MRM Associates  
MRM Associates
316 Boston Road
Groton, MA
Buying a home is a unique experience that brings about challenges that can be intimidating when attempted alone. In the past, a realtor's responsibility was only to the seller. Now, however, a realtor can represent the buyer, exclusively, through the course of a real estate transaction.

A Buyer's Agent not only helps you find the right home, a Buyer's Agent can also help you navigate the logistics of purchasing your new home.

MY JOB
My job as your Buyer's Agent is to listen to your expressed needs for your new home. Very often, the comments you make while viewing the home, exterior yard, kitchen, and floor plan give me the best indication of what interests you the most. Quite often the Buyers are completely unaware of their own reactions.

YOUR SEARCH
Looking at a listing on the Internet can sometimes give the Buyer a false impression of the property.

As your Broker who knows the market, I consider it important for you to personally view available homes - even some that you may not be interested in. Looking at a variety of homes will help you to better understand the market and negotiate a proper price for your future home.

PURCHASE PROCEDURE
Once you have found "the house you've been looking for", the process of making an offer and closing on the home can begin.

OFFER TO PURCHASE
The Offer will include the following:

The Price you are willing to pay for the property.
A Check to bind the offer.
Any Inspections requested with completion date.
The Purchase and Sale Date (see below)
The amount of the Deposit that you submit with the signed Purchase and Sale Agreement.
The amount of the Mortgage you will be getting from the bank. This can be stated in percentage form.
The Commitment Date, which is the date that you will receive confirmation from the bank regarding their agreement to loan you the money to purchase this particular home.
Any personal property that is included with the home.
A Closing Date.

The Sellers and their Broker will review the offer and may counter-offer with different terms on any of the above items. Any negotiations are usually handled verbally and always through the Brokers. When agreement is reached, any changes in the offer need to be initialed by both parties in order to have a fully documented agreement.

INSPECTIONS
The buyer hires a licensed home inspector. The inspector examines the structure and all systems for any major defects. He will also educate the Buyer about maintenance of the systems and general care of the house.

The inspector will provide a detailed written report of his findings. There is no perfect home, but the purpose of the inspection is to insure that the Buyer knows as much as possible about the house. It is important that the Buyer attend the inspection and ask questions.

PURCHASE AND SALE AGREEMENT
This is a multi-page document that spells out all the details of the transaction. It will include all contingencies in the offer as well as further details. Both the Offer and the Purchase and Sale agreement are binding contracts.

MORTGAGE
The Seller needs to know that the Buyer will be able to obtain the necessary financing to purchase their property. The Buyer should get paperwork from a Mortgage Broker and submit it with the signed offer.

A pre-approval letter is a statement that the bank has reviewed the Buyers documents and that the only review that is needed is the appraisal of the home.

COMMITMENT
This is a statement from the bank or mortgage company that is considered final approval of the loan. It will list any items that must be presented at the closing, such as an insurance binder, as well as spell out the details of the mortgage.

This document must be signed and returned to the Bank or Mortgage Company. Be sure to let your Broker know that it has been received. It is a condition of the Purchase and Sale Agreement.

CLOSING
The buyer will be working with the banks attorney/paralegal on the details for the closing. The Buyer may have a choice of an attorney who is on the Bank or Mortgage Company's list of approved attorneys. The attorney will produce a HUD sheet (government form) that lists all the costs for both the Buyer and the Seller.
Jane Allen
Jane Allen
978.448.3031 Office
978.807.4211 Cell

Some of the items that come up at the last minute are Title Insurance and tax adjustments. Be sure that you review the HUD carefully and have no remaining questions. The HUD will also show the additional monies that must be brought to the closing. This must be in the form of a Bank Check. You will also need to bring your driverís license.

"Without you, my family would have been lost. " - H Y Kim

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