Buyer's Guide | Joe Wolvek

WorkingTogether: PurchasingYourNewHome

JoeWolvek

30+ Years of Boston Real Estate Expertise

Accredited Buyer Representative (ABR)

Senior Real Estate Consultant

617584 9790

Joe.Wolvek@GibsonSIR.com

BostonRealtyWeb com

Joe Wolvek is currently the Associate Director of Sales and a senior real estate consultant at Gibson Sotheby's International Realty in Boston Since 1992, he?s helped hundreds of clients achieve their real estate goals for residence and investment in Boston as well as the inner suburbs He?s brokered the transaction of everything from brownstone apartments to apartment buildings to luxury high-rise residences,covering all price ranges

Joe?s clients come back to him again and again because he knows that the most important aspect of the business is building relationships based on trust and confidence That trust is built on his open and responsive communication style, attention to detail, and ability to anticipate transaction pitfalls and identify and implement solutions

Joe?s proven experience and ability to assist his buyer-clients to not only locate the home or investment property they want, but also to help them manage the offering, negotiating, and transaction processes to a successful conclusion has been crucial It's about using his experience to build the best team to help his clients manage their transaction, and to see it through successfully. Joe is a very strong and proactive advocate for his clients

A respected professional with decades of experience in Boston real estate, Joe Wolvek is considered by his peers to be an authority in real estate pricing, transaction strategy, and negotiation His clients have come to rely upon his in-depth knowledge of the Boston real estate market and his hyper-local market trend reports which can be seen at www BostonRealtyWeb com, and are widely viewed and shared online

In addition to 30+ years of experience, Joe is an Accredited Buyer Representative This designation is the premier credential in buyer representation ABRdesignees are members of an elite group of buyer advocates

Accolades

"Thanks Joe! You are a negotiation black belt! We will have you over soon! The view is amazing, the pool is refreshing,and we are extremely happy!"

? Alan and Mike

"Joe was a trusted adviser and friend along the entire process. Joe is a great analytical resource when it came to valuation and experienced in the nuances of the Boston market trends He was able to help manage us through the negotiating and closing process including being a patient sounding board on a laundry list of questions.We were able to see dozens of places and Joe helped manage our expectations, scrutinize properties, and plan for the remaining process Joe helped us find the perfect home that satisfied our unique (and tough to satisfy) preferences Thanks Joe! Highly recommend."

? Chris H

"Joe Wolvek is a terrific guy Joe is extremely knowledgeable about the Boston real estate market He was patient with us and helped us find a property that suited our needs He listened and always had our interests at heart. He has continued to be helpful after our purchase with referrals of local vendors for any work we have needed I would highly recommend him "

? Bill and Heather

"I got lucky I found Joe on a web search Joe was on the ball and ready to help Yesterday we closed on a great condo in the Back Bay. Full service building, valet, etc. Joe found this unit when no one else could and moved on it with lightning speed He counseled me terrifically on what to offer, understanding all of the dynamics at hand And with his counsel and negotiating skill, we got it and it is a dream come true. All the while Joe was managing everything (including finding me the right inspector and the perfect closing attorney) - always with a great wit and a deep commitment to my goals Joe is the ideal of what brokers should be and I cannot recommend him highly enough!"

? Felicia G.

"Joe demystified the buying process for us and was very patient and enthusiastic every step of the way He leveraged his knowledge of the local market to help us identify properties that matched our needs He also walked us through each step, from putting in an offer, to navigating the ins and outs of negotiation. We recommend Joe wholeheartedly, especially for first time home buyers Thank you,Joe!"

? PT Sarkar-Smith

"It is my immense pleasure to recommend Joe Wolvek as a real estate agent He did not waste time with places that were not in line with my needs He was gracious when I wanted to look at the same home for the 2nd or 3rd time. With Joe?s many contacts, he came up with the right group of professionals to support my needs throughout the home buying process Joe was a highly attentive agent, and there was nothing that escaped his attention He is highly personable with an engaging personality. I am pleased to recommend Joe Wolvek to anyone looking to buy or sell a home in the Boston area He is great at his profession and if I ever need to move again, he will be my first choice in real estate agents "

? Sharon T.

