There are many details to consider when you are planning on purchasing a home. Whether it’s your first time or you have experience it’s important to consider the importance of negotiation. Negotiation starts well before you have even considered whether you will be placing an offer on a home. You don’t know when you will be in the home you decide you would like to buy. If it’s your dream home you will be disappointed if there are multiple offers and you have compromised your chances of being the successful bidder. Below are just five potential mistakes to consider before you find the home that’s right for you.

1. Not having a financial plan and a solid pre-approval with a reputable company.
2. Being dishonest. Telling the listing agent you aren’t working with another agent when you are. Saying false things about your situation. Seller’s will be concerned about working with an offer from someone that isn’t honest.
3. Putting homes under agreement and renegotiating the price repeatedly. It is quite possible you will get a reputation. Remember people know each other in the communities you are trying to buy a home in!
4. Insulting the owners and their home as a negotiating strategy. You will not get the home for a lower price. The seller will go with an offer from someone that is more complimentary and someone that they think will be easier to work with.
5. Not carefully choosing an agent to represent you. Among many other qualifications. They need to have excellent negotiating skills.

Contact John & Cindy Farrell for information about buyer representation. 978-468-9576

John & Cindy Farrell – Coldwell Banker

Getting ready to buy a home in Massachusetts. Are you getting ready to buy a home? Are you feeling confused about the process? Each and every real estate transaction is unique in many ways. But there is a standard chain of events that happen and having an understanding of what the process is will make the transaction go much more smoothly and will give you the opportunity to avoid uneccesary delays or pitfalls.

1. Interview and hire a Real Estate Agent to assist and represent you. That could be us! We can do that.
2. Financing is the first step. You need to know what you will be approved for. In addition, it is important to know what your payments and costs may be so you can decide what you are comfortable with.
3. Visit and research homes and locations. Arrange for automated emailsof homes available. Simultaneously research the real estate market.
4. While looking for homes decide who you will use for an inspector and real estate attorney.
5. Put a well presented offer on the home you choose and secure an agreement to purchase the property.
6. Complete the loan application with your mortgage broker.
7. Give all the home information and documents that need reviewing to your real estate attorney.
8. Complete home inspections by date specified in the contract.
9. Sign Purchase and Sale Agreement. Your agent and mortgage broker needs fully executed copies.
10. Receive and provide to your real estate agent a mortgage commitment by the date specified in the contract.
11. Set up accounts with utilities and secure home owners insurance. You will need proof of insurance, an insurance binder, for your mortgage broker.
12. The closing place and time will be scheduled with all parties involved.
13. Review the HUD settlement statement.
14. Walk through the property right before closing to make sure everything is as it should be when you take ownership.
15. Close on your home – Congratulations!

Read More →

John & Cindy Farrell – Coldwell Banker

Are You Starting a Home Search on the North Shore of Boston? If so, here is a list of what you should be doing right at the beginning of your search.

• Interview agents and hire an agent to represent you. Choosing an agent is one of the most important initial steps you should take. There vast differences in an agents experience, skills and how they work. If you think you won’t be buying for a while it is still a good idea to enlist the help of an agent. The sooner the better.
• Get pre-approved for your mortgage. You should know how much you can spend on a home before you start to look. If a there is a home you would like to pursue you will be able to act immediately and the sellers will know that you are well prepared to follow through. You will also know what you can afford and the payments that will be required.
• Review your finances. Getting a mortgage approval is the most important, but you still need to be comfortable with what a home will cost you every month. Take into account that you will have to maintain the home. Really think about any other expenses that you may have or will have in the near future.
• Choose possible locations and home styles. As the process goes on you may make changes to your search criteria. But you need to have a starting point and a general initial idea of what factors are the most important to you. This many be different for each person.
• Arrange to have automated emails of properties that may interest you. This is the quickest most efficient way to know what is on the market. It is a great tool to learn the market as well.
  

• Read More →

John & Cindy Farrell – Coldwell Banker Residential Brokerage

Getting ready to purchase property on the North Shore. So you have decided to pursue the purchase of a home. One of the first steps in the process should be to get your mortgage pre-approval.  The market has been improving and we have seen many situations in the past year of homes having multiple offer situations. It may be necessary to act quickly once you find the home you want and with a pre-approval you will be prepared and ready to make that offer. Read More →