Buyer Representation You Can Trust
Whether you are an experienced or first time buyer, you will want representation you can trust. Buyer’s Agents represent your interests in a real estate transaction, and all of the agents at Atlantic Bay Sotheby’s International Realty have had specialized training in representing buyers.
We will work with you and guide you through every step of the process. The Outer Cape is a unique real estate market, and we will navigate you through our local laws and regulations to a successful transaction. We will show you all of the available properties that meet your criteria, and guide you through the offer, inspection, Purchase and Sale Agreement, and closing, all the while, negotiating on your behalf. We can recommend mortgage brokers, home inspectors, attorneys, as well as contractors and movers.
Actions speak louder than words. Many of our Buyers come to us by way of referral from previous buyers, and that speaks volumes about the job that we do for our clients.
Guide to Buying Property
- Identify your Search Parameters: Speak with your Real Estate Agent about what you are looking for in a property. We realize that sometimes you may not be exactly sure of what you are looking for. We will show you a wide range of property to help you narrow your search.
- Pre-qualify for financing: If you do not already have a relationship with a lender, ask your Agent to recommend a mortgage broker or two. Choose someone that you feel comfortable speaking with, and someone who is responsive to your requests. When comparing rates between two or more brokers, make sure that you call each on the same day, as rates fluctuate daily, and you will want to get a fair and accurate comparison.
It is helpful to pre-qualify for financing, so that you can firmly identify a price range for your search. It also strengthens your offer to accompany it with a letter of pre-approval. This shows the seller that you are prepared.
- Search for your Dream Home: Plan one or more visits to come to the Outer Cape to search for your future property. Providing feedback on each of the properties to your Agent will help him/her to assist you better in finding the perfect property in the shortest amount of time. Between visits, your Agent will update you by E-mail of any new listings that meet your search parameters.
- Submit an Offer to Purchase – In Massachusetts, the first step to buying a property is an Offer to Purchase. Addressed to the Seller, this document states the amount you will pay, the amount of financing that you will pursue, and the closing date that you are requesting. Offers have many protections built into them for the Buyer, including inspection contingencies and financing contingencies. Typically, the initial offer is submitted in writing, accompanied by an earnest deposit. Then, the terms are generally negotiated with the seller on a verbal basis. Once the parties have come to an agreement on all terms, the offer is resubmitted in writing and signed by both parties. At this point, it becomes a legally binding contract. If you don’t already have a relationship with a local attorney, we will gladly recommend one.
- Inspection Period – It is strongly recommended that you have the property inspected by a licensed Home Inspector. If possible, it is a good idea to attend the inspection personally, as this is a great way to receive a crash course on your property-to-be. Should any questions arise as a result of the inspection, you have the right, during the Inspection Period, to consult further with any specialists. By the end of the inspection period, you will know whether you are interested in proceeding with the purchase or, in extreme cases, you may wish to withdraw your offer. Should you withdraw, your deposit is fully refundable.
- Purchase and Sale Agreement (P & S) : The P & S is the final contract for your transaction, and once signed, it supersedes the Offer to Purchase. It builds upon the items set forth in the Offer and goes into greater detail on all aspects of the transaction.
The P & S is drawn up by the attorneys representing the Buyer and the Seller, and typically, the contingencies outlined in the Offer carry through to the P&S, unless they have already been satisfied prior to signing.
This document is typically signed by all parties 2-3 weeks after the Offer to Purchase. At the time of signing, an additional deposit is required, typically 5%-10% of the purchase price, and held in a special escrow on your behalf by the Real Estate Company representing the Seller.