AProven TrackRecord

Pier 4#7H|Sale Price $3,696,864

Seaport

484BeaconStreet #1|Sale Price $2,775,000

Back Bay

49RawsonRoad|Sale Price $2,450,000

Brookline

41WorcesterStreet #1|Sale Price $2,000,000

South End

83WalthamStreet #1|Sale Price $1,750,000

South End

32GroveStreet |Sale Price $1,650,000

Winchester

OneCharles#1510|Sale Price $1,540,000

Back Bay

94Saint BotolphStreet #5|Sale Price $1,609,000

Copley

411Shawmut Avenue#3|Sale Price $1,301,500

South End

34CommonwealthAvenue#3|Sale Price $1,300,000

Back Bay

100BelvidereStreet #8F|Sale Price $1,150,000

Back Bay

40Mt.Pleasant Street |Sale Price $1,100,000

Cambridge

70WalthamStreet #2|Sale Price $1,100,000

South End

27PrinceStreet #3R|Sale Price $1,025,000

Cambridge

433ColumbusAvenue#1|Sale Price $849,000

South End

Thesellerisrepresentedbyan experiencedRealtor.

Youshouldbetoo.

You have a right to the best help available. Identifying and transacting real estate is a complex process with serious potential pitfalls at every level

I have 30+ years of Boston real estate transaction experience As an experienced, professional Realtor, I have a legal fiduciary obligation to guide you through this process to the best of my ability, and to always remember who I am working for: You.

MY LEGAL AND ETHICAL FIDUCIARY DUTIES INCLUDE

Due Diligence

To employ my professional expertise to the best of my ability I am responsible for discovery and investigation, where possible to be known, of all relevant facts, researching appropriate properties, and guiding the transaction to the price and terms most favorable to you The listing agent's duty liesonly withthe seller.

Loyalty

It is my duty to advocate for you and you alone. It is my duty to act in your best interest. I owe my allegiance to my client: You The Buyer.The listingagent'sduty liesonly withthe seller.

Disclosure

It is my duty to provide to you all material facts known by me regarding the property, the seller's motivation, or any other matter relevant to a transaction or a potential transaction The listing agent'sduty liesonly withthe seller.

Confidentiality

I am prohibited from disclosing anything having to do with your motivation, business, financial or personal affairs, willingness to pay a particular price other than what you offered, or any other matter.The listingagent must report everythingthey learnabout youtothe seller.

ServicesProvided ListingAgent Buyer?sAgent

Explains and helps guide homebuying process

Coordinates,schedules,and attends showings

Researches,advises on problems with properties seen

Advises/analyzes values on properties

Provide advice on and preparation of offer

Negotiates best price and terms on your behalf

Probes for weaknesses in seller position

Keeps your confidentiality on motivation,flexibility,etc

Can provide you with trusted attorneys,inspectors

Works to solve transaction problems to your advantage

Able to assist in due diligence on selected property,help solve inspection problems

BY LAW

FROM ADVISING

NavigatingtheHome PurchaseProcess

ThePurchasingProcess

WORKING TOGETHER

At our first meeting we will discuss your property needs as well as financial and timing parameters We will assemble an action plan for efficiently choosing and viewing properties.

MORTGAGE PRE-APPROVAL/ PROOF OF FUNDS

Unless you are paying cash, it is vital to get pre-approved at the beginning of the process in order to understand the maximum price of a home that you can actually afford

- If you are financing your purchase, all sellers will want to see a pre-approval before he or she signs your offer I can provide you with a short list of trusted lenders

- If not financing,you will need to provide "proof of funds."

THE OFFER

In Massachusetts, there are several steps to the process It has many potential pitfalls I will help you manage the process to a successful conclusion

- As your buyer agent, I will advise you and draft the offer with you. We will devise a negotiation strategy that provides the best chance for your offer to be accepted on favorable terms

- There is an initial deposit of $1,000-$5,000 which will be placed in an escrow account upon agreement and execution by both parties

- The offer normally covers price, financing, time frame, and PROVISIONS for a home inspection and other contingencies

HIRE A HOME INSPECTOR

It is vital to hire a licensed home inspector to go through your new home in order to find any serious defects I can provide a short list of trusted,well-regarded home inspectors

HIRE A REAL ESTATE ATTORNEY

I have recommendations for trusted attorneys that I have worked with many times This attorney will:

- Negotiate the terms of the P&S contract with the seller's attorney and work with me to resolve any inspection or other issues

- If you are purchasing a condo,your attorney will review the condominium documents and financials to make sure that the association is on sound legal and financial footing

NEGOTIATE, REVIEW, SIGN THE PURCHASE AND SALE CONTRACT

This is the contract that contains all the provisions relating to your purchase and generally occurs about 10 days after the offer is accepted

- Prior to signing this,we will have completed your due diligence

- Your attorney and I will negotiate on your behalf and review the final draft with you I will work with you and your attorney to resolve any issues

- If acceptable,you will sign it and then the seller will. You will provide a deposit to be placed into escrow of 5% (minus your original deposit) of the purchase price

BEGIN THE FINANCING PROCESS

- Complete your loan application Get your lender all required documentation in a timely manner You should be staying in close touch with your lender.

