Help For Real Estate Buyers, Part 1
McCaffrey Realty Professionals are here to help you through every step on your way to owning a new home
. We specialize in counseling as you consider the many aspects of your purchase.
The information below can help answer some of your questions about the process, basic homeowner issues to look out for, and lists of local resources.
So what exactly needs to take place from the moment you start looking for a home to the moment when you move in? At McCaffrey Realty Professionals we understand that the process can be a bit intimidating, especially to first time buyers.
The following information is dedicated to spelling everything out in a step-by-step format so you know exactly what to expect as you move forward with your home purchasing plans. You'll find everything from an overview of the purchase procedure to a sample contract.
Purchase Procedure
1. Sign Buyers Agency Agreement at the beginning of your first meeting with your Realtor. This is required by CT State Law. We may NOT show you any homes unless we have this signed. It can be of short duration and will be fully explained to you at your first meeting.
2. Get a letter of pre-approval from a reputable lender
3. Submit a written (a)Offer to Purchase or (b)Agent prepared contract with a personal check for 1% of the offer price. Offer will be negotiated.
- Check should be made out to McCaffrey Realty Escrow.
- Check is returned if offer is not accepted
- Check is deposited in our escrow account once offer is accepted
- Once check clears our account it is sent on to Seller's attorney
4. After the offer is accepted the following procedures are required
- Buyer makes application for mortgage
- Arrangements are made for the building inspections to be completed within 7-10 days of acceptance of offer.
- Seller's Attorney prepares contracts
- Contracts are sent to Buyers Attorney
- Buyer's Attorney goes over contracts with Buyer, and if satisfactory, Buyer signs contracts and gives Attorney personal check for additional 9% of sales price. This usually happens within the first 2 weeks.
- Contract is returned with the check to the Seller's Attorney.
5. Broker will negotiate any building inspection issues
6. Broker to follow up on the mortgage application
- Broker will meet bank appraiser
- Letter of mortgage commitment is sent to the Buyer from the bank
- Notification of mortgage approval is sent to the Buyer's Attorney from the bank
- If mortgage can not be obtained then all fund will be returned to Buyer. Checks must clear account before money can be returned.
- If mortgage is not obtained by the commitment date but is in good process, Buyer's Attorney will request a mortgage extension
7. Buyer's Attorney will conduct title search
8. Buyer should make arrangements for utilities to be transferred
9. Buyer to have verification of insurance for a full year
10. Buyer's Attorney will advise Buyer on fund needed for the closing including tax adjustments, fuel adjustments and the remaining amount of down payment. This is done 2-3 days prior to the closing. This check needs to be a certified bank check.
11.Realtor will schedule final inspection of the property.
12. Closing usually takes place at the Seller's Attorney's office. The title is transferred from the Buyer to the Seller at the closing.
13. Keys are transferred.
14.Move in and enjoy!
by: Linda McCaffrey
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