Buying with Bass Point Realty
The Bass Point Realty Buying Primer
We are experts on matching buyers and properties. We hope you will choose to work with us. Of the many brokers and agents who bring experience and high standards to the Nantucket market, the most important thing is that your find a Broker you trust.
Bass Point offers you a dedicated single agency representation to work on your behalf. Not only will we help with finding the property, we will guide you through the process below and keep you in the loop on all aspects of the transaction - nothing, nothing is hidden behind the curtain.
1. Get your finances in order
Will you be seeking a mortgage? Each lender will have their own process to issue a pre-qualification, indicating the amount that they will offer to lend.
Lenders will need to see:
- Verification of income.
- Verification of assets (Down payment funds on deposit in a U.S. bank for 90 days).
2. Find the Right Real Estate Agent
We hope you will choose Bass Point Realty
3. Find the property
- At Bass Point Realty we can help you find properties and sort through what rights and limitations a property carries. Land use regulations, covenants, easements and private deed restrictions all determine the possibilities and limitations of a subject property.
- If time allows, take your time, learn about the possibilities and the nuance of how the markets function, here. Then, you will know the right property for you when you see it.
4. Making an Offer and Negotiating your Deal
- Your agent will help you evaluate the market value. A Seller may accept, reject, or offer a counterproposal. Typically within a specified time limit. This is where negotiations happen. Experience, skill and a strong grasp of the regulatory and ethical standards are vital.
- Recent transactions will indicate market value, and Seller and Buyer motivations will determine actual selling price. Price is what you pay and value is what you get.
- Your offer should include the amount you are willing to pay, the date you propose to transfer ownership, and any conditions (contingencies) that you will need to verify in order to proceed (home inspection, financing commitment, etc.). A good faith deposit) accompanies the offer.
- Your agent will submit your written and signed offer to purchase to the seller agent. The law requires that a seller agent relay all written offers to their seller, forthwith. Time is of the essence. Your offer should indicate its expiration, precisely.
- A Seller is free to accept or reject your offer, or to propose a counteroffer. This is where negotiations happen. Experience, skill and a strong grasp of the regulatory and ethical standards are vital.
5. Accepted offer
- When a seller accepts an offer in writing, a binding contract exists. The parties are obligated to perform as specified in the accepted offer. The seller agent or attorney will arrange to put the initial deposit into an escrow account for the benefit of the seller, to be paid to the seller per the terms of the accepted offer.
6. Purchase and Sale Contract
- If the offer provided for a home inspection, that is typically done within ten days, in order to have it resolved before purchase and sale contract.
- The Seller attorney will draft, buyer attorney will review. Buyer will provide the funds to bring the escrow account to the amount agreed in the accepted offer. Typically 10% of the purchase price.
7. Maintain contact with your agent and your attorney
- Buyer agent will help you to keep track of remaining items to address. Chiefly, this will have to do with financing. It is the buyer’s responsibility to have the cash where it needs to be, utility transfers arranged, insurance in place.
- The Lender will need to have the home appraised.
- Pay scrupulous attention to the terms of the Purchase Contract with respect to the financing, particularly if lender indicates any questions or potential delays.
- In the event that the financing does not materialize, the buyer's deposit is 'at risk' during this period and may be forfeited if the contract is not cancelled according to its terms.
- Lender will issue a commitment letter for whatever financing they agree to provide, and the closing can proceed.
8. Close the Sale
- Shortly before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not changed materially since the purchase and sale agreement was signed.
- Signed paperwork can usually be sent to your attorney in advance. At closing, transfer taxes must be paid and other claims must also be settled (including closing costs, legal fees, and adjustments). From the amount credited to the seller, the closing attorneys subtracts money to pay off any existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and filed with local property record offices.
- The buyer receives the keys, and the seller receives payment for the home.
Congratulations on YOUR piece of Nantucket!
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