- During this time, do not make any large purchases, don't deposit large sums of cash, don't apply for new credit,don't close any credit accounts.

FUNDING YOUR MORTGAGE

The most important part of this period is getting your mortgage approved and funded Stay in close touch with your lender to provide any requested documentation in a timely manner.

- Get a clean mortgage commitment in a timely manner I will work with your attorney and lender on this Generally,the required date is three weeks after P&S,but not always

- Make arrangements to procure homeowners insurance I can assist you with information regarding the type and extent of insurance you need

YOUR ATTORNEY WILL ARRANGE FINAL CLOSING DETAILS WITH YOU

Your attorney will generally also work as the closing attorney He or she will co-ordinate the scheduling as well as the necessary documents and monies.

SCHEDULE A FINAL WALK-THRU WITH YOUR BUYER AGENT!

You and I will walk through prior to closing in order to determine that the home has been left in the condition that was stipulated in the Purchase and Sale contract

CLOSE ON YOUR NEW PROPERTY!

What toExpect onYour InitialConsultation

An initial meeting is important to understand your home-buying needs and to develop a strategy to help you successfully make a purchase

Underst anding your real est at e goals

- Purchase time frame

- Past experience with real estate purchasing

- Risk tolerance

- Financing and stage of pre-approval,if a loan is needed

Refining propert y search crit eria

- Location and neighborhood

- Price range

- Size of home,style,amenities

- Specific requirements and non-negotiables

- Condition of home and flexibility to make improvements

- School districts, commute,neighborhood amenities and distances to such amenities

First Stepstoa SuccessfulPurchase

Each home buying journey is unique, just like you The following is a list of some of the items I can assist you with that may be part of your home purchase process.

Financing Assist ance

Financing and good lender relationships are important I can:

- Provide a list of Lenders who can pre-approve you and confirm the purchase price range

- Suggest that you obtain loan pre-approval subject to the property selection

- Collaborate with Lender on any Bridge Loan so you can buy before you sell

- Provide any requested contract documentation

PropertySearch

I view properties regularly,follow local market dynamics and am here to guide you in finding the right home I will:

- Set up automated listing alerts that meet your search criteria

- Present Off-Market or Pre-Market listings as they arise

- Communicate with Listing Agents to schedule and set up private showings

- Map out and tour properties together

- Recommend properties that are available to view at open houses

- Provide monthly Market Reports

- Review the pros and cons of each home after viewing

PropertyEvaluation

I will help you assess how your selected property compares to others on the market and to homes recently sold One benefit of having a trusted real estate agent is their familiarity with required disclosures, recommendations for inspectors and experience with reviewing reports

- I will request the Disclosure Package,if any,and other necessary information from the Listing Agent

- We will discuss any additional inspections or reports and determine the time frame for needed contingencies

- If the home is in an HOA,I will explain the typical timing of the process to receive and review the documents

- I will recommend an attorney experienced in real estate transactions and title issues

WritingaCompetitiveOffer

When we locate a property that meets your needs, I will provide a market analysis and strategy to assist you in determining an offer price and terms,and then negotiate on your behalf

- I will communicate with the listing agent to get the best information possible about competing offers and sellers' preferences regarding terms and the timeline for offer submission

- I will review comparable sales and discuss the price and terms that can best position your offer

- I will prepare a compelling offer with the relevant addenda and disclosures,and submit the loan approval letter and proof of funds with the offer

- I will get signatures and initials on all offer documents to provide a complete offer

Present ing your offer

Representing you in the best light can be helpful in securing the home you desire What may not be evident at the outset is the value of having a Gibson Sotheby's International Realty Agent with a trusted brand and excellent reputation in the eyes of other agents ? who are often a key factor in helping their clients assess competing offers

- I will present the offer in a timely manner

- I will maintain communications and forward any counteroffers for review

- I will negotiate on your behalf and write any addenda or subsequent counter-offers

AcceptedOffer

Once an offer is accepted and necessary measures such as a home inspection are accomplished, both the Buyer and Seller will need to sign a more detailed contract, known as the Purchase and Sale Agreement Massachusetts has a two-contract process: an offer with basic terms, followed by a Purchase and Sale agreement between the Buyer and Seller and negotiated between attorneys

Massachusetts is not a Seller Disclosure state, meaning it is not a legal requirement to provide a disclosure form to any prospective buyer. Your Attorney will negotiate a detailed agreement that is designed to protect you and outlines all terms of the agreement The Buyer?s attorney may seek representations from the Seller regarding the property, its condition,whether claims are pending against the property, and if so,how potential issues will be resolved,and which party bears the risk

A well negotiated Purchase and Sale Agreement protects all parties and addresses challenges that may arise leading up until closing.

