

We will discuss all of the terms in the purchase & sale agreement with you in detail. Your Attorney can review the completed offer prior to your signing. We can recommend a local attorney if needed, who, from our experience, would provide the highest level of professional service.

Note: 
You must have Adobe Reader installed on your computer to read the MLS Purchase & Sales Agreement, PDF document below. If you do not, please click either of the links that follow to obtain it.

Adobe Reader  for Windows, 11.8 MB
Adobe Reader  for Macintosh, 20.5MB

MLS Purchase & Sales Agreement.pdf   either left click to view in adobe acrobat reader or right click and "save target as..." to download to your computer. 

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REACHING AGREEMENT –The offer to Purchase, after being signed by you the Buyer, will immediately be transmitted to the listing agent, representing the seller, along with a copy of your earnest money check for one percent (1%) of the purchase price you are offering. They will be given time to review the offer to purchase, the time to respond will be specified as a contingency of your offer, they will then respond.

The seller might accept your offer, or may choose to counter - offer.

We will fully discuss negotiating strategies with you, reviewing the potential options, offering our advice and counsel. All decisions on how to proceed will be yours to make. On your behalf, we will then present them to the seller’s agent. If the negotiations are successful, we will secure all necessary documentation and signatures. Copies will go to you and if requested to your attorney, potential lenders, and anyone else you may require. The earnest money check will be given to the listing broker for immediate deposit into the agency’s escrow account.

CONTINGENCIES OF SALE – as indicated in the executed purchase & sale agreement, in addition to possible special conditions and contingency’s required of the seller, you the buyer will have, but not limited to, the following:

MORTGAGE APPLICATION – you will be required to submit an application for a mortgage within the specified number of days, usually seven. This process will be considerably easier if you have done step one, “Pre-qualification”, see above.

MORTGAGE CONTINGENCY– Allows you time to obtain a formal written mortgage commitment from your lender. The mortgage terms you will accept, will have been specified by you in the agreement.

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BALANCE OF DEPOSIT –The additional escrow deposit payment will be made, usually within fourteen days. The amount of the deposit will have                         been specified in the purchase & sale agreement.

INSPECTION CONTINGENCY – You will be given time usually, fourteen days, to hire, inspect and review a written report from a licensed home inspector. If structural or mechanical deficiencies are discovered, we will help you assess your options & prepare an appropriate response. If you are not willing to accept the condition of the property or there is no agreement allowing for the resolution of the discovered deficiencies, you may choose to cancel the agreement, receiving a full refund of all escrow deposits paid. You will however, not receive a refund for the cost of the inspection.

CLICK HERE FOR HOME INSPECTION INFORMATION

TIME IS OF THE ESSENCE -- We WILL ASSIST YOU IN MAKING SURE THAT ALL OF YOUR DEADLINE DATES ARE EITHER MET OR EXTENDED IN A TIMELY MANNER.

PRE-CLOSING

• OBTAIN THE FORMAL WRITTEN MORTGAGE COMMITMENT, SEND COPY TO YOUR ATTORNEY, AND FULFILL REMAINING CONTINGENCIES FOR YOUR MORTGAGE.
   
• ATTORNEY WILL ARRANGE FOR A TITLE SEARCH.
   
• ARRANGE BINDER FOR HOME OWNERS INSURANCE.
   
• ESTABLISH NEW ACCOUNT WITH UTILITY COMPANIES & FUEL SUPPLIERS.
   
• CONTACT SERVICE PROVIDERS, LIKE TRASH REMOVAL OR SNOW PLOWING, IF THE SERVICE MIGHT BE OF IMMEDIATE NEED.
   
• ARRANGE FOR CONTRACT LABOR, LIKE PAINTER, FLOOR CLEANER OR REFINISHER, IF YOU WOULD LIKE WORK DONE BEFORE MOVING IN.
   
• FINAL INSPECTION, "A WALK THRU", USUALLY ON THE DAY OF THE CLOSING, TO CONFIRM THE CONDITION OF THE HOME.

CLOSING -- At this point everything should be set. We will most likely  close at your attorney's office. If there are any issues with the house, After the walk thru, it will be addressed at the closing, remember you haven't paid yet!
Your attorney will walk you thru everything, the seller will be paid, and you will get the keys and congratulations from all!            

OH!

YOUR ATTORNEY WILL RECORD YOUR MORTGAGE AND DEED, AT THE BUREAU OF DEEDS, ONCE STAMPED IT'S REALLY YOUR HOME!

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