HomeInspectionsand OtherContingencies

There may be numerous contingencies associated with your contract, including a home inspection In Massachusetts, only an exclusive Buyer?s Agent can recommend a Home Inspector As your buyer agent, I will assist you in navigating this process

- I can help you locate a Home Inspector,plus arrange any additional inspections if needed

- Coordinate and schedule the home inspection

- Attend the home inspection

- Forward and review the Inspection Report with you

- Assist you in negotiating repairs or credits

- If appropriate,assist with conveying termination of the offer based on home inspection issues to protect your deposit

- Communicate with your Lender as requested

- Assist the Appraiser with access to the home and provide comparables,as needed

- Provide resources for Homeowners Insurance

- Guide you through any remaining contingencies

TheClosingProcess

Congratulations on your home purchase!

- I am happy to recommend movers,interior designers,landscapers, general contractors,gardeners,cleaning services,and home maintenance services

- I will arrange for a final walk-through of the property

- I will provide resources for a Home Warranty Policy

- I will accompany you to the closing

- Upon recording title, I will provide keys

BuyingClosingCosts

These costs will all be paid at closing, and will be detailed on your closing statement All costs are approximate They vary by lender,locality,and law firm

BUYER ATTORNEY FEE

$600 ? $1,100±

RECORDING FEES

$400±

VARIOUS LOAN ORIGINATION AND PROCESSING FEES

$1,000 ? $1,800±,depending upon lender

POINTS, IF APPLICABLE

APPRAISAL

$400± to $575± depending upon property type.

MUNICIPAL LIEN CERTIFICATE

$25 in Boston.More in some other municipalities.

TITLE CHARGES

Title exam: $200±,courier fee $35,obtain MLC $25,rundown fee $35.

OWNER?S TITLE INSURANCE

About $4 per thousand of purchase price.

DECLARATION OF HOMESTEAD PREP

Declaration of homestead prep: $65±

TAX ESCROW

Pro rata of the quarterly taxes

CONDO FEES

Pro rata of monthly condo fees For new construction,you may be required to contribute three months fees to reserve.

UnderstandingBuyer Representation

Gibson Sotheby's International Realty agents will provide you with a Buyer Agency Agreement that will explain in detail the role of your Buyer Agent A Buyer Agency Agreement will be signed by the purchaser and the Broker in order for the Agent to represent the purchaser on the buyer-side of a transaction A Buyer Agent represents only the Buyer and promotes and protects their best interests throughout the transaction, keeping all information confidential

Once an agreement is signed, the Buyer Agent owes a fiduciary duty to represent the best interests of the Buyer throughout the purchase process; including obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care In rare circumstances, Dual Agency occurs, meaning your Buyer Agent may have a pre-existing relationship with a Seller That being said, both the Buyer and Seller must consent and provide written authority for the Agent to engage in Dual Agency This process will be explained to you further in your initial Buyer Consultation

About Brokerage Compensation

Similar to a Listing Agreement, Buyers execute an Agency Agreement for professional services and representation between themselves and Gibson Sotheby's International Realty This confirms the compensation for the Buyer's Agent and Brokerage It should be noted that the amount a brokerage charges is not fixed by law, the commission amount is negotiable,and brokerages may set minimum compensation

HowareCommissionsPaid?

Seller Paid Brokerage Commission

When listing a property for sale, Sellers enter into a Listing Agreement and agree to pay a commission to the Listing Broker In some cases, the Seller may also offer a commission to be paid to the Broker representing the Buyer In circumstances where the Seller does not agree to compensate a Buyer?s Agent, Buyers may request in the written offer that Sellers pay some or all of the Buyer Broker's commission This allows the commission to be incorporated into the final sale price The Seller can write off the commission and the Buyer does not need to pay the commission with additional funds at closing Instead, the commission will be paid from the Seller's proceeds

Buyer Paid Brokerage Commission

Buyer's Agents can search for properties not listed in the MLS, including For Sale By Owner, Off-Market Listings, and Office Exclusives The Buyer Agency Agreement specifies the commission for Buyer representation and allows Agents to represent Buyers even when no cooperative compensation commission is offered If the seller's offer of compensation offered is less than the agreed upon amount in the Buyer Agency agreement, the Buyer will cover the difference at settlement However, the Buyer can avoid this by making it a condition that the Seller pay the commission if they accept the offer

GlossaryofTerms

Adjust able-Rat e Mort gage (ARM)

Also called a Variable-Rate Mortgage, an ARM is a home loan with an interest rate that adjusts over time based on the market.

Amort izat ion

The length of time it takes to pay off a mortgage in full The amortization is an estimate based on the interest rate for your current term

Annual Percent age Rat e (APR)

The cost to borrow money as a yearly percentage. It's a more complete measure of a loan's cost than the interest rate alone It includes the interest rate plus discount points and other fees

Appraisal

An unbiased professional opinion of a home's value by a licensed appraiser needed to secure a loan. The appraisal will be ordered by your Lender and is typically paid for by the Buyer.

Assessed Value

The dollar value assigned to a property by an assessor for tax calculation purposes It may differ from the appraised value and/or market value

Cert ificat e of Tit le

Legal document issued by a government agency that indicates proof of ownership of property

Closing

The point at which the deed to a property is legally transferred from the seller to the buyer and all documents are recorded. Also known as Settlement

Closing At t orney

In Massachusetts, real estate closings are considered the practice of law, so there will be an attorney overseeing the closing transaction and reviewing title and clearing title issues The Closing Attorney will also be an agent of a Title Company and be able to issue a Title Insurance Policy for the benefit of the Buyer and the Lender

Closing Cost s

The expenses over and above the property's price that Buyers and Sellers incur to complete a real estate transaction These costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees,attorney fees,etc.

Closing / Set t lement St at ement

A document confirming the purchase price and summarizing all of the closing costs and credits due to and from the Buyer and Seller

Commit ment

An agreement to loan a specified amount to a purchaser

Comparat ive Market Analysis (CMA)

An assessment of the attributes and selling prices of comparable properties recently sold or on the market used to determine current market value

Cont ingency

Any requirements in a contract which must be completed before the contract can be considered ready for performance

Deed

A deed is a tangible document signed by the seller, or grantor, of a property. It confirms transfer of ownership from one party to another

Discount Point s

Also called mortgage points or simply points, discount points are a form of prepaid interest

One point equals one percent of the loan amount.

Earnest Money

A sum of money given to bind an agreement or an offer made to show good faith

Equit y

The difference between what you owe on your mortgage and what your home is currently worth

Escalat ion Clause

A special provision in a purchase offer that states that a prospective buyer is willing to raise their offer on a home should the seller receive a higher competing offer until it reaches the maximum price the buyer is willing to pay for the home

Escrow

A neutral third party holding assets or funds before they are transferred from one party in a transaction to another

Fixed-Rat e Mort gage

Interest rate and monthly payments remain the same for the entire term of the loan.

Homeowners Associat ion (HOA) Fee

A monthly fee the homeowner is responsible for HOA fees typically cover the costs of maintaining common areas, such as lobbies, elevators, landscaping, and amenities, and common utilities, such as water/sewer, garbage disposal, master insurance and property management

Int erest

The cost of borrowing money expressed by a percentage rate.

Lien

A security claim placed on a property until a debt is satisfied

Market Value

The price a property should bring based on comparable sales, economic conditions and market trends

Mort gage

A type of loan used to purchase property. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan.

Mult iple List ing Service (MLS)

A Multiple Listing Service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale An MLS allows brokers to see one another?s listings of properties for sale with the goal of connecting homebuyers to sellers Below are statuses you will see within MLS updates:

New / Act ive

The property is either newly listed or active on the market

Cont ingent (CTG)

The property has an accepted offer Typically, the property is still available to be seen for potential backup offers

Under Agreement (UAG)

A purchase and sale agreement has been signed. The buyer is moving forward with the purchase

Back on Market (BOM)

The property is available for sale again after a prior offer or contract fell through

Principle

The outstanding balance of your mortgage

Privat e Mort gage Insurance (PMI)

An insurance premium charged by a Lender to Buyers with less than 20% down payment. PMI insures the Lender in the event that the Buyer should default on the loan.

Purchase and Sale Agreement (P&S)

The Purchase and Sale Agreement is the contract between the Buyer and Seller of real estate It sets out the obligations of each party from the time the property is taken off the market to the closing

Tit le

Title denotes ownership rights: It is the bundle of rights that dictates who has legal or equitable interest in the property It also details the limitations on ownership.

Tit le Insurance

An insurance policy that protects against any errors or claims that may arise about ownership.

Tit le Search

An examination of public records to confirm that the Seller owns the property and it is free from unsettled items,claims or liens